25 Great Master of Financial Engineering Programs 2015

Master of Finance Degrees - Financial Engineering ProgramsBy Kelley Jacobs
May 2015

Financial engineering is an interdisciplinary field which applies mathematical practice and methods to provide solutions in finance. Institutions of higher education have several names for these programs, including financial engineering, financial mathematics, mathematical engineering, and computational finance. These programs are housed in departments such as Mathematics, Engineering, Finance and Business. Graduates often find employment in investment banking, business, regulatory agencies and insurance companies.

The list below seeks to highlight 25 exceptional masters of financial engineering programs in the United States – programs worthy of your consideration if you’re contemplating study in this area.

Methodology

Our editorial team selected an initial set of competitive programs, then narrowed the list with a scoring system (explained below) based on those offering programming options for students (concentrations or specific coursework based on interests) and a way to measure student success through projects, thesis, essay or another type of evaluation criteria.  Information below was drawn from the program webpage on the institution website. Where there are ties, the program with the lower tuition rate is favored. Rankings are based on the following point system.

Innovative program offerings

  • Online courses – 1 point
  • Evening courses – 1 point
  • Part-time options – 1 point

Program options

  • Availability of a concentration – 2 points
  • Student engagement in the field-internship or project – 3 points

Ranking the Top Master of Financial Engineering Degree Programs

25. University of Southern California

USC Viterbi School of Engineering

Financial Engineering

Los Angeles, California

USC

Points: 2

Program Website

The University of Southern California Viterbi School of Engineering offers a masters in Financial Engineering. Students can complete the program taking between 29 and 31 credit hours of coursework. The program is also offered online. Both programs are extremely selective and offer the same high quality education opportunity that USC is known for.

Tuition: $51,446 is the cost of the program

Courses: Probability for Electrical and Computer Engineers; Stochastic Processes; Mathematics and Tools for Financial Engineers

24. University of Notre Dame

Department of Applied and Computational Mathematics and Statistics

Master of Science in Applied and Computational Mathematics and Statistics with a specialty in Computational Finance

Notre Dame, Indiana

University of Notre Dame

Points: 3

Program Website

The Financial Engineering program at UCLA is offered as a full-time program that can be completed in 13.5 months. Curriculum is based on the business school model. Students complete a corporate sponsored Applied Finance Program and complete a summer internship prior to graduation. Currently, 94% of graduates find full-time employment within 6 months of graduation.

Tuition: $46,010 is the cost of the program

Courses: Time Series Analysis; Statistical Methods in Data Mining; Linear Statistical Models

23. Boston University

Questrom School of Business

Mathematical Finance

Boston, Massachusetts

Boston University

Points: 3

Program Website

The MS in Mathematical Finance program at Boston University can be completed in 17 months- 3 semesters and a 2 month summer internship (recommended). The program integrates principles of math with theory and practice of finance. 97% of students wanting a summer internship have accepted an offer and most students are employed in the field shortly after graduation. An extensive alumni network helps keep graduates connected and establish professional networks.

Tuition: $47,422 program tuition

Coursework: Stochastic Methods of Mathematical Finance; Statistical Methods of Mathematical Finance; Stochastic Optimal Control and Investment

22. Fordham University

Gabelli School of Business

Quantitative Finance

New York, New York

Fordham University

Points: 3

Program Website

The Quantitative Finance program at Fordham University is home to a state-of-the-art simulated trading floor complete with Bloomberg terminals. Students can complete their degree is as little as 1 year (they are encouraged to take longer to deepen their understanding and further develop professional connections). A cohort model is used as students complete 3 terms, with the 3rd term being a summer project. This program accommodates full-time students.

Tuition: $50,897 for the program

Courses: Interest Rate Derivatives; Large-Scale Data Modeling; Credit Risk Management

21. University of California-Los Angeles

UCLA Anderson School of Management

Financial Engineering

Los Angeles, California

UCLA

Points: 3

Program Website

The Financial Engineering program at UCLA is offered as a full-time program that can be completed in 13.5 months. Curriculum is based on the business school model. Students complete a corporate sponsored Applied Finance Program and complete a summer internship prior to graduation. Currently, 94% of graduates find full-time employment within 6 months of graduation.

