Master’s in Financial Engineering Courses
Financial Engineering isn’t about building bridges or designing machines. It’s a specialised field that bridges the gap between the theories of finance and the real world. It uses maths, computer programming, and engineering tools to help us understand modern finance’s complexities.
A Master’s in Financial Engineering provides you with the number of skills you’ll need to succeed in today’s financial world, where data is king. In this blog, you will get to know about the master’s in financial engineering courses, the universities that offer this course and the career prospects after pursuing this course.
Why Consider a Master’s in Financial Engineering?
A Master’s degree in this specialised area can give your financial engineering career a boost. Here’s how:
- Gain In-Depth Knowledge: The program will give you a thorough understanding of financial markets, and how to analyse them using numbers. This knowledge will allow you to develop financial models, improve investment strategies, and make sound decisions about financial risk.
- Sharpen Your Skills: By the time you graduate, you’ll have a strong set of skills under your belt. You’ll be comfortable using computer programs, analysing statistics, building financial models, and even creating trading strategies that rely on computer algorithms.
- Build Your Network: The program offers access to a valuable network of professionals already working in the industry, people who have graduated from the program before you, and other experts in the field.
- Advance Your Career: Master’s in Financial Engineering courses open doors to exciting opportunities in investment banking, managing investments, hedge funds, and companies involved in financial technology (FinTech).
Top Universities to Study Master in Financial Engineering
Many universities offer master’s in financial engineering courses. They have a variety of courses like corporate finance, statistical tools for financial engineering, etc., which help students develop a deep understanding of the financial world and apply that knowledge to real-world problems in their jobs. The course is also known as Financial Mathematics and Computational Finance. Here is a list of universities for master’s in financial engineering:
| University | Course | Duration | Fees |
|---|---|---|---|
| Columbia University | Masters in Financial Engineering | 12 months | $54,500 |
| Imperial College, London | MSc in Risk Management and Financial Engineering | 12 months | £45,400 |
| The University of Chicago | Masters in Financial Mathematics | 12 months | $90,012 |
| University of Illinois | MSc in Financial Engineering | 1.5 Years | $70,650 |
| EDHEC Business School | Masters in Financial Engineering | 12 months | €51,000 |
| University of Washington | Computational Finance and Risk Management | 15 months | $45,570 |
| Standford University | Mathematical and Computational Finance | 2 years | $74,836 |
Programme Duration
Master’s in Financial Engineering abroad typically lasts one to two years, providing a thorough educational experience.
Course Structure of a Master’s in Financial Engineering
A Master’s in Financial Engineering is a full-time programme, typically requiring a minimum of 30 credits for completion. The exact coursework might differ slightly between universities, but here’s a comprehensive syllabus for a master’s in financial engineering:
Core Courses:
- Financial Fundamentals:
- Corporate Finance
- Management of Financial Risk
- Financial Engineering
- Mathematics for Finance:
- Probability for Electrical and Computer Engineers (may vary by programme)
- Stochastic Processes
- Mathematics and Tools for Financial Engineering
- Economics:
- Microeconomic Analysis and Policy
- Macroeconomic Analysis and Policy
- Economic and Financial Time Series (may vary by programme)
- Financial Analysis:
- Financial Analysis and Valuation
- Applied Finance in Fixed Income Securities
- Investment Analysis and Portfolio Management
- Mortgages and Mortgage-Backed Securities and Markets (may vary by programme)
- Financial Accounting Analysis for Engineers (may vary by programme)
Elective Courses (choose two from this section):
- Optimisation, Simulations, Stochastic Systems:
- Optimisation of Information and Data Sciences (may vary by programme)
- Linear Programming and Extensions
- Stochastic Elements of Simulation
- Quantitative Techniques:
- Introduction to Programming Systems
- Analysis of Algorithms
- Statistics and Data Analysis for Engineers
- Design of Experiments (may vary by programme)
- Machine Learning:
- Neural Learning and Computational Intelligence (may vary by programme)
- Machine Learning from Signals: Foundations and Methods (may vary by programme)
Specialisations (Programme dependent, choose one):
- Business and Financial Modelling
