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发信人: mnauce (James 风云使者), 信区: GoAbroad
标 题: a Survey of Educational Programs in FE
发信站: 日月光华 (2004年08月10日08:19:10 星期二)
http://www.fenews.com/fen26/education.html
Financial Engineering Education:
a Survey of Educational Programs in Financial Engineering
By Jim Finnegan
A sage once remarked that the greatest form of flattery is imitation. In the g
lobal capital and market (and education) economy of the 21st century, perhaps
a better paraphrasing of that quote would be "Watch what's in demand, follow t
he trend and market it world-wide".
That's certainly true when one looks at the status of worldwide university pro
grams in financial engineering. We're not implying
that a group of pure "copycats" have recently emerged to challenge the few est
ablished universities offering curricula in this field. In fact, quite the opp
osite: As we spent the last several months researching, contacting and compili
ng information from university programs in financial engineering, we observed
a tremendous growth in the number of programs marketed, but (importantly) also
a thoughtful differentiation in what each program offers and caters to potent
ial students as specific learning experiences and educational certifications.
Ten years ago, a degree in financial engineering probably equipped (and limite
d) the graduate to the role of a "quant" within a Wall Street (or City of Lond
on, etc.) investment banking firm, as someone who was highly trained in applie
d mathematics and computer science but not necessarily viewed as "qualified" t
o engage in the important money-making operations of the firm (trading, corpor
ate finance, M& A, client development, etc.) or to ultimately manage and lead
the firm.
However, in viewing the program offerings of most the universities listed in t
his Special Feature, you may discover (as we did) how often the financial engi
neering curriculum today is combined with another (often more business and man
agement-oriented) curriculum such as an MBA, MS in business, and the like. In
addition, the growing use of internship experiences offered by
many universities (no doubt in order to cement the real world impact of the ac
ademic experience) also confirms this trend.
The traditional model for a industrial products industry over its life cycle i
s that (first) the scientists and engineers rule in the early growth phase, th
en the business people -- marketing and sales types -- dominate in the growth
to early maturity, only to be followed by the financial experts in the maturit
y and decline phase who manage the business for maximum cash return.
That may yet be the model for financial firms. However, if the trends in educa
tional programs for financial engineering we've observed are correct, it may w
ell be the amalgamation of the "geeks" (traditional financial engineers) and t
he business savvy "quants" coming out of today's educational programs that cou
ld define the future leadership model in the financial services industry.
The thought of a CEO of a financial services firm really understanding the mat
rix algebra (so useful in portfolios based on Modern Portfolio Theory) OR the
statistical implications of using non-parametric methods in calculating a firm
's VaR AND also knowing how to motivate a brokerage sales force or investment
banking division really excites us here at FEN.
Here's to the future!
To view details on any University program listed in this FEN Special Survey, s
imply click on its link in the table below. North American programs are shown
in turquoise, while programs outside North America are shown in violet:
Boston University Mass Inst. of Tech (MIT) City U. Bus.School (UK)
Carnegie Mellon U. Oklahoma State U. Dublin City U. (Ireland)
Claremont U. Oregon Health & Science U. U. of St. Gallen (Switz.)
Columbia U. Polytech U. of NY U. of Lavel
Cornell U. Princeton U. U.of Reading (UK)
Florida State U. Standford U. U. of Toronto
Georgia Inst. of Tech. U. Cal. Berkeley U. of Witwatersand (S.Africa)
Illinois Inst. of Tech U. of Michigan U. of Warwick (UK)
Kent State U. City U. of Hong Kong (PRC) U. of York
U. of Oxford (UK)
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BOSTON UNIVERSITY Master of Arts in Mathematical Finance
DESCRIPTION: The M. A. program is built around the crux of mathematical concep
ts that led to the development of the Black and Scholes option pricing method
and have grown into powerful computational techniques for hedging risk, portfo
lio optimization, modeling of interest rates, bond-pricing, investment/ acquis
ition valuation and investment timing. Also, stu-dents
gain knowledge in probability, statistics, stochastic calculus, time series, f
ree boundary problems for PDE's, numerical methods for PDE's, general optimiza
tion algorithms, C++, Mathematica and Matlab.
PROGRAM SIZE: Number of students: 14; Number of faculty: 8
DURATION AND DEGREES: Full-time option: 11 months (10 courses over 3semesters)
. Part-time option: 2 years. Degree Conferred: Master of Arts inMathematical F
inance
AREAS OF SPECIALIZATION: Financial engineering is commonly thought of as a set
of tools for developing various derivative instruments. In addition to solid
knowledge in derivatives and fixed income securities, this program provides tr
aining in general optimization, neural networks, and statistical methods, whic
h are instrumental in modern portfolio optimization and risk management.
TYPICAL GRADUATE CAREER PATHS: Graduates of the program are prepared to work n
ot only with derivatives, but also in a variety of other areas of finance, suc
h as investment strategy development, fixed income securities, economic policy
development, financial software development, portfolio management, risk model
ing, and asset allocation.
PREREQUISITES AND ENTRY PROCESS: Calculus I, II and III (CAS MA 123, 124, 225
or equivalent); linear algebra (CAS MA 242 or equivalent); differential equati
ons (CAS MA 226 or equivalent); basic programming skills (CAS CS 111 or equiva
lent).
ASSOCIATED PROGRAMS: Certificate Program in Mathematical Finance.
UNIQUE FEATURES: The program has a close working relationship with the Boston
Security Analysts Society and several investment firms in the financial commun
ity. Faculty involved with the program: Gail Carpenter, Marvin Freedman, Ashis
Gangopadhyay, Eric Kolaczyk, Andrew Lyasoff, Murad Taqqu, Tanya Zlateva. Adju
nct Faculty includes Robert R. Reitano, PhD, FSA. Dr. Reitano is Senior Vice P
resident and Chief Investment Strategist for John Hancock Financial Services.
He has won an Annual Prize of the Society of Actuaries, and two biennial F. M.
Redington Prizes awarded by the Investment Section of the Society of Actuarie
s.
CONTACT INFORMATION: Ms. Lois Solomon, Mathematical Finance Program Boston Uni
versity, Mathematics Dept., 111 Cummington St., Boston, MA 02215. Phone: (617)
353-0943 http://www.bu.edu/mathfn
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--
CARNEGIE MELLON UNIVERSITY Master of Science in Computational Finance
DESCRIPTION: The Master of Science in Computational Finance program (MSCF) is
focused on the use of quantitative methods and information technology in the f
ield of finance. In addition to providing a solid foundation in the fundamenta
ls of quantitative finance, our graduates possess the high-level skills and th
e conceptual framework required to find innovative
and effective solutions for the challenges faced by the ever-changing and incr
easingly complex financial services industry. There is both a New York City an
d Pittsburgh campus.
