phd in financial engineering online

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Academic Catalog > School of Business > Graduate Programs > Ph.D. in Financial Engineering

As the first Financial Engineering doctoral program to be developed in the nation, the Doctor of Philosophy (Ph.D.) degree is designed to prepare students to perform research or high-level design in financial engineering.

With an emphasis on an interdisciplinary approach requiring knowledge in finance, economics, mathematics, probability/statistics, operations research, engineering, computer science and systems thinking, the program gives graduates substantial expertise in key disciplines such as financial mathematics, risk management, financial statistics, portfolio optimization, financial standards, systemic risk, behavioral finance, microstructure finance, investment banking, data analytics, securities trading to name a few examples.

Students work alongside with faculty and perform transformative research in four crucial areas: Quantitative Finance, Financial Services Analytics, Financial Risk & Regulation, and Financial Systems. Graduates of the program are typically employed in world-class financial investment firms and academic research institutions.

The Ph.D. program requires completion of 54 credits beyond a relevant and approved Master’s degree. The students are required to pass a qualifying exam within 2 years of starting their doctoral studies and maximum of 6 years to complete the program and defend their dissertation.

• Best Online Ph.D. In Finance Programs

Best Online Ph.D. In Finance Programs Of 2024

Updated: Mar 28, 2024, 12:10pm

A Ph.D. in finance can prepare you for various specialized, high-level roles in financial management , business management, financial analysis and academia. Schools of business often offer finance as a concentration within a broader business management or business administration doctoral program .

Finance doctoral programs explore investment analysis, strategic financial planning, advanced accounting and corporate finance. In addition to coursework, students must research, write and defend a dissertation.

This page lists all four schools that meet our ranking criteria and offer online Ph.D. in finance programs. Learn how to choose and what to expect from a Ph.D. in finance program.

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Our Methodology

We ranked four accredited, nonprofit colleges offering online Ph.D. in finance programs in the U.S. using 14 data points in the categories of student experience, credibility, student outcomes and affordability. We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System ; private, third-party data sources; and individual school and program websites.

Data is accurate as of February 2024. Note that because online doctorates are relatively uncommon, fewer schools meet our ranking standards at the doctoral level.

We scored schools based on the following metrics:

Student Experience :

• Student-to-faculty ratio
• Socioeconomic diversity
• Availability of online coursework
• Total number of graduate assistants
• Portion of graduate students enrolled in at least some distance education

Credibility :

• Fully accredited
• Programmatic accreditation status
• Nonprofit status

Student Outcomes :

• Overall graduation rate
• Median earnings 10 years after graduation

Affordability :

• In-state graduate student tuition and fees
• Alternative tuition plans offered
• Median federal student loan debt
• Student loan default rate

We listed all four schools that met our ranking criteria.

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Online Ph.D. in Finance Options

How to find the right online finance ph.d. program for you, should you enroll in an online ph.d. in finance program, accreditation for online ph.d.s in finance, frequently asked questions (faqs) about online ph.d.s in finance, university of the cumberlands, texas tech university, kansas state university, national university.

Program Tuition Rate

$749/credit

Percentage of Grad Students Enrolled in Distance Education

Overall Graduation Rate

The University of the Cumberlands in Williamsburg, Kentucky, offers a hybrid executive Ph.D. in business with a specialty in finance. Learners develop leadership, research and teaching skills that can help them excel in business.

The curriculum includes core, professional research and specialty area coursework. The program also requires an applied learning practicum every semester, which lets students apply knowledge in real-world settings and gain professional experience. Learners must also attend an intensive in-person residency weekend each semester.

Admission requirements include a minimum 3.0 GPA and a master’s degree in a relevant field.

• Our Flexibility Rating: Learn on your schedule
• School Type: Private
• Application Fee: $30
• Degree Credit Requirements: 66 credits
• Program Enrollment Options: Full-time
• Notable Major-Specific Courses: Managerial ethics and social responsibility, comparative economics
• Concentrations Available: N/A
• In-Person Requirements: Yes, for residency weekends and applied learning practicums

$9,518/year (in-state)

Texas Tech University claims to offer the first Ph.D. in financial planning, a 60-credit program that equips students for careers in financial planning research and academia. Texas Tech delivers the Ph.D. both on campus and online.

Students in the program must complete a dissertation in addition to 60 credits of graduate coursework. The degree prepares students to become Certified Financial Planners™ (CFPs), and learners who have not yet completed a CFP board-registered financial planning program may have to complete additional classes. The degree program requires an entrance exam and field experience.

• Our Flexibility Rating: Learn around your 9-to-5
• School Type: Public
• Application Fee: $75
• Degree Credit Requirements: 60 credits
• Example Major-Specific Courses: Security industry essentials for financial planning professionals, legal and regulatory aspects of personal financial planning
• In-Person Requirements: Yes, for field experience

$661/credit

Kansas State University features a Ph.D. in personal financial planning available in a hybrid format, with some degree requirements taking place on the school’s Manhattan, Kansas, campus. K-State claims to offer the first predominantly online personal financial planning doctorate, one of only three programs registered with the CFP Board. The program is designed with working professionals in mind.

Learners take online courses during the winter and spring semesters. During summer terms, students complete residency sessions and 10-day intensives on campus. The final summer term involves international travel to explore how global markets impact financial planning in the United States.

• Application Fee: $65
• Degree Credit Requirements: 90 credits
• Example Major-Specific Courses: Retirement planning for families, introduction to financial therapy
• In-Person Requirements: Yes, for on-campus residencies and cohort travel

$442/quarter credit

You can earn a fully online Ph.D. in business administration degree with a concentration in financial management from National University , based in San Diego, California. The program explores financial analysis, strategic planning, and research and development. Coursework focuses on international financial issues, accounting for nonprofit organizations and investment analysis. Students also complete dissertation research.

You can start working on your degree whenever it’s most convenient for you, with start dates every Monday. The program requires 20 courses and takes 40 months to complete. For direct entry into the program, you’ll need a master’s degree in a general business area or a master’s in any field and an undergraduate business degree.

• Application Fee: Free
• Degree Credit Requirements: 60 quarter credits
• Notable Major-Specific Courses: Investment portfolio analysis, advanced financial statement analysis
• In-Person Requirements: No

Not sure where to start in your college search? Let’s explore your options.

Consider Your Future Goals

An online doctorate in finance can help you obtain the knowledge and credentials you need to qualify for an advanced, research-based career in finance . But each program is unique, so you’ll need to do some research to find the one that best matches your career goals.

For example, find out if your prospective online Ph.D. in finance requires an internship or another form of field experience. Real-world experience can round out your education and help you make valuable connections for when you graduate. However, it can also add time to your degree and make it more difficult to work your learning around a full-time job.

Understand Your Expenses and Financing Options

Our guide includes four online Ph.D. in finance programs. Though tuition rates vary widely among programs, total tuition for the best online Ph.D. in finance programs on our list averages around $45,000.

To help fund your degree, you can apply for federal student aid, including scholarships, grants and loans, by filling out the Free Application for Federal Student Aid . You can also ask about funding opportunities like scholarships, grants, fellowships, and graduate research and teaching assistantships offered directly by your university or department.

Online learning can make a graduate-level education more accessible in many ways, but distance learning doesn’t necessarily work for everyone. Weigh the following when deciding whether to enroll in an in-person or online finance Ph.D.

• What’s your learning style? Online programs work best for students who don’t have a problem staying on task, managing deadlines and motivating themselves. If you think you’d do better with the structure and support that comes with attending scheduled in-person classes, consider an on-campus program.
• What’s your budget? If you’re looking to earn your Ph.D. in finance at a lower cost, online programs can provide savings. While out-of-state students usually pay higher tuition rates to attend in-person programs at public universities, online learners often receive discounted rates regardless of where they live. Distance learners can also save money by avoiding high costs associated with relocation, housing and transportation.
• What’s your schedule? If you need flexibility to manage a job or other time-consuming responsibilities while in school, an online program might be your best bet. Asynchronous programs in particular allow you to complete coursework on your schedule through pre-recorded lectures and online discussion boards.

Any school you consider for your online finance Ph.D. should hold institutional accreditation. You’ll need to attend an accredited school if you want to qualify for federal financial aid. Plus, employers and credentialing bodies often recognize degrees only from accredited institutions.

Institutional accreditation comes from third-party agencies that assess colleges to ensure they meet minimum quality standards related to faculty, academic programs, student outcomes and educational resources.

Accrediting bodies in the U.S. receive approval from the U.S. Department of Education or the Council for Higher Education Accreditation.

Programmatic accreditation offers a similar stamp of approval for individual degree programs or departments within universities. You may need a programmatically accredited degree to qualify for certain jobs and professional certifications.

An online Ph.D. in finance might hold programmatic accreditation from an accrediting agency that evaluates business-related programs, such as the Accreditation Council for Business Schools and Programs, the Association to Advance Collegiate Schools of Business or the International Accreditation Council for Business Education.

You can look up school and program accreditation information on CHEA’s website .

What is a Ph.D. in finance?

A Ph.D. in finance is a terminal business degree that develops advanced knowledge and skills in investing, corporate finance and economics. This diploma can prepare for finance-related roles in research and academia.

How long is a Ph.D. in finance?

The time it takes to earn a Ph.D. in finance varies depending on your program and enrollment status. It typically takes four to eight years to complete a doctorate, but you may be able to graduate from an online finance Ph.D. program in a little less than four years.

