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Welcome
Welcome to the 2013-14 edition of the QuantNet International Guide
to Programs in Financial Engineering.
Our inaugural edition has been an extremely useful companion
guide to the field of financial engineering for many students. It has
been downloaded thousands of times since its debut one year ago.
Quantitative finance is ever-evolving due to unprecedented
changes in technology, markets, and political forces. The biggest
changes occurring in the last few years have been the diversity of
employers who hire graduates from quant programs as well as the
emergence of the Big Data movement.
Candidates with strong technical skills will be in high demand
for the foreseeable future, but the required skills and domain
knowledge are rapidly changing, especially so for the finance
industry in the post-Dodd-Frank regulatory reform era.
The aim of this guide is to provide the information you need
to prepare for your immediate goal, be it as a stronger applicant
to the top graduate programs, a better job applicant, or a more
successful professional.
Today, as the top website for quant education and career
resources, we have served 2.5 million unique visitors since 2010.
Our audience is made up entirely of MFE applicants, quantitative
finance professionals, academics, and employers.
We hope that, having reading this guide, you’ll learn more
about the industry and make better-informed decisions on your
education and career choices. Be sure to visit and join us on
QuantNet to take advantage of our special tools and a community
that helps you connect with employers and network with other
professionals in the field.

International Guide to
Programs in Financial
Engineering
QUANTNET INC.
1133 Broadway, Suite 708
New York, NY 10010
www.quantnet.com

PUBLISHER
Andy Nguyen
andy@quantnet.com

EDITOR
Katie Petito
katie@katiepetito.com

ART DIRECTOR
Nancy Ruzow
nancy@ruzowgraphics.com

ADVERTISING SALES
AND TO ORDER PRINT
COPIES OF THIS GUIDE
quantnet.com/advertise
Copyright 2013-2014
by QUANTNET INC.

With best wishes for your career,
Andy Nguyen
andy@quantnet.com

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Contents
A Welcome Message from QuantNet
by Andy Nguyen.........................................................1

Finding a Master of Financial
Engineering Program

About Financial Engineering

How to Identify a Master in Finance Program
Worth Attending
by Anthony DeAngelis..............................................28

Big Data in Finance
by Andrew Sheppard..................................................5
What Do Financial Engineers Do?
by Aaron Brown.......................................................12
QuantNet Services Overview...............................14
So You Want to Be a Financial Engineer?
Preparing for a Career in the Field
by Todd Fahey...........................................................18
Efficient Ways to Set Up a Successful Career
by Dan Stefanica......................................................23

READING LIST: Books about Financial
Engineering............................................................25

How to Pick an MFE Program by Aaron Brown...31
2013-14 QuantNet Ranking of Master of
Financial Engineering Programs........................34
International List of Education Programs
in Financial Engineering and Quantitative
Finance................................................................36
Quant’s Next Top Model
by Rachael Horsewood..............................................43
Understanding the Quantitative Finance
Industry in Asia
by Chyng Wen Tee and Christopher Ting.................49

Student Outcomes & Success

Word-Class
Excellence

27 95%

Admission Rate

Students

Job Placement

Fall 2013

Class of 2012

113K

Average Starting Salary
Class of 2012

96%

Internship Placement
Summer 2013

TOP EMPLOYERS: Barclays Capital, Goldman Sachs,
ITG, JPMorgan, Morgan Stanley, State Street,
Autonomy Capital, Promontory Financial Group

Competition Highlights
è Rotman International Trading Competition:

1st (2012); 3rd (2013, 2011)
è IAFE Student Competition: 2nd (2013)
è Metaquotes Automated Trading Championship:

2nd (2012)

Dedicated, Tight-Knit Alumni Community

baruch.cuny.edu/mfe

è One-on-one alumni mentoring for every current student

Two teams of Baruch College MFE students take first and fourth
places in the 2012 Rotman International Trading Competition in Toronto

è Lifetime career services for alumni

QUANTNET | 2013-2014 GUIDE | quantnet.com

Making Sure Your MFE Application Stands Out
by Bill Stanley...........................................................53

Getting a Job

QuantNet MFE Application Tracker................... 55

Job Search Strategies & Interview Techniques:
Questions and Answers by Ellen Reeves..............65

C++ Programming for Financial Engineering
Online Certificate................................................ 58

Finance Industry Dictates Changes to Job
Market by Ken Abbott.............................................75

Graduate Schools Want Thoughtful,
Well-Rounded Students
by Gwen Stanczak....................................................59

QuantNet Salary Survey.................................... 77

READING LIST: Books for Applicants and
Students of Financial Engineering Programs....63

Questions Asked at Quant Interviews..............78
Firms that Employ Quants with
MFE Degrees....................................................... 79
Why Join a Professional Organization?
by Peg DiOrio............................................................81

READING LIST: Books to Help Prepare for
Quant Interviews................................................ 83

Appendix
Excel 2007/2010 Shortcuts................................. 85

Advertisers Index......................................... 87

• Top-Ranked Department
of Applied Mathematics

National Research Council 2010

• Flexible Degree and Certificates
Master of Science in CF&RM
Computational Finance Certificate
Actuarial Science Certificate

Seattle Campus and
Worldwide Online

• 94% Job Placement of First
Graduating Class

Testimonials available on website

Ideal Blend of Theory and
Applications Curriculum

• Multiple Affordable Degree

Top UW and finance industry faculty
Extensive use of R and R Finance Packages

Concentrations

computational-finance.uw.edu
QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

SECTION 1:

About Financial
Engineering

QUANTNET | 2013-2014 GUIDE | quantnet.com

Big Data in Finance
echnology has
always been a driver
in finance. That was
true when Nathan
Rothschild (the
eponymous founder of
Rothschild Bank) used carrier
pigeons to relay the news of
Napoleon’s defeat at Waterloo
to London in 1815, something
that was obviously going to
move the London markets, and
an innovation that, at the time,
shortened the transmission
of the outcome of the battle
from days to hours. Technology
as a driver in finance is also
true today, perhaps even more
so. And what’s really driving
finance today, from a technology
perspective, is Big Data (and Big
Compute and Machine Learning
and Data Mining and the Cloud,
as these oftentimes go hand-inhand with Big Data).
Which raises the question: What
should a modern day quant
know about Big Data?
In many ways, this is related to
the changing role of the quant.
From my own experience of
having been a quant for 20+
years, you have to reinvent
yourself every three to five
years or die. These days, the
best quants I see are not just

good at the quantitative stuff
(math and the technical side
of finance), but are also ace
programmers, because the best
and most useful type of quants
build useful tools that can be
used to make more money
while better understanding
and (we hope) managing risk.
Now added to the mix is the
role of Data Scientist. For a
modern-day quant it’s going to
be difficult to avoid financial Big
Data. Or, turning that statement
around, if you are a modernday quant and you aren’t really
rather good with Big Data, you
are handicapping yourself. (I’d
like to say “shooting yourself in
the foot,” but that may be a bit
harsh, but not by much). Adapt

By Andrew
Sheppard

landscape that are particularly
relevant from a quant finance
point of view.
However, before I do that, I
would like to define what Big
Data is and describe some
characteristics of Big Data,
which I hope will leave us in the
position of knowing what we’re
talking about. Or, at the very
least, for me to know what I am
talking about!
I’m going to give not one, but
two, definitions of Big Data in
finance. The first is from an end-

“If end users have data that doesn’t fit in Excel,
or requires hours for Excel to process,
you typically have a Big Data problem.”

and prosper, or die; it’s your
choice. Has life ever been any
different for a quant?
So, what should the modern-day
quant know about Big Data? I’ll
answer that by picking out the
“peaks” of the Big Data

user perspective and leverages
Microsoft Excel’s role as the de
facto, front-end-of-choice for
trading desks, risk departments,
and pretty much every layer of
the financial organization from
front-to-back office. If end users

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 7

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Visit rmi.gsu.edu for
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R M I .G S U . E D U
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Big Data in Finance continued from page 5

have data that doesn’t fit in
Excel, or requires hours for Excel
to process, you typically have a
Big Data problem.

veracity—also known as the
four V’s for obvious reasons.
Volume is the quantity of data.
Velocity is the rate at which

“There is also a characteristic of financial data that
sets it apart from data in many other industries,
and this is its relatively short ‘half-life’.”

The other perspective on Big
Data is from an IT department’s
point of view, and it basically
says that if you are looking at a
data set and the first thing that
comes to mind is “gosh, this
belongs in Hadoop,” then you
have a Big Data problem. Note
that in the second definition,
it is only necessary to initially
think the data belongs in
Hadoop, not that it really does
actually belong in Hadoop (and
much financial doesn’t, but more
on that later); it’s the sentiment
that is at the core of the second
definition. These are simple and
practical working definitions
for Big Data, and strangely
enough, in more than a few
years of working in financial Big
Data, I’ve yet to hear someone
disagree with them as useful
working definitions.

data is arriving. Variety is how
structured or unstructured the
data is (which, in short, is data
complexity). And Veracity is the
quality and reliability of the data.
(Guess what, data that is clean
and easily and unambiguously
interpreted is better!) Data that
is considered “Big” along any
of these axes is, by definition,
Big Data. This is our third, and
perhaps, most generic definition
of Big Data.

