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Dr. Ionut Florescu is a research professor in financial engineering at Stevens Institute of Technology. He also serves as director of the financial technology and analytics program and director of the Hanlon Financial Systems Lab at Stevens.
Dr. Florescu’s research interests are concentrated primarily in stochastic processes and their applications to finance; however, his work involves applying sound mathematical modeling techniques to any area of science and engineering, including computer vision, cryptography, geophysical studies, ocean studies, weather forecasting, and biomedical engineering.
Dr. Florescu has been working at Stevens since 2005, after obtaining his PhD in statistics from Purdue University. His education includes a bachelor’s in mathematics and a master’s in stochastic processes from the University of Bucharest, Romania, as well as a master’s in computational finance from Purdue University.
OnlineEngineeringPrograms.com: What is something you wish the public understood about financial engineering?
Dr. Florescu: Financial engineering (FE) is an instance of many related programs going by different names: mathematical finance, computational finance, quantitative finance, financial mathematics, and perhaps more. I wish everyone understood that our financial engineering program is highly mathematical and programming intensive.
The most interesting aspect of the program is that due to the difficulty the students must overcome during the program, we (the faculty) are extremely confident in the ability of our students to solve any problem they encounter in their future industry work. Every single one of our students who graduates would be a superstar for other programs.
OnlineEngineeringPrograms.com: What advice would you give to aspiring students in financial engineering?
Dr. Florescu: Prerequisites for our program are linear algebra, four semesters of calculus, probability and statistics, and knowledge of programming. I would encourage students to review and prepare to build on these topics in the program. Furthermore, the students should prepare for hard work. As part of the program, the students need to solve numerous practical problems and complete technical projects.
OnlineEngineeringPrograms.com: What does the future of the field look like to you?
Dr. Florescu: I believe statistics (so called data science) is going to become ubiquitous in the financial industry. I believe a deep understanding of machine learning techniques is going to become extremely valuable. For example, programs today include prompt engineering skills to teach students to get answers from ChatGPT. I think FE students should have the capability to go beyond that and truly understand generative language models instead. This would allow them to modify the transformer’s vector space to serve other purposes in this specific example. This is something that I see in the future for our students.
Dr. Christian Keller is an assistant professor in the Department of Mathematics at the University of Central Florida. Previously, he was a Donald J. Lewis research assistant professor of mathematics at the University of Michigan.
Dr. Keller obtained his PhD in applied mathematics at the University of Southern California. His research interests are path-dependent partial differential equations and applications in stochastic optimal control and mathematical finance.
OnlineEngineeringPrograms.com: What is something you wish the public understood about financial engineering/financial mathematics?
Dr. Keller: The main role of financial mathematics is not the development of market-beating strategies but rather the computation of fair prices of complex financial products. This is similar in spirit to the computation of fair insurance premia (but the mathematics is different).
OnlineEngineeringPrograms.com: What advice would you give to aspiring students in financial mathematics?
Dr. Keller: Students ideally should try to have a more proactive mindset. Besides engaging with their studies, they should look for internship opportunities and become aware of differences between academia and industry. Students with a pure math background should learn coding and basic finance concepts. Students with a more applied (for example, finance or economics) background can profit a lot from learning rigorous mathematics. Among people who build quantitative models, many have PhDs and additional postdoc experience in quantitative fields.
OnlineEngineeringPrograms.com: What does the future of the field look like to you?
Dr. Keller: Since the 2008 financial crisis, regulation and the demand for risk management have increased a lot in the financial sector. This trend is expected to continue and will provide good career prospects for people with a financial mathematics background. Further opportunities can be found in asset management and the insurance sector.
Online programs allow students to study independently while continuing their professional and personal endeavors. Professionals can earn advanced skills and knowledge that help them further their careers. However, students must understand the nuts and bolts of online courses before signing up for a distance-based financial engineering degree.