Is a Ph.D. worth it financially?

It depends on how much your degree costs and how much you can expect to make after you graduate, but a doctoral degree in finance can be well worth the investment. The U.S. Bureau of Labor Statistics (BLS) reports that workers employed in business and financial occupations earned a median annual wage of $76,850 in May 2022. If you pursue one of the higher-paying roles in this field, like financial analyst, you can earn a median salary of $96,220 per year.

How much does a Ph.D. in finance make in the U.S.?

How much you can expect to make with a Ph.D. in finance depends on your job, employer, geographic location and experience level. Ph.D. holders commonly work in academia; the BLS reports that business professors, including finance professors, earn a median annual salary of $88,790.

Liz Simmons has been writing for various online publications about career development, higher education and college affordability for nearly a decade. Her articles demystify the college application process and help prospective students figure out how to choose a major or career path.

Graduate School

Operations Research and Financial Engineering

General information, program offerings:, director of graduate studies:, graduate program administrator:.

The Operations Research and Financial Engineering (ORFE) department’s intellectual mission is to develop theory and tools in statistics, probability, and optimization to extract meaningful information from data, and to utilize information to make optimal decisions.

Faculty and students contribute to both the foundations of these three disciplines and their applications in areas such as

• data science and machine learning, including deep learning, large-scale optimization, causal inference, biostatistics, policy evaluation, genomics, networks and graphical models, analysis of high-frequency time series and high-dimensional data;
• decision science, control and learning, including service systems and queues, reinforcement learning, verification and learning of dynamical systems, optimal and stochastic control, robotics and autonomous systems, and large dynamic games.
• finance and social sciences, including risk management, quantification of model uncertainty, optimal investment, mean field games, optimal contracting, econometrics, causal inference, program evaluation, public policy, decision and choice theory, energy and environmental finance, and reliability management of electricity grids.

The department ordinarily offers the Doctor of Philosophy (Ph.D.) in Operations Research and Financial Engineering. This program provides a great deal of flexibility for students in designing individual plans of study and research according to their needs and interests. The department is also a major participant in the Master of Finance (M.Fin.) program offered through the Bendheim Center for Finance.

Additional departmental requirements

• Applicants are required to select an area of research interest when applying.

Program Offerings

Program offering: ph.d..

In consultation with the director of graduate studies, students develop a specific course plan. During the first year, students complete six courses that emphasize the foundations of the program, probability, statistics, and optimization. Students take at least ten courses while enrolled: the six core courses during the first year, two directed research courses, and two additional advanced-level courses in the second year. 

The following six core courses are required:

• ORF 522 Linear and Nonlinear Optimization
• ORF 523 Convex and Conic Optimization
• ORF 524 Statistical Theory and Methods
• ORF 525 Statistical Foundations of Data Science
• ORF 526 Probability Theory
• ORF 527 Stochastic Calculus

In addition, at least two advanced courses and two semesters of directed research (ORF 509 and ORF 510) are completed under the direction of a faculty adviser in the student's area of interest by the end of the second year in preparation for the general examination.

Additional pre-generals requirements

Research Adviser Students ordinarily match with an adviser by the end of the first year of study to begin research in preparation for the general examination. No student may enter the second year without a research adviser of record. Students are expected to identify a faculty adviser in the ORFE department. If a student receives permission to work with a faculty adviser who is not a member of the ORFE department, the student must also have a co-adviser who is on the ORFE faculty and is seriously involved in co-advising the student.

Qualifying Examination Each student must satisfy qualifying requirements. Qualifying exams are offered in September of the student’s second year. 

Each student must satisfy qualifying requirements. Qualifying exams are offered in September of the student’s second year.  A student who obtained a grade of A- or better in 4 of the six required classes will be exempt from the qualifying exams. If this is not the case and the student obtained a grade of A- or better in at least 2 of the six required classes, the student will meet with the DGS to decide which exams must be taken to satisfy the requirements. The optimization exams are based on ORF 522 and ORF 523. The statistics exams are based on ORF 524 and ORF 525. The probability exams are based on ORF 526 and ORF 527. If a student received fewer than 2 A- or better grades in the 6 first-year classes, they may not take qualifying exams, and their Ph.D. candidacy ends.

The qualifying exams shall not exceed 90 minutes per class, and are administered by 2 ORFE faculty, who will provide the student with the exam questions at least two hours before the examination begins. The examining faculty will decide if the qualifying exam will be written or oral. The results of the qualifying exam(s) are determined by a vote of the faculty. Additional information related to the preliminary examination can be found in the graduate student handbook .

General exam

ORFE students take the general exam in April or May of their second year. By the end of the Spring semester, students should have met the qualifying examination requirements, have taken and passed ORF 509 and ORF 510, and have passed with a B+ or higher grades two advanced classes. The student must have shown adequate progress in research, and an acceptable level of understanding of their area of specialization.

The general exam consists of two parts, a written and an oral part, both covering the student’s primary area of specialization.  The written part requires taking and passing, with a B+ or higher grade, two approved advanced classes at the graduate (500) level beyond the 6 core classes counted for the Qualifying Exam. These two classes must be approved by the student’s adviser and the DGS.

For each student, an examining committee is selected by the student and adviser. The committee will be approved by the Director of Graduate Studies. Normally, the committee members comprise the student’s adviser(s) and two additional ORFE faculty or associated faculty. The committee will administer the oral exam, evaluate the student’s performance in research and overall knowledge of their field, and make a recommendation to the department faculty. A departmental faculty vote determines the final outcome. The oral exam may be up to 3 hours in length. The general examination committee may ask questions related to the research and the student’s area of specialization.   

Qualifying for the M.A.

The Master of Arts (M.A.) degree is normally an incidental degree on the way to full Ph.D. candidacy and is earned after a student successfully passes the general examination. It may also be awarded to students who, for various reasons, leave the Ph.D. program, provided that these requirements have been met. To be considered for the MA degree, students must fulfill all the first and second year Ph.D. requirements except for passing the General Exam.

(ORF 522, 523, 524, 525, 526, 527, Two advanced courses, ORF 509, ORF 510)

The department has a teaching requirement of at least a full Assistant in Instruction (AI) assignment or two half AI assignments potentially beginning in the fall of the student's 2nd year depending on the department's teaching needs. Requirements for teaching include: 

• Passing the English Language Proficiency Exam by August after the first year of study (if applicable).
• Attending the mandatory AI Orientation in fall of the 2nd year of study

Dissertation and FPO

Upon completion and acceptance of the dissertation by the department, the candidate will be admitted to the final public oral (FPO) examination. The committee of examiners for the FPO must consist of no fewer than two current ORFE faculty members, and the 2nd thesis reader should also be a current ORFE faculty member. The Ph.D. is awarded after the candidate’s doctoral dissertation has been accepted and the final public oral examination sustained.

Additional information related to the FPO can be found in the graduate student handbook

Additional requirements

Responsible Conduct in Research (RCR) : All Ph.D. candidates are also required to take EGR501 before the end of their second year. This is a half-semester course that will educate graduate students in engineering in the responsible conduct of research. The lectures provide theoretical background information as well as case studies about ethics in day-to-day research situations, publishing and peer-reviewing, student-adviser relationships, collaborative research, as well as in the big picture and considerations of long-term impact. The course is graded on a pass/fail basis.

Director of Graduate Studies

• Ludovic Tangpi

Director of Undergraduate Studies

• Mark Cerenzia
• Alain L. Kornhauser
• Amir Ali Ahmadi
• René A. Carmona
• Matias D. Cattaneo
• Jianqing Fan
• Sanjeev R. Kulkarni
• William A. Massey
• John M. Mulvey
• Ronnie Sircar

Associate Professor

• Ramon van Handel

Assistant Professor

• Boris Hanin
• Emma Hubert
• Jason Matthew Klusowski
• Elizaveta Rebrova
• Bartolomeo Stellato

Associated Faculty

• Yacine Aït-Sahalia, Economics
• Markus K. Brunnermeier, Economics
• Maria Chudnovsky, Mathematics
• Filiz Garip, Sociology
• Elad Hazan, Computer Science
• H. Vincent Poor, Electrical & Comp Engineering
• Jennifer Rexford, Provost
• Paul Seymour, Mathematics
• Allan M. Sly, Mathematics
• John D. Storey, Integrative Genomics
• Rocío Titiunik, Politics
• Wei Xiong, Economics

Professor Emeritus (teaching)

• Robert J. Vanderbei

Professor of the Practice

• Robert Almgren
• Daniel Rigobon

For a full list of faculty members and fellows please visit the department or program website.

Permanent Courses

Courses listed below are graduate-level courses that have been approved by the program’s faculty as well as the Curriculum Subcommittee of the Faculty Committee on the Graduate School as permanent course offerings. Permanent courses may be offered by the department or program on an ongoing basis, depending on curricular needs, scheduling requirements, and student interest. Not listed below are undergraduate courses and one-time-only graduate courses, which may be found for a specific term through the Registrar’s website. Also not listed are graduate-level independent reading and research courses, which may be approved by the Graduate School for individual students.

