I. Professional introduction
Financial engineering is a multidisciplinary field, involving financial theory, engineering methods, mathematical tools and programming practice. It is also defined as technical methods, especially the application of mathematical finance and computational finance in financial practice.
The concept of financial engineering:
Using mathematical tools and engineering methods to solve practical financial problems;
Financial product design, financial product pricing, trading strategy design, financial risk management, etc.
The first degree course in financial engineering was established in the early 1990s. The number and scale of this major are growing rapidly. At present, there are about 50 master's programs in financial engineering among the institutions ranked by USNEWS 150.
2. Professional branches
Common professional names in American universities:
Financial engineering financial engineering;
Financial Mathematics Financial Mathematics/Mathematical Finance;
Computer Finance Computational Finance; ;
Quantitative finance; ;
Quantitative finance and risk management.
3. affiliated colleges
Institute of Technology: tends to recruit engineering students, attaches importance to programming ability, and will offer courses such as optimization and programming. (Columbia MSFE University, Stanford MSFM University, Cornell MSFE University, University of Southern California MSFE, NYU MSFE University)
Business School: It tends to recruit students majoring in finance, focusing on financial research, and will offer the logistics method of mathematical finance # if. (WUSTL MSF, UCB MFE, UCL MFE, GATCHMSQ &；; CF, BU MSMF, SIT MSFE, SUNY- Doctors Without Borders in Buffalo, Temple MSFE, IIT MMF)
School of Mathematics: It tends to recruit students majoring in mathematics. The course takes mathematics and statistics as the core, and will offer courses such as statistical process, which is very academic. (MAMF University in Colombia, MSFM University in Chicago, JHU MSFM University, University of New Hampshire, University of Southern California, NYUMSF University, UWMSF University, Purdue University, Sunjmsf University, MSFM University in Minnesota, SUNY-Stony brooksmsqf University, FSU MSFM University, Dayton MSFM University)
4. Research direction
Pricing of securities derivatives; Risk analysis; Financial model; Financial information analysis.
Second, the ranking of institutions.
1, Princeton University
Application requirements: TOEFL 1 10, SAT 1540, GPA3.5SI, and ACT score of 32.
2. Baruch College of City University of new york.
Application requirements: undergraduate IELTS 6.5, TOEFL 85, GPA3.5, postgraduate IELTS 7, TOEFL 100, GPA3.5.
3. Carnegie Mellon University
The school has world-renowned computer schools and drama schools, and its art schools, business schools, engineering schools and public administration schools are among the best in the United States.
4. Columbia University
Application requirements: TOEFL 1 13, SAT 1500, GPA3.5, ACT32.
5. University of California at Berkeley
Berkeley, the founding campus of the University of California, is famous for its free and inclusive school spirit. The "freedom of speech movement" initiated by its students in 1964 has had a far-reaching impact on American society and changed the views of generations on politics and morality. As one of the most important research and teaching centers in the world, it ranks in the top ten in many fields, such as physics, chemistry, computer science, engineering and economics. Together with Stanford University in South Bay, San Francisco, it forms an academic center in the western United States.
6. new york University
Application requirements: TOEFL 100+, SAT1310/510, ACT29.
7. Cornell University
Application requirements: TOEFL/KOOC-0/05-/KOOC-0//KOOC-0/0, SAT/KOOC-0/500, GPA3.8, ACT 3/KOOC-0/.
8. University of Michigan at ann arbor.
Application requirements: TOEFL 100, SAT 1960-2200, GPA3.6, ACT29-33.
9. Denton School of Engineering, new york University.
The financial engineering of new york University's Tanton School of Engineering is a master's program. The project has a unique curriculum, focusing on the field of applied mathematics, and the mathematical atmosphere is very strong. The school has hired a number of experts in the economic field as professors, including many top applied mathematics professors in the world. The application for this major is very hot every year, and the competition is fierce.
Massachusetts institute of technology 10
Application requirements: TOEFL: 100 GPA: 3.6 SAT: 2240.
Third, the application requirements
Generally speaking, it needs: TOEFL 100+, GRE320+, GPA 3.0+; Course background and related internship experience of basic mathematics and physics. Specifically, it is divided into the following points:
1, professional background
In addition to people with backgrounds in finance, mathematics, economics, statistics and econometrics, people with backgrounds in other fields, such as computers, physics, chemistry and engineering, are also very popular applicants. And in these "majors", students with engineering background account for nearly half.
2. Mathematical ability
The master of financial engineering in the United States requires applicants to have a good mathematical background. If they are not math majors, they are required to do well in some math courses. These courses generally include calculus (especially multivariate calculus), probability statistics, linear algebra (including eigenvalues and eigenvectors), differential equations (ordinary differential equations and partial differential equations are very important), probability statistics and numerical methods.
3. Computer ability
In most cases, American applicants for the Master of Financial Engineering must have a certain C language programming foundation, and others that are conducive to the application include C++, Fortran, Pascal, Java, VBA, and mathematical software Matlab, Mathematica, Mathcad, etc.
Fourth, the direction of employment
Risk analysis and risk management of commercial banks, investment banks, insurance companies, securities companies, investment companies, fund companies and other financial institutions and venture capital companies, responsible for the establishment and application of derivative product pricing models, model verification, model research, program development and risk management.
Typical positions include: research analyst, risk analyst, pricing analyst, investment analyst (strategic analyst), sales/pricing analyst, stock market strategist, fixed income analyst, market analysis consultant, etc.
The major companies that American financial engineering graduates apply for are Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch, Blackstone and Morgan Stanley.