Tuition: $57,268 is the cost of the program

Courses: Empirical Methods in Finance; Computational Methods in Finance; Introduction to Econometrics

20. University of Illinois at Urbana-Champaign

College of Business and Engineering at Illinois

Financial Engineering

Urbana, Illinois

U of I Urbana Champaign

Points: 3

Program Website

The Financial Engineering program at the University of Illinois Urbana-Champaign is a joint program between the College of Engineering and the College of Business. Financial Engineering is a three-semester program available to students able to study full-time. Approximately 90% of graduates will find employment within 6 months of graduation. Students complete a practicum course prior to graduation to gain “real world” experience in financial engineering and risk management problems.

Tuition: $20,760/semester

Courses: Numerical Methods in Finance; Clustering and Approximation Methods; and Market MicroStructure Trading

19. Johns Hopkins University

Department of Applied Mathematics and Statistics

Financial Mathematics Masters Program

Baltimore, Maryland

John Hopkins

Points: 3

Program Website

The Financial Mathematics program at Johns Hopkins University emphasizes computing and effective communication as key skills and abilities that every graduate needs to possess. Students are able to complete their degree in three semesters beginning in late summer. Students complete a summer internship prior to their last semester to gain real world experience.

Tuition: $47,060/year

Courses: Monte Carlo Methods; Applied Statistics and Data Analysis; Time Series Analysis

18. University of California-Berkeley

Haas School of Business

Master of Financial Engineering Program

Berkeley, California

university of california berkeley

Points: 3

Program Website

The University of California-Berkeley is home to the 2nd oldest business school in the US. Nearly 100% of graduates seeking full-time employment after graduation are placed within the first year. The financial engineering program is a 12-month, full-time program. UC-Berkeley is the only school offering a 10 week mid-program internship as part of the curriculum. Students also complete an applied finance project.

Tuition: $63,540/year tuition and fees

Coursework: Investments and Derivatives; Empirical Methods in Finance; and Positioning Yourself for Opportunities in the Financial World.

17. Stony Brook University

Department of Applied Mathematics and Statistics

Quantitative Finance

Stony Brook, New York

Sony Brook University

Points: 4

Program Website

The Quantitative Finance Track at Stony Brook University is aimed at producing applied mathematicians who specialize in finance. Students can pursue their degree on a full-time or part-time basis, although no formal part-time program has been established. This degree is not a terminal degree and students can move on to a PhD. Internships are available and encouraged.

Tuition: Per semester: $7,980.50 (In State) and $12,970.50 (Out of State)

Courses: Capital Markets and Portfolio Theory; Statistical Methods in Finance; Mathematics of High Frequency Finance

16. New York University

Courant Institute of Mathematical Sciences

Masters in Mathematics in Finance

New York, New York

New York University

Points: 4

Program Website

The Masters in Mathematics in Finance program curriculum at New York University is made up of study in financial theory and modeling, mathematical tools, financial applications, computational skills, and practical training. Students can complete the program on a part-time or full-time basis. Students pursuing their degree full-time can complete in three semesters, beginning with the fall semester, taking four courses per semester. Students complete a summer internship between the 2nd and 3rd semester. The department also offers a join MBA/MS degree in Mathematics in Finance.

Tuition: $62,000

Courses: Algorithmic Trading And Quantitative Strategies; Mortgage-Backed Securities and Energy Derivatives; Active Portfolio Management

15. Rutgers University

Department of Mathematics

Mathematical Finance

Piscataway, New Jersey

Rutgers

Points: 4

Program Website

Rutgers University offers an MS degree in Mathematical Finance. Students can pursue full-time or part-time enrollment options. Full-time students can complete the program in one year. Prior to graduation, students complete a masters degree essay. While an internship is not required, it is highly suggested. Nearly 100% of graduates are employed in the field.

Tuition: $58,317 is the approximate cost of the program

Coursework: Computational Finance; Credit Risk Modeling; Portfolio Theory and Applications

14. Illinois Institute of Technology

Department of Applied Mathematics/ Stuart School of Business

Mathematical Finance

Chicago, Illinois

Illinois Institute of Technology

Points: 4

Program Website

The Illinois Institute of Technology offers a Mathematical Finance degree in partnership with the Department of Applied Mathematics and the Stuart School of Business. The typical full-time plan of study allows students to complete the program over four semesters which includes a summer internship. The program requires 11 courses be completed to earn the degree, but no thesis is required.