FIN 501 - Asset Pricing I: Pricing Models and Derivatives (also ORF 514)

Orf 504 - financial econometrics (also fin 504), orf 505 - statistical analysis of financial data (also fin 505), orf 509 - directed research i, orf 510 - directed research ii, orf 511 - extramural summer project, orf 515 - asset pricing ii: stochastic calculus and advanced derivatives (also fin 503), orf 522 - linear and nonlinear optimization, orf 523 - convex and conic optimization, orf 524 - statistical theory and methods, orf 525 - statistical foundations of data science, orf 526 - probability theory, orf 527 - stochastic calculus, orf 531 - computational finance in c++ (also fin 531), orf 535 - financial risk and wealth management (also fin 535), orf 538 - pde methods for financial mathematics, orf 542 - stochastic optimal control, orf 543 - deep learning theory, orf 544 - stochastic optimization, orf 545 - high frequency markets: models and data analysis (also fin 545), orf 550 - topics in probability (also apc 550), orf 569 - special topics in statistics, operations research and financial engineering, orf 570 - special topics in statistics and operations research (also ece 578), orf 574 - special topics in investment science (also fin 574).

Operations Research & Financial Engineering

Graduate Program

The Ph.D. is formulated to prepare students for research and teaching. The aim of the program is to provide a strong disciplinary background in one of the core areas of research in the department. The emphasis is on the theoretical foundations, mathematical models, and computational issues in practical problem solving. Current teaching and research activities include probability and stochastic processes, stochastic analysis, mathematical statistics, linear and nonlinear optimization, stochastic optimization, convex analysis, stochastic networks and queueing theory, mathematical and computational finance, and financial econometrics. Application areas of current interest to faculty include finance, energy, health, bioinformatics, and engineering problems. To learn more about the research interests of individual faculty members, please visit the Research page.

The departmental faculty are affiliated with a number of interdisciplinary programs and centers, including the Program in Applied and Computational Mathematics , the Bendheim Center for Finance , the Andlinger Center for Energy and the Environment , the Princeton Environmental Institute , and the Center for Statistics and Machine Learning . Students may combine their departmental work with courses and research opportunities offered by such programs and centers and also by other departments including Computer Science, Economics, and Mathematics. About half of PhD recipients in Operations Research & Financial Engineering accept positions in academia. See this list of first positions of our graduating PhD students .

In the first year of the Ph.D. program, students enroll in the 6 departmental core courses in probability, statistics, and optimization in consultation with the Department's Director of Graduate Studies, to be followed by a qualifying exam at the end of the summer. In addition, at least two advanced courses and two semesters of directed research are completed under the direction of a faculty adviser in the student's area of interest by the end of the second year in preparation for the general examination. The general examination is normally taken in the Spring of the second year of study. Usually, beyond the general examination, two to three years are needed for the completion of a suitable dissertation. Upon completion of theses studies and acceptance of the dissertation by the department, the candidate is admitted to the final public oral examination.

A comprehensive guide to the ORFE Ph.D. program can be found in the Graduate Student Handbook and in the Graduate School Catalog .

Research Seminars

The weekly departmental colloquium series brings distinguished researchers to the department to present their latest work. In addition, informal research seminars are organized in order to exchange information and to discuss ideas arising from the research work in progress. Students, research staff, visiting scholars, and faculty members participate in these seminars.

Application

A bachelor's degree in engineering, sciences, or mathematics is normally required for admission to the graduate program. A strong mathematical background is expected for admission. The Graduate Record Examination (GRE) results will be optional (not required) for Fall 2023. Applicants whose primary language is not English or who have not earned their undergraduate degree in an institution where the language of instruction is English should also submit the results of the TOEFL, IELTS, or Duolingo. Applicants whose graduate study was on a full-time basis for at least one year where instruction is entirely in English as certified by the institution is accepted.

Further details on applying to the graduate program are available via the Graduate School.

You may request an application fee waiver within the application.

Financial Support

The department aims to support all doctoral students requesting aid through a combination of fellowships and assistantships. All first-year Ph.D. candidates are supported by full-time fellowships, allowing students to focus on courses and providing flexibility in the choice of a research adviser. From the second year onward, students are supported by a combination of teaching assistantships, research assistantships, and fellowships. Continuation of support is recommended on the basis of satisfactory progress.

Further details on financial support are provided by the Graduate School.

Research Groups

The Department features several research groups that facilitate collaborations between students and faculty and provide a variety of resources for research and teaching. These include the following:

Financial Engineering. This group is home to computers, software, and financial data feeds needed for teaching and research in financial engineering. It is a focal point for graduate students in the Ph.D. program in financial engineering and M.Fin. It also serves as a gateway to collaborative research projects with financial institutions.

The  Statistics  and  Financial Econometrics  labs emphasize statistical methods in financial econometrics and risk management, computational biology, biostatistics, high-dimensional statistical learning, data-analytic modeling, longitudinal and functional data analysis, nonlinear time series, wavelets and their applications, among others. The group's primary research focuses on developing and justifying statistical methods that are used to solve problems from the frontiers of scientific research.

Transportation Center . The center conducts research on information and decision engineering technologies and how these technologies can be used to improve transportation-related decision making.

Master in Finance

The department is a major participant in the Master in Finance (M.Fin) degree program offered through the Bendheim Center for Finance. Further information is available via the  Bendheim Center for Finance .

Statistics Laboratory Research Group

Oxford-Princeton Workshop

Wesley L. Harris Scientific Society

Professor Ahmadi and Graduate Students in Bordeaux

Graduate Students Enjoying Dinner Together

Professor Shkolnikov at Oxford-Princeton Conference with Colleague

• Trojan Stories

Master of Science in Financial Engineering

The Master of Science in Financial Engineering program (available both on-campus and online via DEN@Viterbi) trains graduate students with Engineering, Applied Mathematics or Physics backgrounds to apply mathematical and engineering tools to finance.

The MS in Financial Engineering is a multidisciplinary education program that involves the USC Viterbi School of Engineering, the USC Marshall School of Business and the USC Dana and David Dornsife College of Letters, Arts and Sciences (Department of Economics).

Using tools from finance and economics, engineering, applied mathematics and statistics, the Master of Science in Financial Engineering addresses problems unique to certain industries including: investment and commercial banks, trading companies, hedge funds, insurance companies, corporate risk managers, and regulatory agencies.

Such problems include derivative securities valuation, strategic planning and dynamic investment strategies and risk management.

Related Programs

In addition, the Ming Hsieh Department of Electrical and Computer Engineering is home to the following graduate program concentrations:

• MS in Computer Engineering
• MS in Electrical Engineering (EE)
• MS in EE-Computer Architecture (On-campus only)
• MS in EE-Computer Networks
• MS in EE-Electric Power
• MS in ECE-Machine Learning and Data Science (On-campus only)
• MS in ECE-Quantum Information Science (On-campus only)
• MS in EE-VLSI Design
• MS in EE-Wireless Health Technology (On-campus only)
• MS in EE-Wireless Networks (On-campus only)
• Dual Degree: MS in Electrical Engineering/MS in Engineering Management

For a complete list of graduate programs offered online in the USC Viterbi School of Engineering, please visit the  DEN@Viterbi Program Offerings .

Career Opportunities

A variety of career opportunities exist, but primarily in the areas of:

• Information Technology
• Programming
• Risk Management
• Insurance and Trading Companies
• Regulatory Agencies

Earn your Master of Science in Financial Engineering online via DEN@Viterbi. Request information now.

Same Faculty. Same Program. Same Degree.

DEN@Viterbi  strives to meet the needs of engineering professionals, providing the opportunity to advance your education while maintaining your career and other commitments. By breaking down geographical and scheduling barriers, DEN@Viterbi allows you to take your classes anytime and anywhere.

DEN@Viterbi students undergo the same academic requirements, curriculum, and must adhere to the same academic standards as on-campus students; therefore, your diploma is ultimately issued by the University of Southern California. There is no difference between remote students and on-campus students.

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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, a “grumpy economist” weighs in on inflation’s causes — and its cures, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist.

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Combine an international MBA with a deep dive into management science. A special opportunity for partner and affiliate schools only.

A doctoral program that produces outstanding scholars who are leading in their fields of research.

Bring a business perspective to your technical and quantitative expertise with a bachelor’s degree in management, business analytics, or finance.

Apply now and work for two to five years. We'll save you a seat in our MBA class when you're ready to come back to campus for your degree.

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PhD Program in Finance

2023-24 curriculum outline.

The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year.  During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year.  Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade.  After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.

Required Courses

The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.

First Year - Summer

Math Camp begins on the second Monday in August. 

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

14.451/14.452 Macro Theory I/II ( strongly recommended)

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

14.453/14.454 Macro Theory III/IV (strongly recommended)

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

  14.384 — Time-Series Analysis or  14.385 — Nonlinear Econometric Analysis  (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

 15.474 — Current Topics in Finance (strongly encouraged to take multiple times)

15.475 — Current Research in Financial Economics

Recommended Elective Courses

Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.

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PhD Program

• Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

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About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

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PhD in administration - Financial Engineering

Phd in administration – financial engineering.

• Tuition fees and Funding
• Students wanted

Be part of a community of multidisciplinary researchers, with solid internationally recognized expertise.

Do your PhD in a rigorous milieu, renowned for its resources and the quality of support available for junior researchers.

Your PhD in short

• Offered by HEC Montréal jointly with Concordia and McGill universities and the Université du Québec à Montréal (UQAM). This partnership gives you access to resources (faculty and courses) rarely available elsewhere in the world.
• This specialization offers a variety of high-level courses in finance and mathematics. The mathematics courses are recognized by the Institut des sciences mathématiques (ISM) and may be taken by PhD in mathematics students at the main universities in the region.
• Full-time program allowing you to complete your studies in 4 years.
• Tuition fees waived and competitive funding for the first four years of your studies.

