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University of Illinois Financial Engineering program

Illinois MSFE is a full-time program

  1. Emily
    Established:
    2010
    Type:
    Full-time
    Application deadline:
    April 15
    Location:
    Urbana, IL
    History
    In the of Fall 2010, the College of Business and the College of Engineering at The University of Illinois introduced a new Master program Master of Science in Financial Engineering (MSFE). The program was initiated by Dr. Charles Kahn, Professor of Finance and Fred S. Bailey Memorial Chair of Finance and Dr. Jong-Shi Pang, Professor and Head of the Department of Industrial and Enterprise Systems Engineering. The Program is directed by Dr. Morton Lane.

    Admission
    December 1 – Applications open
    April 15 – Deadline to apply
    May 15 – All decisions are made

    * Admission decisions are being granted on a rolling basis. Depending on the number of applicants, some will receive their decision before May, but every applicant will receive a decision by May 15.

    Minimum Requirements for Admission:
    A Bachelor's degree from an accredited U.S. university or bachelor equivalent, typically in an engineering field, mathematics, physics, computer science, or economics

    GPA: Minimum requirements of a 3.25 (A=4.00) for the last 60 hours of undergraduate study

    Mathematical background: All applicants should have completed
    1 year of Calculus
    1 semester of Linear Algebra and Differential Equations
    1 semester of Probability and Statistics
    1 semester of Programming
    Knowledge of finance is helpful by not required

    GRE or GMAT: Either a GRE or a GMAT test score is required. We do not set a minimal score for the GRE or GMAT test but we definitely use it as well as other factors when making an admissions decision. The average quantitative score of our students is in the 90th percentile.

    GRE Exam Codes: University of Illinois Master of Science in Financial Engineering

    1. Institutional Code: 1836
    2. Department Code: 99 (or leave blank)

    Department codes are not necessary for our school; you can fill in any number or leave it blank (if that is an option). As long as the institution code is correct, all scores received from ETS go into a database where each department can access the scores.

    GMAT Exam Codes: University of Illinois

    1. Reporting Code: VKRTK14

    Again as long as the institution code is correct all scores will be received.

    English Proficiency-TOEFL: We follow the Graduate School's requirements for English language proficiency standards for international students. See the Graduate School's TOEFL page for exact details and latest updates.

    TOEFL Exam Codes: University of Illinois Master of Science in Financial Engineering
    Institutional Code: 1836
    Department Code: 99
    Reference Letters: 3 letters of reference must be provided. They must be sent electronically from a university or company email addresses, or is signed and appear on official letterhead.

    Resume: A resume with exact dates of employment is also required (note: work experience is NOT required for MSFE)

    Personal Statement: In 300 words or less, describe your area of interest and what your goals are upon completion of the MSFE program (note: you do NOT need to provide 1500 words as requested in the on-line application)

    Application fee:
    Domestic - $70; International - $90
    Link to application

    Academics
    Academics at the University of Illinois are renowned. ILLINOIS was ranked #5 in terms of return on investment; ahead of all Ivy League, private, and other Big Ten universities. Our College of Engineering is No. 4 worldwide in the "Academic Ranking of World Universities in Engineering/Technology and Computer Sciences" and is consistently among the top-ranked schools nationally in U.S. News and World Report.

    The Illinois Master of Science in Financial Engineering degree is both technical and pragmatic. Students receive training in the most advanced techniques, providing them the grounding and tools to advance quickly in the field. The program features practice-based learning opportunities which assure the curriculum is always demanding and contemporary. Further, the featured Practicum in the third semester of the program serves as a bridge with industry focusing on real world financial modeling problems.

    We teach the skills needed for quantitative analysis of financial instruments and markets. Our graduates are able to take these tools to corporations, financial institutions, and regulatory bodies, to use these markets to manage risk effectively today—and to develop the techniques and institutions to manage the new risk challenges of tomorrow.

    Curriculum
    The University of Illinois MSFE degree is a three-semester program (fall, spring, summer internship, fall) offered by the Departments of Finance and Industrial and Enterprise Systems Engineering at the Urbana-Champaign campus. The curriculum is drawn from topics in stochastic modeling optimization, computing and computational methods, finance, and an applied practicum experience, and is taught by internationally recognized engineering and finance faculty. The program provides an opportunity to study with an international peer group at one of the premier research universities in the world.