Unlike other engineering disciplines that require hands-on work, a degree in financial engineering can be completed exclusively online, without ever setting foot on campus. Almost all programs detailed in this guide do not require on-campus attendance.
Students can expect to learn from pre-recorded as well as live lectures. Online programs also have dedicated discussion forums to enable interaction between students and faculty members.
An important prerequisite to succeeding in an online program is being disciplined with one’s time. Along with professional commitments, students must dedicate time to viewing lectures, participating in class discussions, and taking tests. Being self-motivated is an essential trait of online learners who thrive.
While online programs offer ample flexibility, it’s also important for students to maintain accountability if they want to succeed in an online degree program.
While applying to an online financial engineering program can be different for graduate and undergraduate admissions, some commonalities are helpful to understand.
The online application process for undergraduate online programs generally comes along with a nominal fee and must include test scores (e.g, SAT, ACT), transcripts, personal essays, and letters of recommendation.
Students must view start dates for programs they wish to pursue. Generally, undergraduate programs begin in the fall semester, and applications are due by the beginning of the year (January or February). Programs may also accept applications for the spring semester in the fall of the previous year (that is, September or October).
Graduate programs for financial engineering can be quite competitive and have stricter experience and academic requirements for admission. The majority of financial engineering graduate programs require that entering students already have a bachelor of science (BS) degree in engineering, science, mathematics, computer science, or a related field from an accredited academic institution.
Common application requirements might include academic transcripts from one’s previous education, a statement of purpose, a current resume, recommendation letters, and English language proficiency. Some programs might also require students to submit GRE or (less frequently) GMAT scores.
Typically, master’s of science in financial engineering degrees are accredited by the International Association of Quantitative Finance, a not-for-profit professional society that works towards advancing the field of quantitative finance. However, it has only accredited a handful of US universities—none of which offer online programs.
A limited number of US schools offer online programs in financial engineering. These programs have been accredited by reputable regional accrediting bodies such as the Western Association of Schools and Colleges, the Middle States Commission on Higher Education, and the Southern Association of Colleges and Schools Commission on Colleges. Regional accreditation institutions recognize only the most competitive and deserving universities in a given field.
As with most academic programs, the exact curriculum for one online financial engineering program will not be the same as another, but there are similarities.
In general, master’s degrees in financial engineering include advanced versions of courses in undergraduate programs.
Students can expect to study higher-level courses in computational finance, portfolio theory, financial markets, financial engineering, portfolio management, and investment analysis. Additionally, financial engineering master’s students also delve into various mathematics and programming related courses such as linear programming, programming systems design, and differential equations.
While there are several universities that offer a master of science in financial engineering programs online, a few colleges also offer master’s in related subjects such as computational finance and risk management.
A few programs also offer concentrations such as financial statistics, algorithmic trading strategies, financial risk engineering, financial services analytics, and financial computing. Students can expect to complete a master’s program in financial engineering in two years.
Students who don’t wish to commit to a two-year master’s degree can also take up an online graduate certificate in financial engineering. Several renowned institutions such as Columbia University and the University of Central Florida offer a graduate certificate program in financial engineering.
Graduate certificates generally comprise 12 to 15 credit-hours and can be completed in a year. With a combination of required and elective courses, they allow students to build a stronger foundation in risk management, financial mathematics, dynamic pricing, revenue models, and stochastic models.
University of Southern California
The University of Southern California offers an online MS in financial engineering program through the Viterbi School of Engineering. The program is ideal for those who have a foundation in applied mathematics, engineering, or physics, as they learn how to apply these skills to finance.
Major admission requirements for the program include a bachelor’s degree in engineering or an engineering-related field from an accredited institution, official transcripts, letters of recommendation, GRE scores, a current resume, letters of recommendation, a personal statement, and TOEFL or IELTS scores for international students with English as their second or third language.