For a career in academia or business

Around 40% of graduates from this specialization between 2006 to 2022 hold positions as professors at universities in Canada or the United States.

The others are working as executives or consultants for leading firms or investment funds, e.g. Deloitte, KPMG, PSP Investment and the Abu Dhabi Investment Authority.

Among the best

The work of PhD students in the Financial Engineering specialization has been recognized for its outstanding quality and has earned them many awards and scholarships:

• awards for the best PhD dissertation in 2008 and 2014
• two Alexander Graham Bell Canada Graduate Scholarships from the Natural Sciences and Engineering Research Council of Canada (NSERC) , in 2010 and 2012
• four Bourse de Montréal awards, in 2014, 2015, 2017 and 2018
• a scholarship from the Society of Actuaries
• a “Women in Finance” scholarship from the National Bank

Papers based on dissertations by PhD students in the Financial Engineering specialization are published in top-tier journals in the field, including:

• European Journal of Operational Research
• Journal of Banking and Finance
• Journal of Economic Dynamics and Control
• Journal of Risk and Insurance
• The Energy Journal
• The Review of Financial Studies
• Quantitative Finance

Varied research interests

• Credit risk
• Derivatives pricing
• Dynamic optimization
• Energy market
• High-frequency data
• Machine learning
• Mean field games
• Monte Carlo simulation
• Numerical methods
• Operational research
• Optimal hedging
• Optimization
• Risk management
• Probability and statistics
• Statistical methods
• Stochastic control
• Stochastic processes
• Text mining

Our PhD students and candidates

See the list of students in this specialization on Google Scholar.

Top-flight research infrastructure

PhD students in this specialization benefit from the best possible infrastructure, allowing them to carry out advanced research in financial engineering.

• National Bank Financial trading room
• Computing and Data Mining Laboratory (LACED) and its computing grid
• Access to major databases, including CRSP, Compustat, TAQ, Thomson Financial, FISD, TRACE, WRDS, OptionMetrics and Moody’s Credit Risk

World-class research in financial engineering

HEC Montréal offers doctoral students in financial engineering an exceptional scientific milieu, with a research chair and two professorships.

• Canada Research Chair in Decision Making Under Uncertainty , held by Professor Érick Delage
• Canada Research Chair in Risk Management , directed by Professor Georges Dionne
• Research Professorship in derivatives analysis: Professor Jean-Guy Simonato
• Research Professorship in Financial Engineering: Professor Geneviève Gauthier
• Research Professorship in financial risk factors and derivatives: Professor Christian Dorion
• Research Professorship in Sentometrics: Professor David Ardia
• Research Professorship in statistics: Professor Debbie J. Dupuis

The professors are members of various internationally renowned research centres or institutes:

• Canadian Derivatives Institute
• Centre for Interuniversity Research and Analysis on Organizations (CIRANO)
• Centre de recherches mathématiques (CRM)
• Group for Research in Decision Analysis (GERAD)

All the members of the Decision Sciences group have individual grants from the Natural Sciences and Engineering Research Council of Canada (NSERC) .

An internationally renowned multidisciplinary team

Members of the Department of Decision Sciences associated with the Financial Engineering specialization

• David Ardia
• Hatem Ben Ameur
• Michèle Breton
• Michel Denault
• Debbie Dupuis
• Dena Firoozi
• Geneviève Gauthier
• Chantal Labbé

Members of the Department of Finance associated with the Financial Engineering specialization

• Tolga Cenesizoglu
• Philippe d’Astous
• Georges Dionne
• Christian Dorion
• Pascal François
• Pascale Valery
• Simon van Norden
• Jean-Guy Simonato
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Graduate Certificate in Financial Engineering

Program summary.

This online financial engineering certificate can help you apply knowledge of finance, economics, statistics, and data analysis to make sound financial decisions and design innovative financial instruments and risk management strategies.

100% Online

Complete your Penn State course work at your own pace and 100% online.

Application deadline

Credits and costs, gain skills to work at the intersection of finance and data.

Use financial modeling tools to predict market performance and improve investment decisions

Perform empirical analyses using econometric software and techniques

Examine financial characteristics of derivative securities such as swaps, forward, futures, and options contracts

Gain insight into the theoretical arbitrage relationships that form the basis of all derivative pricing

Explore how derivative securities play a vital role in managing individual and corporate risk 

Learn to design financial instruments and devise data-driven risk management strategies

Online Financial Engineering Courses

This 9-credit certificate program helps you develop foundational knowledge as a financial quantitative analyst (or "quant") with courses that focuses on econometric analysis, derivative securities, and financial modeling with the goal to improve financial decision-making.

Coursework is designed to improve your critical thinking skills and build the technical expertise you need to specialize in this emerging multidisciplinary field. 

Our financial engineering courses integrate real-world case studies, giving you hands-on experience analyzing situations associated with corporate finance, portfolio theory, financial derivatives, and more. You'll benefit from a rich learning experience that is both practical and engaging.

Required Courses (9 credits)

Introduces the student to the major derivative securities that are the tools in the management of financial risk: futures, forwards, swaps, and options. The course will expose students to potential critiques of traditional financial theory based on recent empirical results, including the global financial crisis of 2007­–2009.

Aims to develop the basic econometric estimation and hypothesis testing tools necessary to analyze and interpret the empirical relevance of financial and other economic data; focuses on the theoretical foundations of econometric analysis and strategies for applying these basic econometric methods in empirical finance research.

Focuses primarily on developing spreadsheet applications and using the case method to apply decision-making procedures to real-world problems in finance areas; exposes students to topics such as financial ratio analysis, financial forecast, regression analysis, portfolio management, asset valuation, risk management, and more.

Start or Advance Your Career

You can use the knowledge gained from this program and the support of Penn State career resources to pursue careers in a variety of fields, depending on your goals.

Finance Careers for Quantitative Analysts

You can pursue a specialized career in the investment, insurance, or banking sector as a:

• financial engineer
• financial investment manager
• investment banker
• portfolio manager
• trading strategist
• risk manager

Career Services to Set You Up for Success

From the day you're accepted as a student, you can access resources and tools provided by Penn State World Campus Career Services to further your career. These resources are beneficial whether you're searching for a job or advancing in an established career.

• Opportunities to connect with employers
• Career counselor/coach support
• Occupation and salary information
• Internships
• Graduate school resources  

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Get the resources you need to make informed decisions about your education. Request information on this program and other programs of interest by completing this form.

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Learn more about this program

Ready to take the next step toward your penn state graduate certificate, costs and financial aid.

Learn about this program's tuition, fees, scholarship opportunities, grants, payment options, and military benefits.

Graduate Tuition

Graduate tuition is calculated based on the number of credits for which you register. Tuition is due shortly after each semester begins and rates are assessed every semester of enrollment.

2024–25 Academic Year Rates

Paying for Your Certificate

Students pursuing a certificate are considered "nondegree," a status that is not eligible for federal student aid, including the Federal Direct Stafford Loan program. A private alternative loan may be an option to consider.

Additionally, Penn State offers many ways to pay for your education, including an installment plan and third-party payments. Penn State World Campus also offers an Employer Reimbursement and Tuition Deferment Plan. Learn more about the options for paying for your education .

Students pursuing a degree and meeting all other  eligibility requirements  may qualify for financial aid.

Financial Aid and Military Benefits

Some students may qualify for financial aid. Take the time to research financial aid, scholarships, and payment options as you prepare to apply. Military service members, veterans, and their spouses or dependents should explore these potential military education benefits and financial aid opportunities , as well.

To view the detailed list of cost of attendance elements, select “World Campus” as the location on the  tuition site .

A Head Start toward a Master’s Degree

Degree Program Related to This Certificate

Some or all credits earned for this certificate can be applied toward the financial engineering concentration offered in the following Penn State World Campus degree program:

Learn to strategically manage high-performance teams and solve complex, real-world business challenges. With more than 25 concentrations available, you can customize this top-ranked online MBA to suit your unique career goals.

Who Should Apply?

This program is ideal for professionals with strong quantitative skills and a background in finance. Applicants typically have a bachelor's degree in business, economics, engineering, computer science, data analytics, applied mathematics, or another STEM–related field. Programming experience is not required.

Set Your Own Pace

Whether you are looking to finish your program as quickly as possible or balance your studies with your busy life, Penn State World Campus can help you achieve your education goals. Many students take one or two courses per semester.

Our online courses typically follow a 12- to 15-week semester cycle, and there are three semesters per year (spring, summer, and fall). If you plan to take a heavy course load, you should expect your course work to be your primary focus and discuss your schedule with your academic adviser. 

To Finish Your Certificate in Less than a Year

• Take 1–2 courses each semester

To Finish Your Certificate in One Year

• Take 1 course  each semester

Timelines may vary based on course availability.

Convenient Online Format

This program's convenient online format gives you the flexibility you need to study around your busy schedule. You can skip the lengthy commute without sacrificing the quality of your education and prepare yourself for more rewarding career opportunities without leaving your home.

A Trusted Leader in Online Education

Penn State has a history of more than 100 years of distance education, and World Campus has been a leader in online learning for more than two decades. Our online learning environment offers the same quality education that our students experience on campus.