PROGRAM SIZE: Pittsburgh: 40 Students; New York: 75 Students
DURATION AND DEGREES: Full-Time: 12 month, May to May, four courses per mini-s
emester. Degree Conferred: Master of Science in Computational Finance. Part-Ti
me: 24 month, May to May, two courses per mini-semester. Degree Conferred: Mas
ter of Science in Computational Finance. Certificate: 10 month, July to May, o
ne course per mini-semester:
Certificate in Finance, Math or Statistics
AREAS OF SPECIALIZATION: Risk management, statistical arbitrage, asset managem
ent, trading support, derivative securities application and pricing
TYPICAL GRADUATE CAREER PATHS: MSCF graduates pursue many career paths within
the financial services industry. Whether developing new derivative hedging str
ategies for a hedge fund, building a risk management model for a financial ins
titution, running an equity portfolio at a mutual fund, doing fixed income res
earch or managing a swaptions trading desk, our
graduates find opportunities almost exclusively within the financial services
industry.
PREREQUISITES AND ENTRY PROCESS: Prerequisites include a basic ability to prog
ram in a general purpose programming language such as C and at least two full
semesters of study in differential and integral calculus, the caliber of which
is required of engineering, math or science majors. Applicants lacking these
skills may still be considered, provided they take
steps to acquire the necessary skills before entering the program and satisfy
the admissions committee requirements.
UNIQUE FEATURES: Carnegie Mellon University is world-renowned for its Computer
Science research, its prominent math and engineering schools, and is home to
one of the nation's top business schools (GSIA). The Computational Finance pro
gram represents a true "joint venture" between four colleges within the Univer
sity, each providing approximately one quarter of the program's course content
(GSIA, the Mathematical Sciences Department, the Department of Statistics and
the H. John Heinz III School of Public Policy and Management.) Faculty teachi
ng in the program include Steve Shreve, David Heath (the co-creator of the Hea
th Jarrow Morton interest rate model), John Lehoczky (a well-known Bayesian st
atistician) and Sanjay Srivastava (professor of finance, entrepreneur and foun
der of the securities trading and tutorial software)
CONTACT INFORMATION: Ms. Norene Mears, Computational Finance Program, Graduate
School of Industrial Administration, Carnegie Mellon University, Pittsburgh,
PA 15213. Phone/ Fax: (412) 268-7358/( 412) 268-7930. Email: nm10@andrew.cmu.e
du . http://student.gsia.cmu.edu/mscf/ Or, Ms. Gaitrie Bos, Carnegie Mellon Ne
w York, 55 Broad Street, 5th floor, New York, NY 10004. Phone/ Fax: (212) 584-
0925/ 0940. Email: gbos@ andrew.cmu.edu
------------------------------------------------------------------------------
--
CLAREMONT UNIVERSITY Financial Engineering Management Program
DESCRIPTION: The Master of Science in Financial Engineering (MSFE) is the prim
ary graduate degree offered through the Financial Engineering Management Progr
am. The MSFE is an intensive degree oriented to the development and management
of strategic financial products. The program is administered jointly by the P
eter F. Drucker Graduate School of Management and the Mathematics Department o
f Claremont Graduate University.
PROGRAM SIZE: Enrollment in the MSFE degree program is limited to approximatel
y 25 students per year. Courses are taught by faculty members in the Peter F.
Drucker Graduate School of Management and the Mathematics Department, with pro
gram co-directors in Management and Mathematics. In addition, the program draw
s on the faculties of mathematics and economics throughout the seven colleges
that comprise the Claremont University Consortium.
DURATION AND DEGREES: The MSFE can be completed in 3 semesters of full-time co
ursework, though many students elect to go at a slightly slower pace. The MSFE
can also be completed on a part-time basis. A Ph. D. in Financial Engineering
is under development, but not currently available. A number of students elect
to pursue dual degrees that combine the MSFE
with a second master or Ph. D., primarily in management, economics, or informa
tion science. The MSFE also is available through concurrent degree arrangement
s with several foreign universities.
AREAS OF SPECIALIZATION: The MSFE at Claremont is unique. We seek to blend the
technical mathematical capabilities essential to financial engineering with f
inancial management and leadership capabilities that are essential to effectiv
e and responsible risk management. To achieve this balance, students take appr
oximately half of their coursework in classes that include MBA students and ar
e expected to develop and exhibit strong leadership capabilities, as well as t
echnical competency, at every opportunity. In terms of technical training, we
emphasize derivatives pricing, American options, free boundary problems, path
dependent options, new venture finance, real options, strategic uses of deriva
tive products, and risk management. The program makes extensive use of computa
tional approaches to design and evaluate financial claims.
TYPICAL GRADUATE CAREER PATHS: MSFE students at CGU have widely varied backgro
unds. They include, at one extreme, students who already have Ph. D. s in such
areas as astrophysics, chemistry, and computer science, and may be working in
upper level management before joining the program. At the other extreme are s
tudents with particularly strong academic records and other evidence of maturi
ty who enter directly from science, mathematics, or economics-based undergradu
ate programs. Students with limited work experience generally seek internships
during the program. We seek to place students in permanent positions in Inves
tment Management, Corporate Finance, Consulting, Risk Management, Hedging,
Asset Allocation, and Fixed Income Management.
PREREQUISITES AND ENTRY PROCESS: An applicant should have a strong record of a
chievement in a quantitatively oriented undergraduate discipline. Ideal candid
ates will be interested in advanced mathematical concepts and have the potenti
al to function effectively in a professional management environment. An applic
ant who cannot demonstrate proficiency in calculus
(up to and including multivariate calculus) and linear algebra may be required
to complete appropriate prerequisite courses as a condition of acceptance. Ap
plicants must submit GMAT or GRE scores, and are admitted in September and Jan
uary of every academic year. Applicants for the fall are encouraged to apply b
efore February 15, and for the spring before November 1, but applications are
accepted on a rolling basis.
ASSOCIATED PROGRAMS: A number of students pursue dual degrees generally with t
he MBA program, or Ph. D. in Economics or Information Science. Dual degree req
uirements vary but generally reduce the combined time required for completing
both degrees by one year. We offer an accelerated program where undergraduates
of the Claremont Colleges are able to reduce the combined time for completing
the undergraduate and graduate degrees by approximately one semester. A concu
rrent MSFE/ MFA is offered with ISTEM in Monterrey, Mexico. A concurrent MSFE/
MBA is offered with Universidad Anahuac del Sur in Mexico City.
UNIQUE FEATURES: Few, if any, other universities are able to achieve the balan
ce we offer in the Financial Engineering Management program at Claremont Gradu
ate University. We combine a flexible, non-departmentalized management program
with a mathematics program that emphasizes applications. With this unique str
ucture and the resources of the University, we deliver a focused, yet practica
l multi-disciplinary education in financial engineering that is both criticall
y important to management and hard to duplicate at other universities.