Now that we know—or at least
can broadly agree—on what Big
Data is, it’s time to explore the
nature, or character, of data.
Data, generally speaking, is
characterized along four axes:
volume, velocity, variety, and

other industries, and this is its
relatively short “half-life.” The
half-life of data is the time it
takes for the economic value
of the data to halve in value.
To illustrate with a somewhat

There is also a characteristic
of financial data that sets
it apart from data in many

fatuous example, I’m going
to give you the choice of two
prices: 1) IBM’s stock price for
yesterday or 2) IBM’s stock price
for tomorrow. Any takers for
yesterday’s stock price? No,
I thought not. And a show of
hands for tomorrow’s price? Yes,
that’s more like it! Clearly, stock
prices, generally speaking, have
a rather short half-life. What this
means from a practical point of
view is that for much financial
data, if you can’t use it within
a small multiple of its half-life,
you may as well throw it away.
Its value can decay that quickly.
There may be other reasons
for storing the data, such as
regulatory mandates, but you
should always be mindful of the
economic value of the data you
are dealing with and deal with it
accordingly.
What’s driving Big Data?
Financial markets across
all times and all places are
governed by two simple

“Financial markets across all times and all places
are governed by two simple impulses: greed and
fear. Or, opportunity and risk, to be more polite.”

impulses: greed and fear. Or,
opportunity and risk, to be more
polite. The opportunity to make
a dollar, and the chance to not

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 8

Big Data in Finance continued from page 7

“In the case where you need to become expert in something very quickly,
in the words of a former head trader I worked for:
‘You have a week!’”

lose a dollar. Companies in
finance see great value in Big
Data, otherwise they would stop
using the stuff in a heartbeat.
They also see the chance to
better manage their risks using
more data. And, as mentioned
before, the regulators are hard at

just flip open my laptop for a
moment I can show you a realtime simulator I built for bankwide CVA calculations that uses
GPUs for compute acceleration”
(or some other tool or technique
that knocks their socks off).
It’s good advice, because I have

work with new and far-reaching
mandates that generate, and
require the storage of, vast
amounts of new data. What also
drives data growth is technical
capability, such as the price of
disk storage; because if we could
not store and process Big Data
economically, again, we’d stop
doing it.

successfully used it many times
myself.

Also, I’ll give a piece of advice
to budding and existing quants.
And it is this: build a portfolio
of tools that people love to
use. Not only will this endear
you—beyond measure—to
your existing employer and
users, it will also prove to be
an invaluable resource when
it comes to finding your next
employer and next group of
users. If you are a budding quant
without an employer, then build
some demo tools or contribute
to open-source projects in the
finance space. There is a world
of difference, a gulf that is
tremendously wide, between
just talking about something
versus saying, “hey, look, if I can
8

Now, back to the “peaks” of the
Big Data landscape.
The perspective I want to give
is a combination of techniques
and tools that a practicing
quant should ideally have at
their fingertips. You don’t have
to be an expert in each, but you
should know enough to know
what techniques and tools to
use in a given situation and
to become expert when the
need arises. In the case where
you need to become expert in
something very quickly, in the
words of a former head trader I
worked for: “You have a week!”
On the trading desk I don’t think
it has ever been otherwise.
In terms of techniques, there
are a number of areas of
importance. Data gathering,
cleaning (also called
“scrubbing”), normalizing
(putting everything on the
same apples-to-apples basis),

QUANTNET | 2013-2014 GUIDE | quantnet.com

storing and management; all
of which I will group together
under “Data Programming”.
And “Data Insights” are ways
of understanding the nature
and character of the data you
are dealing with; you need to
understand your data before you
can intelligently attack it with
analysis. This “insights” step is
often overlooked. “Fools rush in”
is the expression that comes to
mind when people do this. “Data
Analysis” is extracting
meaningful and actionable
information from the data.
This is the way I think when
tackling Big Data problems; if
you don’t find it useful, feel free
to create your own. But one way
or another, design and build a
Big Data tool chain that works
for you, because an ad hoc set of
tools that you throw together for
each project will leave you in a
world of pain.

Data Programming
In many ways, this is the
plumbing that supports
everything else you want to
do with data. Like real-world
plumbing, you want this to
be tight, clean, and have the
right capacity. No one wants
to be dealing with an ugly
mess on the floor, or have to
metaphorically put their hand in
ontinued on page 9

Big Data in Finance continued from page 8

the toilet bowl to unblock
things! This is something you
just have to get right, otherwise
you won’t get to the insights
and analysis for your data. Also,
something that is very often
overlooked is that few (if any)
data sets are static; data is a
dynamic and living thing, so
an automated mechanism for
updating your data set is a must,
and this mechanism must also
be robust and scale as your data
set gets bigger.

So why not just use something
like Python and save yourself
the effort?
Also, since I’ve now mentioned
DSLs, I would like to say a few
more things about them. DSLs
for Big Data are incredibly
powerful. They are a way of
getting things done very quickly
and succinctly and at a level of
abstraction that end users can
understand; this way you can
provide Big Data tools for end
users to use. This is true not

“. . . there are plenty of good databases and tools.
You should build your own only if doing so is a real
competitive advantage (emphasis on ‘real’ here).”

In terms of gathering, cleaning,
and normalizing your data,
scripting languages are very
useful. Languages such as
Python have a rich set of
libraries that make data
manipulation, if not simple,
then at least easier. And don’t be
afraid to use older but still very
useful and powerful tools such
as Awk. You can use traditional
languages such as C++, but
that will be really productive
only after you have built a data
toolbox or developed a DSL
(Domain Specific Language) for
the purpose, in which case you
have effectively created your
own scripting language anyway.

just for the data programming
part of the data tool chain, but
anywhere in the chain of tools
you use for data insights and
analysis. Start building DSLs for
Big Data and make your life, and
the lives of your users, easier.
People will love you for it!
For data storage and
management, there are plenty
of good databases and tools.
You should build your own only
if doing so is a real competitive
advantage (emphasis on “real”
here). There are plenty of inmemory databases and NoSQL
databases and relational
databases (yes, some Big Data
really does belong under the

relational model!) that you
should find one where your
data fits well. Just make sure
that your choice here makes
downstream activities—insights
and analysis—simple and not
hard.
In the area of data storage and
management, one tool that I
must mention specifically is
Hadoop, which I will introduce
through a story.
Some years ago I was working
on Big Data on Wall Street and
I would often ask “Have you
looked at Hadoop?” to which
the response was nearly always
“What’s Hadoop?” Fast-forward
from that point by six months,
and I would ask people “Are you
working on Big Data?”—often to
the same people as before—and
the answer would be “Yes, we
have a Hadoop project!” In six
months people had gone from
not knowing what Hadoop is to
Hadoop being synonymous with
Big Data! Gosh, things move fast
in finance.
Hadoop is not just a tool for
storing and managing Big Data,
it is in reality an ecosystem of
tools that includes such things
as machine learning (Mahout).
Hadoop is simply a must-have
skill for a quant these days; start
learning it today.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 10

Big Data in Finance continued from page 9

Data Insights
Know your data.
That seems a sensible idea,
but it’s amazing how many
people jump into analysis
without even the most basic
knowledge of what they are
dealing with. Before doing
analysis on your data, and
certainly before you start
making important decisions
with your data, you should have
an intimate knowledge of all
aspects and characteristics of
your data. Think of it like this:
if you were going to attack an
enemy on a hilltop over open
ground, wouldn’t you want to
do some reconnaissance first?
Data reconnaissance, if we can
call it that, will give you a good
picture of the battlefield before
you advance.
Tools I find useful here are,
again, the scripting languages
and tools used for data

“You should also keep an eye out
for new and useful tools that may make you
more productive; this is general advice
for the whole data tool chain.”

human, the same data
creatively displayed as a
graphic—ideally one that is
interactive and which allows
the user to zoom in and out,
flip, and rotate—can convey
meaning at all scales, large and
small. Tools that are useful for
this type of exploratory work
include MATLAB, Mathematica,
and R, the latter being free and
open-source. These same tools
are very good at extracting
statistical and other summary
measures from your data. You
should also keep an eye out for
new and useful tools that may
make you more productive;
this is general advice for the
whole data tool chain. The data

that there is a danger of seeing
patterns in the data that
simply aren’t there. The term
for this is apophenia.
If you have ever looked at
a cloud and seen a ship, a
car, or a face that looks like
your grandmother, you have
experienced apophenia. The
cloud has so many countless
water particles that almost
any pattern can be fitted to
them just by altering your
point of view. Make sure this
doesn’t happen with you
and your financial data.
Apophenia in financial data
is particularly prevalent
when looking for profitable
strategies from the data.

“ . . . if you build tools that give easy access to Big Data to your end users
(eliminating you as the bottleneck at each stage of the data tool chain),
people will love you for it.”

programming. In addition,
data visualization is a very
powerful technique for having
a sense of what your data is
about. Whereas a large data set
presented as a table of numbers
is largely incomprehensible to a

language Julia is one such tool
that comes to mind and is worth
keeping an eye on.
I’ll close the discussion on data
insights with a word of caution.
Data sets are so large these days

QUANTNET | 2013-2014 GUIDE | quantnet.com

Data Analysis
This, frankly, is the purpose of
Big Data. Data programming and
data insights were just a way
to get you here in an orderly
fashion. Now it’s time to extract
continued on page 11

Big Data in Finance continued from page 10

value from the data. The data
tool chain all the way up to this
point has been expense, now it’s
time for profit!
When you chose how to store
and manage your Big Data (the
data programming step), you will
have chosen a tool that makes
the analysis easier. Here’s where
the ecosystem of tools around
something such as Hadoop pays
big dividends. Not only does
Hadoop provide good out-ofthe-box tools for analysis, it also
provides tools to build your own
analysis tools.
Hadoop is particularly strong in
this area, but other NoSQL and
relational tools are coming along
very nicely too and definitely
worth looking at.

