University of California at Berkeley, Haas School of
Business: Master's Program in Financial Engineering
Degrees Awarded and Program Duration
M.F.E. (Master’s in Financial Engineering), 1 year full-time
Program Size
60 students
Contact Information
MFE Program Office
Phone: (510) 642-4417
E-mail: mfe@haas.berkeley.edu
Website: http://mfe.haas.berkeley.edu/
Program Description
The Master's in Financial Engineering program at the Haas School of Business
teaches students to employ financial economics, mathematics, and computer
modeling skills to pricing, hedging, trading, risk management, project evaluation,
and portfolio management decisions.
The MFE requires only 1 year of study, which makes it attractive to students
with strong quantitative skills and focused career interests. To some extent,
the MFE may also be seen as an attractive alternative to a doctoral program
in finance for individuals interested in commercial rather than academic
careers.
The MFE faculty is comprised of distinguished finance instructors from the
Haas School of Business at UC Berkeley, the Anderson Graduate School of Management
at UCLA, and UC Irvine's School of Management. Many faculty members perform
preeminent research in quantitative finance, research that feeds directly
into the MFE curriculum.
Courses are designed exclusively for MFE students, and are seamlessly integrated
with one another. MFE students take at least 28 units of coursework in arbitrage,
hedging, futures and options pricing, portfolio management, trading, and
dynamic investment strategies in bond, currency, options, and other financial
markets. Also covered are the numerical and simulation mathematics and computer
technology commonly used in the industry.
In addition to coursework, the MFE educational experience includes a financial
practice seminar series of weekly discussions held by finance practitioners,
an applied finance project that develops or uses quantitative finance tools
and techniques, and a three-month internship at a company. The MFE
Office and the Haas Career center work with students to locate opportunities.
Past student internships have included building and testing financial models,
conducting statistical research, and evaluating portfolio risk.
Graduate Career Paths
Graduates find careers as quantitative analysts, investment bankers, traders,
and risk specialists. Employers include investment banks, commercial banks,
financial consulting firms, asset management companies, hedge funds, financial
and database software suppliers, financial regulators, and exchanges. Firms
that have recruited from the Haas MFE include: American International Group
(AIG), American Life Insurance Company (ALICO), ABN-AMRO, AXA Rosenberg Investment
Management, Bank of America, Barclays Global Investors, BARRA, Inc, Bear
Stearns, BNP Paribas, Citigroup Global Markets, Credit Suisse Asset Management,
Credit Suisse First Boston, Deutsche Bank, Fair, Isaac Corporation, First
Manhattan Consulting Group, Gifford Fong Associates, Goldman Sachs, HSBC
USA, JP Morgan, Lehman Brothers, MBIA, Inc., Moody’s KMV, Morgan Stanley,
PIMCO, Putnam Investments, Wachovia Securities and Wells Capital Management.
Prerequisites and Entry Process
The 60 students who enroll each year have a high level of intellectual curiosity,
a strong interest in finance, and strong analytical skills. Though there
is no specific degree requirement, most students will have backgrounds in
quantitative disciplines such as mathematics, statistics, the physical sciences,
engineering, operations research, computer science, finance, or economics.
It is also expected, though not required, that applicants have work or research
experience in which they have applied quantitative skills creatively.
Applications are accepted year-round on a rolling deadline. The program begins
and ends only in the spring, and is not available part-time. Admissions requirements
include: Four-year Bachelor's Degree, with a minimum GPA of 3.0 in upper
division coursework. GMAT or GRE General Test. Coursework in linear algebra,
multivariate calculus, differential equations, numerical analysis & advanced
statistics and probability. Exposure to computer programming (C, C++) and
familiarity with computers as a computational and management tool. Excellent
writing, speaking and presentation skills.
Pre-program courses: The MFE program offers pre-program courses specifically tailored to the program in order to help admitted students and prospective students review the concepts necessary to be successful in the MFE program. We currently offer the following courses: Math Foundations for Financial Engineers (http://mfe.haas.berkeley.edu/mathclass.html), C++ Programming for Financial Engineers (http://mfe.haas.berkeley.edu/c.html), and Advanced Statistics (http://mfe.haas.berkeley.edu/statistics.html). Enrollment in the pre-program courses is open to the public. We encourage individuals who are thinking of applying to the program, along with those who simply want to review or enhance skills that are covered in the courses, to enroll.
Students can choose to take the courses online or in person at the Haas School of Business. The courses run from January to March each year and enrollment for the courses opens in mid-November. For more information, please see the Haas MFE website at http://mfe.haas.berkeley.edu.
Unique Features
- The MFE Program was recently ranked the #1 Quantitative Finance
Masters Program in North America by Global-Derivatives ( www.global-derivatives.com/schools/fin-rankings2003-04.php )
- The MFE is offered by the Haas School of Business, a top 10 business
school. As a result, MFE students learn about computational finance
within the context of business and economic principles, and enjoy
the additional advantages of the business school's career services,
corporate contacts, and orientation towards business applications.
- The MFE program includes a built-in 3 month company internship
and applied finance project.
- The MFE class size is limited to 60 students.
- Faculty include Haas Prof. Mark Rubinstein, renowned for his work
on the binomial options pricing model (Cox-Ross Rubinstein model)
and UCLA’s Prof. Francis Longstaff, former Head of Fixed Income
Derivative Research, at Salomon Brothers.
Other Information
Application deadlines for 2007-2008:
January 17, 2006
March 17, 2006
June 22, 2006
October 1, 2006*
* Applications received after October 1 will be reviewed on a space available basis.
Application deadlines for 2008-2009:
January 17, 2007
March 17, 2007
June 22, 2007
October 1, 2007
The application for the 2008-2009 year will be available beginning in mid-December, 2006.
