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Baruch College - Master in Financial Engineering
Baruch MFE program is a small, selective program
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Can you tell us a bit about your background?
I studied part-time in the program from 9/2007-12/2010
no extensive background in math, but met the application requirements.
degrees in finance and banking, international business.
4.0 GPA
worked as a strategy consultant
Why did you choose this program?
Very tough to get into, great reviews on the PT track. I didn't apply to other programs
Tell us about the application process at this program
Pretty straightforward - make sure you have everything required for the application, attend the info session. then submit everything and hope you're called in for an interview. do well on the interview and hope you get an offer. worked well in my case ;]
I used QuantNet, general reading, personal contacts to learn about the program
Does this program offer refresher courses for incoming students? How useful was it?
A must, at least for this program. Everyone who took it, regardless of their background, were happy to have taken it.
Tell us about the courses selection in this program.
I like the combination of courses covering the fundamental concepts, and the more practical classes. the former were rather tough at times, but surviving those made the practical courses much more enjoyable.
Tell us about the quality of teaching
Combination of academics and practitioners, with "more academic" professors mostly assigned to early classes in the program (e.g. probabilities, linear algebra, etc).
always ready to help, during and after the class.
TA are very helpful, partly because many had been in current students' shoes themselves.
Teaching materials are a combination of traditional textbooks, additional reading and instructors' own materials.
Programming component of the program
C++ is the king/queen in the program, with occasional use of xls/VBR. 2 classes dedicated to C++, plus numerous assignments that require C++ skills
Projects
Projects tended to be rather practical, not much pure academic research. At times involve coding, but coding did not serve as a goal in and of itself. Quite a few trading strategy projects, risk management, and related areas. Mostly group projects, but some professors insisted on individual assignments.
Career service
Extremely helpful, and that's an understatement. The Director is personally involved in each student's success with getting an internship and a job. Tons of helpful seminars, postings, and relevant information.
What do you like about the program?
Strong values
Student body that is helpful, respectful, not arrogant
Value
What DON'T you like about the program? What suggestions would you have?
With so many activities and projects, the staff looked a little overwhelmed/overworked at times. Work on improving the brand recognition, though that's definitely a matter of time at this point.
What are your current job status?
Employed FT, Head of Financial Services Team at NYCEDC
Other comments?
Overall, it's been a great experience, very happy to have chosen and gone through the program.
I studied part-time in the program from 9/2007-12/2010
no extensive background in math, but met the application requirements.
degrees in finance and banking, international business.
4.0 GPA
worked as a strategy consultant
Why did you choose this program?
Very tough to get into, great reviews on the PT track. I didn't apply to other programs
Tell us about the application process at this program
Pretty straightforward - make sure you have everything required for the application, attend the info session. then submit everything and hope you're called in for an interview. do well on the interview and hope you get an offer. worked well in my case ;]
I used QuantNet, general reading, personal contacts to learn about the program
Does this program offer refresher courses for incoming students? How useful was it?
A must, at least for this program. Everyone who took it, regardless of their background, were happy to have taken it.
Tell us about the courses selection in this program.
I like the combination of courses covering the fundamental concepts, and the more practical classes. the former were rather tough at times, but surviving those made the practical courses much more enjoyable.
Tell us about the quality of teaching
Combination of academics and practitioners, with "more academic" professors mostly assigned to early classes in the program (e.g. probabilities, linear algebra, etc).
always ready to help, during and after the class.
TA are very helpful, partly because many had been in current students' shoes themselves.
Teaching materials are a combination of traditional textbooks, additional reading and instructors' own materials.
Programming component of the program
C++ is the king/queen in the program, with occasional use of xls/VBR. 2 classes dedicated to C++, plus numerous assignments that require C++ skills
Projects
Projects tended to be rather practical, not much pure academic research. At times involve coding, but coding did not serve as a goal in and of itself. Quite a few trading strategy projects, risk management, and related areas. Mostly group projects, but some professors insisted on individual assignments.
Career service
Extremely helpful, and that's an understatement. The Director is personally involved in each student's success with getting an internship and a job. Tons of helpful seminars, postings, and relevant information.
What do you like about the program?
Strong values
Student body that is helpful, respectful, not arrogant
Value
What DON'T you like about the program? What suggestions would you have?
With so many activities and projects, the staff looked a little overwhelmed/overworked at times. Work on improving the brand recognition, though that's definitely a matter of time at this point.
What are your current job status?
Employed FT, Head of Financial Services Team at NYCEDC
Other comments?
Overall, it's been a great experience, very happy to have chosen and gone through the program.
Can you tell us a bit about your background?
Worked in finance for 8 years. BBA from Baruch
I studied part-time in the program from 9/2006-12/2010
Why did you choose this program?
Liked the program director, very impressive from first time meeting him. I didn't apply to other programs
Tell us about the application process at this program
Liked the program director, very impressive from first time meeting him
Does this program offer refresher courses for incoming students? How useful was it?
Yes refreshers are offered for about $2000. They're great but tough as heck
Tell us about the courses selection in this program. Any special courses you like?
I was allowed to take some interesting classes in addition to the required ones which was great for someone like me. I like finance but I did not want to spend my entire program debugging C++ code or doing tough as nails Math if there was no finance that was shown by the instructors. Dan was really good about making sure that this was not forgotten in the classes he taught.
Tell us about the quality of teaching
Dan is great at teaching in general and specifically in the subjects he taught such in intro to pricing and numerical methods and PDE's. I had the privilege of taking a class with the late Professor Neftci and it was unbelivable, he was really great at teaching.
Programming component of the program
C++, there is a dedicated class. I suck at programming so I spent quite a bit of time
Projects
Group work in class which helps students learn together, reall sense of togetherness here which is much better than the experiences I heard from other students.
Career service
Dan is always available(program is larger now so I get a response to my emails within the hour as opposed to 1 minute ). The placement is great, even during financial crisis most students were able to get internships and jobs. I did not need this service specifically though my resume getting tweaked led to more interviews when I needed them but the career service was definitely available.
