Masters in Financial Engineering

The field of finance is not what it once used to be, it has moved beyond ledger banking and has ventured deep inside a world which is incredibly dependent on computers, big data, and mathematics. This new world of financial industry gives birth to a host of problems which are complex and always new. Financial engineering is an interdisciplinary field which applies mathematical techniques to solve complex problems of the finance sector. Although it has “engineering” in its name, but still it is not a core engineering discipline.

The financial industry keeps on creating new and innovative investment tools and products for interested parties. Most of these products have been developed through techniques in the field of financial engineering. Financial engineering takes help of financial theory, methods of engineering, tools of mathematics, and the practice of programming. Financial engineers work with insurance companies, asset management firms, hedge funds, and banks. They run mathematical risk models to predict how an investment tool will perform, and whether a new offering in the financial sector would be practical and profitable in the long run.

Masters in financial engineering trains you to engineer the future of finance and transform financial theory into practice. The MS in financial engineering helps you learn foundational knowledge of financial concepts. This knowledge then acts as a gateway to specialized fields where you can apply these concepts to everything from derivative risk finance to financial IT. With masters in financial engineering, you can also go for Ph.D. in financial engineering and contribute original research to the field. Additionally Masters in financial engineering prepares students for employment as financial specialists, analysts or personal finance advisors.

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Course Structure

Masters in Financial Engineering is a full time program which requires minimum 30 credit hours. We are going to list down the list of courses commonly taught across all universities; however, it should be kept in mind that exact curriculum may vary a bit depending on your school.

Required

Corporate Finance

Management of Financial Risk

Financial Engineering

Probability for Electrical and Computer Engineers

Stochastic Processes

Mathematics and Tools for Financial Engineering

Electives

a) Finance, Business, Economics Area (Any two courses are to be chosen)

Microeconomic Analysis and Policy

Macroeconomic Analysis and Policy

Economic and Financial Time Series

Financial Analysis and Valuation

Applied Finance in Fixed Income Securities

Hedge Funds

Forecasting and Risk Analysis

Trading and Exchange

Investment Analysis and Portfolio Management

Mortgages and Mortgage-Backed Securities and Markets

Financial Accounting Analysis for Engineers

b) Optimization, Simulations, Stochastic Systems (Any two courses are to be selected)

Introduction to Programming Systems

Analysis of Algorithms

Neural Learning and Computational Intelligence

Statistics and Data Analysis for Engineers

Design of Experiments

Stochastic Systems and Reinforcement Learning

Optimization of the Information and Data Sciences

Machine Learning from Signals: Foundations and Methods

Linear programming and Extensions

Stochastic Elements of Simulation

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Eligibility

Masters in financial engineering is a STEM degree and you are expected to have a STEM degree in your undergrads. Other than that there are no restrictions based on your background. Those of you who do not meet prerequisites will be assigned courses to complete the deficiency.

Graduate level entry into international universities requires that you should have completed a  bachelor’s degree of at least four years from an accredited university. Your academic performance is measured through your Grade Point Average (GPA) by most of the international universities. Academic eligibility should be confirmed with the “Admission Committee” of your respective schools, and you should avoid taking advice from non-official channels.

A good GRE or GMAT score is absolutely indispensable when it comes to getting admitted into a top university for the Masters in financial engineering.

Language courses like TOEFL and IELTS are required by most top schools. TOEFL test scores are accepted in the USA. while IELTS is recognized by schools from many countries such as Australia, Canada, Ireland, New Zealand, the UK.

You also need to prepare a resume, an SOP, and a recommendation letter. You can use this tool of ours to review your SOP. It is automated and hassle-free. Most candidates take the role of their resume and the recommendation letter very lightly. It is advisable to give proper attention to your resume as well as the recommendation letter. You should get your recommendation letter reviewed via professional or academic contacts, preferably by someone who knows you well.

The last obstacle to tackle would be the interview. Most of the schools will require you to go through an interview round, once your application gets accepted. Get some insight into interview questions and make a note of the answers that are expected from you beforehand.