Tuition: $1,613/credit hour (33 credit hours=$53,229)

Courses: Bayesian Econometrics; .NET and Database Management; OOP and Algorithmic Trading Systems

13. University of Chicago

Department of Mathematics

MS in Financial Mathematics

Chicago, Illinois

University of Chicago

Points: 4

Program Website

The University of Chicago offers a MS degree in Financial Management with both full-time and part-time program options. Students can complete in 5 quarters or 15 months and must complete within four years. Students can study in either Chicago or Singapore (depending on program acceptance). An internship or project lab may be completed during the summer quarter.

Tuition: $5,786/100 level course (approximately $52,000 for the program)

Coursework: Statistical Risk Management; Mathematical Foundations of Option Pricing; Portfolio Theory and Risk Management

12. University of Minnesota

College of Science and Engineering

Financial Mathematics

Minneapolis, Minnesota

University of Minnesota

Points: 4

Program Website

The University of Minnesota offers a Financial Mathematics program that accommodates the working professional by offering courses in the evening. This is a coursework-only program. Most students complete the program in 2 years, but it could theoretically be completed in one year. Students have the opportunity to complete a program emphasis which allows for the opportunity to take coursework in related areas of interest. 85% of graduates are employed in the field.

Tuition: Approximately $38,000 for the program

Emphasis Options: Management; Statistics; Applied Economics; Economics; Computer Science; Mathematics; Industrial and Systems Engineering; and World Economy and Rates

11. Georgia Institute of Technology

Scheller College of Business

Quantitative and Computational Finance

Atlanta, Georgia

Georgia Institute of Technology

Points: 4

Program Website

The Quantitative and Computational Finance program is interdisciplinary between the Scheller College of Business, the H. Milton Stewart School of Industrial and Systems Engineering and the School of Mathematics. Students can complete their studies full-time or part-time. Full-time students can complete in three semesters. 96% of graduates are employed within 3 months and almost all complete a summer internship.

Tuition: $7,933/semester in-state and $18,533/semester out-of-state

Courses: Design and Implementation of Systems that Support Computational Finance; Derivative Securities; Numerical Methods in Finance

10. North Carolina State University

Department of Mathematics

Financial Mathematics

Raleigh, North Carolina

North Carolina State University
Points: 4

Program Website

The Financial Mathematics program at North Carolina State University is an 18-month program (if a full-time student) that is a joint venture across 5 departments and 4 colleges. Students typically start in the fall (there are exceptions) and may pursue full or part-time study. 100% of all graduates find placement in the field after completing their degree.

Tuition: $19,759 (in-state)-$38,266 (our-of-state) is approximate cost of program

Courses: Equity Valuation; International Finance; Corporate Risk Management

9. Columbia University

The Fu Foundation School of Engineering and Applied Science

MS in Financial Engineering

New York, New York

Columbia University

Points: 5

Program Website

The Financial Engineering program at Columbia University is one of the most prestigious in the field. The program has a 100% job placement rate; ensuring graduates are able to apply their education immediately after graduation. Students attend the program full-time and complete in 2 semesters. 51% of summer internships are converted into full-time offers.

Tuition: $1,782/credit hour

Areas of Concentration: Finance and Economics; Derivatives; Asset Management; Computation and Programming; Computational Finance/Trading Systems

8. Cornell University

School of Operations Research and Information Engineering

Cornell Financial Engineering Manhattan

Ithaca, New York

Cornell University

Points: 5

Program Website

The Cornell Financial Engineering Manhattan program can be completed in three semesters, with the third semester completed at CFEM. Students complete coursework in two semesters and spend the third semester participating in professional development programs and practical curriculum. All graduates are placed within 1 year and 100% are placed in summer internships.

Tuition: $48,900/2 semester program

Concentrations: Financial Engineering is one of 7 areas of concentration within the Master of Engineering program along with Applied Operations Research (AOR); Data Analytics (DA); Financial Engineering (FE); Information Technology (IT); Manufacturing and Industrial Engineering (MIE); Strategic Operations (SO); and Systems Engineering.

7. Baruch College/CUNY New York City

Department of Mathematics

Financial Engineering

New York, New York

Baruch College

Points: 5

Program Website

The Financial Engineering program at Baruch College in New York claims a 100% employment placement rate for new graduates with an average starting salary of $115,000. Students complete twelve three-credit courses and can pursue their degree full-time or part-time to allow working professionals to complete the program. All courses are offered in the evening to allow those already working in the field or looking to change careers to meet their educational goals.

