Master Fellowships

This program is not renewed for the 2014-2015 year. However, the multi-year commitments that IFM2 has already made ​​under previous competitions will be respected according to the established conditions.


Scholarships are available for students who started or are planning to start master’s studies in programs specializing in mathematical finance. 

IFM2 receives funds from the Quebec Government for its scholarship programs yearly. Hence, annual commitments of IFM2 are conditional on the availability of this funding. IFM2 may, without notice, alter the programs or the terms and conditions of the awards.

Eligible students

Canadian citizens or landed immigrants living in Québec are eligible. Only full-time students are eligible, and awards recipients must remain registered as full-time students in the program for which the scholarship is granted for the entire funding period.

Students undertaking a master’s programs in a university outside Québec must maintain their status as a Canadian citizen or landed immigrant in Québec for the entire funding period.  IFM2 must be immediately notified by the award recipient of any changes in his status.

 If an award holder either abandons his studies or switches to part-time studies, he is no longer entitled to the funding and payments are canceled.

Eligible programs

Master’s programs with a specialization in mathematical finance are eligible. These programs may be of one- or two-year duration.

Programs in prestigious universities outside Québec are eligible; however priority will be given to eligible programs offered by IFM2 partner universities.

Applications from students who are registered in programs that are not identified with mathematical finance will be considered only at the discretion of the Institute. In such cases, the candidate must demonstrate that his specialization area is mathematical finance, provide a detailed description of his thesis or dissertation, and justify his choice of a research supervisor.

A student awarded the scholarship must register to at least nine (9) credits per semester until the end of his course work. Students who admitted to a preparatory, refresher or probation program are eligible. In such case, if a student is granted the scholarship, the first payment is made in the first semester where the number of credits enrolled in the regular program is higher than in the preparatory program.

Acceptance Criteria

The decision to grant a scholarship is made by the executive committee, or by a multi-university committee appointed by the executive committee. This decision is established on the base of the candidates’ cv, his grades and of the relevance the chosen academic program with respect to the Institute’s purposes.

 To apply, the candidate must provide the following:

  • The completed information sheet
  • A one-page text describing the reasons why the candidate whishes to specialize in mathematical finance and justifying his choice of a program
  • An up-to-date cv indicating academic degrees, relevant professional experience, prizes and awards, publications and other accomplishments
  • All undergraduate and (if applicable) post-graduate academic records
  • When applicable, copy of the admission offer in a mathematical finance program. Students admitted or registered in a preparatory program should also attach the detailed requirements of this program
  • Proof of Canadian citizenship or immigration status issued by Immigration Canada
  • Two letters of recommendation sealed or sent directly to IFM2 by the professor


For programs of 12 months or less duration, the maximum amount of the scholarship is $20,000.

For programs of more than 12 months duration, the maximum amount of the scholarship is $15,000 per year for 2 years. The payment of the second year is conditional to the recipient maintaining a satisfactory academic record during the first year.

The scholarship is granted in two payments. At the beginning of each quarter, the student must transmit his cumulative academic transcript to IFM2, along with his intended course work for the coming quarter. The last payment of the scholarship is held up. To obtain it, the student has a maximum of 36 months since his first registration in the program to prove that he completed all the requirements of his program, including the submission of the final version of his dissertation, by transmitting to IFM2 an official transcript or a confirmation letter from his supervisor.

Students who started their program in September of the previous year at the time of the competition can obtain a maximum of $15,000 covering the second year.

Changes to the conditions of the fellowship can only be considered if applied-for in advance to the IFM2; In such a case, IFM2 will make sure that the requested changes do not have an effect on the application’s evaluation and/or eligibility.

The student services department of each university is responsible for distributing scholarship monies according to their respective payment schedules.

The IFM2 scholarship may not be combined with merit scholarships from the federal government, such as the Natural Sciences and Engineering Research Council (NSERC), the Social Sciences and Humanities Research Council (SSHRC), or the provincial government, such as the Fonds québécois de la recherche sur la nature et la technologie (FQRNT), or the  Fonds québécois de la recherche sur la société et la culture (FQRSC).

It is agreed that IFM2 must be informed of other scholarships granted to the candidates and that IFM2 may share confidential information with the different funding bodies in question.