It’s also the case that Excel and
R have become rather good
front-ends to Big Data; Excel
in particular is a comfortable
and easy-to-use front-end for
end users. And I will repeat a
common theme throughout this
article: if you build tools that
give easy access to Big Data to
your end users (eliminating you
as the bottleneck at each stage
of the data tool chain), people
will love you for it.
Lastly, and this is again
something all too often
overlooked, analysis is also a
source of Big Data. Data feeds
on data, and more Big Data is
often the byproduct of Big Data.
Indeed, sometimes your analysis
may generate data sets that are
larger than your original Big

Data. Just make sure that extra
size is reflected in the added
value they bring.
So, where are we today? Big
Data is now a reality in finance
and pervades every nook and
cranny of financial institutions.
IBM has determined that 90%
of the world’s data was created
in the past two years alone, and
there seems no end in sight to
data growth. From this quant’s
perspective, you had better get
your Big Data skills up to snuff—
and quickly.
To echo again the words of my
former head trader boss, “You
have a week!”, so you’d better
get started soon.

Andrew Sheppard started his career in finance as a quant at Bankers Trust working in
London, then Tokyo, and finally in New York. Andrew has since worked as a consultant,
chief quant, and CTO at various European and U.S. banks and a multi-billion dollar
hedge fund. Since 2010 he has worked as a consultant exclusively in the areas of Big
Data and Big Compute in finance and insurance.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

What Do Financial
Engineers Do?
Engineering is not merely knowing and being knowledgeable, like a walking

By Aaron Brown

encyclopedia; engineering is not merely analysis; engineering is not merely the
possession of the capacity to get elegant solutions to nonexistent engineering
problems; engineering is practicing the art of the organized forcing of technological
change. Engineers operate at the interface between science and society.
—Gordon Brown
he function of
finance is to connect
providers of capital
with users of capital.
This can be a simple
process. For example, a venture
capitalist might find wealthy
individuals to fund start-up
companies. This venture
capitalist might make use of
tools such as a spreadsheet
and quantitative theory such as
discounted cash flow valuation,
but has little need for a
specialized financial engineer.
Most finance is done in more
complicated ways, using
intermediate institutions such
as banks, exchanges, and special
purpose entities. Many people
with technical skills are needed
to keep this system running. I
do not consider them financial
engineers, however. They work
in finance and have quantitative
skills, but they are doing niche
jobs for which the field of

application doesn’t matter
much. Designing databases or
solving equations for a bank is
not essentially different from
doing the same tasks for, say,
a parcel delivery service or an
aircraft manufacturer.
I define a financial engineer as
someone using technical skills
in the finance industry whose
work is informed by the end-to-end,
capital provider to capital user,
effects of what he does. It is not
necessarily a better or more
honorable profession than
the specialists who make up
most of the financial technical
workforce. It does require
different attitudes and skills,
and it presents different
challenges and offers different
rewards.
There are three characteristics
any engineer must have. First,
she must accept reality. She does
not spend effort worrying about

QUANTNET | 2013-2014 GUIDE | quantnet.com

how things might have been
different, or complaining to the
universe or agitating for other
people to change their ways. She
is not concerned with opinions,
untestable propositions, or
abstractions that do not affect
decisions. Second, she must
have a vision for how things
could be better. It need not be an
individual vision, many engineers
function best on group projects,
but random tinkering is not
engineering. Third, she must
have the drive and skills to
accomplish her vision through
her own efforts. She can fail at
the third step and be a failed
engineer. But if she fails at either
of the first two steps, she’s
something other than an
engineer. The engineer’s prayer
is, “Thank you ____ (fill in whatever you feel gratitude toward
for existence) for the universe
and for my eyes, my hands, my
brain. I’ll take it from here.”
continued on page 13

What Do Financial Engineers Do? continued from page 12

This definition generates two
questions. Do you need a
financial engineering degree in
order to be a financial engineer?
The answer is “no”; some of the
greatest engineers in history
were self-educated. However,
a good financial engineering
program is the most efficient
way to pick up the necessary
knowledge. You would have to
work for many years, in many
areas of finance, to become
familiar with the financial
system end-to-end through
direct experience. You can learn

need employees with a breadth
of technical financial knowledge.
Only a few employers want
engineers of any stripe;
engineers can be disruptive.
Employers are more likely to be
looking for technical specialists
who can move to different areas
as needed, and who might avoid
some tunnel vision mistakes
of a quant without general
financial training. So you might
be tempted to get a financial
engineering degree in order to
have a better chance of getting a
job as a technical specialist.

improve your chances of landing
a technical specialist job in
finance than get an MFE.

What is it like to be a financial
engineer? I have to start with a
caveat. The world is changing
fast, and the financial world
is changing faster. It’s easier
to predict functions than
institutional roles. For example,
I’m pretty confident financial
engineers will be describing the
possible evolution of derivative
prices for many years, and
probably using some kind of
generalized Monte
Carlo to do it. But
I have much less
“What’s it like to be a financial engineer? I have to start with caveat.
confidence that
The world is changing fast, and the financial world is changing faster.
they will be doing
It’s easier to predict functions than institutional roles.”
it on anything like
a modern dealer
trading desk. Over
most of the technical skills from
That can work, but I think it’s
my career, I have seen
books and the Internet, but not
rarely a good idea. The trouble
species of financial businesses
the practical details that are
is people like that usually have
spring up, evolve, and die out.
essential to sound engineering.
short careers in finance. When
Thirty years ago, a quant with
you amortize the cost of the
Nevertheless, to prevent this
a good general education, a
program along with the lost
from getting too abstract, I’m
curious mind, and a diverse
employment time while in the
going to use current institutional
set of industry contacts could
program, you might well end up
terms. Just remember to focus
teach himself. Today it would be
making more money in a loweron the functions of the job,
extremely difficult.
salaried, less volatile career.
not how it is embedded in a
More important, that lowerfinancial business.
The second question is whether
salaried career can progress
there is any reason to enter a
naturally. You won’t face a midLet’s begin with front office jobs,
financial engineering program
career transition after being
jobs in groups that generate
if you do not want to be a
laid off from a high-paying job,
direct revenue. These are the
financial engineer. This one is
having to start over in some
most exciting jobs with the best
tricky. The reason employers
other field. Another point is
pay, also the most volatile and
hire people from financial
there are probably cheaper and
the ones where luck plays
engineering programs is they
easier things you can do to
continued on page 15

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

SERVICES OVERVIEW
Since its beginning in 2003, QuantNet has grown from a small
discussion board for MFE students to a global comprehensive
resource dedicated to financial engineering. Whether you are
thinking of a graduate degree or certificate, looking to upgrade your
programming skills, or comparing your salary data, we have the
right tools for you.

C++ ONLINE CERTIFICATE

This certificate is designed for people interested in pursuing graduate studies in
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Approximately half of the students who successfully completed the seminar prior
to July 2013 are now enrolled in financial engineering graduate programs.

COMMUNITY

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QuantNet.com is frequented by thousands of visitors looking for information
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QuantNet Resources are the website’s latest tool that provides applicants with indepth student reviews, placement and admission statistics, and other important
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APPLICATION TRACKER

The Application Tracker is used by hundreds of MFE applicants every year to
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profile comparison against the database of applicants admitted worldwide to 68
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SALARY DATABASE

Ever wonder how your compensation is compared with other professionals with
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hundreds of salary submissions by our members who hold an MFE degree and
work in various quantitative finance positions around the world.

MFE PROGRAMS RANKING

The 2013-2014 QuantNet ranking is the most comprehensive ranking to date of
master programs in Financial Engineering (MFE), Mathematical Finance in North
America.
QuantNet surveyed program administrators, hiring managers and quantitative
finance professionals from financial institutions around the world for statistics
reflecting student selectivity and graduate employment.

What Do Financial Engineers Do? continued from page 13

the greatest role in career
success. They reward aggressive,
confident financial engineers,
and may require subordinating
personal lives. On the other
hand, they allow the most
professional freedom. Frontoffice financial engineers can
choose to work in a wide variety
of circumstances from oneperson start-ups to the largest
companies. A disadvantage
is front-office skills are
not transferrable to other
professions. If your professional
rewards and satisfaction are the

and fast-changing financial
system. It’s not enough to write
good code or solve equations
properly; front-office quants
need to build systems that
can thrive in a chaotic and
competitive environment.

it’s a lot more complicated than
most people imagine.

Finally there is the middle office.
A century ago, there were literal
physical front and back offices in
brokerage firms, the front office
for clients and the back office
Next come back-office jobs.
for clerks. There never was a
There are a lot more of them
real middle office. The term was
than front office jobs, and they
invented in the 1980s to describe
afford better work-life balance.
risk management, because
Success will depend on ability
risk managers used frontmore than on luck and politics.
office skills, and sometimes
Careers will be more predictable
got injected into front-office
and if you do decide to leave
decisions, but did not generate
revenue directly.
There’s no generally
agreed definition
“It’s not enough to write good code or solve equations
of the term; some
properly; front-office quants need to build systems that can thrive
people include
in a chaotic and competitive environment.”
departments
such as treasury,
information
biggest things in your life, and if
finance, your acquired backtechnology, legal, and
you are sure finance is for you,
office skills will have some
compliance. Financial engineers
the front office may be the best
value. Your achievements are
are most often found in risk
place to work.
likely to have longer useful lives.
management and, if you include
Pay and excitement are lower
them in middle office, frontThe two forms of revenue in
than in the front office. Financial office IT and risk IT.
finance are trading profits and
engineers can play important
many flavors of fees. Financial
roles in back-office areas such
In some respects—pay, glamour,
engineers are needed to design
as financial control, especially
and career volatility—middle
and support trading strategies,
risk control, and systems
office is (as you might expect)
create and manage structured
development.
midway between front office and
products, develop software to
back office. In another respect,
be used in pricing or hedging,
Back office is sometimes
however, it differs from both
and other tasks that combine
referred to as the “plumbing”
front and back office. Middle
aspects of all three functions.
of the financial system. Like
office requires financial
The reason you should have
plumbing, everyone ignores
engineers. However specialized
a financial engineer for these
it when it works, but when it
a financial task or institution, it
tasks is all the revenue is
doesn’t work, life can be very
can be affected by the end-to-end
extracted from a highly complex
unpleasant. Also like plumbing,
continued on page 16

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

What Do Financial Engineers Do? continued from page 15

chain of capital in which it is
embedded.
The great British engineer Henry
Royce defined the simple ethos
of the profession: “Strive for

perfection in everything you do.
Take the best that exists and
make it better. When it does not
exist, design it.” This is a proud
and noble undertaking, for those
with the talent and energy to

attempt it. And today, finance
is one of the most exciting
and useful places to practice
engineering. You take it from
here.