- Big Data for Financial Engineers
- Investment and Portfolio Management
- Financial Markets and Investment Strategy
Career Opportunities After Pursuing Masters in Financial Engineering
Pursuing a master’s in financial engineering courses helps you get many rewarding jobs and elevate your future career prospects. With this specialisation, graduates acquire knowledge of finance, mathematics, statistics and computer science skills which makes them highly skilled people in the field of finance. Here is a list of jobs after pursuing a master’s in financial engineering:
| Job Post | Salary |
|---|---|
| Financial Specialist | $62,000 - $1 Lakh |
| Data Analyst | $68,000-$1 Lakh |
| Financial Analyst | $62,000-$1 Lakh |
| Market Analyst | $78,000-$1 Lakh |
| Portfolio Analyst | $68,000-$1 Lakh |
| Risk Analyst | $62,000-$1 Lakh |
| Financial Adviser | $56,000-$1 Lakh |
| Data Scientist | $91,000-$1 Lakh |
| Portfolio Manager | $70,000-$1 Lakh |
| Sales Engineer | $85,000-$1 Lakh |
Also read – Ways to Fund your Overseas Education
Difference Between a Master in Finance and a Master in Financial Engineering
You might consider a master’s in finance and a master’s in financial engineering the same course but they are different. Their difference lies in the focus area, background and curriculum. Here is the list of differences between these two degrees:
| Criteria | Masters in Finance | Masters in Financial Engineering |
|---|---|---|
| Focus Area | Financial Concepts and Theories | Analysis and Quantitative Study |
| Background | Finance Background | Technical Background |
| Curriculum | Financial Markets Corporate Finance Finance Theory Corporate Financial Accounting Finance Ethics and Regulation | Quantitative Methods in Finance Machine Learning in Financial Engineering Introduction to Derivative Securities Financial Economics Financial Risk Management |
Eligibility Criteria
There are specific requirements that prospective students must meet to enrol in master’s in financial engineering courses:
- Foundational Qualification: A certificate from a 10+2 programme (or its equivalent) is required as a base-level academic qualification.
- Bachelor’s Degree: Typically, a Bachelor’s degree in engineering, mathematics, statistics, physics, economics, econometrics, chartered accountancy, computer science, or an MBA, CFA, FRM, or PRM is required.
- Work Experience: Many programmes expect a minimum of two years of work experience. You’ll need to submit an up-to-date CV or resume for your application.
- English Language Proficiency: You’ll need to show your proficiency in English through an IELTS or TOEFL score.
- Academic Transcripts: Submitting officially certified copies or transcripts for all degrees obtained is essential for the application process.
Conclusion
Master’s in financial engineering also known as financial mathematics provides a diverse skill set to assess risk and enhance communication abilities. The demand of financial engineers makes this degree valuable which is why you should consider pursuing this degree as your postgraduate programme.
FAQs
Is it good to get a master's in financial engineering?
A Master’s in Financial Engineering could be a great choice if you’re looking to boost your career in finance using strong maths and computer skills. This degree combines traditional finance with other subjects, allowing you to learn about things like building financial models, pricing financial products, and managing risk.
What is the scope of an MSc in financial engineering?
This Master’s opens doors to many different jobs in finance where strong maths skills are important. You could find work in areas like computerised trading, managing investment portfolios, analysing risk, or building financial models for banks, investment firms, or consultancies.
What jobs might not be a good fit after pursuing a Master's in financial engineering?
While this Master’s is great for technical roles, it might not be the best choice if you’re interested in more traditional finance jobs like wealth management or financial planning, which focus more on selling financial products and dealing directly with clients. It also wouldn’t be the best fit for non-quantitative roles in finance, like sales or marketing.
Does the programme offer financial aid or scholarships?
Some universities offer scholarships or financial aid specifically for Master’s in Financial Engineering programmes. It’s advisable to check with the universities you’re interested in to see what financial support they might offer.
Are coding skills required for a master's in financial engineering?
Yes. A background in coding in at least one programming language is necessary for financial engineering. Every job is unique and will demand various skill sets so to remain updated you should learn this skill.
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