OTHER INFORMATION: Program Co-Directors: Richard L. Smith, Professor of Financ
ial Management, Peter F. Drucker Graduate School of Management, and John Angus
, Professor of Mathematics; Chair, Department of Mathematics
CONTACT INFORMATION: Ms. Kate Nash, Coordinator, Financial Engineering Managem
ent Program, Claremont Graduate University, 1021 North Dartmouth Avenue, Clare
mont, CA 91711 Phone: (909) 607-6007. Fax: (909) 621-8543). Email: fineng@cgu.
edu http://www.cgu.edu/fineng See also, http://drucker.cgu.edu/
------------------------------------------------------------------------------
--
COLUMBIA UNIVERSITY Master of Science in Financial Engineering
DESCRIPTION: The Financial Engineering M. S. program is designed for students
wishing to obtain positions in the securities, banking, and financial manageme
nt/ consulting industries, and as analysts in corporate treasury and finance d
epartments of general manufacturing and services firms. Students are provided
with a rigorous training in stochastic modeling, optimization,
computation (including numerical and simulation techniques), and coverage of f
inance markets and applications. Columbia's proximity to Midtown Manhattan and
Wall Street offers strong student-industry contact and excellent job opportun
ities.
PROGRAM SIZE: There are currently approximately 70 students in the MSFE progra
m representing nearly 20 countries. There are 12 full-time, 13 adjunct and 7 a
ffiliated faculty members in the Department of Industrial Engineering and Oper
ations Research (IEOR).
DURATION AND DEGREES: The Master of Science in Financial Engineering (MSFE) is
a 30-credit program requiring ten courses that is offered by the Department o
f Industrial Engineering and Operations Research at Columbia University. The p
rogram may be completed in one academic year, although some students prefer to
complete the degree over 3 semesters.
The program may also be completed part-time, and the core courses are held in
the late afternoon and early evening to accommodate part-time students.
AREAS OF SPECIALIZATION: The faculty members of the Industrial Engineering and
Operations Research Department are actively engaged in a number of research a
reas. These include option and derivatives pricing, interest rate modeling, ri
sk management, portfolio optimization, asset liability management, credit risk
modeling and numerical methods, including Monte
Carlo simulation and dynamic programming.
TYPICAL GRADUATE CAREER PATHS: Graduates of the Financial Engineering program
work in financial services and management consulting. Most find positions in f
ixed income, credit risk management, portfolio analysis, derivatives, decision
management, or financial modeling. Graduates are hired as either analysts or
associates. Students are also encouraged to seek summer internships, which are
usually found through on-campus internship fairs and at the Center for Career
Services at Columbia. The Industrial Engineering and Operations Research Depa
rtment also employs a full-time academic and career advisor.
PREREQUISITES AND ENTRY PROCESS: The basic preparation is a bachelor's degree
with a major in mathematics, engineering, computer science, eco-nomics, statis
tics, physics, or other technical discipline. A minimum grade point average of
3.0 in an undergraduate program is required. In addition, applicants to the f
inancial engineering program are expected to have
attained a high level of mathematical and computer programming skills. All app
licants are required to take the aptitude test of the Graduate Record Examinat
ion (GRE). The Test of English as a Foreign Language (TOEFL) is also required
of all candidates from countries in which English is not the official spoken l
anguage. Applicants must provide two letters of recommendation.
ASSOCIATED PROGRAMS: Joint MS in FE/ MBA: Students in this program are granted
both the Master of Science in Financial Engineering and MBA degrees. Applican
ts must be accepted for both the MS in Financial Engineering degree and the MB
A degree at the Columbia School of Business. The admissions processes are comp
letely separate. Certain courses may be applied toward both degrees thereby sh
ortening the length of time required to complete the two degrees from six sem
esters to five.
UNIQUE FEATURES: The Industrial Engineering and Operations Research Department
at Columbia University has a distinguished faculty that includes a member of
the National Academy of Engineering, and Guggenheim and Sloan Fellows. Several
faculty members have been awarded National Science Foundation Career and Pres
idential Young Investigator
Awards, as well as receiving the John Von Neumann Theory Prize, the Franz Edel
man Award and the George Nicholson Award from INFORMS. (INFORMS is the Institu
te for Operations Research and Management Science.)
OTHER INFORMATION: The Department of Industrial Engineering & Operations Resea
rch is a key part of the Center for Applied Probability (CAP), and the Computa
tional Optimization Research Center (CORC), both of which are National Science
Foundation funded Centers at Columbia University. The Department also has ver
y close ties with the Decision, Risk and Operations Division at Columbia Busin
ess School, where several faculty members are also active in the field of fin
ancial engineering.
CONTACT INFORMATION: Anne Mongillo, Academic and Career Advisor, Department o
f Industrial Engineering and Operations Research, 331 S. W. Mudd Building, Col
umbia University, New York, NY 10027. Phone: (212) 854-0757/ 2942. http://www.
ieor.columbia.edu/finance.html
------------------------------------------------------------------------------
--
CORNELL UNIVERSITY Master of Engineering (M. Eng.) in Operations Research and
Industrial Engineering (Financial Engineering Option)
DESCRIPTION: Financial engineering is the application of engineering methods t
o financial problems. Tools in probability, statistics, and optimization allow
financial engineers to meet the needs of businesses by measuring and managing
their financial risks and by designing and analyzing sophisticated financial
contracts. The increasing complexity of markets fuels demand for professionals
who possess understanding of the financial problems they pose, the mathematic
al tools to solve these problems, and the computer skills to implement these s
olutions. Cornell's financial engineering program combines coursework in the f
inance, mathematics and computation of portfolio management and derivative sec
urities with a team-based master's project for a real client in the industry.
PROGRAM SIZE: The School of Operations Research and Industrial Engineering has
approximately 20 faculty members, six of whom are directly involved in resear
ch and teaching related to Financial Engineering. Professors Philip Protter of
the College of Engineering and Robert Jarrow of the Johnson Graduate School o
f Management lead the program. Seven faculty members in Computer Science, Mana
gement, Economics and Statistics also participate in Financial Engineering at
Cornell. Thirty-five
Master of Engineering students are accepted to pursue the Financial Engineerin
g Option each year. Some of the 40 PhD. students have chosen to concentrate th
eir research in this area as well.
DURATION AND DEGREES: The Master of Engineering program can be completed by mo
st well-prepared students in two semesters, from the end of August to the end
of May. Students from undergraduate fields other than Operations Research may
require additional course work in the prior summer or in an additional semeste
r to complete the program. Upon com-pletion
students are awarded a Master of Engineering in Operations Research and Indust
rial Engineering and a Dean's Certificate in the
Financial Engineering Option.