Information for Military and Veterans

Are you a member of the military, a veteran, or a military spouse? Please visit our military website for additional information regarding financial aid, transfer credits, and application instructions.

How to Apply to Penn State

Apply by November 15 to start January 13

Application Instructions

Deadlines and important dates.

Complete your application and submit all required materials by the appropriate deadline. Your deadline will depend on the semester you plan to start your courses.

Spring Deadline

Summer deadline, fall deadline, steps to apply, 1. review the admission requirements..

For admission to the J. Jeffrey and Ann Marie Fox Graduate School, an applicant must hold either (1) a baccalaureate degree from a regionally accredited U.S. institution or (2) a tertiary (postsecondary) degree that is deemed comparable to a four-year bachelor's degree from a regionally accredited U.S. institution. This degree must be from an officially recognized degree-granting institution in the country in which it operates.

Applicants will likely have a bachelor's degree in a business or STEM–related discipline and demonstrate a fundamental competence in finance.

2. Gather your required materials.

You will need to upload the following items as part of your application:

Official transcripts from each institution attended , regardless of the number of credits or semesters completed. Transcripts not in English must be accompanied by a certified translation. If you are a Penn State alum, you do not need to request transcripts for credits earned at Penn State but must list Penn State as part of your academic history.

Test Scores — GRE and GMAT test scores are NOT required.

English Proficiency, if applicable — The language of instruction at Penn State is English. With some exceptions, international applicants must take and submit scores for the Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS). Minimum test scores and exceptions are found in the English Proficiency section on the Fox Graduate School's "Requirements for Graduate Admission" page . Visit the TOEFL website for testing information. Penn State's institutional code is 2660.

3. Create a Penn State login account.

To begin the online application, you will need a Penn State account.

Create a New Penn State Account

If you have any problems during this process, contact an admissions counselor at [email protected] .

Please note: Former Penn State students may not need to complete the admissions application or create a new Penn State account. Please visit our Returning Students page for instructions.

4. Read the application instructions.

You can begin your online application at any time. Your progress within the online application system will be saved as you go, allowing you to return at any point as you gather additional information and required materials.

• Choose Enrollment Type: "Certificate Admission"
• Choose "WORLD CAMPUS" as the campus

Checking Your Status  You can  check the status of your application  by using the same login information established for the online application form. 

Technical Requirements   Review the technical requirements  for this program.

5. Complete the application.

Admissions help.

If you have questions about the admissions process, contact an admissions counselor at [email protected] .

Have questions or want more information? We're happy to talk.

To learn more about the Graduate Certificate in Financial Engineering, please contact:

World Campus Admissions Counselors Phone: 814-863-5386 Email:  [email protected]

Jessica Zhao, Ph.D. Samuel P. Black III Professor of Finance Penn State Erie, The Behrend College 286 Burke Research Center Erie, PA 16563 Email: [email protected]

Learn from the Best

The Graduate Certificate in Financial Engineering is offered in partnership with the Penn State Erie Black School of Business, which is AACSB–accredited and consistently recognized by employers for having outstanding graduates.

• Degree Ph. D., Financial Economics, University of Texas at San Antonio
• Degree MBA, Finance, Georgetown University
• Degree A.B., Government, Georgetown University

Prior to his career in academia, Dr. Tim Krause spent twenty years in the financial services industry as an investment professional and held senior management positions. He is the director of the Intrieri Family Student Managed Fund at the Black School of Business, a student-run investment fund. He teaches Portfolio Management and Analysis, Advanced Energy Finance, Derivative Securities, and Fixed Income Securities. Dr. Krause's research and teaching interests include investments, derivatives, risk management, and financial institutions and markets.

Xin (Jessica) Zhao

• Degree Ph.D., Finance, State University of New York at Buffalo
• Degree M.A., International Trade, Shanghai University of Finance and Economics
• Degree B.A., English, Tianjin University for Science and Technology

Dr. Xin (Jessica) Zhao received her Ph.D. in finance at the State University of New York at Buffalo. Dr. Zhao teaches international finance and corporate finance for both undergraduate and graduate students as a professor at Penn State Behrend. Dr. Zhao's research interests include market microstructure, event studies, financial markets, and asset pricing. Her research in these areas has been published in both academic and practitioner journals. Dr. Zhao has working experience in Da Hua CPA and China Petrochemical Corporation prior to joining Penn State Behrend.

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UCLA Anderson Master of Financial Engineering

Join a top 10-ranked mfe program*, leverage your skill with numbers.

*UCLA Anderson MFE is Ranked #3 in the U.S. by QS World University Rankings

Don’t Miss Our Singular Q&A Info Session of the Year

Stay up to date on the UCLA Anderson MFE Program

A few numbers to get you started:.

100% Participation in Summer Internships/Fieldwork

97% Employment Rate Class of 2022 (6 Months Post Graduation)

4:1 Student–Faculty Ratio

$137K Average Total Compensation After Graduation

90% Full-Time Faculty

Expand Your Career Readiness Through These Exclusive Offerings:

Leading-edge elective courses , including classes focused on cryptocurrency, data analytics and machine learning

The Applied Finance Project, a course where students solve a problem for a company or organization with faculty advisors’ guidance

The Master of Financial Engineering Advisory Board, an esteemed group of industry leaders who help steer the program’s curriculum, guest lecture for courses and support career services’ efforts.

Events, programs and competitions in collaboration with UCLA Anderson’s Fink Center for Finance , a highly regarded organization in the field.

Hear From Our Graduates

Key Strengths of the MFE Program

Business School Advantage

UCLA Anderson offers exceptional academic preparation, a cooperative and congenial student culture, and access to a thriving business community, as well as support services for scholastic and career advancement. Our MFE program affords a dynamic curriculum that combines theory, analytical skills and current business practice. UCLA Anderson MFEs join one of the world’s largest and most renowned alumni networks, with more than 36,000 members in over 100 countries.

Real-World Projects

Beyond the classroom, UCLA Anderson MFE students apply their knowledge to real-world settings through a summer internship and our Applied Finance Project (AFP). The hands-on AFP pairs student teams with real client projects, providing valuable exposure to potential employers and broadening their professional networks.

Learn From Renowned Finance Thought Leaders

Our trailblazing faculty are respected professors and researchers, as well as revered leaders in the world of finance. They will teach you in a curriculum that merges quantitative finance theories with up-to-the-minute business practices, you can more effectively apply what you learn. Outside of our curriculum, our Financial Institutions Seminar brings industry leaders to you, giving you a window into the trends and dynamics that drive their businesses.

Learn More About Our Academics

What You Can Do Next

Stay in touch.

• Request Information

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Register for an event, take the first step, start your mfe application, application deadlines.

The application for the entering Class of 2025, which will begin in the fall quarter of 2024 is LIVE!

The application period is divided into three rounds/deadlines:

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Online Financial Engineering Master's Program

Program details, bring a quantitative approach to the complex technical challenges facing the finance industry, ensuring you can create value throughout your career..

The Master of Science in Financial Engineering is a 30-credit degree program that addresses the needs of students looking to advance their management careers in the financial sector. For a sequence of recommended courses, see below:

Basic Math Foundation Track

Note : 630 and 680 may be swapped.

Advanced Math Foundation Track

Student Spotlight

[Stevens] definitely helped me get my current role today. I switched jobs midway through the program, and it helped open doors.

Jeff Bulick '23

'23, M.S. Financial Engineering

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2024 QuantNet Ranking of Best Financial Engineering Programs

The QuantNet ranking of Financial Engineering, Mathematical, and Quantitative Finance master's programs in the US offers detailed insights into placement and admission statistics from the nation's top programs. It serves as the ultimate guide for prospective applicants, helping them choose and enroll in the best master’s programs in quantitative finance.

Baruch College

Princeton university, carnegie mellon university, university of california, berkeley, columbia university, university of chicago, cornell university, nyu courant, massachusetts institute of technology.

NYU Tandon School of Engineering

Georgia institute of technology, north carolina state university, university of california, los angeles, johns hopkins university, university of washington, rutgers university, university of illinois urbana champaign.

Stevens Institute of Technology

University of minnesota, boston university, fordham university, uc san diego.

* Base + sign on bonus (US only)

New York University

University of Illinois Urbana-Champaign

University of california, san diego.

*Base + sign on bonus (US only) Eligible STEM degree as designated by DHS for the 24 months OPT extension purpose.

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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.

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

required units

degree awarded

program start

1 year | full time*

estimated completion time

Where You Can Find Our Alumni

Royal Bank of Canada

Vice President

Capital Group

Quantitative Research Associate

Director Fixed Income

Investment Banking Analyst

Western Asset Management

Portfolio Analyst

Wells Fargo

Deputy Chief Investment Officer

Goldman Sachs

Investment Banking

Bank of America Merrill Lynch

Regional Lead (AMRS) – Data Science

Deutsche Bank

Head of Portfolio Management

Lending Club

Risk Infrastructure Engineer

Shenzhen Capital Group

Data Analyst

Henry Schellhorn

Professor of Mathematics Academic Director, Financial Engineering Program

Research Interests

Financial engineering, Credit risk, Stochastic analysis, Traffic models

Professor of Mathematics Director, Institute of Mathematical Sciences

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

Marina Chugunova

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

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

Professor of Mathematics

Fluid Dynamics, Mathematical Modeling, Scientific Computing

Research Associate Professor of Mathematics

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

Allon Percus

Joseph H. Pengilly Professor of Mathematics

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

Andrew Nguyen

Adjunct Professor of Mathematics

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

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

Corporate Finance, Investments, Economics of Strategy, Macroeconomics

View All Mathematics Courses

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, spring semester, recommended elective courses, 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

Application Guidelines

CGU operates on a priority deadline cycle. Applicants are strongly encouraged to submit complete applications by the priority dates in order to assure maximum consideration for both admission and fellowships.