Aaron Brown is risk manager at AQR Capital Management and the current
Global Association of Risk Professionals Risk Manager of the Year. He is the
author of Red-Blooded Risk (Wiley, 2012), The Poker Face of Wall Street (Wiley,
2006, selected one of the 10 best books of 2006 by Business Week) and
A World of Chance (with Reuven and Gabrielle Brenner, Cambridge University
Press, 2008). In his 31-year Wall Street career he has been a trader, portfolio
manager, head of mortgage securities, and risk manager for institutions
including Citigroup and Morgan Stanley. He also served a stint as a finance
professor and was one of the top professional poker players in the world during the
1970s and 80s. He holds degrees in Applied Mathematics from Harvard and Finance and
Statistics from the University of Chicago.

Join the Conversation

QuantNet’s more than 20,000 members meet in the Forums to
trade information about everything from general education and
career topics to detailed conversations on day-to-day financial
engineering topics to answers for specific questions asked
during the interview process.
Everyone from well-known
Ellen Reeves’ column
quant professionals to
students new to the industry
“Ask Ellen—Job
can get together to talk about
Hunting and Career
the latest trends in quantitative finance.
“C++ Online Certificate”
Development Advice”
The forums are searchable and allow
contains
multiple threads for
you to see which topics are the
anyone
interested
in learning
most recently updated.
“Q/A with Todd Fahey” offers

the opportunity to chat with
Todd Fahey, a headhunter for
Sheffield Haworth, Inc.

Here’s a sample of the forums
generating chatter now:

QUANTNET | 2013-2014 GUIDE | quantnet.com

more about the course to
enrolled students seeking
help from their peers.

So You Want to Be a
Financial Engineer?
Preparing for a Career in the Field
hen
preparing
for a career
in Financial
Engineering,
it’s helpful to know what you
need to know in order to be
considered a good candidate
for a job, as well as how to be
successful in that role once you
are hired.
First, you should know that the
general utilization of an MFE
degree tends to be oriented
toward quantitative roles on
the desk (i.e., working on the
trading desk and delivering
the models, risk calculators,
etc., directly to the traders
who utilize their products), or
in risk management, model
validation, library control, CVA,
or quantitative development
and programming.
I’ve been a recruiter for more
than 14 years, and have worked
exclusively in quantitative
finance for the last 12 years.
My coverage spans global
investment banks, hedge funds,
proprietary trading companies,
and asset management firms,
focusing on the front-office
18

quant and trading and technology professionals. The vast
majority of roles that I cover
are automated/systematic/
algorithmic quants and traders
through quantitative software
and systems/platform developers
and quantitative analytics and
modeling on the desk. I will
discuss in more detail how
to prepare yourself for these
roles, and help you focus on the
subjects you need your degree
program to teach you.
While the job market is very soft
for new MFEs hitting the market
to be desk quants, as well as
those in exotics and structured
finance, there is a significant
need within the CVA, risk, and
quant developer/programming
fields right now. I anticipate this
need will only grow stronger
over time as there is significant
emphasis on risk and credit
at the moment—and the
foreseeable future—specifically
as it relates to the current
regulatory environments both
here and abroad.
The other area that is bright
at the moment is within the
world of automated, algorithmic,

QUANTNET | 2013-2014 GUIDE | quantnet.com

By Todd Fahey
systematic, and quantitative
trading. These roles are highly
competitive for entry-level
professionals. Further, they all
require programming skills in
core languages, along with a
solid knowledge of statistical,
neural network and/or artificial
intelligence methods. If this is a
route you are looking to pursue,
you need to know that you will
be facing some ridiculously stiff
competition, and you may be
best served by being open to
relocation outside of the U.S.—
Asia in particular. Also, work
hard on getting solid skills and
experience with C++, Python,
Java, and/or Scala, as these
tend to be the most utilized
programming languages in the
field.
My personal recommendation if
you’re looking for a job now, in
terms of target companies would
be, in order: hedge funds, asset
management firms, proprietary
trading companies and, finally,
finally, banks. The reasoning
behind this is that banks are in
regulatory hell right now;
proprietary trading companies
could very well have some
continued on page 19

So You Want to Be a Financial Engineer? continued from page 18

“. . . there is still a lot of money waiting
for deployment across the global spectrum right
now. Asset management firms and
hedge funds appear to be the beneficiaries
of what we anticipate over the next
5-10 year stretch.”

issues with the pending
regulations in the U.S. and the
UK, and there is still a lot of
money waiting for deployment
across the global spectrum right
now. Asset management firms
and hedge funds appear to be
the beneficiaries of what we
anticipate over the next 5-10
year stretch.
But how do you prepare for
these jobs? First, it’s helpful to
know what to prepare for in
terms of education, based upon
your interests. For example, if
you desire to pursue a path in
high frequency futures trading,
you should be aware that the
vast majority of these people
do not have PhDs, and some
employers in this field actually
believe them to be detrimental.
A strong background in
electrical and/or computer
engineering (with a master’s
degree, preferably), very strong
programming skills (C++, Java,
C#, Scala, Python, etc.) and
comfort with very large data
sets is key.

If you are more interested in
the mathematical side, a PhD
is the preference, although
not a necessity (MFEs typically
work in this arena, as well).
Typical coursework for
these careers is Operations
Research, Applied Mathematics,
Mathematics, Theoretical
Physics (not experimental—
not a desirable math track),
Electrical Engineering, Computer
Science or Engineering, and
Mechanical Engineering. If you
decide that this is the path to
pursue, understand that strong
programming is a requirement
and will be done every day. It is
no longer optional. And, if you
can only program in MATLAB,
SAS, S+ or another RAD or
statistical package, you will be
at a disadvantage compared

with those who can program in
advanced languages mentioned
above.
What do you need to know to
make yourself competitive in
the market wherever you choose
to work in the world? Let’s face
it—this is probably the most
competitive field of employment
outside of professional sports.
As such, talent alone might not
get you in the door. There are
things that you should do in
order to make yourself stand
out from the crowd. Including
some things that may make you
uncomfortable and push you
in directions you may not have
considered prior to pursuing this
career path. I will highlight the
things I believe that will best
start you on the path to success:

Personality and
Communication Skills
Believe it or not, you are not
quite as unique as you might
think you are. Everybody in
this field is “smart”. The ones
who get jobs—and then
progress upward through the
continued on page 20

“There are things that you should do
in order to make yourself stand out from
the crowd. Including some things that
may make you uncomfortable and push
you in directions you may not have
considered . . .“

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

So You Want to Be a Financial Engineer? continued from page 19

ranks—have one commonality:
people (at least someone) like
them. You need to be articulate
and outgoing. Inquisitive, yet
thoughtful.
One way to help your
personality show through would
be to join Toastmasters or a
similar organization. While you
may not ever be in sales or a
refined public speaker, it will
only serve to help differentiate
yourself from being like
everyone else.
Probably the most overlooked
need beyond the technical

skills required in this field is
the need for communication,
specifically, communication in
the English language. English
is the universal language of
finance—the same as if you were
an international airline pilot.

world, but if you can’t articulate
it so that people understand
you, or if your writing skills are
so atrocious (author included
here . . . ) that it is impossible to
follow in a linear fashion, you’re
severely disadvantaged.

If you are not a native speaker,
it would be extremely helpful
to take communications
courses to help with your
grammar, presentation, and
writing abilities. Even if this is
not part of your curriculum,
outside tutoring would not hurt
you. After all, you may be the
smartest mathematician in the

Programming
If you’re not good at it, get good
at it. In almost every role in
quantitative finance you will be
required to program. The better
you are, the easier it will be for
you to land a job in the field.
Languages to concentrate on
are: C++, Perl, Python, Java,
continued on page 21

2013 Rotman International
Trading Competition Result
THE 2013 COMPETITION WAS ATTENDED BY MANY TOP MFE PROGRAMS
FROM OVER 40 UNIVERSITIES WORLDWIDE.
THE TOP 5 TEAMS THIS YEAR ARE
1. Laval University (Quebec)
2. Chulalongkorn University (Thailand)
3. Baruch College (Financial Engineering)
3. University of Toronto
5. BI Norwegian Business School

RESULTS FROM OTHER MFE/MATH FINANCIAL PROGRAMS
12. University of Chicago (Math Finance)
20. MIT
29. Boston University (Math Finance)
32. Rutgers University (Math Finance)
35. NYU (Math Finance)
37. Boston University (Math Finance)
38. UC Berkeley (Financial Engineering)
41. University of Chicago (Math Finance)