AREAS OF SPECIALIZATION: Cornell is the cradle of financial engineering, in th
e modern sense. The first academic meeting in the subject took place here on M
ay 29, 1989. That meeting brought most of the researchers in the field togethe
r for the first time, and yielded two results of note: the journal Mathematica
l Finance was born, the first research journal in the field, and Cornell's pro
gram in financial engineering was conceived. Robert Jarrow and David Heath tog
ether advised students for several years before formalizing the program in 199
5. Today we have a highly active research group in mathematical finance and fi
nancial engineering. In the Cornell tradition of breaking down interdisciplina
ry barriers, this activity spans large areas of Cornell, including the Operati
ons Research Department, the Theory Center, the Department of Economics and th
e Johnson Graduate School of Management.
TYPICAL GRADUATE CAREER PATHS: The program offers students the training they n
eed to succeed in a career as a financial engineer. Such careers traditionally
include, derivatives research or marketing at an investment bank, portfolio m
anagement at an investment fund or insurer, hedging or proprietary trading at
an investment bank and risk management. The program is also excellent preparat
ion for any job applying operations research methodologies to financial operat
ions, such as revenue management (for instance, at hotels or airlines) and cre
dit card operations. An engineer should know how to function in a business env
ironment, and Cornell's program helps build skills valuable in business throug
h the masters project, which emphasizes teamwork and communication of solution
s to real-world problems. While Cornell has excellent Career Services faciliti
es and makes special efforts in employer awareness, placement is not guarantee
d. International students should not count on obtaining employment in the US.
PREREQUISITES AND ENTRY PROCESS: Applicants apply for a Master of Engineering,
specifying OR& IE as the field of study and Financial Engineering as the opti
on. (There is a special application form that is different from the standard G
raduate School form). Since this option is in high demand, some students are a
dmitted to the M. Eng. program but not to
the financial engineering option. A strong technical or scientific back-ground
, quantitative GRE scores above 740, a grade point average higher than B, a st
atement of purpose reflecting an informed interest in the field and its profes
sional uses, and excellent letters of recommendation contribute to the chances
of admission. Prerequisites include four semesters of college calculus, a sec
ond level computer science course, and a calculus-based course in probability
and statistics. Financial aid is highly limited.
ASSOCIATED PROGRAMS: The Theory Center, a university-wide computational scienc
e support center, provides leadership in computational finance methods, in ter
ms of education, research, and industry consulting. With the cooperation of th
e Operations Research Department and the Johnson School the Center maintains a
data archive used by students and teachers. The Operations Research Departmen
t has close relations with a variety of firms in Manhattan who sponsor researc
h projects at Cornell. The Economics, Statistics and Mathematics Departments a
nd the Center for Applied Mathematics have researchers and Ph. D. students act
ively working in the area, and resources are shared among all of the departmen
ts. The Mathematics Department also supports the community through seminars an
d colloquia. The Johnson Graduate School of Management has a worldwide reputat
ion of excellence in finance and houses the Parker Center for Investment Resea
rch. Seminar programs and colloquia bring to the campus a wealth of scholars and industry leaders, including such Wall Street figures such as
Sanford Weill of Citigroup and Jeff Parker of CCBN.
UNIQUE FEATURES: Professor Robert Jarrow is a coeditor of Mathematical Finance
and an associate editor of the Journal of Financial and Quantitative Analysis
, the Financial Review, Review of Financial Studies, Review of Derivatives Res
earch, Journal of Fixed Income and the Review of Futures Markets. He was a Mob
il scholar in 1993 and a member of the Merrill Lynch Academic Advisory Council
. In 1997 he was named IAFE Financial Engineer of the year.
OTHER INFORMATION: Professor Thomas Coleman is Director of the Cornell Theory
Center (CTC), and CTC-Manhattan, a computational finance con-sulting center in
New York City. The CTC is home of the largest Windows
high-performance cluster computing complex in the world. Professor Philip Prot
ter is the co-author of a calculus text and a probability text, and the author
of Stochastic Integration and Differential Equations. (Springer-Verlag), and
of numerous papers in these fields. He is Associate Editor of several journals
, including Finance and Stochastics and Mathematical Finance, and the co-organ
izer of many conferences.
CONTACT INFORMATION: Kathy King, School of Operations Research and Industrial
Engineering, 201 Rhodes Hall, Cornell University, Ithaca, New York 14850. (607
) 255-9128. http://www.orie.cornell.edu
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--
F LORIDA STATE UNIVERSITY Program in Financial Mathematics, Department of Math
ematics
DESCRIPTION: The interdisciplinary program in Financial Mathematics first enro
lled students in 1998 and now offers strong graduate programs in computational
and mathematical finance. Flexibility in the course choices beyond a required
core and a wide range of auxiliary professional devel-opment opportunities sh
arpen practical skills and build on individual strengths. The students in the
program bond as a cohesive group as they trek across to the "B-Buildings" to s
hare classes with MBAs and, inciden-tally, become familiar with that culture.
They also take classes with graduate students from the other math areas and fr
om the participating depart-ments: Half the master's degree courses are from c
omputer science, economics, finance, risk management and insurance, and statis
tics. Ongoing course and curriculum development are a faculty priority to maxi
mize the
utility of the program.
PROGRAM SIZE: M. S.-30; Ph. D. (have completed MS) 4. All instruction is from
full-time faculty in the professorial ranks; a number have previous financial
sector experience (e. g., Federal Reserve, investment banks and funds, energy
marketers) and/ or serve as consultants or members of company and governmental
boards. Teaching, advising, and research or administrative
effort designated to FinMath: 5. Additionally, 20 graduate faculty are involve
d from the six participating departments, and the 33 other graduate mathematic
s faculty provide support by teaching program students and serving on advisory
and student committees.
DURATION AND DEGREES: M. S. in Financial Mathematics: 12-24 months, typically
20 months for students with (highly competitive) financial aid. Ph. D. in Fina
ncial Mathematics: as typical for a math PhD, depends on entry level and progr
ess.
AREAS OF SPECIALIZATION: For Ph. D. dissertations, students may be directed or
co-directed program faculty from mathematics or Courtesy Faculty from other p
articipating departments. Also, if the student independently has sound ideas f
or research, there will likely be a faculty member willing to direct. The facu
lty members who are currently directing students are working in fixed income s
ecurities, risk models, and applications of geometric analysis to these areas.
In addition, option and derivative pricing theory (eigenfunction expansions,
variational techniques, diffusions on graphs and trees) is an area of focus.
TYPICAL GRADUATE CAREER PATHS: Quantitative analyst, energy trader, software d
eveloper, actuarial analyst, financial analyst, and research consultant.
PREREQUISITES AND ENTRY PROCESS: Equivalent of a U. S. undergraduate degree in
math or, in addition to an undergraduate degree in economics, finance, statis
tics, computer science, or another quantitative area, there must be high achie
vement in math courses through multivariate calculus, linear algebra, differen
tial equations, probability and statistics.
http:// www. math. fsu. edu/ Academics/ Graduate/. Also: High (quantitative an
d verbal) GRE and GPA, and recommendations
ASSOCIATED PROGRAMS: The requirements of this Financial Mathematics inter-disc
iplinary program were built partly on, and students have access to, the offeri
ngs of the well established, often highly ranked, graduate programs in compute
r science, economics, finance, risk management and insurance, and statistics.