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

The Claremont Graduate University online application is hosted online by Slate Technolutions via a secure web server. You will create a username and password so that you can return to continue your application over several sessions and check your status after submission. After you submit your application, it is made available for review by our faculty and staff.

Begin your application

The application fee is non-refundable.

Applicants must submit a sealed, official transcript from every undergraduate and graduate institution that has granted the applicant a degree. Electronic transcripts sent to [email protected] are also accepted. For undergraduate coursework, applicants are required to submit proof of a completed bachelor’s degree from a regionally accredited college or university. Unofficial copies of transcripts are accepted for review purposes, but official copies will be required upon admission.

Applicants currently earning a degree that will be completed prior to attending CGU are required to submit a transcript showing work in progress for evaluation purposes. Once the degree has been granted, a final official transcript documenting the degree conferred must be submitted to CGU.

International applicants are advised to review the International Transcript Guidelines for additional information on submitting international transcripts.

Applicants must submit an up-to-date copy of their resume.

A valid score on one of the following examinations TOEFL, IELTS, Pearson PTE, Duolingo English Test is required of all non-native English-speaking applicants. The examination is not required for the following applicants:

• Citizens or permanent residents of countries where English is the sole official language of instruction, e.g., Australia, Bahamas, Barbados, Canada (except Quebec), England, Ghana, Ireland, Jamaica, Kenya, New Zealand, Nigeria, Scotland, St. Vincent and the Grenadines, Trinidad, Tobago, Uganda, and Wales (see the CGU Bulletin for a complete list of accepted countries).
• Applicants who hold an undergraduate or advanced degree, or will have earned such a degree prior to enrolling at CGU, from an institution in the US or in countries where English is the sole official language of instruction (see above).
• Applicants who have successfully completed an academic English pre-master’s or intensive graduate bridge program from a nationally recognized, regionally accredited four-year college or university in the United States in the last two years, with submitted evidence of successful completion, and subject to curriculum approval.
• CGU allows for an English proficiency waiver if the applicant has received, or will receive prior to enrollment at CGU, an undergraduate or advanced degree from an institution where English is one of the primary languages of instruction for the majority of courses in the student’s program. To receive the waiver, documentation must be provided by the applicant to show that English is the language of instruction at their university/college.

CGU’s school code for the TOEFL exam is 4053 .

International applicants are encouraged to visit our International Applicants page for more information, including score requirements.

When filling out the online application, please enter references acquainted with your potential for success who will submit a written recommendation on your behalf. In most academic departments, references from faculty members who can speak to your academic ability are preferred; applicants with substantial work experience may request professional references. Please do not enter family members as references.

You will be required to input information for your recommenders (whether they are submitting online or not) in the “Recommendations” section of the online application. Please follow the directions in this section carefully before clicking on “Recommendation Provider List” to input the names and contact information for each recommender. You will have an opportunity to indicate if the reference writer will be submitting online. These reference writers will receive an email from CGU with instructions on submitting an online recommendation.

Recommenders who are indicated as offline will not receive an email from CGU with instructions to submit. These reference writers can submit via traditional mail and should use the supplemental New Student Recommendation Form. Recommenders can also email their letter of recommendation to the Office of Admissions at [email protected] .

Download the Recommendation Form

Please submit a 2-3 page statement of purpose that details your academic and/or professional achievements, your specific areas of research interest within your desired field of study, why you are a strong candidate for graduate studies at CGU, and your career goals.

GMAT or GRE examination scores must be dated within the past five years. Request that an official GMAT or GRE score be sent to admissions directly from Educational Testing Service (ETS).

Scores must be sent directly to CGU by the testing agency.

CGU’s school codes: GMAT DZK-QS-08 ETS (GRE and TOEFL) 4053

The Math Verification Form is downloadable via the online application or electronic copy available here .

ESTIMATED TUITION (CALIFORNIA RESIDENTS, NON-RESIDENTS, INTERNATIONAL)

*Based on 2024-2025 tuition rates.

STUDENT FEES (PER SEMESTER)

For estimates of room & board, books, etc., please download CGU’s  Cost of Attendance 2024-2025 .

Review General Costs

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.

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Master of Financial Engineering Program

Launch your career in finance, data science, or technology. Gain skills, insights, and hands-on experience. Connect with top firms. Prepare to make your mark.

Sign up to learn more

Challenge yourself in the nation's top-ranked mfe program.

Dive into an intense learning journey mapped out to take your career in the right direction.

Student Life

Join a brilliant, diverse, and talented community that embraces intellectual curiosity and supports your success.

Career Advantage

Find your place in a leading finance or technology firm through unrivaled, personalized career support.

Berkeley MFE by the Numbers

Students in the class of 2023 who received full-time offers

MFE Program Ranking ( TFE Times , 2023)

For Finance Research (CFAR Ranking, 2023)

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Online Education

University of San Francisco online degree programs are carefully designed to deliver a world-class education, whenever you’re ready and wherever your busy schedule takes you.

Our online master’s degree programs are adapted from their campus counterparts with added flexibility for today’s busy professionals. Classes utilize the latest online learning system technologies to deliver dynamic and engaging lessons.

Whether you’re studying Nursing (MSN) or Public Health (MPH) , our experienced faculty will help provide the progressive knowledge and practical skills to succeed in a professional environment. Online graduates receive the same diploma and access to USF resources as those who attend on campus. And small class sizes mean you’ll get the one-on-one attention you need.

You now have a range of options for how to receive USF's rigorous, caring, values-based education. Whether you come to our main San Francisco campus, take courses through our online programs , or attend one of our convenient additional campuses , you will receive the top-flight education USF is famous for. At USF, we offer students the knowledge and skills to succeed as people and professionals , and the values and sensitivity necessary to be men and women for others.

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Complaint Resolution Procedures

Credit Card Payment Policy Change

Due to steeply rising transaction fees, the University of San Francisco will no longer accept credit card payments for tuition and fees. This change will be in effect beginning November 15, 2016 after the final payment date for the fall semester. USF continues to offer check and electronic check transfers with no fees applied. The semester payment plan is also an available option to all USF students. You will find information about all of the payment options at usfca.edu/payment. If you have not done so already, investigate the federal student loan program with financial aid. Interest rates are much lower than credit cards. To get started, complete the Free Application for Federal Student Aid (FAFSA) at www.FAFSA.gov. Please contact [email protected] if you have any questions or concerns.

30 Great Master of Financial Engineering Programs

By: MOFD Staff

Now is a great time to pursue a master’s degree in financial engineering! The average salary of a financial engineer with a master’s degree an impressive $97,300 per year. The U.S. Bureau of Labor Statistics reports that employment in business and financial occupations is expected to grow 7% before 2028. That is faster than the average industry!  

Of course, it isn’t easy to determine which colleges and universities are best when it comes to where to study for a master’s in financial engineering (which can also be known as financial mathematics, mathematical engineering, quantitative finance, or computational finance). There are many factors to consider, including overall cost, national reputation, and curriculum, to name but a few considerations. That’s why we took on the task of determining the top 30 master’s in financial engineering degree programs, updated for 2020.

Ranking Methodology

To come up with our ranking of the best master’s degrees in financial engineering, we began by finding as many graduate-level financial engineering programs or similar that we could. To narrow our list to the top 30, we used the following points system.

Annual Tuition (Estimate):  

Under $70,000 — 2 points Under $60,000 — 3 points Under $50,000 — 4 points Under $40,000 — 5 points Under $30,000 — 6 points Under $20,000 — 7 points Under $10,000 — 8 points  

Annual Percentage of 20-Year Net Return on Investment (ROI) (University Wide):  

1% and below — 0 points 2-3% — 1 point 4-5% — 2 points 6-7% — 3 points 8-9% — 4 points 10% and above — 5 points  

Average Early-Career Salary of Graduates (University Wide):  

$50,000 and below — 1 point $60,000 and below — 2 points $70,000 and below — 3 points $80,000 and below — 4 points $90,000 and below — 5 points $100,000 and below — 6 points Above $100,001 — 7 points  

Additional Recognition

Master of Financial Engineering — 2 points Concentration or Focus Only — 1 point

30. University of Chicago Master of Science in Financial Mathematics

Points:  9 Tuition:  $60,300 Average Starting Salary:  $66,000 Annual Percentage of 20-Year Net ROI:  5% Program Website

The University of Chicago offers a Master of Science in Financial Mathematics that takes approximately 15 months to complete. The rigorous program immerses students in the deep-rooted relationship between mathematics and finance, and prepares them with practical knowledge to succeed in the industry. University of Chicago graduates are highly sought after by top companies, and grads have gone on to work for such companies as:

• Goldman Sachs

29. Rensselaer Polytechnic Institute Master of Science in Quantitative Finance and Risk Analysis 

Points:  9 Tuition:  $54,000 Average Starting Salary:  $71,300 Annual Percentage of 20-Year Net ROI:  n/a School Profile

The Lally School of Management at Rensselaer Polytechnic Institute offers an M.S. degree in Quantitative Finance and Risk Analysis. Students can complete the program full-time in one year, but a part-time option is also available. The program is interdisciplinary in nature and crosses several departments within the institution. The curriculum balances finance with students’ specialized interests. Rensselaer Polytechnic Institute is the oldest technological university in the United States.