The curriculum comprises 30 credits in topics such as financial engineering, probability for electrical and computer engineers, corporate finance, stochastic processes, mathematics and tools for financial engineering, investment analysis and portfolio management, linear programming and extensions, and programming systems design.
After successfully completing the program, students can pursue lucrative opportunities in myriad fields, such as programming, insurance and trading, information technology finance, banking, regulation, and risk management.
Johns Hopkins University offers a master of science in financial mathematics, a graduate certificate in financial risk management, a graduate certificate in quantitative portfolio management, and a graduate certificate in securitization.
These programs can be completed online, thus allowing students to manage their work, family, and life simultaneously. To enhance students’ understanding of the subject matter, the programs include real-life case studies on topics such as risk management, financial derivatives, data analysis, quantitative portfolio theory, and Monte Carlo methods.
Admission requirements for the program include an undergraduate or graduate degree in a quantitative discipline from an accredited college or university, a minimum of two years of relevant work experience in finance or a related field, transcripts, and TOEFL or IELTS scores for international students.
The master’s degree consists of ten courses, while the certificates are made up of four courses each. The curriculum includes courses such as an introduction to financial derivatives, interest rate and credit derivatives, financial risk management and measurement, financial engineering and structured products, statistical methods and data analysis, optimization in finance, Monte Carlo methods, and time series analysis, among others.
Graduates of the program will have access to leadership positions in finance and governmental organizations. They can harness engineering-driven methods for deploying financial processes and transactions.
Stevens Institute Of Technology
The Stevens Institute of Technology offers an online master’s in financial engineering program providing students with a basic understanding of financial systems and the structure of financial markets and products. The master’s program combines statistical analysis, mathematical modeling, finance, computer programming skills, systems thinking, and economics to help students solve financial problems at the systemic and enterprise level.
For admission to the program, students must have a bachelor’s degree; official transcripts from all universities attended; completed courses in calculus and differential equations, probability and statistics, linear algebra, and programming; a current resume; GMAT or GRE scores; and two letters of recommendation. International students also must include TOEFL or IELTS scores.
Consisting of 30 credits, the degree includes six required courses: stochastic calculus for financial engineers, pricing and hedging, computational methods in finance, portfolio theory and applications, advanced derivatives, and special problems in financial engineering.
Apart from these, students can either select four electives or pursue one of the following five concentrations: algorithmic trading strategies, financial services analytics, financial risk engineering, financial statistics, and financial computing.
The University of Washington offers an online master’s degree in computational finance and risk management (CFRM) program, which is ideal for working professionals. Students in this program will not be required to visit campus and will be taught by the same instructors as the on campus students. The CFRM program provides students with a rigorous statistical and mathematical foundation, as well as extensive instruction in the use of open-source R-programming.
The program requires a minimum of 42 credits (26 credits of mandatory coursework and 16 credits of elective coursework). Students receive instruction in investment science, financial data science, asset allocation and portfolio management, options and other derivatives, Monte Carlo methods in finance, ethics in the finance profession, and optimization methods in finance, among others.
Applicants to this degree program must show proficiency in calculus, probability and statistics, and a programming language such as Java. Additional admission requirements include academic transcripts from undergraduate or previous graduate education, a statement of purpose, a current resume, recommendation letters, a completed application, and English language proficiency for students whose native language is not English. Applicants with limited professional experience must take the GRE exam.
University of Central Florida (Graduate Certificate)
The University of Central Florida offers a mathematical science graduate certificate in financial mathematics. It has been designed especially for students who wish to advance their mathematical finance knowledge and pursue a career in financial services. The program is available 100 percent online.
Admission is open to students with bachelor’s degrees from an accredited institution. An application to the graduate certificate program and official transcripts must be submitted, while no GRE is required.
This graduate certificate consists of 12 credit-hours—nine credit-hours comprise required courses and three credit-hours are elective courses. The curriculum includes courses such as financial mathematics, risk management for financial mathematics, differential equations for financial mathematics, and computational methods for financial mathematics.