The students share fundamental courses (e. g., Measure and
Integration, Partial Differential Equations) with students from the department
's other offerings: Applied Mathematics, Biomedical Mathematics, Pure Mathemat
ics. The doctoral candidacy requirements explain this relationship: http://www
.math.fsu.edu/~smith/Guides/phdcandidacy.html Florida State University is clas
sified as a Carnegie Rank I Research University.
UNIQUE FEATURES: The initial program planning prior to first student enrollmen
t in 1998 considered the advice of FSU graduates, mostly PhDs in mathematics,
who were successfully working in the financial sector. The apparent isolation
of the campus from financial centers is much mitigated because this group, now
enlarged to cover many specialties in the field and designated as the Financi
al Sector Advisors to the program, play an active role in providing opinions a
nd information. http://www.math.fsu.edu/~smith/Guides/finmath.html# financials
ector The Financial Mathematics Festival, each spring, is a small conference w
hich brings working professionals to talk about both problems in finance and m
athematics encountered on their jobs and about the work environment. http://ww
w.math.fsu.edu/~smith/FinancialMathFestivals.html Most of the program faculty
were trained in pure math and initially did research there. One faculty member
is working on a book on the foundations of discrete mathematical finance.
OTHER INFORMATION: See also http://www.math.fsu.edu/Academics/Graduate/ and ht
tp://www.math.fsu.edu/cgi-bin/grad_app.cgi
CONTACT INFORMATION: Graduate Admissions, Mathematics, Attn: Ms. Grace Brock,
Program Assistant, Department of Mathematics, Florida State University, Tallah
assee, FL 32306-4510. brock@math.fsu.edu Phone/ Fax: (850) 644-2278/ 4053. htt
p://www.math.fsu.edu/~ smith/Guides/finmath.html
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GEORGIA INSTITUTE OF TECHNOLOGY Master of Science in Quantitative and Computat
ional Finance
DESCRIPTION: The main objective of the Master of Science degree program in Qua
ntitative and Computational Finance at Georgia Tech is to provide students wit
h the practical skills and theoretical understanding they need to be leaders i
n the formulation, implementation and evaluation of the models used by the fin
ancial sector to structure transactions, manage risk
and construct investment strategies.
PROGRAM SIZE: About 25 students are admitted each year. Currently there are 35
students in the program at various levels of completion. Most of these are fu
ll-time, a few are part-time. There are about 30 faculty participating in the
program and its development from Management, Mathematics, and Industrial and S
ystems Engineering, with half of these teaching QCF curriculum courses.
DURATION AND DEGREES: Students take 36 semester credit hours; there are 6 requ
ired courses, 3 constrained electives, and 3 free electives. Many students fin
ish in a Fall, Spring, Fall semester plan; some students finish in 4 or more s
emesters. Students graduate with the Master of Science in Quantitative and Com
putational Finance degree. At this point in time, there have been 11 MS QCF de
grees conferred.
AREAS OF SPECIALIZATION: Students take required courses in finance (Finance &
Investments, Derivative Securities, Fixed Income Securities) and in mathematic
al and computer modeling centered in finance (Numerical Methods in Finance, St
ochastic Processes in Finance, Design and Implementation of Systems to Support
Computational Finance). Students take constrained electives from additional m
odeling courses centered in finance with emphases in optimization, stochastic
processes, risk management, statistical techniques, empirical finance, and pra
ctice of QCF. Students can use their free electives to develop specialized exp
ertise in areas such as pricing and portfolios; portfolio management; financia
l modeling and numerical
implementation; financial modeling and financial IT networking; or in other ar
eas of finance, economics, mathematics, statistics and computer technology.
TYPICAL GRADUATE CAREER PATHS: Graduates have taken diverse career paths. Thes
e positions include work in pricing and modeling in energy markets, corporate
valuation and modeling; credit risk management; and portfolio management in th
e equity and in the fixed income sectors. Other graduates are combining the MS
QCF degree with PhD work in areas of mathematical finance, financial modeling
, and traditional areas of finance, engineering and mathematics.
PREREQUISITES AND ENTRY PROCESS: Applicants should have working knowledge of (
i) the calculus (usually 4 semesters through differential equations); (ii) cal
culus-based probability and statistics; and (iii) the fundamentals of programm
ing. Students who have not had previous coursework in economics will be strong
ly encouraged to fill this gap. Of course, applicants should have a high leve
l of mathematical talent and strong interest in finance. It is also recommende
d that applicants have some experience beyond the Bachelors degree; this could
be non-academic work, graduate studies, or other pertinent activities. Entry
process information is given at the QCF website.
ASSOCIATED PROGRAMS: Students can combine study for the MS QCF degree with stu
dy within several other programs at Georgia Tech. These include a dual-degree
option with the MBA-type program, and dual-degree options with many PhD progra
ms in areas such as Mathematics, Finance, Economic Decision Analysis, Stochast
ics, Statistics, Optimization and
Engineering. Students establish contacts with several professional finance org
anizations in the Atlanta area and attend the meetings of these groups..
UNIQUE FEATURES: The Georgia Tech MS QCF program has benefited from support fr
om the Alfred P. Sloan Foundation Professional Science Masters Program since i
ts inception (see http://www.sciencemasters.com/ ) One visible aspect of this
participation has been the creation at Georgia Tech of 10 new focused courses
that were created for the QCF curriculum. This
concentration of resources for the QCF program was possible because of the str
ong interdisciplinary nature of the program, with participation, commitment an
d resources from the School of Mathematics, the School of Industrial and Syste
ms Engineering, and the DuPree College of Management at Georgia Tech. This int
erdisciplinary commitment brings into the program an enormous concentration of
expertise from many areas of mathematics, statistics, engineering, finance, b
usiness, and information technology. Faculty expertise includes areas traditio
nal to finance and economics, and areas of financial modeling with connections
to disciplines such as stochastics, statistics, optimization, numerical analy
sis, and analysis. Specific research activity includes areas such as the energ
y markets, auctions, interest rate modeling, derivative and fixed income secur
ities,
risk management, pricing and hedging, and portfolio management.
OTHER INFORMATION: Students enter the MS QCF program through any one of these
three academic units. This brings a great diversity of backgrounds, interests
and talents into the program. Students use the new QCF Laboratory/ Trading Are
a as a focal point not only for coursework and speaker programs but also for d
ay-to-day networking. Students find other opportunities to network within many
QCF-related student organizations, within several speaker programs, and withi
n many professional finance organizations in the Atlanta area.