What do you like about the program?
Very small group like atmosphere where everyone knows everyone (not a cog in a wheel). You can make lifelong friends (I have) and especially networking contacts. People have gotten jobs/interviews just by knowing each other because you work together and see each others strengths and weaknesses.
What DON'T you like about the program? What kind of changes would you make if you were in charge?
Some classes can be taught too theoretically without remembering finance. It might be beneficial to have the theoretical stochastic calculus taught by a professional from the industry rather than a "math" person
What are your current job status?
I work full-time for an investment bank in risk management
Other comments?
Great program, I always recommend to people looking to go into financial engineering
Worked in finance for 8 years. BBA from Baruch
I studied part-time in the program from 9/2006-12/2010
Why did you choose this program?
Liked the program director, very impressive from first time meeting him. I didn't apply to other programs
Tell us about the application process at this program
Liked the program director, very impressive from first time meeting him
Does this program offer refresher courses for incoming students? How useful was it?
Yes refreshers are offered for about $2000. They're great but tough as heck
Tell us about the courses selection in this program. Any special courses you like?
I was allowed to take some interesting classes in addition to the required ones which was great for someone like me. I like finance but I did not want to spend my entire program debugging C++ code or doing tough as nails Math if there was no finance that was shown by the instructors. Dan was really good about making sure that this was not forgotten in the classes he taught.
Tell us about the quality of teaching
Dan is great at teaching in general and specifically in the subjects he taught such in intro to pricing and numerical methods and PDE's. I had the privilege of taking a class with the late Professor Neftci and it was unbelivable, he was really great at teaching.
Programming component of the program
C++, there is a dedicated class. I suck at programming so I spent quite a bit of time
Projects
Group work in class which helps students learn together, reall sense of togetherness here which is much better than the experiences I heard from other students.
Career service
Dan is always available(program is larger now so I get a response to my emails within the hour as opposed to 1 minute ). The placement is great, even during financial crisis most students were able to get internships and jobs. I did not need this service specifically though my resume getting tweaked led to more interviews when I needed them but the career service was definitely available.
What do you like about the program?
Very small group like atmosphere where everyone knows everyone (not a cog in a wheel). You can make lifelong friends (I have) and especially networking contacts. People have gotten jobs/interviews just by knowing each other because you work together and see each others strengths and weaknesses.
What DON'T you like about the program? What kind of changes would you make if you were in charge?
Some classes can be taught too theoretically without remembering finance. It might be beneficial to have the theoretical stochastic calculus taught by a professional from the industry rather than a "math" person
What are your current job status?
I work full-time for an investment bank in risk management
Other comments?
Great program, I always recommend to people looking to go into financial engineering
Can you tell us a bit about your background?
Education: BA Mathematics
Prior work Ex: approx 1.5 years
I studied full-time in the program from 9/2008-12/2009
Did you get admitted to other programs?
NYU Math Finance
Why did you choose this program (over others, if applicable)?
There were two deciding factors: close attention from the faculty (Dan comes on strong), and superior teaching. Other programs I observed had, what I considered to be a very poor learning environment.
What alternative sources of info you used to learn more about the program?
Quantnet, information sessions, sitting in on classrooms, talking to students & alumni, talking to instructors
Tell us about the application process at this program
Application process was straightforward and responsive.
Does this program offer refresher courses for incoming students? How useful was it?
Baruch has refresher courses, although "refresher" is a misnomer. They are stand-alone courses of their own, which cover material you are not really expected to have known previously, although they will probably be a real challenge if you haven't learned those subjects before. When I took them, there was some push back from students who also had full-time jobs (even part time admits take four days a week of refresher courses!) and found it very difficult to keep up.
Tell us about the courses selection in this program. Any special courses you like?
When I attended there were roughly 14 courses of which you took 11 and a capstone (give or take one course). I felt at the time that the offerings were somewhat restricted and narrowly focused; if you had an interest in algo trading, there was nothing for you. However, if you had an interest in equity options, this program was perfect. Now, they have broadened the offerings somewhat, so you have more flexibility in this regard.
I felt that Sylvain's courses on structured finance were very instructive, since they were project based. I also benefited greatly (at large personal cost, given how demanding it was) from the programming courses.
Tell us about the quality of teaching
The quality of teaching was variable. Some instructors were very good, whereas some were too busy to prepare for class, or did not structure the curriculum well, or did not answer questions and were generally unavailable. As a result, more than one course in the program yielded little benefit to me or other students, who were quite vocal about this problem.
On the other hand, some courses were very demanding and I learned a great deal, which continues to be useful in my work. (For the doubters, that includes Stochastic Calculus.)
TAs were extremely helpful and responsive. The other students are also very collaborative and provide assistance on homeworks.
The support from TAs in each class is great and an invaluable help to comprehend better the class work.
Materials used in the program
All the books are shown on quantnet (master reading list for MFE students)
Programming component of the program
C++ primarily. VBA and R were also used at times
The programming component is very intense. However, pedantic programming instruction is minimal, and (in my opinion) not important. It seems to me that the biggest determinant in what you get out of the programming courses is what you came in with; I had a strong background in programming and learned a great deal, and it earned me a great deal of attention from employers. On the other hand, students who came in with weak programming skills struggled but did not receive adequate support to improve, in my opinion. Unfortunately, the only way to become a good programmer is to devote significant time to it, and this is not easily taught.
Projects
We did a number of individual and group projects. In our C++ course we did a PnL calculator for stocks and bonds, and a series of projects based on Mark Joshi's options book (highly recommended). We also programmed a linear algebra library for the linear algebra course. For structured finance we programmed a deal using excel & VBA. For a handful of other courses, we used R (or our language of choice).
Career service
There is very good career service, with good placement and close attention. Placement is a very high priority.
