Master of Science in Financial Engineering (MFE)
The vast complexity of financial markets compels industry to look for experts who not only understand how they work, but also possess the mathematical knowledge to uncover their patterns and the computer skills to exploit them. To achieve success, banking and securities industries must come to grips with securities valuation, risk management, portfolio structuring, and regulation-knowledge embracing applied mathematics, computational techniques, statistical analysis, and economic theory. The goal of the degree is to produce graduate who can make pricing, hedging, trading, and portfolio-management decisions in the financial services enterprise. With sharply honed practical skills complimented by strong technical elements, graduates are in demand in the industries-investment banking, risk management, securities trading and portfolio management. Students wishing to enroll in any of the FE programs must have an undergraduate degree in an engineering or science discipline and strong quantitative background.
The master’s degree requires 10 courses (30 credits): six core required courses and four elective courses.
Financial Engineering Curriculum:
Required Core Courses
| FE 610 | Stochastic Calculus for Financial Engineers | 3 |
| FE 620 | Pricing and Hedging | 3 |
| FE 621 | Computational Methods in Finance | 3 |
| FE 630 | Portfolio Theory and Applications | 3 |
| FE 680 | Advanced Derivatives | 3 |
| | | |
| FE 800 | Project in Financial Engineering | 1-6 |
| | Or | |
| FE 900 | Master's Thesis in Financial Engineering | 1-10 |
Elective Courses
Students are encouraged to take an integrated four-course sequence leading to a graduate certificate for the four electives; or choose the electives from our course catalog. All elective courses must be approved by an advisor. A list of available graduate certificates is included in the School of Business Graduate Certificate section of the catalog
For example, the graduate certificate in Financial Risk Engineering is very popular. Courses in this certificate program emphasize a blend of mathematics and finance that will help graduates to see the financial landscape from a market, credit, and systemic risk perspective and to analyze and manage the risk efficiently.
Another popular choice is the graduate certificate in Algorithmic Trading Strategies. This graduate certificate is designed to provide aspiring financial engineers with the necessary understanding of the design and implementation of financial trading systems, with an emphasis on the role of software and automated decision support systems in trading strategies. The certificate also is suitable for technical professionals interested in applying their unique skills to the fast-changing realm of finance.