Studying Financial Engineering at New York University
This school appears in our ranking of the 25 Great Master of Financial Engineering Programs.
New York University explains that the modern financial markets are significantly impacted by computerized modeling and information technology. The complex financial systems of the world require individuals trained in the dynamic and constantly changing regulatory environment, as well as individuals who understand the theoretical and financial constructs of financial engineering. The NYC program furnishes students with foundational knowledge of financial concepts that graduates may use to apply to financial concepts. When enrolled full-time, students can finish the program in four semesters, but some students may choose to accelerate their degree timeline by taking extra courses.
The NYU program is described as highly selective and routinely receives more than 2,000 applications each year to fill about 100 to 160 spots in the cohort. The class sizes are described as modest and usually have anywhere from five to 30 students. To be considered for the Master of Science in Financial Engineering program, students should have a bachelor’s degree from an accredited college, as well as proficiency in a number of areas. Those areas include linear algebra, advanced calculus, computer programming, applied statistics, and probability theory. Students must also submit GRE scores. Students accepted into the program have an average score on the Quantitative Reasoning test of more than 169 out of 170 possible points.
Available tracks in the program include Computational Finance, Risk Finance, Technology & Algorithmic Finance, and Financial Markets & Corporate Finance. At the end of the program, students will be able to apply their knowledge to many specialized and highly in-demand fields like Big Data, financial IT, algorithmic trading, and derivatives risk finance. The total amount of credits in the program is 33, and the program features five core courses, track-related courses, an applied lab course, four electives, and a capstone experience. Students will undertake the Bloomberg certification, as well as an assessment of their capstone experience.
Core courses all students will take include Financial Accounting, Financial Economics, Quantitative Methods in Finance, Valuation for Financial Engineering, and Financial Risk Management & Asset Pricing. Track related courses for the Financial Markets and Corporate Finance option include Econometrics & Time Series Analysis, Corporate & Financial Strategy, and Mergers & Acquisitions. The Computational Finance track includes specialized classes of Extreme Risk Analytics, Numerical & Simulation Techniques in Finance, and Econometrics & Time Series Analysis.
The Technology & Algorithmic Finance track features courses like Statistical Arbitrage, Forensic Financial Technology & Regulatory Systems, and Big Data in Finance. In the Risk track, students will take Actuarial Models, Market Risk Management & Regulation, and Static & Dynamic Hedging. Each of these tracks offers students highly specialized information they can apply to jobs with titles like Quantitative Equity Research Analyst, Financial Analyst, Quantitative Investment Analyst, and Quantitative Research Analyst. In addition to work in New York City, the financial capital of the United States, students may also find these jobs in major metropolitan cities like San Francisco, Chicago, Boston, and Los Angeles.
About New York University
Founded in 1831, New York University is a private school based in Manhattan. The core of the campus is located in Greenwich Village, and there are also smaller campuses situated throughout the city. The university also operates campuses in different countries in cities like Berlin, Florence, Madrid, Prague, and Sydney. The university boasts a large number of Nobel Laureates and other award winners. As of 2017, the university had been affiliated with more than 35 Nobel Laureates, 30 Pulitzer Prize winners, and more than 30 Academy Award winners. There are more than 50,000 students attending classes at the university’s urban, 230-acre campus, as well as its smaller locations. The official colors of the university are purple and white, and the sports teams at the school are nicknamed the “Violets.”
New York University Accreditation Details
Like other well-known universities in the State of New York, New York University is regionally accredited by the Middle States Commission on Higher Education. Various programs and schools within the university are also accredited by specialized agencies. For example, the Didactic Program in Dietetics is accredited by the Academy of Nutrition and Dietetics, Accreditation Council for Education in Nutrition and Dietetics. The law program at NYU is approved by the American Bar Association, Council of the Section of Legal Education and Admissions to the Bar. The Pediatric Dentistry program is accredited by the American Dental Association, Commission on Dental Accreditation. The Occupational Therapy program is accredited by the American Occupational Therapy Association, Accreditation Council for Occupational Therapy Education.
New York University Application Requirements
New York University has unique application requirements for each school, as well as additional requirements for some programs. Applying to a program in the Tandon School of Engineering requires that students have a degree in a similar area to the degree for which they are applying. Students who wish to enter a program where their undergraduate degree is significantly different from their graduate studies may be required to complete prerequisite courses before gaining admission.
In addition to demonstrating proficiency in linear algebra, probability theory, advanced calculus, applied statistics, and computer programming, students applying to the financial engineering program at New York University must also submit GRE test scores, as well as the results of an English proficiency exam if their first language is one other than English. Students must formally apply to the program and may not transfer from another major into the program. Students who have not yet met the proficiency requirements in the required areas may be allowed to take remedial courses in those areas to gain admission to the program.
Tuition and Financial Aid
Tuition for graduate programs in the Tandon School of Engineering is based on the number of credits a student takes. Since New York University is a private school, all students pay the same tuition fees whether they’re from New York State or they live elsewhere. The fee for one credit is $1,646, the registration and service fee is $85, and the total is $1,731. For a course load of six credits, students will pay $9,876, the registration and service fee is $510, and the total is $10,386. The amount students will pay for the program may vary depending on the overall course load a student chooses to enroll in for each semester.
New York University offers students a full array of standard aid packages that include federal student loans and grants through the federal student loan program. Students may also apply for private student loans when their aid packages don’t cover the full cost of NYU tuition. Students are also eligible for outside tuition assistance in the form of scholarships and grants. Students entering the Master of Science in Financial Engineering program are encouraged to apply for financial aid as soon as they receive a letter of acceptance from New York University.