    First Semester (Fall)
    FIN 500 (4HRS) - Introduction to Finance
    FIN 501 (4HRS) - Financial Economics
    IE 522 (4HRS) - Statistical Methods in Finance
    IE 523 (4HRS) - Financial Computing
    IE 527 (1HR) - Professional Development

    Second semester (Spring)
    IE 525 (4HRS) - Numerical Methods in Finance
    FIN 580 (4HRS) - Risk Measures and Management
    FIN 512 (4HRS) - Financial Derivatives
    IE 526 (4HRS) - Stochastic Calculus in Finance
    IE 527 (1HR) - Professional Development

    Third semester (Fall)
    IE 524 (4HRS) - Optimization in Finance
    FIN 516 (4HRS) - Term Structure Models
    IE 597 / FIN 590 (4HRS) - Financial Engineering Project
    Elective Course (4HRS) - See Below

    Sampling of Available Electives
    Advanced Corporate Finance
    Financial Intermediation
    Business and Public Policy
    Stochastic Processes and Applications
    Empirical Analysis in Finance
    Stochastic Simulation
    Accounting Measurement, Reporting & Control
    Introduction to Data Mining
    Machine Learning
    Decision Analysis I
    Advanced Data Analysis
    Statistical Learning

    *Curriculum subject to change without prior notice.
    **Additionally the MSFE Program will be allowing for a "Two Year Option". This will allow for students to conduct their study over two years - four full semesters. This will allow for more flexibility in electives. This option can only be exercised after the completion and evaluation of the first semester and with department approval. Fees are scaled accordingly.

    Practitioner Speaker Series
    Several times throughout the year, the MSFE Program will host guest speakers from the industry. A list of those practitioners and their presentation topics can be found here.

    Notable Faculty
    College of Business Finance Faculty
    Louis Chan
    Adam Clark-Joseph
    Tatyana Deryugina
    Timothy Johnson
    Charles Kahn
    Neil Pearson
    Martin Widdicks

    College of Engineering ISE Faculty
    Alexandra Chronopoulou
    Liming Feng
    Rakesh Nagi
    Richard Sowers
    R.S. Sreenivas

    MSFE Administration
    Morton Lane – Director
    Emily Ziegler – Assistant Director
    Barbara Horner – Office Manager

    Career services
    Since the MSFE Program is a joint venture between the College of Business and the College of Engineering, our students get access to both Business Career Services and Engineering Career Services. Students in the program benefit from a wide range of services to guide them through their job search and assist them in meeting their career goals. Recruiters seeking to hire financial engineering talent can post positions, request resume books and participate in on-campus recruiting fairs or specialized on-campus interviewing.
    Students in the MSFE program receive the following valuable services to assist them in reaching their career goals:
    Career Counseling
    Workshops and Seminars
    Resume and Cover Letter Reviews
    Mock Interviews
    Career Fairs
    Company Recruiting Events
    On-campus Interviews
    Co-ops and Semester Internships
    Additionally, our students get access to Symplicity (in both Colleges). Symplicity is a web-based system for applying for on-campus interviews and accessing job descriptions and postings

    Employment
    The MSFE Program is in its 3rd year and enjoys a high rate of placement for internships and full-time employment. The 2011 inaugural class has a placement rate of 100%. Both US and International Alumni have been placed in Chicago, Boston, New York, Atlanta, Beijing, Shanghai, Hong Kong, Bangkok, Singapore, and Zhejiang to name a few. The class of 2012’s placement statistics will be available later in 2013.

