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
October 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 #4 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.
Our curriculum can be found at Academics
Our curriculum offers student the ability to customize their program toward their desired areas of interest by offering flexibility in electives for the second and third semesters of the program and also with the options of concentrations within the program. More information about the concentrations can be found at Concentrations : Illinois MSFE (STEM): University of Illinois
Our students also receive real world experience through experiential learning in the required program practicum. The students have access to real companies and real projects during the practicum while also connnecting our students to the financial markets in Chicago, New York and beyond.
*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
Liming Feng – Director
Amy Lamb - Program Coordinator
Matthew Murphy - Fin Tech
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
Please visit our website for updated statistics
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 the program can be found at https://msfe.illinois.edu/admissions/tuition.aspx. More information about University fees can be found at the Office of the Registrar's website.
Scholarships are available to Illinois Residents at up to 50% off tuition. Residency is determined by the Graduate College of the University. Additional program scholarships may be available for students with exemplary academic or professional records.
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