CONTACT INFORMATION: Professor Robert Kertz, MS QCF Program Director, School o
f Mathematics, Georgia Institute of Technology, Atlanta, Georgia, 30332-0160,
USA. (404) 894-4311, kertz@ math.gatech.edu http://www.qcf.gatech.edu
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ILLINOIS INSTITUTE OF TECHNOLOGY Masters of Science in Financial Markets (MSFM
)
Financial Engineering Education A Survey of Educational Programs in Financial
Engineering
DESCRIPTION: Masters program in financial markets with a concentration in Fina
ncial Engineering and Programming (FEP)
PROGRAM SIZE: 100 students in MSFM program, 25 students in FEP program, 4 full
time faculty, and 20 adjunct faculty.
DURATION AND DEGREES: Program takes 15 months. Degree awarded is Master of Sci
ence in Financial Markets
AREAS OF SPECIALIZATION: Concentrations in 9 areas including Financial Enginee
ring and Programming, Fixed Income Markets, Trading, Portfolio Management, and
Equity Markets.
TYPICAL GRADUATE CAREER PATHS: Quantitative Analysis and Risk Management among
many.
PREREQUISITES AND ENTRY PROCESS: Must have a bachelors degree and GMAT or GRE
exam results. Application available on the website.
UNIQUE FEATURES: Our MS program was the first graduate degree relating to mode
rn capital markets. Our faculty includes former executives from Chicago's larg
est exchanges and investment banks.
CONTACT INFORMATION: Ben Van Vliet, Center for Law and Financial Markets, Illi
nois Institute of Technology, 565 West Adams Street, Chicago, IL 60661 USA. Ph
one: (312) 906-6513. E-mail: bvanvliet@clfm.iit.edu http://www.clfm.iit.edu
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KENT STATE UNIVERSITY Master of Science in Financial Engineering (MSFE)
DESCRIPTION: The interdisciplinary Master of Science in Financial Engineering
(MSFE) is awarded by the Departments of Finance and Mathematics at Kent State
University. It is designed for students with a strong quantitative background
with the goal of becoming risk management officers or traders. The program is
a demanding one requiring the fulfillment of 36 credit hours of coursework, in
cluding an industry-based project. It combines the strengths of strong quantit
ative skills from mathematics, including probability and numerical computing,
joined with risk management and valuation skills from finance. The program em
phasizes applied skills in financial engineering, while still providing a nece
ssary theoretical background. The suggested coursework fits within the guideli
nes established by the International Association of Financial Engineers.
PROGRAM SIZE: Kent State's MSFE is designed for 25 full-time students. The pro
gram will welcome its first class in September 2002.
DURATION AND DEGREES: This program is one calendar year in duration, with cour
sework beginning in September and continuing through the summer months.
AREAS OF SPECIALIZATION: The MSFE coursework has been developed based on indus
try input from the major investment banking firms in New York and Chicago. The
courses are geared to provide students with a blend of applied skills and the
ory. The program includes 21 credit hours in finance, 3 credit hours in econom
ics and 12 hours in mathematics. The final modeling course provides a synthesi
s of previous coursework by modeling an "industry assigned" project.
TYPICAL GRADUATE CAREER PATHS: Graduates of the MSFE program can expect to obt
ain positions with financial institutions, utilities, major corporations, the
government and the financial markets themselves.
PREREQUISITES AND ENTRY PROCESS: Students seeking an MSFE from Kent State Univ
ersity apply to the Graduate School of Management. Applicants will need to sub
mit GRE or GMAT scores, three letters of recommendation, a resume, official tr
anscripts and statement of goals and objectives, along with a one-page applica
tion form and nonrefundable processing fee of $30. Test of English as a Foreig
n Language (TOEFL) may also be required. Interested candidates may also apply
online at http://business.kent.edu/msfe The deadline for applications for the
MSFE program is July 15. Note for International Students: International studen
ts must obtain an International Student Application from the Graduate School o
f Management or International Admissions Office at (330) 672-2444. Quantitativ
e prerequisites for students applying to the program include
very specific knowledge/ competencies in calculus, linear algebra, ordinary di
fferential equations, probability, statistics and computer programming. Please
see http://business.kent.edu/MSFE/pre-requisites.asp for more specific inform
ation. For candidates with specific quantitative deficiencies, summer workshop
s and courses are available. Contact the Graduate School
of Management or program director for more information regarding these prerequ
isites.
ASSOCIATED PROGRAMS: Kent State University offers an M. B. A. and Ph. D. in bu
siness and master's and doctoral degrees in mathematics.
UNIQUE FEATURES: Faculty for the MSFE program offer a blend of both industry e
xperience along with high levels of academic scholarship. A Master's project w
ill be assigned to students as part of a required field experience that will i
nvolve direct discussions with a contributing firm. A high-level trading floor
comparable to those found at the leading financial institutions is planned as
an integral part of the MSFE program. This trading floor will allow students
to simulate real trading environments with its planned access to the major exc
hanges training systems. Using the same data feeds and trading software used b
y major investment banking firms will allow students to replicate trading stra
tegies and derivative security analysis.
OTHER INFORMATION: This is a new program. We look forward to welcoming our fir
st class of MSFE students in September 2002.
CONTACT INFORMATION: Dr. Mark E. Holder, assistant professor of finance and di
rector, Master of Science in Financial Engineering, Graduate School of Managem
ent, P. O. Box 5190, Kent State University, Kent, OH 44242-0001 USA. Phone:( 3
30) 672-2282. Email: MSFE@kent.edu http://business.kent.edu/msfe
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MASSACHUSETTS INSTITUTE OF TECHNOLOGY The Financial Technology Option (FTO)
DESCRIPTION: The Financial Technology Option (FTO) Certificate program is desi
gned to produce business leaders trained in both technology and finance. Pursu
ed concurrently with an MIT graduate degree program, the FTO equips students w
ith the knowledge and skills necessary to apply the latest financial theories
and technologies in a variety of contexts within the financial services indust
ry.
PROGRAM SIZE: Thirty-eight students were enrolled in the FTO in 2001-2002, the
first full year of the program. The program is expected to expand to approxim
ately 50 students following the admission in August 2002 of the next round of
applicants. Ten faculty are currently affiliated with the program.
DURATION AND DEGREES: The FTO is a certificate program design to be pursued co
ncurrently with an MIT graduate degree program. The target audience includes P
h. D. students in engineering and other technology related fields, MBA student
s, and Ph. D. students in Financial Engineering. A Certificate of Participatio
n is awarded to students who satisfy the eight
subject requirements. The length of the program is flexible and is based prima
rily on the student's graduate degree program schedule. The Certificate is awa
rded when the student receives the graduate degree diploma.
AREAS OF SPECIALIZATION: Derivatives pricing, portfolio management, risk manag
ement, financial optimization, financial systems infrastructure (databases, ne
tworks, telecommunications), and trading technology.
TYPICAL GRADUATE CAREER PATHS: Investment management, proprietary trading, tre
asury operations, risk management, commercial banking, investment banking, mar
keting, accounting, insurance, venture capital, and management consulting.