Upon successful completion, graduates can take up roles such as commercial analyst, investment specialist or manager, financial advisor, portfolio manager, senior financial data analyst, and regulatory scientist.
Columbia University (Graduate Certificate)
Columbia University offers an online certificate program in financial engineering designed to nurture an understanding of applying quantitative and engineering methods to finance. All courses can be completed online and delivered through the university’s Columbia Video Network (CVN).
To get accepted into the program, applicants must have an undergraduate degree in engineering, computer science, mathematics, science, or a related field from an accredited institution, a background in mathematics, official transcripts, three letters of recommendation, a personal-professional statement, a current resume, and a $150 application fee.
The program comprises 12 credit-hours (four graduate-level classes). The curriculum includes optimization models and methods, stochastic models, corporate finance for engineers, and dynamic pricing and revenue management.
At the end of the program, graduates will be prepared to take up roles in banking, securities, and financial management, as well as quantitative roles in corporate treasury, consulting industries, and finance departments of service firms.
WorldQuant University (Alternative Program)
WorldQuant University offers a 100 percent online master of science (MSc) in financial engineering. This program integrates statistics, computer science, and mathematics with finance theory. Graduates go on to have successful careers in highly collaborative, professional environments.
Comprising 30 credit-hours, this program consists of nine graduate-level courses and one capstone course. Courses include financial markets, econometrics, discrete-time stochastic processes, continuous-time stochastic processes, computational finance, portfolio theory and asset pricing, machine learning in finance, and data feeds and technology.
Admission requirements include a bachelor’s degree, a completed online application with all required documents, a passing score of 75 percent on a quantitative proficiency test, official transcripts from one’s highest college or university degree earned, and proof of English proficiency.
Students will learn the applications of machine learning to financial markets and become adept at applying forecasting and economic modeling to finance. They will be able to evaluate financial global trends, apply calculus to pricing and hedging, and analyze and design financial programs using distributed ledger technologies. Graduates can take up careers in banking, financial management, and securities, and general manufacturing and service firms.
Most programs that offer online financial engineering degrees be it a master’s degree or a graduate certificate program, do not require students to visit campus to complete their degree.
In general, students can complete all coursework and assignments in their state of residence without ever traveling to the university campus.
With a wide range of online programs on offer, students may find it daunting to choose a program that perfectly fits their needs and career goals. It is important to consider what one’s larger goals are before selecting an online program. Students may want to consider if they will be able to cope with a 100 percent online education with limited face-to-face guidance.
It is also important to consider if a given program helps students to identify local internships or other hands-on professional opportunities to supplement their online learning. Some institutions help students find resources through their vast alumni network and industry connections, while others may leave the responsibility of finding these largely on the students.
These numbers represent data from the US Bureau of Labor Statistics from May 2023—the latest figures available as of November 2024—for financial and investment analysts, a related field.
Farheen Gani has researched a wide array of topics related to engineering since 2018. She has written about electrical and computer engineering programs, structural engineering programs, mechanical engineer salaries, environmental engineering programs, and many other subfields of engineering. She writes about healthcare, technology, education, and marketing. Her work has appeared on websites such as Tech in Asia and Foundr, as well as top SaaS blogs such as Zapier and InVision. You can connect with her on LinkedIn and Twitter (@FarheenGani).
Matt Zbrog is a writer and researcher from Southern California. Since 2018, he’s written extensively about a wide range of engineering disciplines, with a particular focus on the potential impacts of major technological breakthroughs. His work largely centers around conversations with engineering faculty at top universities, highlighting their research in areas such as nuclear power, artificial intelligence, soft robotics, and semiconductor design. He’s also worked with leaders and subject matter experts at the Institute for Electrical and Electronics Engineers (IEEE), the California Department of Water Resources (DWR), the National Society of Professional Engineers (NSPE), and the Society of Women Engineers (SWE).
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