28. Stanford University Master of Science in Financial Mathematics

Points:  10 Tuition:  $52,479 Average Starting Salary:  $59,800 Annual Percentage of 20-Year Net ROI:  7% School Profile

Stanford University offers a top-ranked Master of Science in Financial Mathematics. The 45-unit degree program takes four quarters to complete, and students must finish within three years. To complete the M.S. in financial mathematics, students must pass six required courses, six electives, and either an industrial internship in the Bay Area or a selection of additional coursework.

27. Boston University Master of Science in Mathematical Finance & Financial Technology

Points:  10 Tuition:  $54,700 Average Starting Salary:  $62,000 Annual Percentage of 20-Year Net ROI: 5% School Profile

The M.S. in Mathematical Finance & Financial Technology program at Boston University can be completed in just three semesters. Students are also given the opportunity to work in an internship or on an industry-sponsored project during the summer. The program integrates principles of math with theory and practice of finance. Impressively, Boston University graduate students have gone on to work for such companies as:

• Morgan Stanley
• Fidelity Investments
• Barclays Capital.

26. New York University Master of Science in Financial Engineering

Points:  11 Tuition:  $33,408 Average Starting Salary:  $56,000 Annual Percentage of 20-Year Net ROI:  5% School Profile

NYU’s Master of Science in Financial Engineering is designed to train students “to engineer the future of finance and transform financial theory into practice.” The 33-credit degree program takes three semesters to complete, though part-time options are also available. Students must complete five core courses, 13.5 credits of electives, an applied lab, and a capstone experience. Students may also choose to focus in one of the following areas:

• corporate finance and financial markets
• computational finance
• risk finance
• technology and algorithmic finance.

25. Fordham University Master of Science in Quantitative Finance

Points:  11 Tuition:  $34,608 Average Starting Salary:  $59,700 Annual Percentage of 20-Year Net ROI:  5% School Profile

The Quantitative Finance program at Fordham University is designed to set students up for success in the industry. Over the course of the 18-24 months it takes to complete the degree program, students will:

• lunch with hedge fund managers at networking events
• take a seminar from a stochastic modeling expert
• hand their resume right to a senior quant trader

An impressive 85-90% of Fordham University’s quantitative finance grads find jobs within three months of graduation, and 100% have jobs within six months.

24. University of Southern California Master of Science in Financial Engineering 

Points:  11 Tuition:  $46,272 Average Starting Salary:  $64,500 Annual Percentage of 20-Year Net ROI:  5% School Profile

The University of Southern California Viterbi School of Engineering offers a master’s in Financial Engineering. Students can complete the program taking between 29 and 31 credit hours of coursework. The program is also offered online. Both programs are extremely selective, and offer the same high-quality education opportunity that USC is known for.

23. University of Notre Dame Master of Science in Applied and Computational Mathematics and Statistics 

Points:  11 Tuition:  $54,908 Average Starting Salary:  $67,000 Annual Percentage of 20-Year Net ROI:  $6% School Profile

University of Notre Dame’s Department of Applied and Computational Mathematics and Statistics offers a research master’s program that is designed to prepare students for a doctoral degree. The 30-unit program requires:

• a series of courses
• a written examination
• an oral examination

Notre Dame also offers a professional master’s program in which students may choose to concentrate in either applied mathematics or computational science. However, the professional program is only offered select semesters.

22. Johns Hopkins University Master of Science in Financial Mathematics

Points:  11 Tuition:  $55,350 Average Starting Salary:  $67,200 Annual Percentage of 20-Year Net ROI:  6% School Profile

The Financial Mathematics program at Johns Hopkins University emphasizes computing and effective communication as key skills and abilities that every graduate needs to possess. Students are able to complete their degree in three semesters beginning in late summer. To gain real world experience, students complete a summer internship before their last semester.

21. Princeton University Master in Finance (M.Fin.)

Points: 12 Tuition: $51,870 Average Starting Salary:  $76,800 Annual Percentage of 20-Year Net ROI:  8% School Profile

Though Princeton University offers a Master in Finance degree, the program is unique in that it places a huge emphasis on financial engineering and computational methods. Students are expected to pursue the degree full-time, and should finish in about four semesters. A summer internship to gain practical experience is required between years one and two.

20. Columbia University Master of Science in Financial Engineering

Points:  13 Tuition:  $47,600 Average Starting Salary:  $73,100 Annual Percentage of 20-Year Net ROI:  6% School Profile

The Financial Engineering program at Columbia University is one of the most prestigious in the field. The program has a 100% job placement rate, and ensures graduates are able to apply their education immediately after graduation. Students attend the program full-time and complete it in two semesters. An impressive 51% of summer internships are converted into full-time offers.

19. Carnegie Mellon University Master of Science in Computational Finance

Points:  13 Tuition:  $45,037 Average Starting Salary:  $75,900 Annual Percentage of 20-Year Net ROI:  7% School Profile

The Computational Finance degree program at Carnegie Mellon University can be completed in three semesters. Students can participate full-time, part-time, or online via distance learning. The program is fully integrated among four Carnegie Mellon Colleges, including:

Impressively, 99% of full-time students are accepted into a summer internship, and 86% accept full-time positions within three months of graduation.

18. University of Connecticut Master of Science in Applied Financial Mathematics 

Points:  14 Tuition:  $16,300 (Connecticut residents), $38,212 (out of state) Average Starting Salary:  $44,700 Annual Percentage of a 20-Year Net ROI:  9% School Profile

University of Connecticut offers a Master’s in Applied Financial Mathematics, a joint venture among the departments of mathematics, finance, and statistics. To fully earn the degree, students must complete at least 30 credits of required courses and electives, an approved exit project, and a field study internship. For those who prefer an actuarial science concentration in applied financial mathematics, UConn also offers an M.S. in Financial Mathematics – Actuarial Science.

17. Illinois Institute of Technology Master of Mathematical Finance

Points:  14 Tuition:  $29,487 Average Starting Salary:  $64,600 Annual Percentage of a 20-Year Net ROI:  6% School Profile

The Illinois Institute of Technology offers a Mathematical Finance degree in partnership with the Department of Applied Mathematics and the Stuart School of Business. The typical full-time plan of study allows students to complete the program over four semesters, including a summer internship. The program requires a minimum of 11 courses be completed to earn the degree, but no thesis is required.

16. Lehigh University Master of Science in Financial Engineering 

Points:  14 Tuition:  $27,000 Average Starting Salary:  $69,500 Annual Percentage of a 20-Year Net ROI:  7% School Profile

Lehigh University’s Master of Science in Financial Engineering degree is a cutting edge program designed to provide a graduate student with a solid foundation in advanced finance and quantitative financial analysis. The 30-credit degree takes one year to complete, and includes a capstone practicum project with a financial services firm. Graduates of this program go on to work with top risk management groups, hedge fund firms, and data analytics companies.

15. Cornell University Master in Engineering with Financial Concentration

Points:  14 Tuition:  $29,500 Average Starting Salary:  $70,100 Annual Percentage of a 20-Year Net ROI:  7% School Profile

Cornell University offers a financial engineering concentration of its Master in Engineering degree. The career-oriented and application-focused program can be completed in three semesters. This includes a summer internship completed after the student’s first year. Cornell reports that 100% of its graduates are placed in a job within six months.

14. University of Minnesota Master of Financial Mathematics 

Points:  15 Tuition:  $17,580 (Minnesota residents), $27,204 (out of state) Average Starting Salary:  $57,200 Annual Percentage of a 20-Year Net ROI:  9% School Profile

The University of Minnesota offers a Financial Mathematics program that accommodates working professionals by offering courses in the evening. This is a coursework-only program. Most students complete the master’s degree in two years years, though it can also be completed in one year. Students may also complete a program emphasis which allows for the opportunity to take coursework in related areas of interest. Eighty-five percent of graduates are employed in a field related to financial engineering.

13. Rutgers University Master of Quantitative Finance

Points:  15 Tuition:  $17,736 (New Jersey residents), $30,144 (out of state) Average Starting Salary:  $59,800 Annual Percentage of a 20-Year Net ROI:  9% School Profile

Rutgers University’s Master of Quantitative Finance is a unique program which prepares students for employment in the specialized field of financial engineering. The 45-unit program may be taken on either a full-time or part-time basis, and can be finished in three semesters or three years. Students must complete seven core courses and a series of electives, including a Career Management class.  

12. Stevens Institute of Technology Master’s in Financial Engineering

Points:  15 Tuition:  $36,680 Average Starting Salary:  $75,100 Annual Percentage of a 20-Year Net ROI:  8% School Profile

The Stevens Institute of Technology offers a MS in Financial Engineering degree. The degree consists of six core courses, and 3-4 classes in the student’s chosen concentration. This degree program is available part-time or full-time on campus and online. Stevens Institute of Technology is home to the state-of-the-art Hanlon Financial Systems Lab, which contains a trading room and Bloomberg terminals. Students can also participate in the Financial Engineering Seminar Series where they can hear from leading professionals in the field about current research and industry trends.