PREREQUISITES AND ENTRY PROCESS: Applicants to the FTO must be enrolled in a g
raduate degree program at MIT; the FTO requirements are pursued concurrently w
ith the degree program requirements. Applicants must carry a minimum GPA of 4.
3 (out of 5.0). Graduate students from any graduate department at MIT are elig
ible to apply. The majority of FTO students major in an engineering discipline
, management and finance, or other related technology fields.
ASSOCIATED PROGRAMS: The MBA program track in Financial Engineering; offered b
y the MIT Sloan School of Management.
UNIQUE FEATURES: Prof. Andrew W. Lo, co-chair of the FTO program and director
of MIT's Laboratory for Financial Engineering, is a 2002 recipient of a Guggen
heim Fellowship. Prof. Lo's other awards include the 2001 IAFE/ Sungard Financ
ial Engineer of the Year Award, Alfred P. Sloan Foundation Fellowship, the Pau
l A. Samuelson Award, the American
Association for Individual Investors Award, the Graham and Dodd Award, and awa
rds for teaching excellence from both the University of Pennsylvania Wharton S
chool of Business and from MIT.
OTHER INFORMATION: The FTO program is made possible by the very generous suppo
rt of the Merrill Lynch/ MIT Partnership, a multi-year strategic collaboration
. This joint initiative has resulted in rich educational and research opportun
ities for current and future global business leaders and entrepreneurs.
CONTACT INFORMATION: Debra A. Luchanin, Assistant Director, FTO Program, bldg.
E56-390, MIT, 28 Memorial Drive, Cambridge, MA 02142. (617) 452-2790. http://
web.mit.edu/fto/
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OKLAHOMA STATE UNIVERSITY Master of Science in Quantitative Financial Economic
s
DESCRIPTION: Finance, Economics, Mathematics and Statistics coursework compris
ing the MSQFE Program is designed to enable students to participate in the dec
ision processes and develop solution techniques for applications encountered i
n current and future financial environments. The program focuses on the analyt
ical methods necessary for effective participation in the fields of risk manag
ement and financial engineering.
PROGRAM SIZE: The MSQFE Program has 31 students split between the class admitt
ed Fall 2001 and the class admitted for Fall 2002. The MSQFE Program utilizes
faculty teaching/ research expertise from the Finance, Economics, Mathematics,
Statistics and Agricultural Economics Departments at Oklahoma State Universit
y.
DURATION AND DEGREES: The MSQFE Program requires completion of 11 courses that
are typically spread over two school years. Students completing the MSQFE pro
gram earn a Master of Science of Quantitative Financial Economics.
AREAS OF SPECIALIZATION: The MSQFE program capitalizes on the unique combinati
on of skills and interests of Oklahoma State University faculty. The Finance D
epartment has an evolving expertise in the functional areas central to MSQFE.
The recent gift of a trading floor by the Dynegy Company provides a unique env
ironment in which to carry out the program's instruction and research. The Wil
liams Institute of Quantitative Finance, funded through a gift by the Williams
Companies, promotes the development and dissemination of quantitative financi
al applications. Dr. Craig Pirrong is the Watson Family Chair in Risk Manageme
nt, and is recognized internationally for his expertise in electricity pricing
and energy derivatives.
Dr. Ramesh Rao is the Paul C. Wise Chair of Finance, and is recognized for his
expertise in corporate finance.
TYPICAL GRADUATE CAREER PATHS: The MSQFE Program is new. The first class of st
udents was admitted in Fall of 2001. This group will graduate in May of 2003.
Twenty-five students were admitted to the Program for Fall 2002. Students in t
he Program have received assistantships/ summer internships from energy/ commo
dity companies and quantitative investment advisors.
PREREQUISITES AND ENTRY PROCESS: To be admitted to the MSQFE Program, students
must be graduates of a 4-year college or university and supply the Graduate C
ollege of Oklahoma State University with official transcripts. Students must s
ubmit either official GMAT (minimum total score 650) or GRE (minimum total sco
re 1950) exam scores with their application to the MSQFE Program. Complete det
ails on applying to the MSQFE Program and the Graduate College of Oklahoma Sta
te University can be found at our website.
ASSOCIATED PROGRAMS: Center for Risk Management, College of Business at Oklaho
ma State University, http://www.bus.okstate.edu/fin/riskmgmt/ Williams Institu
te of Quantitative Finance, College of Business Oklahoma State University, htt
p://www.bus.okstate.edu/williams/ Ph. D. Finance, Department of Finance, Okla
homa State University, http://www.bus.okstate.edu/fin/dept/ Graduate Programs,
College of Business Administration, Oklahoma State University, http://www2.bu
s.okstate.edu/
UNIQUE FEATURES: Dynegy Trading Floor is a unique learning environment. Releva
nt research and information sources with capabilities of studying dynamic fina
ncial processes. Craig Pirrong, Watson Family Chair of Commodity and Financial
Risk Management and Director, Risk Management Center. Williams Institute of Q
uantitative Finance. A cooperative venture between the Williams Company of Tul
sa Oklahoma and the College of Business at Oklahoma State University for the p
urpose of advancing understanding of quantitative finance issues in the academ
ic and business communities. Center for Risk Management. A cooperative venture
between the College of Business at Oklahoma State University and business par
tners for the purpose of producing/disseminating/applying cutting edge researc
h in the area of risk management.
OTHER INFORMATION: 8 research assistantships funded by the Williams Companies
of Tulsa Oklahoma are allocated through a competitive process to students in t
he MSQFE program. The College of Business also provides financial support for
students in the Program.
CONTACT INFORMATION: Mendy Haskin, Coordinator, Williams Institute for Quantit
ative Finance, 112 College of Business, Stillwater, OK 74078. (405) 744-2801.
haskinm@okstate.edu http://www.bus.okstate.edu/msqfe/
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OREGON HEALTH & SCIENCE UNIVERSITY Master of Science in Computational Finance,
OGI School of Science & Engineering, Oregon Health & Science University
DESCRIPTION: OGI's Master of Science in Computational Finance is the world's o
nly Financial Engineering program based in a Computer Science Department. Laun
ched in Fall 1996, OGI's MSCF offers a carefully designed curriculum that seam
lessly integrates essential topics in quantitative finance, applied mathematic
s, statistics and computing. Quantitative
finance coursework includes investment analysis, portfolio management, derivat
ives pricing, financial time series and risk management. Many state-of-the-art
topics are introduced, such as active portfolio management, credit risk, ener
gy markets, behavioral finance, high frequency data and hedge fund strategies.
OGI students receive rigorous training in financial mathematics, statistical
analysis and computing and gain extensive experience with C++, MATLAB, S-PLUS,
and BARRA On Campus.
