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Financial Engineering
Financial engineering involves the application of engineering and mathematical principles to the analysis of financial data. Financial engineers need a deep understanding of both quantitative analytical tools and of the financial industry to do well in their field.
A growing number of U.S. universities and colleges offer programs to prepare students for careers in financial engineering. Some programs are offered through graduate schools of business, while others are run by mathematics or engineering schools, or by interdisciplinary centers. The degrees they offer include specialized Master of Science, Master of Finance, and Master of Engineering degrees.
The following table lists some highly-regarded graduate programs in financial engineering. For more information about graduate study in this field, see the bottom part of this page.
| School | Notes |
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Columbia University IEOR Departmental Office Rm. 313 S.W. Mudd Building 500 West 120th Street New York, NY 10027-6699 Tel: (212) 854-2941 Fax: (212) 854-8103 Email: info@ieor.columbia.edu |
M.S. in Financial Engineering (1 yr FT) App. deadlines: Dec 15 Undergrad degree in math, science, or another tech field required. Average 2004 GRE scores: 770 quant, 720 analytical GMAT scores not accepted. |
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Courant Institute of Mathematics New York University Graduate School of Arts and Sciences Graduate Enrollment Services P.O. Box 907, Cooper Station New York, NY 10276-0907 Tel: (212) 998-8050 Email: mathfinapp@cims.nyu.edu> |
M.S. in Mathematics in Finance (18 months FT; PT available (evenings only)) App. deadlines: FT - March 1. PT - Aug 15 for fall start, Dec 1 spring start. Prereqs: multivariate calculus, linear algebra, calculus-based course in probability Approx. 1 in 5 FT applicants are accepted. GMAT scores not accepted. |
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Tepper School of Business Carnegie Mellon University 5000 Forbes Avenue Pittsburgh, PA 15213 MSFE program info: Toll-free: 1-800-308-6723 Pittsburgh Campus: (412) 268-7358 New York City Campus: (212) 584-0925 Email: mscf-admissions@andrew.cmu.edu ***NYC campus at 55 Broad St. |
M.S. in Computational Finance (MSCF) (1 yr FT; PT available (evenings only)) App. deadline: mid-May Avg. 2004 GRE scores: 785 quant, 741 analytical Accepts GMAT scores, but prefers GRE |
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Princeton University Bendheim Center for Finance Dial Lodge 26 Prospect Avenue Princeton, NJ 08540-5296 Tel: (609) 258-0770 Fax: (609) 258-0771 Email: Swati Bhatt |
Master of Finance (M.Fin.) (1 yr FT) App. deadline: Dec 31 (Dec 1 for overseas applicants) Avg. entering GRE: 790 quant Accepts GMAT |
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University of Michigan InterPro-Financial Engineering Program 273B Chrysler Center 2121 Bonisteel Boulevard Ann Arbor, MI 48109-2092 Tel: (734) 763-0480 Fax: (734) 763-2523 E-mail: fep@umich.edu |
Master of Science in Financial Engineering (MSFE) (3 to 4 terms, FT) App. deadline: April 1 Entering GRE quant scores 700 or higher Accepts GRE or GMAT |
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The University of Chicago Department of Mathematics 5734 S. University Avenue Chicago, Illinois 60637 Tel: (773)702-7100 Fax: (773)702-9787 Email: Alice Brugman, FE Program Administrator |
M.S. in Financial Mathematics (1 yr FT; PT study available) App. deadline: Jan 5 GMAT not accepted |
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Master's in Financial Engineering Program Haas School of Business University of California, Berkeley Berkeley, CA 94720-1900 Tel: (510) 642-4417 Fax:(510) 643-4345 |
Master's in Financial Engineering (MFE) (1 yr FT - spring start only) App. deadline: Accepts app's year-round, on rolling deadline: Oct 1, Jan 17, March 17, June 22 Receives several hundred app's each year for 60 class spaces. |
The school or department that runs a financial engineering program, and the degree it leads to, are factors to consider carefully in deciding whether a given financial engineering program is right for you. A school of engineering, for example, will have a very different institutional culture and lead to very different alumni ties than a school of business would.
All FE programs demand strong quantitative skills. Most require an undergraduate degree in science, mathematics, engineering, or a similar discipline. Inadequate quantitative ability is the most common reason that students are denied admission to financial engineering programs.
Financial engineering programs differ significantly from MBA programs. They prepare their students for a very specific career track rather than for general management positions. Only a few universities offer combined or concurrent MBA and financial engineering study.
Financial engineering programs require a year of intensive, full-time study. Part-time programs (with evening classes, designed for working students) are available only at certain universities. Several universities offer shorter-term certificate programs or non-degree study for students who want to learn specific aspects of financial engineering.
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