11. Florida State University Master of Science in Financial Mathematics

Points:  16 Tuition:  $9,684 (Florida residents), $24,116 (out of state) Average Starting Salary:  $52,100 Annual Percentage of a 20-Year Net ROI:  8% School Profile

The Master of Science in Financial Mathematics degree program at Florida State University takes approximately two years to complete. Students may choose from three tracks:

• Quantitative Finance (preparation for a PhD)
• Quantitative Finance (ending with a master’s degree)
• Actuarial Science

Regardless of track choice, the degree program consists of 33 units, or 11 courses.  

10. University of North Carolina at Charlotte Master of Science in Mathematical Finance

Points:  16 Tuition:  $4,337 (North Carolina residents), $17,771 (out of state) Average Starting Salary:  $52,500 Annual Percentage of a 20-Year Net ROI:  9% School Profile

UNC Charlotte’s M.S. in Mathematical Finance degree program prepares students for careers in finance. It’s a joint venture between the Department of Mathematics and Statistics and the Belk College of Business. The mathematical finance degree may be started in either fall or spring. A benefit of completing one’s degree at UNC Charlotte is the career placement program. Graduates are currently working with top companies in:

• investment banking
• software development
• risk management
• financial modeling, among other industries.  

9. University of Illinois at Urbana-Champaign Master of Science in Financial Engineering

Points:  16 Tuition:  $14,997 (Illinois residents), $28,404 (out of state) Average Starting Salary:  $62,600 Annual Percentage of a 20-Year Net ROI:  9% School Profile

The Financial Engineering program at the University of Illinois Urbana-Champaign is a joint program between the College of Engineering and the College of Business. Students may begin the degree in August of each year, and it takes 15-24 months to complete. Approximately 90% of graduates will find employment within six months of graduation. Students complete a corporate-sponsored practicum course before graduation to gain real world experience in financial engineering and risk management problems.

8. University of Michigan Master of Science in Quantitative Finance and Risk Management

Points:  16 Tuition:  $23,890 (Michigan residents), $48,204 (out of state) Average Starting Salary:  $63,500 Annual Percentage of a 20-Year Net ROI:  10% School Profile

University of Michigan’s Master of Science in Quantitative Finance and Risk Management prepares students to assist in the solution of real-world financial problems as:

• quantitative analysts
• financial engineers
• risk managers

The degree is a joint venture between the departments of statistics and mathematics. Students complete the 36-unit degree program by working through four sequences of intense coursework over, typically, three terms. Eighty-six percent of graduates are employed in the financial field within six months of graduation.

7. University of California-Los Angeles Master of Financial Engineering

Points:  16 Tuition:  $11,442 (California residents), $26,544 (out of state) Average Starting Salary:  $63,900 Annual Percentage of a 20-Year Net ROI:  9% School Profile

The Financial Engineering program at UCLA is offered as a full-time program which can be completed in only 15 months. The curriculum is based on the business school model. It includes a corporate-sponsored Applied Finance Program and a summer internship prior to graduation. Currently, 94% of graduates find full-time employment within six months of graduation.

6. Baruch College (City University of New York) Master of Financial Engineering

Points:  16 Tuition:  $19,093 (New York residents), $28,263 (out of state) Average Starting Salary:  $65,000 Annual Percentage of a 20-Year Net ROI:  9% School Profile

The Financial Engineering program at Baruch College in New York boasts a near 100% employment placement rate for new graduates with an average starting salary of $125,000! Students complete 12 three-credit courses, and may pursue their degree full-time or part-time. All courses are offered in the evening to allow those already working in the field to meet their educational goals.

5. North Carolina State University Master of Financial Mathematics

Points:  17 Tuition:  $9,095 (North Carolina residents), $26,421 (out of state) Average Starting Salary:  $57,300 Annual Percentage of a 20-Year Net ROI:  10% School Profile

The Financial Mathematics program at North Carolina State University is an 18-month program if you’re a full-time student. The program  is a joint venture across five departments and four colleges. Students typically start in the fall (there are exceptions), and may pursue full or part-time study. 100% of all graduates find placement in the field after completing their degree.

4. Stony Brook University Master of Science in Quantitative Finance

Points:  17 Tuition:  $11,310 (New York residents), $23,200 (out of state) Average Starting Salary:  $60,200 Annual Percentage of a 20-Year Net ROI: 10% School Profile

The Quantitative Finance Track at Stony Brook University is aimed at producing applied mathematicians who specialize in finance. Students can pursue their degree on a full-time or part-time basis, although no formal part-time program has been established. Uniquely, Stony Brook’s degree program is designed for students to move right into a PhD program if they wish. Internships are available and encouraged.

3. University of Washington Master of Science in Computational Finance and Risk Management

Points:  17 Tuition:  $18,198 (Washington residents), $32,439 (out of state) Average Starting Salary:  $61,900 Annual Percentage of a 20-Year Net ROI:  10% School Profile

The University of Washington Computational Finance and Risk Management program is available for full or part-time study, on campus or online. The 42-credit program consists of a series of core requirements and 16 credits of electives. Washington’s MS in computation finance is highly competitive, and can be completed in about 18 months if tackled full time.

2. University of California-Berkeley Master of Financial Engineering

Points:  18 Tuition:  $11,442 (California residents), $26,544 (out of state) Average Starting Salary:  $72,100 Annual Percentage of a 20-Year Net ROI:  10% School Profile

U.C. Berkeley offers a top-ranked Master of Financial Engineering degree. Nearly 100% of graduates seeking full-time employment after graduation are placed within the first year. The financial engineering program is a 12-month, full-time program. A 10-week mid-program internship is also part of the curriculum, as is a capstone project in applied finance.

1. Georgia Institute of Technology Master of Science in Quantitative and Computational Finance  

Points:  18 Tuition:  $14,064 (Georgia residents), $29,140 (out of state) Average Starting Salary:  $72,700 Annual Percentage of a 20-Year Net ROI:  12% School Profile

Georgia Tech’s Quantitative and Computational Finance program is interdisciplinary among :

• the Scheller College of Business
• the H. Milton Stewart School of Industrial and Systems Engineering
• the School of Mathematics

Students can complete their studies full-time or part-time. Full-time students can finish in three semesters. An impressive 96% of graduates are employed within three months, and almost all complete a summer internship.

Related Resources:

• 50 Best Online Master of Finance Degree Programs
• 50 Great Small Colleges for an Accounting and Finance Degree
• Top 10 MBAs in Accounting Online

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Online Doctor of Philosophy in Petroleum Engineering

The Online Doctor of Philosophy degree in the Department of Petroleum Engineering is a research degree awarded to students after the exhibition of significant and valuable contributions in a specific field of petroleum engineering. This degree is designed for professionals aiming to become leaders and innovators in the energy sector. Graduates will gain access to a prestigious network and the skills needed to tackle complex industry challenges and drive sustainable energy solutions.

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Advance your career with our Engineering Online program! Backed by the university's esteemed reputation and national recognition in engineering education, you'll engage directly with industry leaders and a rigorous curriculum. Beyond graduation, tap into the extensive Aggie Alumni Network, offering invaluable connections to propel your career forward.

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Degree Details

• The Online Ph.D. in Petroleum Engineering is a 64-credit hour degree. Before beginning the program, students must have completed a Master of Science (MS) degree with a thesis. During the program, students must also complete a departmental qualifying exam, preliminary exam, proposal, and dissertation. The Qualifying Exam (QE) is required for all PhD students within the first year of study, and students may be required to take the exam on campus. The exam results let us know their suitability for conducting research and continuing their education in our program.

Course Information

Requirements.

• The minimum course requirement for the Ph.D. degree is eight courses (24 credit hours) with at least four courses in petroleum engineering (PETE). 
• Your graduate committee is in total charge of the courses on your degree plan. In general, you should take 1/3 course work and 2/3 research/seminar courses.
• Include a minimum of two, but not more than four, courses from outside the petroleum department. 
• Two credits for PETE 684 and PETE 692 courses are used for internships. 
• Undergraduate courses are taken only with the pre-approval of your graduate advisor. 
• Agree on at least four committee members, with a minimum of one from outside the petroleum department and a minimum of two petroleum faculty, including your chair. 
• File a degree plan before the beginning of your third semester and no later than 90 days before your final oral examination. 
• Take your Ph.D. qualifying examination within one year of entering the program. 
• Submit the results of your preliminary examination to the Graduate and Professional School at least 14 weeks before your final examination date. 
• Your preliminary exam should be both oral and written, unless your committee member chooses to waive the written part of the examination. 
• You must have an average GPR of 3.0 for all courses on your degree plan before you take the final exam. 
• Complete your dissertation and final exam. 
• Complete all your degree requirements within 10 years 

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Graduate Application Requirements

Current a&m students - quick admit, application portal.

The Texas A&M University Petroleum Engineering program is a great choice for anyone interested in a career in the oil and gas industry. It provides a great education with countless opportunities.

Degree Highlights

Related degrees.

International Petroleum Management Certificate

Online Master of Science in Petroleum Engineering

Engineering online resources, prospective students.

Interested in an online Master of Engineering degree in petroleum engineering? Here are a few things you need to know about our program.

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When you join the thriving, interdisciplinary research community at Duke BME, you gain access to unique opportunities in translational research.

Come to Duke and Durham, and get a PhD experience like no other.

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Duke provides significant financial support to PhD students. And that’s just the beginning. There’s mentorship and career exploration support, too.

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