PROGRAM SIZE: Students: 20 Full Time, plus 10 Part Time MSCF candidates. Facul
ty: OGI's MSCF program is unusual in that it features three highly regarded fa
culty whose teaching responsibilities are dedicated entirely to the Computatio
nal Finance program. A typical full time student takes 15 courses over 4 quart
ers, taught by 8 to 12 different professors. Approximately 20 OGI faculty and
adjuncts teach required or elective courses of interest to MSCF students each
year.
DURATION AND DEGREES: Duration: 12 Months (4 Quarters), September to August. D
egree: Master of Science in Computational Finance
AREAS OF SPECIALIZATION: OGI's MSCF curriculum is distinguished by its emphase
s on computing and statistical analysis. The Finance Core courses include exte
nsive project work in financial data analysis and computational model building
. These are supported by rigorous courses in financial mathematics, statistics
, programming and computer science. OGI's
curriculum includes the standard topics of financial engineering, plus special
ty course work in active portfolio management, energy and credit risk, high fr
equency data, hedge fund strategies, financial market behavior, statistical co
mputing, financial time series, simulation, database systems, and machine lear
ning.
TYPICAL GRADUATE CAREER PATHS: OGI MSCF graduates succeed at securing excellen
t positions in quantitative finance, software engineering and information syst
ems. Financial industry career paths chosen have included risk management, der
ivatives modeling, quantitative asset management, energy markets, credit analy
sis, corporate treasury, venture capital, financial software, IT, hedge fund s
trategies, arbitrage and trading. See http://compfin.cse.ogi.edu/careers/ for
more information and examples of alumni professional successes. Comments from
MSCF graduates can be found at http://compfin.cse.ogi.edu/whatsaying.html .
PREREQUISITES AND ENTRY PROCESS: Prerequisites include a bachelor's degree in
science, engineering, mathematics, statistics, or a quantitative social scienc
e. Mathematical prerequisites are advanced calculus, linear algebra, and basic
statistical inference. Familiarity with differential equations is recommended
. Applicants should be fluent in at least one programming language.
ASSOCIATED PROGRAMS: OGIOs Master of Science in Computational Finance is the w
orldOs only financial engineering program offered by a Department of Computer
Science. MSCF students can take relevant elective courses in various OGI progr
ams, including computational finance, computer science, applied computing, pro
bability and statistics, applied mathematics, engineering and management scien
ce. OGIOs Computational Finance program was founded in Fall 1996.
UNIQUE FEATURES: OGIOs Computational Finance program is an innovator. Launched
in Fall 1996, it was one of the first MS programs in financial engineering, a
nd is the world's only FE program offered by a Department of Computer Science.
OGIOs MSCF features a mature and highly polished curriculum, with exceptional
strength in computing and statistics. Professor John Moody, Program Director,
has been nominated to serve as Co-Chair the IEEE Computational Intelligence i
n Financial Engineering conference (Hong Kong, March 2003). He was previously
Program Co-Chair of the Computational Finance 2000 conference (London Business
School).
OTHER INFORMATION: In developing the MSCF over the past six years, OGI faculty
have solicited extensive input from leading industry practitioners and acted
on extensive feedback from alumni. OGI has designed the MSCF curriculum to ref
lect these industry needs. As the world's only financial engineering program b
ased in a computer science department, OGI is unique
in providing students with the computing skills needed to excel in quantitativ
e finance. Employers benefit from employees who are capable of adding value on
day one. Our graduates do not need to wait for an IT professional to help the
m program a solution to a problem and are capable of producing in an environme
nt in which several programming languages are employed.
CONTACT INFORMATION: Ms. Shelly Charles, Program Administrator, Computational
Finance Program, OGI School of Science & Engineering at OHSU, 20000 NW Walker
Road, Beaverton, Oregon 97006 USA. (503) 748-1257. shelly@cse.ogi.edu and http
://compfin.cse.ogi.edu/
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POLYTECHNIC UNIVERSITY OF NEW YORK Masters of Science in Financial Engineering
(MSFE)
DESCRIPTION: Graduate programs that bring together three key areas: finance an
d related business disciplines, quantitative analysis (mathematics and statist
ics) and information technology (telecommunications and IT) to prepare quantit
ative based financial professionals and business focused IT professionals for
the global financial services industry.
PROGRAM SIZE: Students: 185; Faculty: 12
DURATION AND DEGREES: MSFE : 2 years (full time) to 3 years (part time) which
includes two track options: Capital markets or Financial technology management
. In addition, advanced graduate certificates are available in Financial engin
eering (15 credits), Risk management (18 credits), and Financial technology ma
nagement (18 credits).
AREAS OF SPECIALIZATION: Two tracks are available in the MSFE degree. The Capi
tal Markets track is geared towards structuring and marketing complex financia
l products, developing sophisticated trading and risk management strategies an
d engineering solutions for a wide variety of complex financial problems faced
by corporations, state and local governments.
In the Financial Technology track, these individuals provide the critical brid
ge between the capital market personnel, the operations personnel and the tech
nologists responsible for supplying the full range of technological support th
at is vital for the proper functioning of a modern financial marketplace. The
effective management of these interfaces as a strategic partner is essential t
o maintain competitiveness in global markets.
TYPICAL GRADUATE CAREER PATHS: The Capital Markets track prepares graduate for
positions in investment advisory firms, in financial risk management, on trad
ing and arbitrage desks, in product structuring groups, in derivatives groups
and in information technology firms that support the analytical decision-makin
g and trading activities of financial institutions. The Financial Technology t
rack is designed to prepare working professionals in financial services who as
pire to a diverse range of information technology management careers. These pr
ofessionals need a solid knowledge of financial products and the markets in wh
ich these products are transacted along with a sophisticated foundation in inf
ormation technology, technology strategy, electronic business and innovation m
anagement.
PREREQUISITES AND ENTRY PROCESS: Microeconomics, Macroeconomics, Calculus I an
d II, Probability and Statistics, Exposure to a programming language, Knowledg
e of spreadsheets. Baccalaureate. GPA of 3.1 or higher and 80th percentile on
GRE/ GMAT (example).
ASSOCIATED PROGRAMS: Master of Science in Management, and Master of Science in
Computer Science.
UNIQUE FEATURES: The FE program offers students advanced on-line and lap-top a
ccessible capability to complement and enhance overall learning. Such cutting-
edge technology is employed particularly in the Capstone Financial Engineering
Project Course, where FE students access our state-of-the-art Wireless Local
Area Network (LAN) at 55 Broad St. With this
unique and flexible platform, they experience the excitement and powerful educ
ational benefits of an active "real life" trading floor. Moreover, the FE Prog
ram provides anytime/ anywhere access to Internet and web-based analytical too
ls, extending the FE learning experience far beyond the classroom. |
|
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发表于 2004-8-10 08:58:03
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发表于 2004-8-10 12:16:56
1.自我介绍2.你对这个项目感兴趣吗？具体是对哪里感兴趣？3.对于跨文化交流你怎么看，你觉得最大的挑战是什...
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