Of course, this was a challenge when I was a student and few positions were open. Nonetheless, Dan devoted significant time and resources to opening new avenues of hiring.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Students did form ethnic groups, but also interacted a great deal with the larger student population. Since the program is so small, everyone fits in a room and works together, which breaks down those national barriers.
What do you like about the program?
The intensity of the program is crucial to its success. It strains personal relationships in particular in the first semester for full-time students. However, you move quickly up the curve and resources are there for those who want them. Given its small size and value placed on enterprise, a student who decides to take leadership and responsibility is rewarded with it, in the classroom and in the community. However, you will be allowed to languish if you choose not to participate.
What DON'T you like about the program?
The rest of my review has a number of criticisms; inconsistency of teaching and course material was my biggest objection.
Suggestions for the program to make it better
Since I have left, I think many of my peeves have been improved. Furthermore, there are many proposals and countervailing opinions floating around among the faculty of their vision for the program. These are suppressed now; it would be best to listen to them both to increase faculty satisfaction and to improve the coursework from seasoned practitioners and educators.
What are your current job status? What are you looking for?
Employed as quantitative analyst
Other comments?
What you put into any masters program is what you get out. Baruch MFE gives you a path for success, but you must apply yourself, and selectively choose what is important to learn and what interests you. (Presumably much of it interests you as you chose to attend the MFE). It will always be a mistake to choose an "Easier" course at this level of education (solely for that reason); the goal should be to maximize exposure to topics and improve your skills; leverage other students, the school's resources, faculty. Again, Baruch has those available, so use them.
Education: BA Mathematics
Prior work Ex: approx 1.5 years
I studied full-time in the program from 9/2008-12/2009
Did you get admitted to other programs?
NYU Math Finance
Why did you choose this program (over others, if applicable)?
There were two deciding factors: close attention from the faculty (Dan comes on strong), and superior teaching. Other programs I observed had, what I considered to be a very poor learning environment.
What alternative sources of info you used to learn more about the program?
Quantnet, information sessions, sitting in on classrooms, talking to students & alumni, talking to instructors
Tell us about the application process at this program
Application process was straightforward and responsive.
Does this program offer refresher courses for incoming students? How useful was it?
Baruch has refresher courses, although "refresher" is a misnomer. They are stand-alone courses of their own, which cover material you are not really expected to have known previously, although they will probably be a real challenge if you haven't learned those subjects before. When I took them, there was some push back from students who also had full-time jobs (even part time admits take four days a week of refresher courses!) and found it very difficult to keep up.
Tell us about the courses selection in this program. Any special courses you like?
When I attended there were roughly 14 courses of which you took 11 and a capstone (give or take one course). I felt at the time that the offerings were somewhat restricted and narrowly focused; if you had an interest in algo trading, there was nothing for you. However, if you had an interest in equity options, this program was perfect. Now, they have broadened the offerings somewhat, so you have more flexibility in this regard.
I felt that Sylvain's courses on structured finance were very instructive, since they were project based. I also benefited greatly (at large personal cost, given how demanding it was) from the programming courses.
Tell us about the quality of teaching
The quality of teaching was variable. Some instructors were very good, whereas some were too busy to prepare for class, or did not structure the curriculum well, or did not answer questions and were generally unavailable. As a result, more than one course in the program yielded little benefit to me or other students, who were quite vocal about this problem.
On the other hand, some courses were very demanding and I learned a great deal, which continues to be useful in my work. (For the doubters, that includes Stochastic Calculus.)
TAs were extremely helpful and responsive. The other students are also very collaborative and provide assistance on homeworks.
The support from TAs in each class is great and an invaluable help to comprehend better the class work.
Materials used in the program
All the books are shown on quantnet (master reading list for MFE students)
Programming component of the program
C++ primarily. VBA and R were also used at times
The programming component is very intense. However, pedantic programming instruction is minimal, and (in my opinion) not important. It seems to me that the biggest determinant in what you get out of the programming courses is what you came in with; I had a strong background in programming and learned a great deal, and it earned me a great deal of attention from employers. On the other hand, students who came in with weak programming skills struggled but did not receive adequate support to improve, in my opinion. Unfortunately, the only way to become a good programmer is to devote significant time to it, and this is not easily taught.
Projects
We did a number of individual and group projects. In our C++ course we did a PnL calculator for stocks and bonds, and a series of projects based on Mark Joshi's options book (highly recommended). We also programmed a linear algebra library for the linear algebra course. For structured finance we programmed a deal using excel & VBA. For a handful of other courses, we used R (or our language of choice).
Career service
There is very good career service, with good placement and close attention. Placement is a very high priority.
Of course, this was a challenge when I was a student and few positions were open. Nonetheless, Dan devoted significant time and resources to opening new avenues of hiring.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Students did form ethnic groups, but also interacted a great deal with the larger student population. Since the program is so small, everyone fits in a room and works together, which breaks down those national barriers.
What do you like about the program?
The intensity of the program is crucial to its success. It strains personal relationships in particular in the first semester for full-time students. However, you move quickly up the curve and resources are there for those who want them. Given its small size and value placed on enterprise, a student who decides to take leadership and responsibility is rewarded with it, in the classroom and in the community. However, you will be allowed to languish if you choose not to participate.
What DON'T you like about the program?
The rest of my review has a number of criticisms; inconsistency of teaching and course material was my biggest objection.
Suggestions for the program to make it better
Since I have left, I think many of my peeves have been improved. Furthermore, there are many proposals and countervailing opinions floating around among the faculty of their vision for the program. These are suppressed now; it would be best to listen to them both to increase faculty satisfaction and to improve the coursework from seasoned practitioners and educators.
What are your current job status? What are you looking for?
Employed as quantitative analyst
Other comments?
What you put into any masters program is what you get out. Baruch MFE gives you a path for success, but you must apply yourself, and selectively choose what is important to learn and what interests you. (Presumably much of it interests you as you chose to attend the MFE). It will always be a mistake to choose an "Easier" course at this level of education (solely for that reason); the goal should be to maximize exposure to topics and improve your skills; leverage other students, the school's resources, faculty. Again, Baruch has those available, so use them.
