Stevens Institute of Technology - MS in Financial Engineering

Stevens Institute of Technology - MS in Financial Engineering

Byline
The Master in Financial Engineering (MFE) program is offered by Stevens School of Business. The three-semester program starts each fall semester.
Location
Hoboken, NJ 07030
Application deadline
Fall: Apr 15 (int'l), Jun 1 (domestic). Spring: Nov 1 (int'l), Nov 30 (domestic).*
Yearly Ranking Data
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Stevens Institute of Technology has been a rapidly rising leader in business education, ranking #14 for value for its business master's programs by the Georgetown University Center on Education and the Workforce (2022). Ninety-eight percent of our Master of Science in Financial Engineering (FE) students in 2022 and 2023 were employed three months after completing their program. Stevens FE graduates hold key positions at Barclays, Citadel, Citibank, Goldman Sachs, JPMorgan Chase & Co, MetLife, Prudential, UBS and many other major global financial institutions. Based on the reporting cycle for 2023 graduates, the average starting salary rose to $103,800, with an average signing bonus of $24,654. This is up from $99,500 for 2022 graduates and $82,700 for 2021 graduates.

Located just minutes from New York City’s financial district, Stevens offers abundant opportunities to connect with industry leaders and access top internships and career prospects.

Stevens’ financial engineering program offers the up-to-date skills required to address the most recent developments in the financial services industry. When you enroll, you will complete six core courses (18 credits). For the remaining 12 credits, you may choose any elective courses, many of which form our financial certificate programs.

Our courses and curriculum are constantly updated to ensure they provide the most relevant skills and information. More information about our current classes and their week-by-week schedule of materials can be found here: Courses. All students are required to complete our unique capstone class, which requires students to provide a weekly update on progress in front of their peers. This enhances the experience and leads to very interesting projects, some of which are featured on this page: FE 800 Selected Projects.

Both our master’s and Ph.D. programs in financial engineering originated in Stevens’ mathematics department and continue to uphold a high standard of mathematical rigor. Since relocating the programs to the School of Business in 2018, students now benefit from a dedicated career development team, the Corporate Outreach and Professional Advancement (COPA) Office. You will receive personalized support through resume reviews, interview preparation, industry advice, internship and career leads, networking opportunities and more. This balanced approach gives you a competitive edge in the job market for quantitative technical skills.

For graduates of our FE master’s program looking to further their education, our Ph.D. program, created in 2009, was the first of its kind in the United States. Graduates now hold prominent roles on Wall Street and are educators in FE-related programs.

The Hanlon Financial Systems Laboratories were created in 2012 to support our finance programs. Today, the labs support many classes where students learn key programming languages, including Python, R, SAS and C++, which help them gain an edge in an increasingly competitive job market. The labs also have a large set of available financial databases: Databases - Hanlon Financial Systems Center.

The Center for Research toward Advancing Financial Technologies (CRAFT), funded by the National Science Foundation, offers students an amazing opportunity to delve into research in the rapidly evolving world of financial technology (fintech) and to network with other academics and industry professionals. The Center, established by a collaboration between Stevens and Rensselaer Institute of Technology (RPI), was the first Industry University Research Center (IURC) funded by NSF in finance. The Center now has 16 industry partners at the date of this writing, and new partnerships are being developed.

Admission Deadline

Stevens has rolling admission with separate deadlines for international and domestic applicants. Start your application here.

All full-time applicants are required to submit GMAT or GRE scores with their application. Part-time students do not need this score. International students also must include TOEFL or IELTS scores along with their applications. Applicants must submit a statement of purpose, academic transcripts and letters of recommendation. Excellent applicants are considered for our merit-based scholarships.

For more information about our program, along with our Master of Science in Financial Technology and Analytics and Master of Science in Finance, check out their program pages here.

Tuition

The program is 30 credits. Student traditionally take a 12/12/6-credit semesters format. The most up to date tuition costs are found on this page. The current (as of writing 2023-24) costs are listed here: Tuition costs 2023-24.

Latest reviews

Headline
Financial Engineering Program at Stevens Institute of Technology
Class of
2023
I graduated with a Master's in Financial Engineering from Stevens Institute of Technology, and it has been instrumental in shaping my career in the finance industry. The program's curriculum is exceptionally well-designed, integrating theoretical knowledge with practical applications. Core courses like Stochastic Calculus for Financial Engineers (FE 610), Pricing and Hedging (FE 620), and Portfolio Theory and Applications (FE 630) provided a robust foundation in quantitative finance and risk management, crucial for my role as a Credit Risk Analyst and Quantitative Analyst.

The professors at Stevens go above and beyond to support their students, combining academic rigor with real-world industry experience. Their mentorship has been invaluable, offering personalized guidance that helped me navigate the complexities of the finance sector. Courses like Advanced Derivatives (FE 680) and the Project in Financial Engineering (FE 800), which often involve industry collaborations, were particularly beneficial in applying classroom concepts to real-world scenarios.