QUANTNET | 2013-2014 GUIDE | quantnet.com

So You Want to Be a Financial Engineer? continued from page 20

Math

You get to be on the Human
Resource department’s radar—
There are a lot of different areas
a big thing once you are ready to
within math, but there is one
enter the job market.
thing for certain: if you’re going
The best way to find a job is
to be a derivatives quant, you
to have one in hand as you
Economics and Finance
had best be good at stochastic
get ready to graduate because
In the world of quantitative
calculus. Other areas of note are
you’ve interned at the company
trading, economics and finance
linear algebra, spatial geometry,
and they feel they need to have
classes are not important—other and familiarity with partial
you on their team because you
than for being a well-rounded
differential equations and
impressed them so greatly as
professional at a macro level.
ordinary differential equations.
an intern. Most
importantly, you
begin to network
“The best way to find a job is to have one in hand as you get ready
with other
to graduate because you’ve interned at the company and
professionals in the
they feel they need to have you on their team because you
field. People move
impressed them so greatly as an intern. Most importantly, you
often and it is 99.99%
likely that you will
begin to network with other professionals in the field.”
leave your first job
within five years. The
saying
“It’s not what you
Within the world of quantitative
Internships
know, it’s who you know,” carries
strategists, there is a chasm.
The ability to secure an
a lot of weight in the hiring
internship should be a priority
world. Get to know as many
Most banks and hedge funds
from the moment you walk
people as you can and actively
look for those who have a
in the door as a freshman in
engage with your network often.
rigorous math background.
college. You get to learn about
However, there are a number
continued on page 22
what these people do on a daily
of hedge funds and asset
basis, and you may have an
managers who look to avoid
opportunity for a rotation.
those backgrounds. They want
classically trained economists
with PhDs from the major Ivy
“There are many different quantitative
League schools. If you don’t have
networking groups, conferences, and
a PhD from one of those schools
symposiums in every financial center to keep
and a top undergrad from the
same level institution—don’t
you engaged in the latest trends and ideas,
waste your time. This field
and also—and I cannot stress the importance
is fiercely competitive and
of this enough—the ability to network not only
you need to up your game to
with your peers, but the level of successful
even have an opportunity to
professional that you all strive to be.”
interview.
C# / .NET, Scala, Hadoop,
MATLAB (not a substitute for
C++!) and other functional
programming languages.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

So You Want to Be a Financial Engineer? continued from page 21

Continuing Education
If there were ever a time to
recommend staying the distance
if you have your sights on a PhD,
now is the time. Entering the
market later with a PhD may put
you at the top of the candidate
list, as well as position you to job
search in a better market.
Not interested in a PhD?
Not a problem. There are
many different quantitative
networking groups, conferences,
and symposiums in every
financial center to keep you
engaged in the latest trends and
ideas, and also—and I cannot
stress the importance of this
enough—the ability to network
not only with your peers, but the
level of successful professional
that you all strive to be.

One other thing that you need
to do is read. Voraciously. I’m
not speaking about books,
articles, and literature dedicated
to your field of endeavor.
I’m speaking of information
flow that is real-time and/or
relevant to recent events. If you
don’t know what is going on
around you, it is hard to have
an opinion about what is going
on around you. Read The Wall
Street Journal, Financial Times, and
other newspapers. Subscribe to
e-zines such as Fierce Finance or
FINAlternatives. Join specific web
communities such as QuantNet,
Wilmott, or Nuclear Phynance.
Read books by Michael Lewis or
other topical books relevant to
finance (I’m personally a huge
fan of Roger Lowenstein’s When
Genius Failed: The Rise and Fall of
Long-Term Capital Management.

Become a well-rounded quant
and you will start to move away
from the pack.
The purpose of this article is to
give you a general overview of
the market, the trends, and what
skills I believe you should have
based upon what positive and
negative stresses I see in the
market now and in the next few
years.
Ultimately, I hope that you
remember the ultimate
lesson here: each of your own
situations and experiences is
unique to you. Clarity of your
path is the most important thing
to you. Keep the goal in mind
as you make your decisions
and, with a bit of luck and good
timing, you will arrive at the
point you’re aiming for.

Todd Fahey is Executive Director, Global Head – Quantitative Strategies Practice, at
Sheffield Haworth, Inc. He has trained quantitative and technical recruiters; published
articles, blogs, and e-zines; and presented at various business schools. He can be
reached at fahey@sheffieldhaworth.com. Todd also has a Q&A column on QuantNet
where you can ask him questions about the quant job market.
A note from Todd Fahey: I am an executive search consultant, and my value to companies
is to find experienced personnel. In order for me to maximize my time and efficiency,
I need to look at what is the cost/benefit of my time usage. Simply, the majority of my
clients are looking for me to find them the people that they are willing to pay for my
services and that they would have difficulty finding on their own. That means that I
more than tend to look at people who are currently actively working in the industry,
have a minimum of three years of work experience, and carry a numerate degree from
a top university globally. Beyond these criteria, it is a stretch to say that I am willing to
work with an individual who don’t meet the bar. I am always willing to offer advice and
suggestions, but that doesn’t mean that I can necessarily help any one individual.

QUANTNET | 2013-2014 GUIDE | quantnet.com

Financial Engineering Education as a
Gateway for a Quantitative Finance Career

Efficient Ways to Set Up
a Successful Career
graduate degree
in financial
engineering is
primarily a way to
start, or advance,
a career in quantitative finance.
It is not only useful academically,
but practically as well by learning
about various career paths and
deciding which best suits your
interests and background, and
by creating opportunities to
compete for the right openings
at the right time.
Based on a long experience
fostering careers of both young
and mid-career students and
alumni, I will briefly share
pointers on how to put a master
of financial engineering (MFE)
graduate degree in the larger
perspective of a successful
career in quantitative finance,
from deciding whether to pursue
an MFE, to shaping your career
path once you graduate.
Make sure you learn about
possible career paths before
deciding to apply for an MFE
program. The comprehensive

QuantNet Quant Internship and
Graduate Recruitment Firms
Listing includes an extensive
list of career options from buyside and sell-side employers.
The book The Complete Guide to
Capital Markets for Quantitative
Professionals by Alex Kuznetsov
and Mark Joshi’s On Becoming
a Quant guide are also good
sources of information.
Once the decision to pursue an
MFE is made, a three-pronged
process begins: deciding where
to apply, putting together a
competitive application, and
preparing for graduate studies.
Approach this from a career
goals perspective: find the
program that best suits and
services your career needs and
then use the time you have before
you start the program to strengthen
and update your background. By
doing so, you will set yourself up
for a successful graduate studies
experience, and for better career
options upon graduation.

By Dan Stefanica

that programming will be an
important part of your future
work and studies. Improve your
C++ and VBA skills, which will
be valuable both in a highly
quantitative role and in a
business-oriented role.

Brush up on your math skills
d Calculus— My book A Primer
for the Mathematics of Financial
Engineering was written with this
goal in mind.

d Linear algebra—Gil Strang’s
Introduction to Linear Algebra has
a strong numerical flavor.

d Probability—A Natural
Introduction to Probability Theory
by Ronald Meester is both
intuitive and rigorous.

Learn about financial
instruments in a
quantitative framework
d Salih Neftci’s An Introduction
to the Mathematics of Financial
Derivatives is good background
reading.

There should be no doubt

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 24

Efficient Ways to Set Up a Successful Career continued from page 23

d Principles of Financial
Engineering, also by Neftci, gives
an excellent practical view
of quant finance for trading
applications.
I cannot overemphasize the
importance of preparing for
graduate studies from the
moment you decide you want
to pursue them. A strong
and current knowledge of
programming, mathematics,
and fundamentals of finance
when entering the program
is, in my experience, a great
attribute of highly successful
graduates, which translates
into significantly better career
opportunities.
Once you accept an admission
offer, you have several more
months to prepare for your
studies. It is then time to contact
the program and ask for specific
instructions on how to best use

that time given your particular
set of strengths and background
knowledge.
During your studies, remember
at all times that you are doing
an MFE as a step toward a
quantitative career.
Use the program resources—
networking with graduating
students, talking to industry
professionals teaching in the
program, and consulting with
career advisors—to identify the
areas you would like to work in
by the end of the first semester
of studies. Find out what skills
are most valued by employers in
those areas, and use this
knowledge to decide which
courses you choose subsequently,
as well as what you need to
emphasize in your studies.
Put your job search in a longerterm perspective. The goal

should not be just to get a job
upon graduation, but to find the
right position that will allow
your career to grow over time.
This could mean a first job
where you will further learn and
grow your set of skills, or taking
a position that could be used
as an apprenticeship toward,
why not, starting your own firm
when the time is right several
years down the road.
And it may all start the moment
you begin preparing for your
MFE graduate studies. You have
more time between when you
decide to pursue an MFE and
when you start the degree, than
between the beginning of your
studies and when you start
interviewing for internships.
That time is precious and, if
used efficiently, could make a
big difference.
Good luck!

Dan Stefanica has been the Director of the Masters Program in Financial Engineering
at Baruch College, City University of New York, since its inception in 2002. He teaches
graduate courses on numerical methods for financial engineering, as well as preprogram courses on advanced calculus and numerical linear algebra with financial
applications. He is also the author of A Primer for the Mathematics of Financial Engineering,
QuantNet’s #1 best-selling book three years in a row: 2010, 2011, and 2012.

QUANTNET | 2013-2014 GUIDE | quantnet.com

READING LIST: Books about Financial Engineering
On Becoming a Quant
AUTHOR: Mark Joshi
PAGES: 20
FORMAT: Online PDF file
WHY YOU SHOULD READ IT: Mark Joshi’s short
guide advises students who want to become a
quant. He covers the types of quant jobs and
expected salaries, the areas of derivatives quants
work in, the types of employers who hire quants,
what a quant needs to learn, the current job
market, and how to look for a job and what to
expect during the interview.

The Complete Guide to Capital Markets for
Quantitative Professionals
AUTHOR: Alex Kuznetsov
PAGES: 600
FORMAT: Hardcover, Kindle
WHY YOU SHOULD READ IT: This book is a mustread for those with a background in science and
technology who are thinking of transferring
their skills to the financial industry. Kuznetsov
details how the financial industry works, as well
as how different firms make their money. Then
he describes how professional with different
technical backgrounds fit into roles within the
industry. A section on technology discusses how
financial models are created and used.