Can you tell us a bit about your background?
French engineer, started my career as an Information System consultant at Altran. A couple of years ago, moved to NYC to start the MBA Honors program at Baruch College, worked for Citigroup, CSFB. Realized his interest for financial engineering so completed the MFE at Baruch and works as a structured finance quantitative analyst at Vero Capital since then.
I studied full-time in the program from 9/2007-5/2009
Did you get admitted to other programs?
Did not apply to other programs.
Why did you choose this program (over others, if applicable)?
Top program from a public university.
Tell us about the application process at this program
No issue, the application process was very smooth.
Besides the program's websites, what alternative sources of info you used to learn more about the program?
While completing my MBA at Baruch, interacted on several occasions with the MFE body, attended lectures.
Does this program offer refresher courses for incoming students? How useful was it?
Yes, extremely useful. Besides the obvious material value, those refresher courses are a great way to meet and get familiarized with the student body, the school system, professors within a relaxed and friendly set of interactions. Although the material cover in such a short time requires some non negligible work.
Tell us about the courses selection in this program. Any special courses you like?
The courses selection in this program are excellent and some classes are presented by practitioners which gives an invaluable insight on the job world outside the theoretical environment.
The excellent structured finance course work presented by Sylvain Raynes is unique among MFE programs.
Tell us about the quality of teaching
Practitioners are dedicated and surprisingly accessible for the students given their professions.
The support from TAs in each class is great and an invaluable help to comprehend better the class work.
Materials used in the program
Textbook used in the program are the usual top teaching material.
For some classes, the Professor being also a published practitioner, it made sense to use his book which is a great complement to notes.
Programming component of the program
The official language of the program is C++, all classes will have coding homework/projects in C++.
Excel/VBA will be the second language.
Projects
Both individual and group projects were assigned.
A "capstone" project to be completed during a semester is a more consistent and require a great amount of work and dedication, but very rewarding in terms of learning and experience.
Career service
The Baruch MFE provides a great internship and full time placement service through the great connection and reputation of it s alumnus and professor body.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
The MFE program at Baruch is like an extended family. The class size is relatively small and we formed a great group inside the larger Baruch College cohort.
What do you like about the program?
I liked the challenging and great quality of the learning, the great interaction with professors, TA and students, facilitated by an online forum tool used for classes, but also other topics such as members helping others in their area of expertise.
The students have all great human qualities and the general atmosphere is not so much competitive but rather everybody helping out to get all learn the most and the fastest.
What DON'T you like about the program?
I have to admit that I did not enjoy too much the logistics for some classes.
Those non-core classes very popular were packed and it was sometimes bothering me to be squizzed in inappropriate size classrooms. I believe that this was quite a long time ago and with the rising popularity and success of the MFE program within Baruch, more and larger classrooms are available now.
Suggestions for the program to make it better
The Director is the greatest asset of this program, he is doing a remarkable work. I may try to talk to the Dean in order to better organize the logistics for those few very popular classes.
What are your current job status? What are you looking for?
Structured finance quantitative analyst
French engineer, started my career as an Information System consultant at Altran. A couple of years ago, moved to NYC to start the MBA Honors program at Baruch College, worked for Citigroup, CSFB. Realized his interest for financial engineering so completed the MFE at Baruch and works as a structured finance quantitative analyst at Vero Capital since then.
I studied full-time in the program from 9/2007-5/2009
Did you get admitted to other programs?
Did not apply to other programs.
Why did you choose this program (over others, if applicable)?
Top program from a public university.
Tell us about the application process at this program
No issue, the application process was very smooth.
Besides the program's websites, what alternative sources of info you used to learn more about the program?
While completing my MBA at Baruch, interacted on several occasions with the MFE body, attended lectures.
Does this program offer refresher courses for incoming students? How useful was it?
Yes, extremely useful. Besides the obvious material value, those refresher courses are a great way to meet and get familiarized with the student body, the school system, professors within a relaxed and friendly set of interactions. Although the material cover in such a short time requires some non negligible work.
Tell us about the courses selection in this program. Any special courses you like?
The courses selection in this program are excellent and some classes are presented by practitioners which gives an invaluable insight on the job world outside the theoretical environment.
The excellent structured finance course work presented by Sylvain Raynes is unique among MFE programs.
Tell us about the quality of teaching
Practitioners are dedicated and surprisingly accessible for the students given their professions.
The support from TAs in each class is great and an invaluable help to comprehend better the class work.
Materials used in the program
Textbook used in the program are the usual top teaching material.
For some classes, the Professor being also a published practitioner, it made sense to use his book which is a great complement to notes.
Programming component of the program
The official language of the program is C++, all classes will have coding homework/projects in C++.
Excel/VBA will be the second language.
Projects
Both individual and group projects were assigned.
A "capstone" project to be completed during a semester is a more consistent and require a great amount of work and dedication, but very rewarding in terms of learning and experience.
Career service
The Baruch MFE provides a great internship and full time placement service through the great connection and reputation of it s alumnus and professor body.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
The MFE program at Baruch is like an extended family. The class size is relatively small and we formed a great group inside the larger Baruch College cohort.
What do you like about the program?
I liked the challenging and great quality of the learning, the great interaction with professors, TA and students, facilitated by an online forum tool used for classes, but also other topics such as members helping others in their area of expertise.
The students have all great human qualities and the general atmosphere is not so much competitive but rather everybody helping out to get all learn the most and the fastest.
What DON'T you like about the program?
I have to admit that I did not enjoy too much the logistics for some classes.
Those non-core classes very popular were packed and it was sometimes bothering me to be squizzed in inappropriate size classrooms. I believe that this was quite a long time ago and with the rising popularity and success of the MFE program within Baruch, more and larger classrooms are available now.
