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Specialized Master's FAQs

Actuarial Science and Quantitative Finance

 

Where do I mail my supplementary application materials?

Mail your supplementary materials to:

MS Programs Office
University of Wisconsin-Madison
School of Business
975 University Avenue, Suite 3115
Madison, WI 53706

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What requirements are necessary to apply for the Specialized MS programs?   

The admissions requirements for the Specialized MS programs are:

  • A bachelor's degree and an undergraduate GPA of no less than a 3.0.;
  • Graduate Management Admissions Test (GMAT) score or Graduate Records Examination (GRE) score. Either score MUST BE less than 5 years old from the date of beginning study at Wisconsin;
  • TOEFL

    Mastery of and fluency in the English language are necessary for success in the doctoral program at the Wisconsin School of Business.  Doctoral students must be able to understand rapid, idiomatic English spoken with varying accents.  Furthermore, students from non-English-speaking countries must be able to communicate quickly and clearly in spoken and written English and be able to read it with ease.  The Wisconsin School of Business uses two methods to assess a student’s potential to meet this requirement:

     Test of English as a Foreign Language (TOEFL)

     All applicants whose first language is not English must submit an official TOEFL score from a test administered within two years of the date of matriculation (more or less September 1 of the academic year of entry).  The Wisconsin School of Business MS and PhD programs will accept IELTS or Pearson Test of English as a substitute for TOEFL. 

     Individuals who have completed a four-year bachelor's degree in a country where the official language is English are not required to submit TOEFL scores.  Individuals who will complete such a degree by June prior to matriculation are also exempt.  Check the box requesting a waiver of the TOEFL requirement on the on-line application only if you meet one of these two conditions.

     A master’s degree alone from an English-speaking institution does not qualify for a waiver of the TOEFL.  Individuals from countries where English is spoken, though not the primary official language, or who attended a bachelor’s program where some but not all courses are provided in English must submit a valid TOEFL score. Being a citizen or permanent resident of the United States does not automatically exempt an applicant from the TOEFL requirement.  

     Additional TOEFL Information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

  • It is advised that applicants taking the internet-based TOEFL (iBT) have a minimum total score of 106.  For a competitive application, it is recommended that component scores be at least the following: Reading - 26, Listening - 26, Speaking - 27, and Writing - 27. 
    • The recommended minimum for a competitive application using the paper-based TOEFL (PBT) is a total score of 620.
    • Scores must be reported directly to the University of Wisconsin-Madison. We do not accept score reports mailed by applicants as official.  Use Institution Code 1846.

English as a Second Language Assessment Test (ESLAT)

 
All matriculating Wisconsin School of Business MS students whose first language is not English, whether or not they have submitted a TOEFL score, are required to take the English as a Second Language Assessment Test (ESLAT) on this campus.  Dates of the test are posted on the website of the ESL Department at  http://www.wisc.edu/english/esl/Eslat.htm and are usually the week prior to the beginning of Fall classes.  There is no pre-registration required for the test and no charge for testing services.  You must plan your schedule to accommodate completion of this assessment. 
 

 Any modules, workshops, or courses recommended by the ESL Department as a result of the ESL assessment become a requirement of the student’s program.  If the student fails to complete the work recommended by ESL within the first semester, a hold will be placed on subsequent semesters of registration.

  • $56 application fee
  • Resume
  • Statement of Purpose*
  • 3 Letters of Recommendation
  • Financial Aid Essays (3 optional for MS)*

Your department of interest may have additional requirements, and we encourage you to visit the departmental websites in order to ensure that you are familiar with not only all UW Graduate School requirements but also those specific to your area.

*The essay questions and instructions for submission are on the online application.

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Is there a minimum grade point average requirement for admission?

The Graduate School of the UW-Madison requires a minimum undergraduate grade point average of 3.0. The departmental admission committees of the School of Business are seeking evidence of strong academic potential and therefore will expect significantly better performance than the minimum requirement.

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What test scores are required for admission? Is there a minimum score?

Applicants may use Graduate Management Admission Test (GMAT) or Graduate Record Exam (GRE) scores. Scores must be less than five years old at the time you begin the program.    There are no waivers of the standardized test score requirement. There is no minimum score requirement, but few students scoring lower than the 90 th percentile are considered competitive.

YOUR GRE OR GMAT SHOULD BE DATED NO EARLIER THAN SEPTEMBER 2003 IN ORDER TO BE APPLICABLE FOR THE FALL 2008 APPLICATION.

UW Insitution Code: 1846

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Do I need to take the subject GRE for Math & Stats?

While we prefer applicants to have strong background in mathematics and statistics, the subject GRE test in Math is not required for the application.

