in person

Financial Engineering

MS in Financial Engineering

The hallmark of the Master of Science in Financial Engineering (MSFE) is the close integration of mathematics and finance with the most recent computational developments. Our MSFE was the first to be established in California, and has long offered a strong curriculum in the foundational skills that will make you successful in industry. Beyond these skills, we embrace the fundamental changes that machine learning is bringing to the modern world.

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The MSFE program provides you with the expertise to create and evaluate complex financial products to help you become a strategic leader in the field. You will draw on tools from applied math, statistics, and financial and economic theory which you will convert into (i) software programs in the most modern programming languages and (ii) successful decision-making. Our program ranks among the top financial engineering programs nationally and gives our graduates excellent preparation for careers in portfolio management and risk management in various financial services institutions (banking, hedge funds, and financial technology companies).

The Claremont Colleges are proud to offer small class sizes. The MSFE program embodies this principle. We believe that students learn better with personalized teaching.

 

Program Highlights
  • Learn from research faculty and experienced practitioners with expertise in areas such as risk management, derivatives, asset management, and financial information systems among others.
  • Get practical experience with the Engineering & Computational Mathematics Clinic program.
  • Receive personalized career guidance from staff and faculty, as well access to a formal mentorship program with members of our MSFE Advisory Board.
  • This program is STEM designated, allowing international students who hold F-1 visas to apply for OPT work authorizations for a total of 36 months (an initial 1-year period and a 24-month OPT STEM extension) of paid work experience in the U.S. after graduation.
  • MSFE alumni go on to leadership roles in some of the most prominent financial firms and companies in the world, such as Goldman Sachs, Barclays, AIG, Blackrock, Western Asset Management, and the Capital Group.

Program At-a-glance

  • 32 units

    required units

  • MS in Financial Engineering

    degree awarded

  • In Person

    modality

  • Fall

    program start

  • 1 year | full time*

    estimated completion time

Where You Can Find Our Alumni

Faculty

  • Portrait of Henry Schellhorn

    Henry Schellhorn

    Professor of Mathematics
    Academic Director, Financial Engineering Program

    Research Interests

    Financial engineering, Credit risk, Stochastic analysis, Traffic models

  • Portrait of John Angus

    John Angus

    Professor of Mathematics
    Director, Institute of Mathematical Sciences

    Research Interests

    Probability, Statistics, Computing, Algorithms, Navigation, Systems Engineering, Mathematical Finance

  • Portrait of Marina Chugunova

    Marina Chugunova

    Ellis Cumberbatch Professor of Mathematics
    Program Director, PhD in Engineering & Computational Mathematics

    Research Interests

    Surfactant-driven thin film flows in biomedical applications; Nonlinear parabolic equations; Stability problems in fluid dynamics; Scientific computations; Applied operator theory; Sturm-Liouville problems

  • Portrait of Ali Nadim

    Ali Nadim

    Professor of Mathematics

    Research Interests

    Fluid Dynamics, Mathematical Modeling, Scientific Computing

  • Portrait of Qidi Peng

    Qidi Peng

    Research Associate Professor of Mathematics

    Research Interests

    Statistical inferences, Stochastic differential equations, Stochastic modeling, Simulation, Machine learning, Approximation theory, Graph theory

  • Portrait of Allon Percus

    Allon Percus

    Joseph H. Pengilly Professor of Mathematics

    Research Interests

    Discrete optimization; Network models; Statistical physics; Random combinatorial structures

  • Portrait of Andrew Nguyen

    Andrew Nguyen

    Adjunct Professor of Mathematics

    Research Interests

    Stochastic processes, Statistics, Risk management, Financial derivatives, Actuarial sciences, Statistical software

  • Jay Prag

    Jay Prag

    Clinical Full Professor
    Academic Director
    Faculty Coordinator, Center for Business & Management of the Arts

    Research Interests

    Corporate Finance, Investments, Economics of Strategy, Macroeconomics

Curriculum

The Financial Engineering Program provides a flexible curriculum. Thirty-two units are needed to complete the degree. Twenty-four units are required courses. Eight units are elective courses. Recommended electives are offered every year during the semester listed. Other electives are not offered during a fixed semester; they are listed at the end of this curriculum section.