Suggestions for the program to make it better
The Director is the greatest asset of this program, he is doing a remarkable work. I may try to talk to the Dean in order to better organize the logistics for those few very popular classes.
What are your current job status? What are you looking for?
Structured finance quantitative analyst
Can you tell us a bit about your background?
No previous experience in finance.
I studied part-time in the program from 8/2004-12/2006
Did you get admitted to other programs?
No. The only program I applied to, and was admitted to, was Baruch MFE (known as Applied Mathematics for Finance)
Why did you choose this program (over others, if applicable)?
I audited a class and was immediately attracted by the way the instructor interacted with the students. Moreover financially it made the most sense for me at the time.
Tell us about the application process at this program
After submitting my application and being interviewed by Dr. Stefanica, I was informed of my admission to the program.
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
Yes, attended Baruch's three refresher courses: linear algebrea, advanced calculus and probability. Absolutely a must as the MFE program builds on these courses.
Tell us about the courses selection in this program. Any special courses you like?
Elective courses that I particularly enjoyed:
Risk Management class taught by Dr. Lev Borodovsky (Guest lecturer and co-founder of GARP). Why? the course focuses on the PRACTICE of risk management taught by a leading practitioner.
Structured Finance by Dr. Sylvain Raynes. Why? taught by a practitioner who believes in making a science out of finance, particular structured finance.
Required courses that I particularly enjoyed:
Advanced Computational Methods in Finance by Dr. Salih Neftci. Why? Dr. Neftci made seemingly difficult suggest accessible. One of the best professors I ever had. Will be dearly missed.
Numerical Linear Algebra and Numerical Methods for PDEs in Finance by Dr. Stefanica. Why? The foundation of financial engineering numerical methods and computation.
Required courses that I particularly appreciated:
Probability and Stochastic Calculus by Dr. Elena Kosygina. Why? appreciated the rigorous teaching handed down by Dr. Kosygina.
Tell us about the quality of teaching
Program had a nice blend of practitioners and academicians. TA's for the most part were helpful.
Materials used in the program
Standard textbooks in financial engineering were used.
Programming component of the program
C++ and VBA. Except the probabililty and stochastic calculus classes, almost all courses had a programming/computation element.
Projects
These were mostly group projects. The exception being the probability and stochastic calculus courses.
Career service
1. Program director and faculty referral (extremely helpful)
2. Alumni referral (extremely helpful)
3. The standard school career service (somewhat helpful)
4. Career fair (not so helpful)
Most of the students got placed via the first two routes. I have also heard of people getting internship via school career service.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
People from different ethnicities got along extremely well. There were no divisions along nationality or ethnic lines.
What do you like about the program?
The high degree of interaction between the faculty (including the director of the program) and the students. Every student receives individual attention from the director.
Leading industry practitioners such as Peter Carr, Jim Gatheral, as guest lecturers in the program.
What DON'T you like about the program?
Hard to say since the program has improved significantly since I have graduated.
Suggestions for the program to make it better
Establish direct and formal recruiting relationships with more leading financial institutions (this has been the focus for a while and significant progress has been made through persistent efforts from the director and growing alumni base)
What are your current job status? What are you looking for?
Working for the current employer since graduation.
Other comments
Joining Baruch's MFE program has been one of the best decisions in my life.
No previous experience in finance.
I studied part-time in the program from 8/2004-12/2006
Did you get admitted to other programs?
No. The only program I applied to, and was admitted to, was Baruch MFE (known as Applied Mathematics for Finance)
Why did you choose this program (over others, if applicable)?
I audited a class and was immediately attracted by the way the instructor interacted with the students. Moreover financially it made the most sense for me at the time.
Tell us about the application process at this program
After submitting my application and being interviewed by Dr. Stefanica, I was informed of my admission to the program.
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
Yes, attended Baruch's three refresher courses: linear algebrea, advanced calculus and probability. Absolutely a must as the MFE program builds on these courses.
Tell us about the courses selection in this program. Any special courses you like?
Elective courses that I particularly enjoyed:
Risk Management class taught by Dr. Lev Borodovsky (Guest lecturer and co-founder of GARP). Why? the course focuses on the PRACTICE of risk management taught by a leading practitioner.
Structured Finance by Dr. Sylvain Raynes. Why? taught by a practitioner who believes in making a science out of finance, particular structured finance.
Required courses that I particularly enjoyed:
Advanced Computational Methods in Finance by Dr. Salih Neftci. Why? Dr. Neftci made seemingly difficult suggest accessible. One of the best professors I ever had. Will be dearly missed.
Numerical Linear Algebra and Numerical Methods for PDEs in Finance by Dr. Stefanica. Why? The foundation of financial engineering numerical methods and computation.
Required courses that I particularly appreciated:
Probability and Stochastic Calculus by Dr. Elena Kosygina. Why? appreciated the rigorous teaching handed down by Dr. Kosygina.
Tell us about the quality of teaching
Program had a nice blend of practitioners and academicians. TA's for the most part were helpful.
Materials used in the program
Standard textbooks in financial engineering were used.
Programming component of the program
C++ and VBA. Except the probabililty and stochastic calculus classes, almost all courses had a programming/computation element.
Projects
These were mostly group projects. The exception being the probability and stochastic calculus courses.
Career service
1. Program director and faculty referral (extremely helpful)
2. Alumni referral (extremely helpful)
3. The standard school career service (somewhat helpful)
4. Career fair (not so helpful)
Most of the students got placed via the first two routes. I have also heard of people getting internship via school career service.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
People from different ethnicities got along extremely well. There were no divisions along nationality or ethnic lines.
What do you like about the program?
The high degree of interaction between the faculty (including the director of the program) and the students. Every student receives individual attention from the director.
Leading industry practitioners such as Peter Carr, Jim Gatheral, as guest lecturers in the program.
What DON'T you like about the program?
Hard to say since the program has improved significantly since I have graduated.