My Life as a Quant: Reflections on
Physics and Finance
AUTHOR: Emanuel Derman
PAGES: 308
FORMATS: Hardcover, Paperback, Kindle
WHY YOU SHOULD READ IT: This is the book that
introduces “quant” as a profession for generations
of students. Emanuel Derman discusses his
journey as one of the first high-energy particle
physicists to migrate to Wall Street, and along the

way he analyzes the incompatible personas of
traders and quants. Derman also notes the
dissimilar nature of knowledge in physics and
finance, while offering his thoughts on how to
apply the principles of physics to financial markets.

The Big Short: Inside the Doomsday Machine
AUTHOR: Michael Lewis
PAGES: 266
FORMAT: Hardcover, Paperback, Kindle, Audio, CD
WHY YOU SHOULD READ IT: Michael Lewis’ #1
best-selling book tells the story of the 2007-2008
financial crisis and how Wall Street missed the bad
securities being issued backed by the subprime
mortgage-backed securities (MBS) that destroyed
more than $1 trillion in wealth.

Financial Engineering: The Evolution
of a Profession
AUTHOR: Tanya S. Beder
PAGES: 616
FORMAT: Hardcover, Kindle
WHY YOU SHOULD READ IT: Part of the Robert
W. Kolb Series in Finance, Tanya S. Beder has put
together a collection of articles by practitioners
and academics with a dedicated section on the
Financial Engineering degree. This book details
the different participants, developments, and
products of various markets—from fixed income,
equity, and derivatives to foreign exchange. Case
studies from companies in different segments of
the industry, a glossary, and a companion website
offer additional information and support for those
interested in financial engineering.
See more recommended reading at
QUANTNET MASTER READING
LIST FOR QUANTS.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Master of science

financial engineering

in a technology-intensive environMent

Bridge theory & Practice · gloBal outreach · excellence in research
We give you a solid theoretical foundation. Then we show you how
to put it to practice. Our rigorous, top-tier master’s program will
teach you to solve the most complex problems facing financial
engineers today and train you to be a leader in global finance.
+ Graduates gain careers as portfolio managers, traders and
quants in global firms like Goldman Sachs and the World Bank.
+ Ranked #8 by Social Science Research Network for
research downloads.
+ International exchanges available with leading universities
in Africa, Europe and Asia.
+ Campus in the heart of New York City’s financial district.

apply now: www.poly.edu/Fe2
+ M.S. in Financial Engineering
Diversified program spanning
four industry-focused tracks in:
Risk Finance; Computational Finance;
Technology and Algorithmic Finance;
Financial Markets and Corporate Finance.
Inquire about NYU-Poly’s one-year full-time program,
part-time programs or certificate programs.

+ Career services support from the NYU Wasserman Center
for Career Development.
+ International conferences and workshops held regularly.
+ Research Internship Grant Fund, dedicated to raising one million
dollars annually, allows deserving students to pursue research
projects for six months after graduation.
+ Key financial technologies available to students including 12
Bloomberg terminals as well as a FINCAD grant worth seven
million dollars.
+ The first curriculum to be certified by the International
Association of Financial Engineers.
+ The NYU-Poly M.S. in Financial Engineering was initiated
with the generous support of the Alfred P. Sloan Foundation
and was the second program of its kind, anywhere.

SECTION 2:

Finding a Master of
Financial Engineering
Program

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

How to Identify a Master
in Finance Program
Worth Attending
By Anthony
DeAngelis

ith the
increased
popularity of
specialized
graduate
degrees in finance (Finance
and Financial Engineering), I
have received countless emails,
all with the question “Is this
program worth attending?”
This is an important question
considering the cost, both in
time and money, that going back
to school entails. With the everincreasing number of programs
out there, potential applicants
should take into consideration
the following before making
their decision. These apply to
both domestic and international
students, but I will talk toward
the end about specific things to
look out for as an international
student.

1) What are your goals?
If your goal is to use the MSF/
MFE degree as your second
chance at breaking into
investment banking or trading,
then you have to pick a program
that has strong on-campus
recruiting and a history of
placement in this area. These
programs tend to have highly
ranked undergraduate business
programs and are located near
major metro areas. You can
figure out if a program is for
you by looking at their past
placement stats and seeing if
investment banks and other
trading shops come on campus
for recruiting.
If your goal is to study finance
and break into the financial
industry, regardless of the
position, then you have a lot
more flexibility. Look for schools
that are known in their region
or city, those with a wide range
of recruiting and alumni (front
office finance roles), or those
that allow you to work while
attending school. This will

QUANTNET | 2013-2014 GUIDE | quantnet.com

give you the opportunity to
keep gaining experience while
increasing your knowledge and
skill set so that you can move up
in your career or laterally into
that financial position you are
seeking.

2) Cohort program or
flexible class load?
A few universities offer a lockstep cohort program. Everyone
takes the same classes at the
same time. Other programs
allow students to specialize
and customize their program. It
is important for you to decide
what kind of educational
experience you want.
A cohort program is the most
simple and direct way to go
about a master’s degree, and it
ensures everyone is qualified
and eligible for the widest
variety of finance roles. You also
build close friendships and a
connection with the campus
and university. The downside
is that you lose the flexibility to
continued on page 29

How to Identify a Master in Finance Program Worth Attending continued from page 28

customize your classes. These
types of programs are ideal for
fresh graduates who might not
know what they want to do or
who need more structure.
On the other hand, if you are

3) Does the program offer
career services?
This is something to focus on
if you recently graduated and
need help obtaining your first
job. Most specialized master’s

“Flexible programs give you the opportunity to
more effectively target a narrower
field of employment, and the upside is
you will be better prepared.”

looking for a program that
gives you the opportunity to
choose classes and specialize
in the area of finance that truly
interests you, then you want a
program with flexibility.
Flexible programs give you the
opportunity to more effectively
target a narrower field of
employment, and the upside is
you will be better prepared. In
my experience, this tends to be
optimal for people who have
worked for a little bit of time or
someone who has a clear vision
of what they want to do postgraduation.

programs. Because of this you
have career officers who don’t
truly understand how to sell
these students, how to work
with them when it comes
to placements and finding a
job, and how to market the
programs.
Pay special attention to this as
this is something that can be
part of your due diligence before
the program begins. I suggest
speaking with or meeting

“Programs without a dedicated person
rely on the overall career center,
which can sometimes work,
but oftentimes does not.”

programs have a career office or
officer that aids in placements
and recruiting. The nuanced
nature of these specialized
programs really dictates the
necessity of having a career
services person focused on the
program. Programs without a
dedicated person rely on the
overall career center, which
can sometimes work, but
oftentimes does not. The lack
of dedicated career services
happens for a variety of
reasons, but mainly because
these specialized master’s
programs are relatively small
compared to undergraduate
business programs and MBA

with the career resources
individual who can tell you
about placements, who comes
on campus for recruiting, and
can help you get in contact
with alumni who can give you
a firsthand account of how the
program helped them.

4) How is the
program ranked?
A program’s ranking is
important and where the
master in financial engineering
has a distinct advantage over
other specialized master’s
degrees. QuantNet provides a
comprehensive and important
continued on page 30

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

How to Identify a Master in Finance Program Worth Attending continued from page 29

biannual ranking of U.S.-based
MFE programs that gives
students a quick and easy way
to size up programs. Currently
only the Financial Times ranks the
master’s in finance degree, and
it is more relevant for European
master’s programs (and Asian
programs to a lesser extent).
As these degree programs
mature, more publications will
rank them and increase the
transparency, but until then you
will have to use the options that
are available.
Looking at a program’s ranking
gives students an idea of the
reputation and performance of
each school and which ones they
should 1) focus on, and 2) which
ones you will be competitive at
when applying. Both of these
factors are important to consider
so you don’t waste time or
money.

“Looking at a program’s ranking
gives students an idea of the reputation
and performance of each school and which ones
they should 1) focus on, and 2) which ones you
will be competitive at when applying.”

A SPECIAL NOTE FOR
INTERNATIONAL STUDENTS
International students should
pay special attention to
placements and career services.
The economy in the U.S., as well
as globally, is still recovering,
and sponsoring graduates
is an added cost that many
firms prefer not to shoulder.
Financial engineering tends
to be more forgiving than a
general master’s in finance, but
it is still something you should
consider. I recommend casting a
wide net and focusing on larger
employers, as they are both
used to sponsoring students and
financially able to.

Choosing a graduate program
is always going to be a hard
decision, but by factoring in
these things to look for, the
decision should become a little
easier. While this article does
not cover every issue potential
students must consider, I believe
this should help clarify the
primary choices you should
make. Make the decision that
you feel most comfortable with,
and once you decide on the
course of action, commit to it.
It might take some time and
effort, but if you remain focused
and work hard you will achieve
your goals.

Anthony DeAngelis is a 2010 graduate of the Villanova Master in Finance program and
owner of MSFHQ.com, a site dedicated to the Master of Finance degree. He previously
worked for The Bank of New York and HSBC and is currently working in fixed income.

