Master's of Science in Financial Engineering

The Master's of Science in Financial Engineering (FE) program consists of ten courses (six core and four advisor-directed electives) and include

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In addition the following Software Engineering Courses now can be applied to a Financial Engineering degree:

Students are encouraged to take an integrated four-course sequence leading to a graduate certificate for the four advisor-approved electives or four additional advisor approved courses. Most of these certificates are offered on-line via web-based instruction. Approved four-course sequences leading to an existing graduate certificate include:

Management Focused

· Database Systems,

· Engineering Management,

· Systems Engineering and Architecting, and

· Information Management

Quantitative Focused

· Applied Statistics and

· Stochastic Systems

Software Focused

· Software Engineering,

· Software Engineering in Finance, and

· Financial Software Engineering

Research/Thesis Option

· FE 900 Thesis in Financial Engineering (6 credits) and two advisor approved electives or

· FE 800 Special Problems in Financial Engineering (3 credits) and three advisor approved electives

Financial Engineering Graduate Certificates include:

Students can also consider taking an integrated four course Graduate Certificate for the four advisor-approved electives or four additional advisor-approved courses. Most of these Graduate Certificates are offered online via Stevens WebCampus.

Financial Engineering Graduate Certificate

The vast complexity of financial markets compels industry to look for experts who not only understand how they work, but also posses the mathematical knowledge to uncover their patterns and the computer skills to exploit them. To achieve success, banking and securities industries must come to grips with securities valuation, risk management, portfolio structuring, and regulation-knowledge embracing applied mathematics, computational techniques, statistical analysis, and economic theory. This four-course graduate certificate in Financial Engineering is an online, instructor-led, program that provides you with what you need to know in stochastic modeling, optimization, and simulation techniques.

Required courses for the Financial Engineering Graduate Certificate include:

Financial Software Engineering Graduate Certificate

The Financial Software Engineering Graduate Certificate is aimed at intra-system super structural software applications. Placing an order with a respective broker triggers a sequence of events that starts localized in nature and particular to the brokering firm and its software; hence, this is an example of an intra-system super structural software (ISSS) application wherein the system is the firm itself. Retail software platforms, Web trading desks, pricing software tools for new instruments including derivatives products and stochastic portfolio simulators, and cutting edge information and knowledge discovery tools in a firm are all examples of software engineering in financial institutions.

Required courses for this certificate include:

Software Engineering in Finance Graduate Certificate

Clearing systems, payment systems and settlement systems are all examples of inter-system infrastructural software (ISIS). For example the Clearing House Interbank Payments System (CHIPS) is a patented algorithm for payment netting whose participants must have an account with the New York Federal Reserve Bank. The FedWire, SWIFT and SunGard are at the core of ISIS where the "Buy" side of the market meets the "Sell" side of the market through intermediaries and Banks with clearing houses and custodians. The Graduate Certificate in Software Engineering in Finance explores this class of problems dealing with inter-financial systems information flows.

Required courses for this certificate include:

Financial Risk Engineering Graduate Certificate

This certificate is designed to equip the graduate with solid understanding of the issues surrounding financial risk in both theoretical and practical aspects. The recent turbulence in the financial system heightened the need for a much stronger understanding of the financial system, its environment and the risk measures applied in the industry to quantify risk it in its multiple hierarchies. This certificate enables the graduate to fill this need and play an important role in balancing the interests of shareholders with the appropriate levels of risk taken by the managers and decision makers.

Required courses for this Certificate include:

The following Stevens Graduate Certificates can also be applied towards a MS in Financial Engineering:

Quantitative Focus:
Applied Statistics and Stochastic Systems

Management Focus:
Database Systems, Engineering Management, Systems Engineering and Architecting, or Information Management

*This Graduate Certificate will be offered Fall 2009 following Graduate Committee Approval