Suggestions for the program to make it better
Establish direct and formal recruiting relationships with more leading financial institutions (this has been the focus for a while and significant progress has been made through persistent efforts from the director and growing alumni base)
What are your current job status? What are you looking for?
Working for the current employer since graduation.
Other comments
Joining Baruch's MFE program has been one of the best decisions in my life.
- Roger Trimble
- 5.00 star(s)
Can you tell us a bit about your background?
BS Mechanical Engineering, West Point, 2001. Five years active duty in the U.S. Army as a cavalry officer. I studied full-time in the program from 9/2008-12/2009.
Did you get admitted to other programs?
I was also admitted to Columbia MSOR.
Why did you choose this program (over others, if applicable)?
I basically had a choice between an MS in Operations Research at Columbia and an MFE at Baruch. After a challenging interview with Professor Stefanica, I realized his vested interest in maintaining a world-class program at Baruch. I was genuinely impressed with his level of involvement, and knew that was where I wanted to earn my master's degree.
Tell us about the application process at this program
I followed the published directions and no administrative problems in the application process. I think I remember the process taking longer than other places, but learned that it is because Professor Stefanica personally reviews every application after it passes an initial filter through the admissions committee. He takes time to interview, in person if possible, each potential candidate. During the interview you get an honest appraisal of your chances as a candidate.
Does this program offer refresher courses for incoming students? How useful was it?
Yes, and they are essential. These rigorous courses enable an incoming student to achieve a base level to begin the fall semester. Even though the courses have general names, like calculus refresher and probability refresher, they introduce fundamental concepts in finance that are built upon during the program.
Tell us about the courses selection in this program. Any special courses you like?
For full-time students, the courses are front loaded with the basics one is expected to know coming out of an MFE program. In the second and third semesters there are electives that focus on optimization, market and credit risk, structured finance and statistics. The courses I valued the most were Numerical Linear Algebra, Stochastic Calculus and Statistics for Finance. Although the program offers an array of electives, students are free to take courses from the business school.
Tell us about the quality of teaching
Most of the elective courses are taught by practitioners, which provide diverse exposure to how concepts are applied in industry. The only classes where an active TA was important was in Probability and Stochastic Calculus. Otherwise, close interaction with fellow students and professors was sufficient to learn the material.
Materials used in the program
Shreve for Probability and Stoch. Calc. Otherwise, courses reference multiple texts and are mostly taught from lecture notes.
Programming component of the program
The official language of the program is C++. However, there is opportunity for one to learn many other languages like VBA, R, Python, Perl, .NET, Java, Matlab.
Projects
Most projects are group oriented and depend on the nature of the subject. Market Risk and Advanced Computational Methods involved trading simulations. However, most of the home work assignments are projects in nature.
Career service
Professor Stefanica is fully vested in this process. He is integral ( and tireless ) with regard to internships and full-time placement.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Due to the small class size, each year group develops cohesive bonds. Every one admitted into the program is qualified to be there, so there is a high level of respect between students from the beginning.
What do you like about the program?
Hard work is rewarded with career opportunities.
What DON'T you like about the program?
Some of the elective courses are taught by multiple practitioners, which in some cases dilutes the depth of instruction. But this is a case-by-case issue.
Suggestions for the program to make it better?
Modularize the elective courses to give students more choices and give full ownership of the module to one instructor. The obvious constraint, though, is ensuring there are enough practitioners able to teach the modules, and enough students taking each one to make it worthwhile for the instructor.
What are your current job status? What are you looking for?
Graduated with multiple offers, and will start working at the beginning of February as a commodities trader for a hedge fund.
BS Mechanical Engineering, West Point, 2001. Five years active duty in the U.S. Army as a cavalry officer. I studied full-time in the program from 9/2008-12/2009.
Did you get admitted to other programs?
I was also admitted to Columbia MSOR.
Why did you choose this program (over others, if applicable)?
I basically had a choice between an MS in Operations Research at Columbia and an MFE at Baruch. After a challenging interview with Professor Stefanica, I realized his vested interest in maintaining a world-class program at Baruch. I was genuinely impressed with his level of involvement, and knew that was where I wanted to earn my master's degree.
Tell us about the application process at this program
I followed the published directions and no administrative problems in the application process. I think I remember the process taking longer than other places, but learned that it is because Professor Stefanica personally reviews every application after it passes an initial filter through the admissions committee. He takes time to interview, in person if possible, each potential candidate. During the interview you get an honest appraisal of your chances as a candidate.
Does this program offer refresher courses for incoming students? How useful was it?
Yes, and they are essential. These rigorous courses enable an incoming student to achieve a base level to begin the fall semester. Even though the courses have general names, like calculus refresher and probability refresher, they introduce fundamental concepts in finance that are built upon during the program.
Tell us about the courses selection in this program. Any special courses you like?
For full-time students, the courses are front loaded with the basics one is expected to know coming out of an MFE program. In the second and third semesters there are electives that focus on optimization, market and credit risk, structured finance and statistics. The courses I valued the most were Numerical Linear Algebra, Stochastic Calculus and Statistics for Finance. Although the program offers an array of electives, students are free to take courses from the business school.
Tell us about the quality of teaching
Most of the elective courses are taught by practitioners, which provide diverse exposure to how concepts are applied in industry. The only classes where an active TA was important was in Probability and Stochastic Calculus. Otherwise, close interaction with fellow students and professors was sufficient to learn the material.
Materials used in the program
Shreve for Probability and Stoch. Calc. Otherwise, courses reference multiple texts and are mostly taught from lecture notes.
Programming component of the program
The official language of the program is C++. However, there is opportunity for one to learn many other languages like VBA, R, Python, Perl, .NET, Java, Matlab.
Projects
Most projects are group oriented and depend on the nature of the subject. Market Risk and Advanced Computational Methods involved trading simulations. However, most of the home work assignments are projects in nature.
Career service
Professor Stefanica is fully vested in this process. He is integral ( and tireless ) with regard to internships and full-time placement.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Due to the small class size, each year group develops cohesive bonds. Every one admitted into the program is qualified to be there, so there is a high level of respect between students from the beginning.