Stevens Institute of Technology is renowned for its strong connections to the finance industry, especially given its proximity to New York City. This location advantage, combined with excellent career services, facilitated numerous networking opportunities, internships, and job placements with top-tier firms. The university's reputation as a leading institution for financial engineering is well-deserved, providing a platform that effectively bridges academic learning with industry practice.

I would like to extend a special thanks to Professor Emmanuel Hatzakis, Industry Professor and Director of Finance & Financial Engineering at Stevens. His dedication to his students is truly remarkable. Professor Hatzakis consistently went above and beyond, offering invaluable support and guidance tailored to each student’s individual needs. His commitment to fostering a nurturing and challenging learning environment has made a profound impact on my educational journey and professional development. I am incredibly grateful for his mentorship and unwavering support.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Headline
World-class, Innovative, and Cutting-Edge Financial Engineering Program
Class of
2021
The Financial Engineering Master’s program at Stevens Institute of Technology is founded on academic excellence and personal growth. From the very beginning, my admissions process was incredibly personal and attentive with the dedicated efforts from Dr. Emmanuel Hatzakis. His guidance and support made my admission into this program seamless and welcoming!

The curriculum provided an in-depth exploration of subjects including advanced derivatives, algorithmic trading, and stochastic calculus. These core subjects were taught with a level of detail and clarity that not only enhanced my understanding but also sparked a passion for the intricacies of quantitative finance. The program's focus on these advanced topics ensured that I gained a comprehensive understanding of the financial markets and the quantitative techniques used within them.

Moreover, the hands-on learning experiences and real-world applications of theoretical knowledge significantly helped prepare me for the professional world. The program's emphasis on cutting-edge financial engineering practices equipped me with the tools and confidence needed to excel in the fast-paced and ever-evolving field of quantitative finance.

The Master of Science program in Financial Engineering at Stevens is an academic endeavor that paves the way for a successful and fulfilling career. Overall, the combination of having a personal admissions process, exceptional teaching, and practical experience sets graduates up for professional success as leaders in the industry.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Headline
Prepares you to be competitive on Wall Street
Class of
2018
What’s great about the program at Stevens is that it’s highly customizable to what you want to focus on in your career in finance. They have paths to be more computer science focused, algo trading focused, analytics focused, mathematics focused and more. You still get a bit of everything in the day to day curriculum to really help you decided where to focus and the majority of the staff is fantastic and has real world experience. The knowledge I gained has really helped to get me to where I am on the street today.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
4.00 star(s)
Headline
One of the best FE program in the New York Metropolation area
Class of
2023
The admission process was accommodating and I received a scholarship of 17000$ with my offer. The courses are on the cutting edge, flexible, and are designed to be highly practical. I selected around 16 courses in machine/deep learning, algo trading, and risk management areas, including some at the Ph.D. level. Professors are exceptional with excellent industry relations. Stevens is renowned for its location, just 10 minutes from Manhattan. The COPA team provided thorough support for my career with my program director and professors offering recommendations and conducting mock interviews for me.

Applying for a PhD within the Stevens FE program is also a great option, as it includes a dedicated two-semester PhD thesis FE900 project. PhD professors will work with you one-on-one to revise your thesis and assist you in publishing papers.

I worked in different hedge funds and Securities firms before Stevens. During the program, I interned at Jefferies and worked on different Capstone Projects from BOA. This rigorous FE program helped me find my full-time quantitative position in Transamerica. You will get a big bang for the buck in the Stevens FE program if you are pursuing a career path in quantitative finance.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Headline
Great professors and industry resources
Class of
2014
The FE program curriculum is set up very professionally, with sub-branches in different domains such as risk management and algorithm reading etc. This structure allows each student to choose their area of interest and delve deeply into learning relevant skills. The courses are designed practically, ensuring that the skills acquired are applicable in industry and not outdated.

The FE program boasts a powerful lab (Hanlon Lab) where students can experiment within a virtual industry environment, with only a few minutes lag from the real market. The lab staff, mostly PhD students, are always helpful in providing instruction when questions arise.

The professors in the FE program set a high standard. Many of them have Wall Street experience and adeptly transfer their knowledge to students. As a student and adult learner, one must be self-motivated and collaborate with professors to maximize the learning experience. Additionally, as a source of connecting to real industry, the program invites external experts or industry leaders to give webinars or tech talks to students.

During graduation and job hunting seasons, numerous large companies visit the campus for on-site hiring, including Morgan Stanley, EY, JP Morgan, and Two Sigma etc. It is highly recommended to be well-prepared to seize these opportunities.