    Internships
    AIR Worldwide
    Bank of Thailand
    Busey Wealth Management (2)
    CAN Insurance
    Chicago Trading Company
    China International Capital Corporation New York
    China International Capital Corporation
    China Merchants Futures
    Chinese Investment Bank (CCB)
    Chopper Trading
    Cozad Asset Management
    Everbright Securities
    Federal Reserve Bank of Chicago
    Flyberry Capital
    Gelber Group
    Goldman Sachs
    Guangfa Securities
    Guitaijunan Securities
    Guosen Security Investment Bank
    High Radius
    Integral Derivatives
    Investment Technology Group
    John Deere
    Jump Operation
    Marcus & Millichap
    Morgan Stanley
    NISA Investment Advisors LLC Fixed Income
    Orient Securities Co.
    Parametrica
    Philadelphia Computer Institute
    Securities and Exchange Commission
    Shanghai Pudong Development Bank
    SogoTrade
    SPD Bank
    State Farm Insurance
    Stonebridge Advisors LLC
    Wolverine Trading

    Employment
    Aon Benefit
    Bank of America
    Busey Wealth Management
    CBR - TIM Tiger Investment Management
    China Capital Investment Corporation
    China Development Bank, International Planning Department
    China Securities Capital Markets Statistics & Monitoring Center
    Chopper Trading
    CITIC Securities
    Contax
    Ernst & Young
    Eurekahedge
    Enova
    Federal Reserve
    Flyberry Capital, LLC
    Goldman Sachs
    Infinium Capital Management
    Investment Technology Group
    Kasikorn Securities
    Loyalhanna Capital Management, LLC
    Morgan Stanley
    Neilsen
    Parametrica Asset Management
    Peak 6 Investment
    PNC Bank
    Securities and Exchange Commission
    Shanghai Clearing House
    Siam Commercial Bank
    Societe Generale
    SVK Systems
    Systems Logic
    Trading Block
    Westchester Group, TIAA-CREF Investment Company
    Zhejiang Rural Credit

    Housing
    You will find that housing in the Urbana-Champaign community is inexpensive compared to larger metropolitan areas. In fact, the cost of living in Urbana-Champaign is anywhere from ¼ to ½ the cost of living in places such as Boston, London, New York or Southern California. Compare costs of living for yourself.

    Tuition and Funding Options
    MSFE tuition and program fees for 2015-2016 will be $62,280 for all three semesters of instruction: fall, spring, and fall terms. This amount does not include University fees which cover such things as health insurance, health services, facilities fees, etc. More information about University fees can be found at the Office of the Registrar's website.

    $55,500 tuition
    $6,780 program fees
    $62,280 + University fees

    You can think of this as $20,760/semester compared to other programs
    University fees is approximately $2,260/semester

    Scholarship recipients (available to Illinois Residents ONLY) up to 50% off tuition

    $27,750 tuition
    $6,780 program fees
    $35,530 + University fees

    You can think of this as $11,510/semester
    Federal student loans are available for US citizens and permanent residents through the Financial Aid office on the UI campus. Office of Student Financial Aid

    Contact Information
    General Inquiries
    msfe@illinois.edu
    217-333-3284

    Application/Admissions Inquiries
    msfe-apply@illinois.edu
    217-333-3284

    Mailing Information
    MSFE
    University of Illinois
    3251 Digital Computer Lab, MC 273
    1304 W Springfield Ave
    Urbana, IL 61801

Recent Reviews

  1. Menime
    Menime
    5/5,
    As a current student, I am finding this program extremely well structured. There is a specific focus and attention given to the program in terms of what is taught and how the curriculum can be directly linked to the current financial world.
    The program gives access to both engineering and business career fairs with a widest range of options in positions and companies to choose from.
    Morton Lane is the director and is pro actively involved in creating networking opportunities for students. The practitioner series is one step in that direction.
    The program is rigorous, tough and demanding but I definitely see excellent prospects for students.
  2. Anonymous
    Anonymous
    5/5,
    Excellent experience.
    The practicum choice in the second semester gives MSFE students a valuable opportunity to cooperate with companies and gain real world experience in financial engineering industry. It is really helpful for MSFE students to find an internship or a full time job in US. A lot of students of class 2014 have found internships in US this summer.
  3. Jamesdingfe
    Jamesdingfe
    5/5,
    I graduated from the program in 2011. Since after then, I have met people from other comparable programs through work or social networking.