What do you like about the program?
Hard work is rewarded with career opportunities.
What DON'T you like about the program?
Some of the elective courses are taught by multiple practitioners, which in some cases dilutes the depth of instruction. But this is a case-by-case issue.
Suggestions for the program to make it better?
Modularize the elective courses to give students more choices and give full ownership of the module to one instructor. The obvious constraint, though, is ensuring there are enough practitioners able to teach the modules, and enough students taking each one to make it worthwhile for the instructor.
What are your current job status? What are you looking for?
Graduated with multiple offers, and will start working at the beginning of February as a commodities trader for a hedge fund.
Can you tell us a bit about your background?
Baruch College BBA in Computer Information Systems, and Minor in Mathematics. I studied part-time in the program from 9/2002 - 12/2004
Did you get admitted to other programs?
No, I did not apply to any other MFE program
Why did you choose this program (over others, if applicable)?
Same college as undergraduate studies, therefore convenient in many ways.
Tell us about the application process at this program
Easy to apply. Very friendly and helpful people taking care of application process.
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
This program offers these courses. They were quite useful to me.
Tell us about the courses selection in this program. Any special courses you like?
Numeric Linear Algebra was my favorite course. The selection of courses in the program was good.
Tell us about the quality of teaching
The teachers are well prepared. TAs are quite helpful. The athmosphere is positive.
Materials used in the program
All good textbooks.
Programming component of the program
C++. Enough programming is done to give a good amount of practice.
Projects
Depending on the course, either individual or group projects were assigned. When group projects were assigned, the class was divided in groups with similar overall strength.
Career service
The director of the program puts a lot of effort into helping with the placement of graduates and alumnis. A very good alumni network is available for this purpose as well.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
I recall networking and socializing with students from all sorts of ethnic backgrounds.
What do you like about the program?
The people in the program (both students, teachers, the director, etc) made the program what it is. There was and still is a positive good feeling being part of it. We became a group of friends, not only colleages at school. Extracurricular activities helped us bond and relax even more.
What DON'T you like about the program?
A couple of courses were quite difficult for me, so I ended up needing extra help with them. Of course this was my shortcoming, not the program's
Suggestions for the program to make it better
It couldn't be better!
What are your current job status? What are you looking for?
I am now a consultant for my previous employer on a part-time basis, as I am taking care of my child.
Baruch College BBA in Computer Information Systems, and Minor in Mathematics. I studied part-time in the program from 9/2002 - 12/2004
Did you get admitted to other programs?
No, I did not apply to any other MFE program
Why did you choose this program (over others, if applicable)?
Same college as undergraduate studies, therefore convenient in many ways.
Tell us about the application process at this program
Easy to apply. Very friendly and helpful people taking care of application process.
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
This program offers these courses. They were quite useful to me.
Tell us about the courses selection in this program. Any special courses you like?
Numeric Linear Algebra was my favorite course. The selection of courses in the program was good.
Tell us about the quality of teaching
The teachers are well prepared. TAs are quite helpful. The athmosphere is positive.
Materials used in the program
All good textbooks.
Programming component of the program
C++. Enough programming is done to give a good amount of practice.
Projects
Depending on the course, either individual or group projects were assigned. When group projects were assigned, the class was divided in groups with similar overall strength.
Career service
The director of the program puts a lot of effort into helping with the placement of graduates and alumnis. A very good alumni network is available for this purpose as well.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
I recall networking and socializing with students from all sorts of ethnic backgrounds.
What do you like about the program?
The people in the program (both students, teachers, the director, etc) made the program what it is. There was and still is a positive good feeling being part of it. We became a group of friends, not only colleages at school. Extracurricular activities helped us bond and relax even more.
What DON'T you like about the program?
A couple of courses were quite difficult for me, so I ended up needing extra help with them. Of course this was my shortcoming, not the program's
Suggestions for the program to make it better
It couldn't be better!
What are your current job status? What are you looking for?
I am now a consultant for my previous employer on a part-time basis, as I am taking care of my child.
Can you tell us a bit about your background
MBA; 3 year working experience (2 non-us; 1 us)
I studied full-time in the program from 9/2005-5/2007
Did you get admitted to other programs?
this is the only one i applied
Why did you choose this program (over others, if applicable)?
1) faculties are easy to access
2) working knowledge oriented
3) cost and benifit consideration
4) location
5) director was pushing very hard so that graduates can get a job (even before graduation)
Tell us about the application process at this program
1) send in all materials
2) schedule a meeting with the director
Initially the situation was tense due to it's competitive nature, but then it turns out to be a very pleasant experience
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
I took only C++ in 2005 summer. (they offered probabilities and calculus as well).
I didn't know how to write "hello world" before I went to the refresher course. After the refresher course, I can write basic application such as curve bootstrapping, matrix solver, etc.
No doubt that refresher course taught only entry level programming skills, but for people(like myslef) who didn't aim at those hard-core programming type of jobs, the material is enough for someone who wants to descide their career path later (programming- or analytic-oriented type of work)
Tell us about the courses selection in this program. Any special courses you like
Calibration taught by Salih Neftci in 2006 fall.
Numerical linear algrbra I and II taught by Mayo in 2005 fall and 2006 spring.
Stochastic calculus.
Tell us about the quality of teaching
Theoretical side is a bit weak. but the practical side (computing numbers) is strong
The instructors are always reachable for all kinds of matters. No need for looking for TA.
Materials used in the program
Besides some must-buy "big name" text books in the field, papers and notes (published or un-published) from other practioners are used as well. I would say the techniques in the papers are much more helpful in terms of interviewing for a job (provided that you are already 80% comfortable with the material covered in the text books)
Programming component of the program
C/C++ required.
VBA/mathematica if you are interested.
Long in short, i suffered while i was in the program. But I am now happy that i was suffered.
