The M2 Probability and Finance program at Sorbonne University, co-accredited with École Polytechnique, remains the reference program in quantitative finance in France. The question of whether one can succeed in the El Karoui master’s program without being at the top of the class deserves a technical analysis, far from the fantasized narratives about selection.
Selection criteria for the El Karoui master’s program: what matters beyond ranking
The evaluation grid for the M2 Probability and Finance is not limited to a final ranking in a bachelor’s degree or engineering school. The program leaders assess the overall coherence of the application: level in advanced probabilities, mastery of stochastic calculus, programming skills (Python, C++), maturity of the professional project.
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Several recent admissions, documented on specialized forums and alumni networks between 2022 and 2024, confirm that candidates from engineering schools or faculties outside the historical trio have joined the program. These profiles were not top of their class. Their common point: solid results in key units and concrete exposure to quantitative professions.
We observe that recent selection processes place increasing weight on the quality of quantitative internships and the candidate’s ability to demonstrate real practice. A candidate who can know everything about the El Karoui master’s program and prepare their application accordingly maximizes their chances, even without being first in their class.
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Quantitative internships and concrete projects: the real differentiator in quantitative finance
Feedback from alumni admitted between 2021 and 2024 outlines a clear pattern: a very quantitative front-office internship compensates for an average academic ranking. Candidates have been accepted thanks to an internship on a derivatives desk, experience in risk research, or a master’s thesis applied to exotic options pricing.
Conversely, better-ranked academic applications lacking market exposure have been rejected. The message from the program leaders is clear: the training seeks operational profiles, not just brilliant theorists.
The elements that tip the balance in favor of a non-top candidate:
- A quantitative internship in a trading room or risk management, with an identifiable modeling component in the internship report
- Personal projects demonstrating technical mastery: participation in finance-oriented Kaggle competitions, implementation of pricing models, open-source contributions in Python or C++
- A master’s thesis grounded in an applied stochastic finance issue, with reproducible numerical results
This shift towards valuing practical experience reflects an evolution in the quantitative job market. Recruiters in hedge funds and investment banks seek profiles capable of coding and deploying models, not just demonstrating theorems.
Succeeding in the El Karoui master’s program: the units that make a difference in the curriculum
Once admitted, the question of internal ranking arises differently. The M2 Probability and Finance program combines high-level financial mathematics courses (Lévy processes, stochastic control, volatility models) with applied teachings in data science and machine learning for finance.
Success in this master’s program relies on consistency, not on occasional genius. Students who validate the program with good results without being at the top of the class share common characteristics: a consistent work discipline on stochastic calculus exercises, active participation in modeling projects, and the ability to quickly mobilize programming tools during exams.
The most discriminating courses are not always those one anticipates. The modules on numerical probabilities and Monte Carlo methods require a dual mathematical and computational skill set that destabilizes purely theoretical profiles. Students from engineering schools, accustomed to coding, often excel in these modules, even if they are not the strongest in functional analysis.
Career after the El Karoui master’s program: does internal ranking really matter?
The alumni network of the M2 Probability and Finance is one of the densest in quantitative finance worldwide. In the job market, the mention “El Karoui” on a CV opens doors regardless of the final ranking.
Recruiters in quantitative trading, structuring, or risk management first filter by education, then assess technical skills in interviews. A graduate ranked in the lower half of the class but capable of solving a pricing problem live during a technical interview will be preferred over a top student unable to explain their code.
We recommend that candidates not focus on ranking as an objective in itself. The most profitable strategy consists of:
- Choosing a final internship aligned with the targeted position (exotic desk, quantitative research, market data science)
- Building an online consultable portfolio of technical projects (GitHub, technical articles)
- Activating the alumni network from the first semester by participating in seminars and events organized by the program
The El Karoui master’s program produces a full graduating class each year that finds a position in quantitative finance. Being at the top of the class facilitates access to the most coveted positions in the most selective funds, but it is not a necessary condition for building a solid career in the sector. The reality of the journey hinges on the combination of mathematical foundation, programming skills, and exposure to market issues, much more than on a place in a ranking.