    I would like the comment that this program really hits the sweet spot in terms of elegantly balancing course work between academic rigorousness and industrial practicality by connecting world class engineering school resource with strong (and evolving) exposure to financial industry experience in Chicago as well as elsewhere. I am very glad to have made such a decision to go to UIUC MSFE.
  4. Anonymous
    Anonymous
    5/5,
    About the program:
    Overall, my experience at UIUC was positive. The program was demanding, and although I joined some social organizations like the tennis club in my first semester, I was unable to find time later on to do anything aside from studying and looking for jobs. I learned a lot and gained a lot from attending the program. My technical/quantitative skills have vastly improved.

    -The people at the MSFE office are very nice and accommodating, and I sense that they are truly committed to providing for their students and helping them succeed.

    -The professors (for the most part) are very respectful of the students, and committed in helping them succeed.

    -The student body, in my year, was too homogenous in culture. I think the program should strive to achieve a balance in class diversity – as they seem to have done for the 2015 class.

    -The practicum is really what makes this program unique and exceptional. There is really no replacement for hands-on experience with an employer. You can think of the practicum as an apprenticeship. There was a lot of diffusion of knowledge between the sponsor and our team, and our sponsor was also nice enough to offer compensated summer work for students whom were unable to find summer internships. The practicum for us was where we really saw the interdisciplinary blend of practices come together in finance, as we saw how text-mining was used in finance for Twitter sentiment scoring, got to work with the data and build forecasting models, and also receive feedback on our work throughout the entire process. Skills obtained through the practicum could not be obtained through the classroom.
    However, the biweekly meetings in Chicago was a bit strenuous for me particularly, because I also chose to take extra courses that were in session on Fridays. Going to Chicago takes about 3-4 hours one way by Greyhound, and we had to allocate every other Friday for the trip to go to Chicago for a 1-hour meeting with the sponsor. In the end, I was overloaded with work throughout the semester, and I wish I had the capacity to put in more time and effort for the project.

    -There were too many mandatory meetings in the second semester in Chicago like the IAQF panel and the volatility workshop. I think mandatory meetings in Chicago should occur on Saturdays, so students taking classes on Fridays don't have to skip class.

    -Career services/preparation really needs to ramp up.

    About the University of Illinois:
    Apart from the program, my experience at UIUC was very positive. I took 5 classes outside of the MSFE program (machine learning, finite element methods, partial diff. eqs, econometrics, and mathematical statistics), and they were all demanding, but truly world-class. This amount of coursework, combined with the rigorous contents, was a bit too much for me and affected my GPA, but I think the exposure I got was really worth it. It was an eye-opening experience where I got to take the same classes with statistics phds, economics phds, computer science phds, and mathematics phd students, and see for myself how I would do comparatively. The University of Illinois is truly a top university across all these fields and more. Financial engineering is by definition an interdisciplinary field, and I think it is important for any top institution to stay true to this interdisciplinary spirit, and offer elective coursework in all these areas. Given that the need for quant professionals changes constantly in the finance industry, I believe that a program that prescribes a fixed curriculum risks losing relevance to industry quickly. In this regard, the University of Illinois exceeded my expectations with the vast amount of top-notch coursework available. As a direct result of this, I was able to obtain interviews across a wide range of positions from algorithmic trader, to risk management consultant, to data scientist positions.

    Apart from my review, I have a couple suggestions (ideas) on how the program can be improved:
    1. Career Services (for Chinese Students)
    - Make a separate career services specializing on getting Chinese students hired, and diffusing the sino-american cultural barriers. I think many of the Chinese students are technically talented enough to pass the technical interviews, but I would guess they must get held up in the behavioral interviews.
    - I think that career services should already begin when the student enters the program, where students should identify a target position they want to apply to and receive counsel on how to strategize and build their resumes for those positions.
    - Emily's occasional e-mails notifying us about open positions and events/tips weren't very helpful. I think quant interview workshops and role-playing workshops is what is really needed. Maybe bring in an outside quant interview expert for a day to hold a workshop or something(?).
    - I would like to see some sign that the department is actively soliciting employers to come to campus and recruit MSFE students. At the present, the only visible relationship between the department and employers is the practicum, which I am hoping would change.
    - Things they could use help on include building their resumes for specific positions through experiences and coursework, behavioral and technical interviews, finding the right jobs to apply to, how to approach recruiters at career fairs, understanding the typical recruitment process at American companies, understanding the power of acquainting with the recruiter beforehand, how to write follow-up e-mails, strategies on getting past the 'do you have work authorization' question, etc.
    - Chinese students also need to recognize that they need to accept some American values and 'americanize' if they want to find jobs in U.S.