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Do international applicants have additional test requirements?

  • TOEFL

    Mastery of and fluency in the English language are necessary for success in the doctoral program at the Wisconsin School of Business.  Doctoral students must be able to understand rapid, idiomatic English spoken with varying accents.  Furthermore, students from non-English-speaking countries must be able to communicate quickly and clearly in spoken and written English and be able to read it with ease.  The Wisconsin School of Business uses two methods to assess a student’s potential to meet this requirement:

     Test of English as a Foreign Language (TOEFL)

    All applicants whose first language is not English must submit an official TOEFL score from a test administered within two years of the date of matriculation (more or less September 1 of the academic year of entry).  The Wisconsin School of Business PhD and MS programs do not accept the IELTS as a substitute for the TOEFL.  (No exceptions)

    Individuals who have completed a four-year bachelor's degree in a country where the official language is English are not required to submit TOEFL scores.  Individuals who will complete such a degree by June prior to matriculation are also exempt.  Check the box requesting a waiver of the TOEFL requirement on the on-line application only if you meet one of these two conditions.

    A master’s degree alone from an English-speaking institution does not qualify for a waiver of the TOEFL.  Individuals from countries where English is spoken, though not the primary official language, or who attended a bachelor’s program where some but not all courses are provided in English must submit a valid TOEFL score. Being a citizen or permanent resident of the United States does not automatically exempt an applicant from the TOEFL requirement.  

     Additional TOEFL Information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

     
  • It is advised that applicants taking the internet-based TOEFL (iBT) have a minimum total score of 106.  For a competitive application, it is recommended that component scores be at least the following: Reading - 26, Listening - 26, Speaking - 27, and Writing - 27. 
    • The recommended minimum for a competitive application using the paper-based TOEFL (PBT) is a total score of 620.
    • Scores must be reported directly to the University of Wisconsin-Madison. We do not accept score reports mailed by applicants as official.  Use Institution Code 1846.
    UW Insitution Code: 1846
    Department Code: 82

 

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What type of visa would I be admitted under as an international student?

For complete and up-to-the minute information regarding international applicants and students, see the web site of the UW-Madison International Student Services Office (ISS). International students in the School of Business are most frequently admitted under the status of F-1, the full time student visa category. Such students must carry a full load of studies and are not permitted to work off campus, except in the case of approved curricular practical training (CPT) or optional practical training (OPT). Only under special circumstances, and where a unique situation may warrant, might an alternative visa status be utilized.

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International applicants to the University of Wisconsin-Madison are required to complete a student financial statement indicating that they have adequate financial resources to support themselves and any accompanying family members while they are pursuing a degree on this campus. What must I actually submit?

The International Financial Statement may be submiited after the student has received an admission offer from the university.  Know, however, that we are unable to finalize the admissions process until proof of adequate financial support is on file.  Instructions for the student financial statement require specific information that is formally certified. Given that virtually all admitted students are guaranteed financial support for up to four years, the question often arises about whether or not the form actually must be submitted. The form should be submitted at the time of application, showing your best estimate for financial support. It is not necessary to provide notarized financial institution documentation at this time. A student financial statement that shows a "good-faith" estimate of available resources will suffice for initial consideration of your application. Should you receive an offer of admission, you will also receive an offer of a financial package that covers most expenses, including tuition and medical insurance. For more information, see the Financial Support section of our web site. If you are admitted and accept the offer of financial support, please ask the MS Coordinator to place a letter to that effect in your file so that the admissions process may be finalized without further delay.

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Do I need work experience to attend this grad program?

Work experience is not an explicit requirement for MS study, although it may prove beneficial in strengthening some applicants' overall credentials. Work experience that may prove meaningful or beneficial in the application process should provide evidence to support the academic/ research interests and career direction/aspirations of the applicant. In general, evidence of superior academic achievement potential and strong independent research capabilities weigh significantly more than prior work experience. If the work experience supports these elements, it is more influential.

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How many years it will take to graduate?

The MS program is usually 1.5 to 2 years

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What terms are open for admission?

We admit MS students only in the fall term.

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At which campus is this program offered?

Although University of Wisconsin is a statewide system, each campus offers programs independently of the others. Thus, this program describes only the Madison campus.

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How many students applied for this program last year? How many of them received offers of admission?

For Fall 2009 admission, we received 238 applications, and made 13 admission offers.

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How much are the tuition and living expenses?

Please visit the Office of the Registrar website for current information on tuition and fees.  Additional information related to tuition and living expenses may be found at the Office of Student Financial Services Student Award Guide site - Section II: Graduate Budget.