QUANTNET | 2013-2014 GUIDE | quantnet.com

How to Pick an
MFE Program
By Aaron Brown
rom Amsterdam
to Zurich you can
attend financial
engineering
masters programs
in all the financial
centers in the world, or places
off the financial beaten path
such as Bethlehem, Coimbra,
Potchefstroom, or Stillwater.
You can be taught by some of
the great names in academic
quantitative finance—such
as Carol Alexander, Marco
Avellaneda, Emanuel Derman,
Darrell Duffie, John Hull, Robert
Jarrow, Mark Rubinstein, Philipp
Schönbucher, and Steven
Shreve (leaving out many just as
distinguished)—or by professors
who may be as competent,
but whose names will not
resonate with as many potential
employers. You can pay $20,000
to $80,000, and no doubt more
or less, and spend one to two
years or, in some cases, attend
part-time.
There are financial engineering
programs with stellar
international reputations,
enviable starting salaries and
top placement statistics; with

graduates placed highly in most
global financial institutions,
but you can also opt for less
famous programs that may be
cheaper, easier to get into, more
convenient, or that offer special
features that interest you. There
are also programs as prestigious
as the top financial engineering
masters programs that offer
similar master’s degrees such
as computational finance,
mathematics in finance, and
financial mathematics. There
are lesser-known programs
associated with great schools,
and top programs associated
with less well-known schools.
Then there are bad programs.
There really are, and some of
them are at schools with good
reputations. I won’t name them.
I’m not shy, but I don’t want to
taint their graduates. Anyway,
it’s something you should find
out for yourself. If you don’t do
the due diligence to eliminate
the bad programs, you won’t
have the information you need
to make a decision.
A bad program is a cynical
attempt to get tuition dollars
from students who are good at

math and desperate for jobs, and
deliver in return lectures from
people who have nothing better
to do. Some clues that a program
is bad are:

d Few students have financial
experience or successful career
experience.

d Enrollment fluctuates with
demand for financial quants.

d No distinguishing approach,
just a bunch of standard
courses.

d Instructors with no
publications or experience in
quantitative finance.

d Few courses that truly
combine math and finance,
just pure courses in math,
statistics, computers, and other
quantitative fields, plus basic
finance courses.

d Dated content.
d Exclusive emphasis on
lecture and multiple choice or
numerical answer exams.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 32

How to Pick an MFE Program continued from page 31

Beyond these signs, you may
be able to tell by the people you
meet. Do the administrators,
faculty, and students strike you
as a group of successful people
working together to create an

have clear, strong reasons if
you do. Top programs have top
faculty, top students, and top
alumni networks. The best ones
also have unique approaches.
Along with the brand name

quality, at any level from firsttier to third-tier.
The next thing I would look
at is the level of mathematics
required. You have to dig

“Top programs have top faculty, top students, and top alumni networks.
The best ones also have unique approaches. Along with the brand name
advantage, those are powerful tailwinds to a career.”

exciting future? Or do they seem
to be unsuccessful people trying
to use each other for personal
benefit?
Once you eliminate the bad
programs, the next question is
whether to try for a top program
or select a lower-ranked one
that may have other advantages.
My general advice is to go for
the highest-ranked program that
will accept you, even if it is less
convenient, more expensive, and
less suited to your particular
situation. That’s not universal
advice. There are times to
overrule it. But make sure you

advantage, those are powerful
tailwinds to a career. Lots of
people succeed without them,
but why make things harder
than necessary?
For some students, that is the
end of the process. Once they
eliminate the bad programs,
they find there is only one
acceptable alternative, or one
obviously superior choice. But
for many students, especially
those who are willing and able
to relocate anywhere in the
U.S., there are going to be
several suitable programs of
roughly equal reputation and

“I think you will usually do best
to choose the program with the highest level
of mathematics that you can handle—
and if that level is below calculus
you should find another field.“

deeply to find this out. There
are, believe it or not, financial
engineering programs in which
a professor cannot work a
simple calculus example and
be confident that the class is
following. Everyone passes a
calculus exam of course, but
that’s quite different from being
able to use calculus or other
mathematics in a classroom
setting (not to mention a realworld setting). I think you will
usually do best to choose the
program with the highest level
of mathematics that you can
handle—and if that level is
below calculus you should find
another field. I’m talking about
the actual mathematics used
in classrooms, discussions, and
cases; not the course or exam
requirements.
The other factors like faculty
reputation and experience,
placement statistics, rankings by
independent parties, and
continued on page 33

QUANTNET | 2013-2014 GUIDE | quantnet.com

How to Pick an MFE Program continued from page 32

“If everything above is not sufficient to make a choice,
consider whether you are sufficiently decisive for financial engineering.
After you get the degree, you will have to make much harder choices
with less information at higher stakes if you want to use it.”

admission metrics I lump
together as general quality.
They are too highly correlated
to make decisions by weighting
one versus another, you’re
overfitting if you try (if you
don’t know what that means,
find another field). If you are
accepted by two programs of
the same overall quality and
mathematics level, I think your

choice is likely to come down to
idiosyncratic personal factors
rather than any systematic
advice I can give you.
If everything above is not
sufficient to make a choice,
consider whether you are
sufficiently decisive for financial
engineering. After you get the
degree, you will have to make

much harder choices with less
information at higher stakes
if you want to use it. If you
can make a choice,
congratulations, and I wish
you the best. I look forward
to the benefits your financial
innovations will bring to the
world, making my eventual
retirement secure and happy.

Aaron Brown is risk manager at AQR Capital Management and the current
Global Association of Risk Professionals Risk Manager of the Year. He is the
author of Red-Blooded Risk (Wiley, 2012), The Poker Face of Wall Street (Wiley,
2006, selected one of the 10 best books of 2006 by Business Week) and
A World of Chance (with Reuven and Gabrielle Brenner, Cambridge University
Press, 2008). In his 31 year Wall Street career he has been a trader, portfolio
manager, head of mortgage securities and risk manager for institutions
including Citigroup and Morgan Stanley. He also served a stint as a finance professor
and was one of the top professional poker players in the world during the 1970s and
80s. He holds degrees in Applied Mathematics from Harvard and Finance and Statistics
from the University of Chicago.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

2013-14 QUANTNET RANKING

Master of Financial Engineering Programs
The 2013-14 QuantNet ranking is the most comprehensive ranking to date of master programs in
Financial Engineering (MFE) and Mathematical Finance in North America. QuantNet surveyed program
administrators, hiring managers, and quantitative finance professionals from financial institutions
around the world for statistics reflecting student selectivity and graduate employment.

RANK

UNIVERSITY

PROGRAM

TUITION

SCORE

Carnegie Mellon University
Pittsburgh, PA

Computational Finance

$77,100

100

Columbia University
New York, NY

Financial Engineering

$56,808

Princeton University
Princeton, NJ

Master in Finance

$84,140

Baruch College,
City University of New York
New York, NY

Financial Engineering

$35,040
$24,315
(resident)

University of California, Berkeley
Berkeley, CA

Financial Engineering

$58,895

New York University
New York, NY

Mathematics in Finance

$62,000

Columbia University
New York, NY

Mathematics of Finance

$54,720

Massachusetts Institute
of Technology
Cambridge, MA

Master of Finance

$74,900

Cornell University
Ithaca, NY

Master of Engineering,
Financial Engineering
concentration

$69,000

Georgia Institute of Technology
Atlanta, GA

Quantitative and
Computational Finance

$54,144
$20,772
(resident)

University of California,
Los Angeles
Los Angeles, CA

Financial Engineering

$55,600

Rutgers University
New Brunswick, NJ

Mathematical Finance

$47,250
$28,539
(resident)

continued on page 35

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

U.S. Master of Financial Engineering Programs continued from page 34

RANK

UNIVERSITY

PROGRAM

TUITION

SCORE

University of Toronto
Toronto, Canada

Mathematical Finance

CAD 42,000

Boston University
Boston, MA

Mathematical Finance

$65,955

University of Chicago
Chicago, IL

Financial Mathematics

$51,012

NYU-Poly
Brooklyn, NY

Financial Engineering

$44,979

Rutgers University
Newark, NJ

Quantitative Finance

$58,317
$35,445
(resident)

Fordham University
New York, NY

Quantitative Finance

$50,875

Johns Hopkins University
Baltimore, MD

Financial Mathematics

$60,000

University of Illinois
Urbana, IL

Financial Engineering

$51,000
$25,500
(resident)

University of Michigan
Ann Arbor, MI

Financial Engineering

$63,184
$33,671
(resident)

University of Minnesota
Minneapolis, MN

Financial Mathematics

$40,470
$32,870
(resident)

University of Washington
Seattle, WA

Computational Finance &
Risk Management

$37,800

Claremont Graduate University
Claremont, CA

Financial Engineering

$81,120

Illinois Institute of Technology
Chicago, IL

Mathematical Finance

$49,104

QUANTNET | 2013-2014 GUIDE | quantnet.com

INTERNATIONAL LIST

Education Programs in Financial Engineering
and Quantitative Finance
This list comprises an international list of programs in Financial Engineering and Quantitative Finance.
Organized by geographic region, the list details the programs offered; whether each is full-time,
part-time, or both, the degrees offered, and the location. Each university’s name links directly to the
program website, where you can find additional information on the admission process and deadlines,
contact information, faculty, pricing, and program length.

NORTHEAST
Baruch College
New York, NY

Financial Engineering
(FT/PT)

Master

Boston University
Boston, MA

Mathematical Finance
(FT/PT)

Master, PhD

Carnegie Mellon University
Pittsburgh, PA

Computational Finance
(FT/PT)

Master, PhD

Columbia University
New York, NY

Financial Engineering
(FT)

Master

Columbia University
New York, NY

Mathematics of Finance
(FT/PT)

Master

Cornell University
Ithaca, NY

Financial Engineering
(FT)

Master

Fordham University
New York, NY

Quantitative Finance
(FT/PT)

Master

George Washington University
Washington, D.C.

Finance
(FT/PT)

Master

Hofstra University
Hempstead, NY

Quantitative Finance
(FT/PT)

Master

Johns Hopkins University
Washington, D.C.