Tuition: $24,315 (in-state)-$35,040 (out of state)

Courses: Volatility Filtering and Estimation; Commodities and Futures Trading; Advanced Risk and Portfolio Management

6. Carnegie Mellon University

Tepper School of Business

MS in Computational Finance

Pittsburg, Pennsylvania

Carnegie Mellon University

Points: 6

Program Website

The Computational Finance degree program at Carnegie Melon University can be completed in three semesters, and students can participate full-time, part-time or online via distance learning. The program is fully integrated among 4 Carnegie Melon Colleges including business, math, statistics and IT. 99% of full-time students are accepted into a summer internship and 86% accept full-time positions within three months of graduation.

Tuition: $3,216-$3,353/6 unit course

Coursework: Macroeconomics for Computational Finance; Multi-Period Asset Pricing; Financial Computing

5. Polytechnic Institute of New York University

NYU School of Engineering

Financial Engineering

New York, New York

Polytechnic Institute of New York University

Points: 6

Program Website

The MS in Financial Engineering is a 33-credit program that can be completed either full-time or part-time. Students are required to complete an applied lab and a capstone experience which can be an internship, project or thesis. Students have the opportunity to complete the Bloomberg Essentials Online Training Program, which fulfills a requirement for graduation. The NYU School of Engineering has almost a 90% post-graduation job placement rate.

Tuition: $1,626/point (33 points=$53,658)

Program Tracks: Risk Finance; Computational Finance; Technology and Algorithmic Finance; Financial Markets and Corporate Finance

4. Rensselaer Polytechnic Institute

Lally School of Management

Quantitative Finance and Risk Analysis

Troy, New York

Rensselaer Polytechnic Institute

Points: 6

Program Website

The Lally School of Management at Rensselaer Polytechnic Institute offers an MS degree in Quantitative Finance and Risk Analysis. Students can complete the program full-time in one year, but a part-time option is also available. The program is interdisciplinary in nature and crosses several departments within the institution. The curriculum balances finance with students’ specialized interests. Rensselaer Polytechnic Institute is the oldest technological university in the United States.

Tuition: $48,100 is the approximate cost of the program

Concentrations: Quantitative Finance Track or Financial Risk Analysis Track

3. Stanford University

Institute for Computational and Mathematical Engineering

Computational and Mathematical Engineering

Stanford, California

Stanford University

Points: 7

Program Website

Stanford University offers a Computational and Mathematical Engineering full-time program leading to a terminal professional degree. Students engage in research activities but are not required to complete a thesis. Students also have the opportunity to participate in an internship. The program offers over 60 courses for students to choose from (following program criteria). Faculty are actively involved in research.

Tuition: $10,560/quarter

Program Tracks: Computational Geoscience Track; Data Science Track; Mathematical and Computational Finance Track; Imaging Sciences Track

2. Stevens Institute of Technology

School of Systems and Enterprises

Financial Engineering

Hoboken, New Jersey

Stevens Institute of Technology

Points: 7

Program Website

The Stevens Institute of Technology offers a ten-course MS in Financial Engineering. Students are able to participate in a required internship and must complete a project or thesis as a requirement for graduation. Students can complete the program full-time, part-time or online. SIT is home of the state of the art Hanlon Financial Systems Lab, which contains a trading room and Bloomberg terminals. Students can also participate in the Financial Engineering Seminar Series where they can hear from leading professionals in the field about current research and industry trends.

Tuition: $1,450/credit hour (30 credits=$43,500)

Concentrations: Quantitative Finance; Financial Services Analytics; Financial Risk and Regulation; Financial Systems

1. University of Washington

Department of Applied Mathematics

Computational Finance and Risk Management

Seattle, Washington

University of Washington

Points: 7

Program Website

The University of Washington Computational Finance and Risk Management program is available for full or part-time study. Students can select from three different program options to meet their professional goals. The general program option can be completed in 18 months and includes a summer internship. The Risk Management Option and Computing Option can be completed in 2 years and include extended internships. The program can also be completed online.

Tuition: $37,800 for 42 credit option, $48,600 for 54 hour credit option

Program Options: Risk Management Option with Extended Internship; Computing Option with Extended Internship

See Also: Top 10 Best Online Master of Finance Degree Programs

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