Fall Semester

Required Courses

    • Applied Probability and Statistics
    • Corporate Finance
    • Financial Time Series
    • Stochastic Processes

Spring Semester

Required Courses

      • Mathematical Finance: Fixed Income and Derivatives
      • Quantitative Risk Management

Recommended Elective Courses

    • Asset Management Practicum
    • Machine Learning for Asset Pricing and Management
    • Statistical Learning

Other Electives

The following courses may be offered in different semesters each year. Depending on their availability, they can be taken as electives:

  • Quantum Computing and Applications
  • Partial Differential Equations
  • Math Clinic (two-semester sequence)
  • Linear Statistical Models
  • Discrete Mathematical Modeling
  • Optimization
  • Mathematics of Machine Learning
  • Advanced Big Data Analysis
  • Computational Statistics
  • Financial Strategy & Valuation (Drucker)
  • Selected Topics in Finance: Fixed Income (Drucker)
  • Investments (Claremont McKenna College)

Accelerated Degree Option

Undergraduate students at the Claremont Colleges (Pomona, Scripps, Claremont McKenna, Harvey Mudd, Pitzer) can obtain a graduate degree on an accelerated track through the Claremont Graduate Scholars Program, working toward the master’s requirements simultaneously with the completion of an undergraduate degree. Up to 16 units of transferable credit can be earned upon admission to one of our master’s degree programs. Students are eligible for a minimum fellowship award of $6,500 per semester at CGU, based on 12 units of enrollment. Apply Here

Recent alumni of the Claremont Colleges (Pomona, Scripps, Claremont McKenna, Harvey Mudd, Pitzer) can obtain a graduate degree on an accelerated track through the Claremont Graduate Scholars Program. For alumni who have graduated within the past five years, up to 12 units of transferable credit can be earned upon admission to one of our master’s degree programs. See program-specific details for restrictions on applicable coursework. Students are eligible for a minimum fellowship award of $6,500 per semester at CGU, based on 12 units of enrollment. Apply Here

Exchange Program

The Financial Engineering program offers its students the exclusive opportunity to participate in an exchange program at the University of Lausanne, located in the beautiful country of Switzerland.

Known for its banking system and situated at the heart of Europe, Switzerland offers our students the opportunity to participate in financial forums and engage in stimulating financial discussions, both with world-renowned faculty and seasoned professionals.

Classes offered in the exchange program are comparable to those offered at CGU. These courses include Asset Pricing, Econometrics, International Finance, Probability, Stochastic Processes, Applied Corporate Finance, and Derivatives.

Application Guidelines

Requirements Summary

Item Description
Application Fee $80
Official Transcripts Yes
Letters of Recommendation 2
Statement of Purpose Yes
Resume Yes
Standardized Test Scores GRE recommended
Other Requirements Math verification form

Please see the application checklist for more details.
  

Spring 2024
Priority Deadline – November 1, 2023
Final Deadline (International) – November 15, 2023
Final Deadline (Domestic) – December 1, 2023
Classes begin – January 16, 2024

Fall 2024
Priority Deadline – February 1, 2024
Final Deadline (International) – July 5, 2024
Final Deadline (Domestic) – August 1, 2024
Classes begin – August 26, 2024



Application Checklist





Cost & Aid

ESTIMATED TUITION (CALIFORNIA RESIDENTS, NON-RESIDENTS, INTERNATIONAL)
Program 40 units
Tuition per unit* $2,020

*Based on 2023-2024 tuition rates.

 

STUDENT FEES (PER SEMESTER)
$245 Student Fee
$150 Technology Fee
International Student Services Fee*: $661 fall semester, $776 spring semester
**Applies to all international students (F-1 visa only) who are registered in coursework, doctoral study, or continuous registration. The fee is assessed each fall and spring semester for annual ISO accident and sickness plans and administrative fees. Subject to change.

For estimates of room & board, books, etc., please download CGU’s Cost of Attendance 2022-2023 .

Review General Costs

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