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What opportunities for financial aid are offered by your program?

Although limited for Master's students, applicants may receive merit-based aid in the form of assistantships in our programs.  Please contact the MS Coordinator for additional information.

 

Does the UW-Madison offer any online courses for the actuarial certificates or degrees.

We do not offer online courses for actuarial certificates or degrees

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Does the UW-Madison offer a part time or distance learning MS Program?

No, only full time pursuit of the degree in residence on the UW campus is permitted.

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How do I apply to the MS program?

You can apply online at the ApplyYourself website.

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What parts of the application can be submitted online, and what needs to be sent via post?

Follow instructions for the self-managed application, being sure that all pieces that are not completed on line are submitted in one mailing prior to applicable deadlines

Application  Sections: Submit ONLINE: Submit via MAIL/POST:
Application YES NO
Record of Residence YES NO
Application Fee (either) Credit card Check in the amount of $56 U.S. dollars, payable to: University of Wisconsin-Madison
Essays: Statement of Purpose for graduate study and four required financial aid questions PREFERRED  
Resume or Vitae PREFERRED  
Three letters of recommendation Once the recommendation provider information is saved and you indicate that the letter will be submitted online, an email will be sent to the online recommendation provider with an access code and instructions on how to proceed with the online recommendation. The letters can be prepared on letterhead or stationery and enclosed in an envelope with the recommender's signature across the seal.  Download recommendation form.
Official transcripts: from each institution attended after the completion of secondary education NO YES
GMAT or GRE scores GRE scores should be ordered from ETS and sent to code number 1846. GMAT scores PhD-79K-2S-02 : MS-79K-2S-68 A photocopy of an unofficial or official score report should also included in the application package

TOEFL score

INTERNATIONAL APPLICANTS ONLY

Should be ordered from ETS and sent to code number 1846 A photocopy of an unofficial or official score report should also included in the application package

International Applicant Financial Statement

INTERNATIONAL APPLICANTS ONLY

NO YES, you wait until you receive an admission decision before submitting the forms.

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May I request a waiver of the UW application fee?

A $56 application fee is mandated by state statute for application to any graduate degree program and may not be waived. The fee is good for one year only and must be paid again if the applicant is re-applying. If an applicant is currently enrolled in a UW-Madison graduate degree program (having already paid the $56 application fee for that program), the applicant is not required to pay the fee for the Business application. These students must also complete a "Change of Major/Degree" form in addition to completing the ApplyYourself application.

Applicants who are applying to more than one graduate program (example, Business Actuarial Science Program and Statistics Master's Program) in the same semester are required to pay the fee to one program only. Students should contact the PhD/MS Coordinator for further information if currently enrolled in any UW-Madison Graduate Program or are applying to more than one UW-Madison graduate program.

You may not apply to more than 1 business program at a time.  Please contact the MS Coordinator if you have questions.

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How do I check on the status of my on-line application?

The ApplyYourself web site permits you to track your application and allows you to see what is still missing. You may also see decision information when it becomes available. Please be aware that there may be a delay between receipt of materials and the updating of the system to show that application materials are in. Please be patient.

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How long does it take to get a decision on my application?

Because each academic department has its own independent admissions committee and the process varies from department to department, there is no predetermined time frame in which you may expect a decision. Some departments make decisions on a "rolling basis" (as they are received) while others make decisions after all applications are received. In general, since the deadline is not until April, you should expect a decision by the end of April at the latest.

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How are admission decisions made at the UW-Madison School of Business?

After an application is complete (see Admissions Process information for more details), it will be forwarded to the appropriate independent departmental admission committee. Each department has its own committee of faculty members and they review applications independently and by methods determined within that department. Specific criteria and standards of applicant competitiveness vary by department. Decisions of the committees are communicated to the MS Coordinator, who then posts those decisions to the ApplyYourself web site (only the applicant may view the decision). The applicant will receive an e-mail notification that the decision has been posted. Decisions are never given out over the telephone. If an applicant is admitted, the offer of a financial package may be communicated with the admission decision or may follow some days later. Any questions about the admissions process should be directed to the MS Programs Office at ms@bus.wisc.edu.

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May I make a "campus visit?"

Formal campus visits are by invitation of the department to which an applicant is applying. Selective invitations are normally extended after the application is complete and has been reviewed by the departmental admissions committee. However, individuals are certainly welcome to make a visit to Madison and should feel free to stop by the School of Business in Grainger Hall while they are becoming acquainted with the campus. The Campus Information and Visitor Center (CIVC) is an excellent source of information and assistance. See their web site at http://www.civc.wisc.edu/

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