Financial Engineering

Let's manke money...


The most happening field of study as of now is Financial Engineering (FE). Students, mainly MBA graduates, specializing in Finance are working in financial careers. Companies are clearly feeling that MBAs alone are not doing fine (they are looking for students with basic computer knowledge) and looking for bright students with Mathematical back grounds. This is where students of applied mathematics have greater chance.

Applied Mathematics

FE is a cross-disciplinary field which relies on mathematical finance, numerical methods and computer simulations to make trading, hedging and investment decisions, as well as facilitating the risk management of those decisions. Utilizing various methods, practitioners of computational finance aim to precisely determine the financial risk that certain financial instruments create. All put together, it is applied mathematics drawing applications from various fields.

Computer knowledge

Generally, individuals who fill positions in computational finance are known as “quants”, referring to the quantitative skills necessary to perform the job. Specifically, knowledge of the C++ programming language, as well as of the mathematical subfields of: multivariate calculus, linear algebra, differential equations, probability theory and statistical inference are often entry level requisites for such a position. [C++ has become the dominant language for two main reasons: the computationally intensive nature of many algorithms, and the focus on libraries rather than applications.]

Essential knowledge

Computational finance was traditionally populated by PhDs in finance, physics and mathematics who moved into the field from more pure, academic backgrounds (either directly from graduate school, or after teaching or research) prior to the 1980s. However, as the actual use of computers has become essential to rapidly carrying out computational finance decisions, a background in pure computer science is now also needed, and hence many computing graduates enter the field as well. Masters level degree holders are also increasingly making their presence felt as more terminal programs become available at the leading schools (hence field practitioners are almost exclusively recruited).

Financial Engineering Analyst -

Duties and Responsibilities

Ø Develop and refine trading models leading to trading decisions.

Ø Conduct research and statistical analyses for one of the following asset classes: equity indices, fixed income, foreign exchange, and commodities.

Ø Build analytical tools and functions to analyze and manipulate data.

Ø Work closely with other quantitative researchers to maintain and update existing models, programs, and applications.

Ø Conduct client interviews and facilitate client presentations and data gathering sessions.


Ø Solid graduate-level training in finance or a related field.

Ø Strong and/or proficient C/C++ coding skills and proficiency with one or more statistical packages (e.g. Splus, MatLab or SAS).

Ø Comfortable in a complex, demanding and highly technical environment.

Ø Demonstrated empirical skill; comfortable with analysis of large datasets.

Ø Strong analytical skills and time-series analysis.

Ø Excellent English grammar, written and oral communication skills including communication.

Ø Strong technical skills in MS Excel (including VBA knowledge)

Ø A solid background in mathematics and statistics will also be a major consideration.

Ø SQL (Structured Query Language for Database Management)

Ø Sense of humor (!!!).


Pursuing a M.A or M.S in finance, financial engineering, economics, statistics, mathematics, operations research computer science, physics or related fields with demonstrated ability to complete high-level, investments related research.

Academic Programs

Below is a listing of academic programs in financial engineering / financial mathematics. While I have made every effort to make this list as complete as possible, there may be other existing programs not listed below.