    2. Re-evaluate the current curriculum
    - While I realize that derivatives valuation is at the heart of the financial engineering discipline, the reality appears to reflect that the need for such people in industry is fast declining. Many of the tools acquired through an FE education are still relevant – like risk management, optimization, clustering, monte-carlo simulations, time-series modeling, and programming. However, it appears that current industry is more interested in using these tools within the context of data analytics. I am unsure of how relevant courses like financial economics and stochastic calculus are in the current industry, and they could be replaced to teach more data-oriented skills like Hadoop, cloud computing services like AWS, SQL, machine learning & data mining, data visualization, and statistical programming, that could make students more employable.

    3. Standardize the programming language used throughout the curriculum, and then implement a baseline standard for programming skill across all students
    - The employability of a student is highly correlated with that student’s programming skills. For a student to gain a high level of competency in a language, he/she needs to continue using it for a period of time. To make this process faster, I really believe that the program should just stick to one language used throughout the entire curriculum, and I further argue that the ideal language for this would be Python.
    - With the current way things are, a lot of students graduate with little to mediocre programming skills, and most students graduate with Matlab being their primary language of choice. I believe this model is unsustainable because Matlab is rarely used in industry, and it is a superficially easy language to use. Programming skill in Matlab does not carry over to many other languages.
    - Many students enter the program with no prior experience using Matlab, and then get introduced to C++ and R - all while still climbing the learning curve for Matlab. This results in them never fully climbing the learning curve for C++ or R or Python. Instead of trying to learn all these different languages at once, it's better to just concentrate on learning one main language that can be used in almost all situations, which isn't Matlab.
    - Financial computing teaches us the type-safe language C++, which is useful to know, but a different beast from dynamic languages like Matlab, Python, and R. For the purposes of finding quant employment outside of quant development, knowledge of dynamic languages is more important, and Python seems to be the king in this field. Python seems to suite all the needs of a financial engineer in one language, and it is used widely in industry as opposed to Matlab.
    - Python is probably the most frequently used language in the growing area of data analytics.
    - I think that programming is important enough that the MSFE department should monitor and set a baseline standard for how well the students can do it.
  5. amy hu
    amy hu
    5/5,
    We had worked with six students from the MSFE program at UIUC on a quant project for around 5 months this year. These students have very strong quantitative skills and are good at solving practical problems. You can also find star developers who can really code in C++ among them. All the students in this group worked very hard and were easy to work with. I highly recomend this program.
  6. Geri Melchiorre
    Geri Melchiorre
    5/5,
    I work for the University of Illinois's Investment Department, and we partnered with the Financial Engineering Program as part of their practicum program. The students did an excellent job creating a scenario analysis database for us. Dr. Lane was very involved in our project and provided great insight. We were impressed not only with the final product, but also with the quality of students and their experience through the program.
  7. Jim Newman
    Jim Newman
    5/5,
    As a potential employer of MSFE students, I feel the program offers a well-balanced and practical curriculum supporting a deeply analytic approach to the financial markets. My experience with the students participating on my practicum has been very thoughtful and quite useful.
  8. Anonymous
    Anonymous
    5/5,
    I just graduated from this program (Dec 2014). It is a great program because it concerns a lot about technical skills. You can learn a lot in statistics, programming. Of course, courses like Risk Management and Financial Derivatives make me equipped with detailed knowledge and skills applied in finance industry. You could expect a lot after you finish your study. That is why I found a job in Chicago.
  9. Yichen Zhong
    Yichen Zhong
    5/5,
    I learned a lot in this program, and the students here is outstanding! What's more the director and professors here are very brilliant and willing to help students with their learning and job hunting. Students feel comfortable to study, live and discuss with each other!
  10. Anonymous
    Anonymous
    5/5,
    It is one of the program that emphasizes much on programming which I have ever known. Its practicum also gives students a good chance to devote themselves into real problems and social with industry elites.