Projects
Implementing/computing projects (option pricer, sensitivities, CDO, VaR, etc) done in C/C++/EXCEL/Mathematica
Career service
The director basically asked (haunt) you about the status every time he saw you. He also hooks up a lot of opportunities for you.
What do you like about the program?
I spent 20k on tuition (and roughly another 20k on living expense). I got a lot more than those back first year at work.
What DON'T you like about the program?
none
Suggestions for the program to make it better
I would have done nothing different.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Groups get assigned by director based on different background (good chance to practice on how to get along with others even if you dont like them in the real working environment).
What are your current job status? What are you looking for?
Working in a major financial institution as a senior quantitative analyst. At current stage, i am happy about where i am.
MBA; 3 year working experience (2 non-us; 1 us)
I studied full-time in the program from 9/2005-5/2007
Did you get admitted to other programs?
this is the only one i applied
Why did you choose this program (over others, if applicable)?
1) faculties are easy to access
2) working knowledge oriented
3) cost and benifit consideration
4) location
5) director was pushing very hard so that graduates can get a job (even before graduation)
Tell us about the application process at this program
1) send in all materials
2) schedule a meeting with the director
Initially the situation was tense due to it's competitive nature, but then it turns out to be a very pleasant experience
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
I took only C++ in 2005 summer. (they offered probabilities and calculus as well).
I didn't know how to write "hello world" before I went to the refresher course. After the refresher course, I can write basic application such as curve bootstrapping, matrix solver, etc.
No doubt that refresher course taught only entry level programming skills, but for people(like myslef) who didn't aim at those hard-core programming type of jobs, the material is enough for someone who wants to descide their career path later (programming- or analytic-oriented type of work)
Tell us about the courses selection in this program. Any special courses you like
Calibration taught by Salih Neftci in 2006 fall.
Numerical linear algrbra I and II taught by Mayo in 2005 fall and 2006 spring.
Stochastic calculus.
Tell us about the quality of teaching
Theoretical side is a bit weak. but the practical side (computing numbers) is strong
The instructors are always reachable for all kinds of matters. No need for looking for TA.
Materials used in the program
Besides some must-buy "big name" text books in the field, papers and notes (published or un-published) from other practioners are used as well. I would say the techniques in the papers are much more helpful in terms of interviewing for a job (provided that you are already 80% comfortable with the material covered in the text books)
Programming component of the program
C/C++ required.
VBA/mathematica if you are interested.
Long in short, i suffered while i was in the program. But I am now happy that i was suffered.
Projects
Implementing/computing projects (option pricer, sensitivities, CDO, VaR, etc) done in C/C++/EXCEL/Mathematica
Career service
The director basically asked (haunt) you about the status every time he saw you. He also hooks up a lot of opportunities for you.
What do you like about the program?
I spent 20k on tuition (and roughly another 20k on living expense). I got a lot more than those back first year at work.
What DON'T you like about the program?
none
Suggestions for the program to make it better
I would have done nothing different.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Groups get assigned by director based on different background (good chance to practice on how to get along with others even if you dont like them in the real working environment).
What are your current job status? What are you looking for?
Working in a major financial institution as a senior quantitative analyst. At current stage, i am happy about where i am.
Can you tell us a bit about your background?
I had a Masters in Management Science with computing and had worked in India for 1 year. I had a certificate in portfolio management from NYU.
I studied full-time in the program from Jan 2004- Dec 2005
Did you get admitted to other programs?
Yes
Why did you choose this program (over others, if applicable)?
This was the most competitive and cost effective program
Tell us about the application process at this program
No problems. The response time was great. Dan Stefanica is amazing.
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
Yes they do and the refresher courses were brilliant.
Tell us about the courses selection in this program. Any special courses you like?
I loved the Advanced stochastic calculus, Princples in Fiancial Engineering and the risk management course.
Tell us about the quality of teaching
The teachers are from the industry and give the student a good perspctive on the real world.
Materials used in the program
Principles of Financial Engineering - Salih Neftci
The Analysis of Structured Securities - Sylvain Raynes and Ann Rutledge
Programming component of the program
C++, Mathematica, Matlab. VB
Projects
Individual and group
Career service
Dan is great is finding opportunities and now with the help of alumni the program is becoming stronger in terms of finding opportunities.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Its great.
What do you like about the program?
The love and care is unique.
What DON'T you like about the program?
A little more practical training.
Suggestions for the program to make it better
I would not change anything except make it a little more practical so that the students are more marketable.
What are your current job status? What are you looking for?
Business Development Manager. I am looking to work in Risk.
I had a Masters in Management Science with computing and had worked in India for 1 year. I had a certificate in portfolio management from NYU.
I studied full-time in the program from Jan 2004- Dec 2005
Did you get admitted to other programs?
Yes
Why did you choose this program (over others, if applicable)?
This was the most competitive and cost effective program
Tell us about the application process at this program
No problems. The response time was great. Dan Stefanica is amazing.
Programs like Baruch MFE, UCB MFE have refresher courses for incoming students. Does this program offer such courses? How useful was it?
Yes they do and the refresher courses were brilliant.
Tell us about the courses selection in this program. Any special courses you like?
I loved the Advanced stochastic calculus, Princples in Fiancial Engineering and the risk management course.
Tell us about the quality of teaching
The teachers are from the industry and give the student a good perspctive on the real world.
Materials used in the program
Principles of Financial Engineering - Salih Neftci
The Analysis of Structured Securities - Sylvain Raynes and Ann Rutledge
Programming component of the program
C++, Mathematica, Matlab. VB
Projects
Individual and group
Career service
Dan is great is finding opportunities and now with the help of alumni the program is becoming stronger in terms of finding opportunities.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
Its great.
What do you like about the program?
The love and care is unique.
What DON'T you like about the program?
A little more practical training.
Suggestions for the program to make it better
I would not change anything except make it a little more practical so that the students are more marketable.
What are your current job status? What are you looking for?
Business Development Manager. I am looking to work in Risk.