Asbury College

BA Financial Mathematics

Ball State University

BS Financial Mathematics

Bar Ilan University

MSc in Financial Mathematics

Baruch College

MS Financial Engineering

Bentley College

MS Finance

Birkbeck University

MSc Financial Engineering

Bogazici University

MS Financial Engineering

Boston University

MA Mathematical Finance

Brandeis University

MS Finance

Cambridge University

MPhil in Finance

Carnegie Mellon University

MS Computational Finance

Carnegie Mellon University

PhD Mathematical Finance

Cass Business School

MS Mathematical Trading and Finance and

MS in Finance, Economics and Econometrics

City University of Hong Kong

MS Financial Engineering

Claremont Graduate University

MS Financial Engineering

Clark University

MS Finance

Columbia University

MS Financial Engineering

MA, Mathematics, with specialization in the Mathematics of Finance

MS, Industrial Engineering and Operations Research

Financial Engineering courses available

Cornell University

MBA Financial Engineering

Cornell University

M. Eng in Operations Research & Industrial Eng.

DePaul University

MS Finance/Risk Management/Financial Engineering

Dublin City University - Ireland

MS Investment and Treasury

MSc Financial & Industrial Mathematics

Erasmus University Rotterdam

Master in Quantitative Finance

ETH Zurich

MS Finance

Fairfield University-Dolan School

MS Finance

FAME: International Center for Financial Asset Management and Engineering - Geneva

Executive Education Program, including courses in Alternative Investments and Financial Engineering.

Florida State University

MS & PhD Financial Mathematics

George Washington University

MS, Finance

Georgia Institute of Technology

MS Quantitative and Computational Finance

Georgia State University

Mathematical Risk Management

Glasgow Caleonian University

BS Financial Mathematics

Golden Gate University

MS Finance with Concentration in Management

HEC, Montreal

MS Financial Engineering

Hofstra University

MS in Quantitative Finance

Hong Kong University

MF Financial Engineering, MF Risk Management

Hong Kong University of Science and Technology

MSc Investment Management

MSc Financial Analysis

Illinois Institute of Technology

MS Finance

MS Financial Markets

Imperial College of Science, Technology and Medicine

MSc Mathematics and Finance

International University of Monaco

MSc Financial Engineering

James Madison University

BS Quantitative Finance

Johns Hopkins University Graduate School of Business

MS Finance

The Karol Adamiecki Academy of Engineering

MS Financial Engineering and Banking

Kent State University

MS Financial Engineering

King's College London

MSc Financial Mathematics

Lavel University

MS Financial Engineering

Leicester University

MSc Financial Mathematics and Computation

Liverpool John Moores University

MSc International Banking and Finance

London Business School

Masters in Finance

Louisiana State University

MS Finance with Minor in Mathematics

Loyola College

MS Finance

Malardalen University

MS Financial Engineering

Manchester Business School-Manchester University

MSc Finance

MSc Quantitative Finance and Finance

MSc Mathematical Finance

Massachusetts Institute of Technology

MBA with Financial Engineering Track

Middle East Technical University

MSc Financial Mathematics

Multimedia University, Malaysia

Bachelor of Financial Engineering

Nanyang Technological University

MS Financial Engineering

National Tsing Hua University, Taiwan

MSc Quantitative Finance

National University of Singapore

BS and MS Financial Engineering

New York University

MS Statistics and Operational Research, Financial Engineering Specialization

New York University, Courant Institute of Mathematical Sciences

MS Mathematics in Finance

North Carolina State University

MS, Financial Mathematics

North-West University

MSc Financial Mathematics

MSc Quantitative Risk Management

Northwestern University

MS, Industrial Engineering and Management Sciences

Financial Engineering Concentration available

Oklahoma State University

MS Quantitative Financial Economics

Oxford University

MSc Mathematical Finance

Polytechnic University

MS Financial Engineering

Princeton University

MSE, Ph.D Operations Research and Financial Engineering

Purdue University

MS Computational Finance

Queen's University

MA Financial Economics (specialisation in Computational Science and Engineering)

Queen's University Belfast

MSc Finance

Rutgers Business School

Master of Quantitative Finance

MS Quantitative Finance

Rutgers University (New Brunswick/Piscataway campus)

MS in Mathematical Finance

Stanford University

MS, Financial Mathematics

MS, Management Science & Engineering

Stevens Institute of Technology

Graduate Certificate in Financial Engineering

MS, Financial Engineering

State University of New York at Buffalo

MS, Finance

Stony Brook University

MS Applied Mathematics and Statistics (Quantitative Finance)