Overall, I highly recommend the Financial Engineering program at Stevens Institute of Technology. I am always grateful for the experience I had at Stevens from 2014 to 2015, which has contributed significantly to my present-day success.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Headline
Great Career Prospects and Awesome Faculty
Class of
2020
As a recent graduate of the Master of Financial Engineering program, I am pleased to share my experience and the practical knowledge I gained. The curriculum is comprehensive, blending theoretical foundations with real-world applications, which prepared me for the dynamic field of quantitative finance. The faculty, who are educators and industry professionals, provided invaluable mentorship and guidance, ensuring that we, as students, were industry-ready upon graduation. The program's emphasis on practical skills, such as programming and model building, directly contributed to my ability to secure a position in the field. Moreover, the advisors were instrumental in my professional development, offering personalized advice and support throughout my studies. Overall, the MFE program has been a pivotal step in my career, and I am confident that it will continue to foster new talent in the financial engineering community.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
3.00 star(s)
Headline
Financial Engineering program at Stevens
Class of
2022
Completing my Master's in Financial Engineering in 2022 was a significant milestone. The program was challenging, covering topics like risk management and algorithmic trading, and was taught by experienced professionals from the finance sector. Learning alongside a diverse group of peers enriched the experience, enabling us to tackle complex financial problems together. The administration and the people are genuinely helpful. This education didn't just equip me with technical skills; it also sparked a genuine enthusiasm for exploring the intricacies of the finance industry.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Andy Nguyen
Andy Nguyen
Thank you. Please consider get a verified status so your review has more prominence with a special badge. https://quantnet.com/threads/how-to-verify-your-quantnet-account.56733/
Headline
MFE review
Class of
2022
The Financial Engineering program at Stevens is a high-level challenging program that provides more than enough expertise for a junior level candidate to become competent in- any branche of Quantitative Finance work. It will prepare you in the branche of pricing derivatives, in the branche of financial risk management, algorithmic trading, and as well as giving you all of the necessary mathematical attributes, all while learning to conduct all of your work using high-level languages such as Python and R. The Career center holds plenty of campus events, and financial industry alumni's are always prepared to reach out and assist you.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Andy Nguyen
Andy Nguyen
Thank you. Please consider get a verified status so your review has more prominence with a special badge. https://quantnet.com/threads/how-to-verify-your-quantnet-account.56733/
Headline
MFE program at Stevens Institute of Technology
Class of
2019
My Master's in Financial Engineering at Stevens has been an incredibly rewarding experience.The curriculum, enriched by faculty with significant industry experience at renowned firms such as Goldman Sachs, Bank of America, and JP Morgan, is truly exceptional. Stevens' professors are not only experts in their fields but also passionate mentors dedicated to student success. The small class size allows for personalized interactions, creating a supportive learning environment.


Stevens' program ensures graduates are industry-ready from day one, covering essential topics like options, stochastics, and portfolio theory. This foundation proved invaluable in excelling as both an intern at a hedge fund and a full-time employee at a major bank. The Fe800 course played a pivotal role in instilling confidence to create comprehensive financial projects from scratch and present them effectively to professors and classmates weekly. This skill proved indispensable during interviews. Although FE program is very demanding but if you are feeling more adventurous then the flexibility to take courses from the Computer Science department, such as deep learning courses, provided me with a well-rounded skill set. In my final semester, I opted for a course on applying Machine Learning in industry, proving instrumental in my career transition.

The career support at Stevens is commendable, with professors boasting high-quality industry connections facilitating interviews at reputed firms. Financial conferences and the high-frequency trading lab provide additional avenues for gaining knowledge about the broader finance landscape. The proximity to New York City enhances access to financial firms, job opportunities, and conferences.

While Stevens excels in many aspects, I suggest the institution focus on strengthening the alumni network and enhancing quant-specific interview preparation. This would further contribute to the overall success of graduates, ensuring they are well-prepared for the intricacies of the financial industry. Overall, my Master's in Financial Engineering at Stevens has been a transformative experience, equipping me with the skills and confidence needed to thrive in the finance sector.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Andy Nguyen
Andy Nguyen
Thank you. Please consider get a verified status so your review has more prominence with a special badge. https://quantnet.com/threads/how-to-verify-your-quantnet-account.56733/
Headline
MFE Program at Stevens Institute of Technology
Class of
2020
I would highly recommend Stevens to anyone who is passionate about applying sensible innovation in their daily job through the application of finance, mathematics and coding. I was able to apply this developed skillset from the MFE program into the workforce immediately on senior levels and to think strategically and efficiently through financial systems to get the job done.

I was impressed by the faculty's openness of their academia perceptions being challenged within the classroom. Because of this, I was able to transfer this well-known skillset into corporate America very easily so that the status quo can be challenged as well.

I met intelligent classmates from every walk of like which suffice that the program highly values diversity in their program.

I was able to land a job offer in the field of my desire - Model Risk very quickly after graduation due to the risk management skillsets that were taught to me by faculty in the program and applied within my summer internship.

The MFE program is very intense and fast-paced which requires one to have solid coding skills from undergraduate or certificate program and financial mathematics skills to succeed. My favorite part of the MFE program was deciphering the concepts in well-known research papers and coding them through appropriate coding packages to great a final outcome.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Andy Nguyen
Andy Nguyen
Thank you. Please consider get a verified status so your review has more prominence with a special badge. https://quantnet.com/threads/how-to-verify-your-quantnet-account.56733/
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