Each year, in September, participating universities communicate their hiring plans in the area of mathematical finance to the IFM2, indicating the estimated number of new faculty and projected hiring dates.
Universities can apply for support at any time. The application file contains the following:
A Selection Committee may be formed by the Executive Committee if it so decides. This committee reports on each candidate’s quality and significance with regards to the objectives of the program. The Executive Committee then selects the supported candidates and reports to the Board of Directors on its decisions.
The maximum grant is $30,000 yearly for three years. In some cases, the executive committee may chose to extend the support for young researchers for two additional years after reevaluating the candidate’s accomplishments. In the case of a candidate of exceptional quality, the Executive Committee may recommend to grant a higher supplementary remuneration. Assistance funds are paid to the universities, who in turn award the salary supplements according to the conditions determined by IFM2. Salary supplements awarded in this program may be combined with other similar supplements awarded by other organizations.
The support program can only be applied to newly hired faculty. However, candidates currently employed by participating universities are not considered to be new professors if they are hired by another participating university.
Candidates who are writing their dissertation are eligible for this assistance program. However the funds will only become available on completion of the dissertation, and the funding duration is reduced accordingly, except if the dissertation is completed within two months from the hiring date.
Professors funded by this program agree to strengthen significantly the expertise in mathematical finance in their university, to contribute to the development of mathematical finance in Québec, and to extend the reach of the IFM2 in Québec and abroad.
Supported professors are invited to identify avenues of collaboration and to participate to the Institute’s activities. More specifically, supported professors are required to develop and dispense a training activity in the field of mathematical finance in the form of a seminar and/or 2 days training workshop aimed at practising managers, on a topic to be determined, based on the Institute's needs and their areas of competence.
Supported professors are also expected to supervise a significant number of theses of students enrolled in graduate studies in mathematical finance.
At the end of each year, funded professors must provide an activity report on the preceding year. They must also acknowledge the contribution of IFM2 in their scientific publication during the period where they receive the IFM2’s support.
The Institute reserves the right to reduce the amount of the support in the event of partial performance of the agreed-on obligations.