Suranaree University of Technology

PhD Financial Mathematics

Texas A&M University

MS Financial/Industrial Mathematics

Tilburg University

MSc Quantitative Finance and Actuarial Science

Tulane University

MS Finance

Universidad Carlos III of Madrid

MSc Financial Analysis

Universisad de Belgrano

MA Financial Engineering

Universidad Nacional de Educación a Distancia

MSc Stock Markets and Financial Derivatives (Spanish)

Università Bocconi

MA Quantitative Finance & Risk Management

Université de Montreal

MSc Financial Mathematics & Computational Finance

Université Laval

MSc Financial Engineering

Universiteit van Amsterdam (Korteweg-de Vries Institute)

With Vrije Universteit & Universiteit Utrecht

MSc Stochastics and Financial Mathematics

University College Dublin

MSc Quantitative Finance

University of Alabama

MA in Banking and Finance

University of Arizona-Eller

MS Management with Concentration in Finance

University of California at Berkeley

MS Financial Engineering

Certificate in Financial Engineering, Executive Education

University of Capetown

MSc Mathematics of Finance

University of Chicago

MS Financial Mathematics

University of Connecticut

MS Applied Financial Mathematics

University of Dayton

Masters of Financial Mathematics

University of Denver-Daniels

MS Finance

University of Edinburgh

in partnership with Heriot Watt University

MS Financial Mathematics

University of Exeter

MSc Financial Mathematics

University of Florida

Warrington College of Business Administration

MS, Finance

University of Hong Kong

Masters of Finance - Financial Engineering and Risk Management Tracks

University of Houston-Bauer

MS Finance

University of Illinois at Urbana-Champaign

College of Business

MS, Finance

University of Karlsruhe

MSc, Financial Engineering

University of Leicester

MSc, Financial Mathematics and Computation

University of London

Birbeck College

M.Sc. in Financial Engineering

University of Melbourne

MSc Applied Finance

University of Michigan

Financial Engineering Program

University of Minnesota

Master of Financial Mathematics

University of New South Wales

Master of Financial Mathematics

University of North Carolina, Charlotte

M.S. Mathematical Finance

University of Oxford

Diploma in Mathematical Finance

University of Piraeus (in Greek)

MSc in Banking and Financial Management

University of Pittsburgh

Professional Science MS Mathematical Finance

University of Pretoria

MS Mathematics of Finance

University of Reading

ISMA Centre, the Business School for Financial Markets

MS Financial Engineering and Quantitative Analysis

University of Rochester

Simon School of Business Administration

MS, Finance

University of Southern California

Professional MS in Mathematical Finance

University of St. Gallen

Master Quantitative Economics and Finance

University of Stellensboch

MComm in Financial Risk Management

University of Thai Chamber of Commerce

BSc Mathematical Finance

University of Technology, Sydney

Master of Quantitative Finance

University of the Free State

MSc Mathematical Statistics

University of Torino, Italy

Masters in Quantitative Finance

University of Toronto

Master of Mathematical Finance

University of Tulsa

MS in Finance / Risk Management

University of Twente, the Netherlands

Masters in Financial Engineering

University Of Valencia, Spain

PhD, Quantitative Finance

University of Warwick

MS Financial Mathematics

University of Waterloo

Mathematical Finance

University of Western Ontario

MS Applied Finance-Financial Mathematics

University of Westminster

MSc Quantitative Finance

University of the Witwatersrand-Johannesburg

MCom Finance

University of York

MSc Mathematical Finance


MSc Applied Finance

Vanderbilt University- Owen School

MS Finance

Vienna Institute of Technology

Financial and Actuarial Mathematics

Virginia Commonwealth University

Bachelor of Science in Financial Technology

Vrije Universteit Amsterdam, Universiteit Utrecht & Universiteit van Amsterdam

MSc in Stochastics and Financial Mathematics

Warwick University

MSc Financial Mathematics

Worchester Polytechnic Institute

MSc Financial Mathematics

York University

MS Financial Engineering