The program is strong. Students are expected to take two courses each of stochastic calculus, numerical analysis, and statistics (regression and time series analysis). These courses are very rigorous. But it is not all theory. Many elective courses are taught by current practitioners, and provide hands-on and up-to-date methodologies that are actually used in the industry.
Being so close to the city, all Rutgers FE programs (MSMF, FSRM, MQF) have close ties to the industry. Networking opportunities are readily available for those who take it. And speakers visit every week.
Moreover, the MSMF is a great value proposition. Rutgers undergraduate math students have the option of taking an accelerated BA/MSMF track. For in-state students, this results in an affordable $20k degree. However, most students are not domestic, let alone alumni. About 80% of the current class are Chinese.
The biggest con is the number of competing degrees at Rutgers. The FSRM, MQF and MSMF are very similar. The main difference are the departments that administrate them. I think that Rutgers would have a stronger program if some of these were merged.