The Master of Science Program in Financial Engineering at Baruch College, City University of New York


Degrees Awarded and Program Duration
Master of Science in Financial Engineering
The program can be completed in three semesters of full-time study, or five to six semesters of part-time study

Program Size
Every Fall semester, we enroll about 40 students, 20 full-time and 20 part-time. A quarter of our students are international students.

Contact Information

Ms. Cathy Levkulic

Phone: (646) 312-4493

Email: Cathy_Levkulic@baruch.cuny.edu

Websites: http://math.baruch.cuny.edu/masters.html

http://www.quantnet.org/

Prerequisites and Entry Process
The Financial Engineering MS Program at Baruch College consists of twelve courses, all offered in the evening. The curriculum of the Financial Engineering program is designed to provide the students with the background required for modeling and solving problems that arise in the financial-service industry. Courses such as Object Oriented Programming for Financial Applications, Market and Credit Risk Management, Elements of Structured Finance, and Deal Theory and Structured Analysis are taught by practitioners from the financial industry, enhancing the practical knowledge and the financial engineering skills of our students.

The program combines a rigorous treatment of the mathematical concepts required for modeling, and solving financial problems with a strong emphasis on computational techniques. Upon completion of the program, our students are prepared to solve real-world problems and possess the communication skills necessary to present their work.

The Financial Engineering MS Program at Baruch College is a professional Masters Program. More than forty percent of our courses are taught by experienced practitioners from the financial industry. Over eighty-five percent of our graduates are working at elite financial institutions on three continents, with the vast majority of them working in New York.

Up-to-date statistics on admission into the MFE program and on employment of our graduates are available at the website of our program.

Typical Graduate Career Paths
The employers of our graduates span the spectrum of the financial industry, from major investment banks (Credit Suisse, JPMorgan Chase, Lehman Brothers, Morgan Stanley) and other financial institutions (Bank of New York, Bloomberg, CIBC, Capital One, HypoVereinsbank) to hedge funds, insurance companies (AIG, MetLife), and financial software companies (Numerix, Trading Technologies).

Sample positions of our graduates include, on the quantitative side, Quantitative Analyst/Researcher/Programmer, Financial Data Analyst, Electronic Trading Developer, and, on the financial side, MBS/Credit/Collateral Analyst, Risk Management Officer/Analyst, Portfolio Manager.

Prerequisites and Entry Process
The application deadline for admission in the Financial Engineering MS Program at Baruch College is April 30. Admission is offered only for the Fall semester.

Before being admitted into the MFE program, applicants are required to have taken a minimal set of courses in finance, mathematics, and computer science:

• Finance knowledge, as demonstrated by one undergraduate class or work experience
• Calculus (two semesters)
• Probability (one semester)
• Linear Algebra (one semester)
• C++ programming skills at the level of one undergraduate class, or by completing a certificate degree

Refresher courses in C++, Advanced Calculus, Linear Algebra, and Probability are offered over three months before the start of the Fall semester. All students admitted into the MFE program are required to take these courses, unless they place out of them after taking on-line assessment tests. These courses are open only to students admitted to the MFE program.

Some applicants with a strong background in other areas, such as practical knowledge of finance, may be admitted to the program without having to meet all the prerequisites via conditional admission. They will be required to complete the prerequisite courses before enrolling in the program and take the summer refresher courses.

Admission into the MFE program is done on a rolling basis. Applications are evaluated every two weeks from December 1 until May 15.

Areas of Specialization
While strongly emphasizing C++ programming skills throughout our curriculum, we offer a large number of financial courses, taught by practitioners. Our current areas of concentration are Structured Finance, Credit Derivatives, Risk Management, and Interest Rate Models.

Program’s Unique Features
Admission into the MFE program is competitive (23% admission rate for Fall 2006 admission), and over 70% of the admitted applicants choose to enroll in our program. The placement rate of our graduates in industry positions is above 85% overall and over 95% in the past two years.

The Director of the MFE program holds monthly on-line chats with prospective applicants to the program. The schedule of the chats is posted on the program webpage.

All courses offered in the MFE program have been designed for our financial engineering students. About forty percent of these courses are taught by current or former market professionals who are also gifted educators.

QuantNetwork, the organization of our graduate students, hosts by-weekly talks given by industry professionals. The QuantNetwork Forum has a wealth of information about the MFE program, offers prospective candidates direct access to our students, and is very actively used for class interaction by students and faculty.

Our alumni formed the Baruch College MFE Alumni Association in October 2006 and started a one-on-one mentoring program available to all current students. The Alumni Association provides guidance on curriculum changes and placement of students in internships and full-time positions.

We do not have a target enrollment number for the MFE program. We admit only those candidates who meet our admission standards, regardless of how small or large the resulting student cohort will be.

We make no difference between full-time and part-time students in terms of admission standards, requirements to complete courses, and placement services.

We are located in New York City, and over 75% of our graduates end up working in the New York City area.