Financial Mathematics
(FT/PT)

Master

Massachusetts Institute
of Technology
Cambridge, MA

Finance
(FT)

Master

New York University
New York, NY

Mathematics in Finance
(FT)

Master

NYU-Poly University
Brooklyn, NY

Financial Engineering
(FT/PT)

Master

continued on page 37

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Education Programs in Financial Engineering and Quantitative Finance continued from page 36

NORTHEAST continued
Princeton University
Princeton, NJ

Finance
(FT)

Master

Rensselaer Polytechnic Institute
Troy, NY

Financial Engineering and Risk Analytics
(FT)

Master

Rutgers University
Piscataway, NJ

Mathematical Finance
(FT/PT)

Master

Rutgers University
Newark, NJ

Quantitative Finance
(FT/PT)

Master

Rutgers University
Piscataway, NJ

Financial Statistics & Risk Management
(FT/PT)

Master

Stevens Institute of Technology
Hoboken, NJ

Financial Engineering
(FT/PT)

Master

Stony Brook University
Stony Brook, NY

Applied Mathematics,
Quantitative Finance Track
(FT)

Master, PhD

continued on page 38

Why Illinois?
Joint venture between the
College of Engineering &
College of Business
Comprehensive curriculum
Required real world financial “Practicum”
In Short:
Illinois develops FE Theory
Illinois develops FE Practice

www.msfe.illinois.edu
Applications Open December 1st

QUANTNET | 2013-2014 GUIDE | quantnet.com

Education Programs in Financial Engineering and Quantitative Finance continued from page 37

NORTHEAST continued
Temple University
Philadelphia, PA

Financial Engineering
(FT/PT)

Master

University at Buffalo
Buffalo, NY

Finance with Financial Engineering track
(FT)

Master

University of Connecticut
Storrs, CT

Applied Financial Mathematics
(FT)

Master

Worcester Polytechnic Institute
Worcester, MA

Financial Mathematics
(FT/PT)

Master

Ball State University
Muncie, IN

Financial Mathematics
(FT)

Bachelor

DePaul University
Chicago, IL

Computational Finance
(FT/PT)

Master

Illinois Institute of Technology
Chicago, IL

Mathematical Finance
(FT/PT)

Master

Purdue University
West Lafayette, IN

Computational Finance
(FT)

Master, PhD

University of Chicago
Chicago, IL

Financial Mathematics
(FT/PT)

Master

University of Cincinnati
Cincinnati, OH

Financial Mathematics
(FT/PT)

Master

University of Dayton
Westerville, OH

Financial Mathematics
(FT/PT)

Master

University of Illinois
at Urbana-Champaign
Urbana, IL

Financial Engineering
(FT/PT)

Master

University of Michigan
Ann Arbor, MI

Financial Engineering
(FT)

Master

University of Minnesota
Minneapolis, MN

Financial Mathematics
(FT/PT)

Master

University of Notre Dame
Notre Dame, IN

Computational Finance
(FT)

Master

Asbury College
Wilmore, KY

Financial Mathematics
(FT/PT)

Bachelor

Florida State University
Tallahassee, FL

Financial Mathematics
(FT/PT)

Master

MIDWEST

SOUTH

continued on page 39

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Education Programs in Financial Engineering and Quantitative Finance continued from page 38

SOUTH continued
Georgia Institute of Technology
Atlanta, GA

Quantitative and Computational Finance
(FT/PT)

Master

Georgia State University
Atlanta, GA

Mathematical Risk Management
(FT/PT)

Master

Louisiana State University
Baton Rouge, LA

Mathematical Finance
(FT)

Master

North Carolina State University
Raleigh, NC

Financial Mathematics
(FT)

Master

UNC Charlotte
Charlotte, NC

Mathematical Finance
(FT/PT)

Master

Claremont Graduate University
Claremont, CA

Financial Engineering
(FT/PT)

Master

University of California at Berkeley
Berkeley, CA

Financial Engineering
(FT)

Master

University of California
at Los Angeles
Los Angeles, CA

Financial Engineering
(FT)

Master

University of Hawaii
Honolulu, HI

Financial Engineering
(FT)

Master

University of Southern California
Los Angeles, CA

Mathematical Finance
(FT)

Master

University of Southern California
Los Angeles, CA

Financial Engineering
(FT)

Master

University of Washington
Seattle, WA

Computational Finance and Risk
Management
(FT/PT)

Master, Certificate

HEC Montreal
Montreal

Financial Engineering
(FT/PT)

Master

McMaster University
Hamilton, Ontario

Financial Mathematics
(FT)

Master

Universite du Quebec
a Montreal-Ecole
Quebec

MSc Applied Finance
(FT/PT)

Master

WEST

CANADA

CANADA continued

continued on page 40

QUANTNET | 2013-2014 GUIDE | quantnet.com

Education Programs in Financial Engineering and Quantitative Finance continued from page 39

University Laval
Quebec

Financial Engineering
(FT/PT)

Master

University of Toronto
Toronto, Ontario

Mathematical Finance
(FT)

Master

University of Waterloo
Waterloo

Quantitative Finance
(FT)

Master

Alcala University
Madrid, Spain

Quantitative Finance
(FT)

Master

Bar Ilan University
Ramat Gan, Israel

Financial Mathematics
(FT)

Master

Birkbeck University
London, England

Financial Engineering
(FT/PT)

Master

Birkbeck University
London, England

Mathematical Finance
(FT)

PhD

Birkbeck University
London, England

Finance/Finance and Commodities
(FT/PT)

Master

Bocconi University
Milan, Italy

Quantitative Finance and
Risk Management
(FT)

Master

Bogazici University
Istanbul, Turkey

Financial Engineering

Master

Dublin City University
Dublin, Ireland

Financial and Industrial Mathematics
(FT)

Master

Ecole Polytechnique Federale
de Lausanne
Ecublens, Switzerland

Financial Engineering
(FT)

Master

EISTI
Cergy-Pontoise, France

Quantitative Finance and Risk
Management

Master

Erasmus Universiteit Rotterdam
Rotterdam, Netherlands

Quantitative Finance
(FT)

Master

ETH Zurich and University of Zurich
Zurich, Switzerland

Quantitative Finance
(FT/PT)

Master

HECTOR School of Engineering &
Management
Rotterdam, Netherlands

Financial Engineering
(PT)

Master

ICMA Centre
Rotterdam, Netherlands

Financial Engineering
(FT)

Master

UNITED KINGDOM & EUROPE

continued on page 41

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Education Programs in Financial Engineering and Quantitative Finance continued from page 40

UK & EUROPE continued
Imperial College of London
London, England

Risk Management and Financial
Engineering
(FT)

Master

International University of Monaco
Monte Carlo, Monaco

Financial Engineering
(FT)

Master

London School of Economics and
Political Science
London, England

Financial Mathematics
(FT)

Master

Mälardalen University
Eskilstuna, Sweden

Financial Engineering
(FT)

Master

Reykjavik University
Reykjavik, Iceland

Financial Engineering
(FT)

Master

The Karol Adamiecki Academy
of Economics
Katowice, Poland

Quantitative Asset and Risk
Management

Master

Tilburg University
Tilburg, Netherlands

Quantitative Finance and
Actuarial Sciences
(FT)

Master

Universidad Nacional de Educación
a Distancia
Madrid, Spain

Stock Markets and Financial Derivatives
(FT)

Master

University College London
London, England

Financial Mathematics
(FT)

Master

University of Birmingham
Birmingham, England

Mathematical Finance
(FT/PT)

Master

University of Cambridge
Cambridge, England

Finance with Financial
Engineering Specialization
(FT)

MPhil

University of Edinburgh
Edinburgh, Scotland

Financial Mathematics
(FT)

Master

University of Glasgow
Glasgow, Scottland

Quantitative Finance
(FT)

Master

University of Konstanz
Constance, Germany

Mathematical Finance
(FT/PT)

Master

University of Leicester
Leicester, England

Financial Mathematics
and Computation
(FT/PT)

Master

continued on page 42

QUANTNET | 2013-2014 GUIDE | quantnet.com

Education Programs in Financial Engineering and Quantitative Finance continued from page 41

UK & EUROPE continued
University of Reading
Reading, England

Financial Engineering
(FT/PT)

Master

University of Warwick
Coventry, England

Financial Mathematics
(FT)

Master

University of York
York, England

Mathematical Finance
(FT/PT)

Master

University of York
York, England

Financial Engineering
(FT)

Master

Wits University
Johannesburg, South Africa

Mathematics of Finance
(FT)

Master, PhD

WU Vienna University
Vienna, Austria

Quantitative Finance
(FT)

Master

City University of Hong Kong
Kowloon, Hong Kong

Financial Engineering
(FT/PT)

Master

Hong Kong University of Science
and Technology
Kowloon, Hong Kong

Financial Mathematics and Statistics
(FT/PT)

Master

Nanyang Technological University
Singapore

Financial Engineering
(FT/PT)

Master

National University of Singapore
Singapore

Quantitative Finance
(FT/PT)

Master

National University of Singapore
Singapore

Financial Engineering
(FT/PT)

Master

Singapore Management University
Singapore

Quantitative Finance
(FT)

Master

The University of Hong Kong
Hong Kong

Finance with Financial Engineering
Track and Risk Management Track
(FT/PT)

Master

The University of Melbourne
Melbourne, Australia

Applied Finance
(FT/PT)

Master

University of Colombo
Colombo, Sri Lanka

Financial Mathematics
(FT)

Master

University of New South Wales
Sydney, Australia

Financial Mathematics
(FT/PT)

Master

University of Technology Sydney
Sydney, Australia

Quantitative Finance
(PT)

Master

PACIFIC RIM

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Quant’s Next Top Model
By Rachael Horsewood
As repercussions from the crisis continue to reshape the world of financial services, one question for those people
thinking of pursuing a career in quantitative finance is where and why should they go for a masters in financial
engineering (MFE).
—Rachael Horsewood compares notes from London

he quant scene on
both sides of the
Atlantic flourished
in the 10 years
leading up to the
credit crisis of 2008. In London,
this was hugely due to a boom
in asset securitization and
credit derivatives activity. New
job opportunities popped up
and, according to academics in
the UK, an increasing amount
of applicants to master’s in
financial engineering (MFE)
showed how inherent quants
were becoming to the financial
services industry. But like all
fields in this industry the quant
one is not exactly what it used
to be.
John Crosby, a quantitative
analyst at Grizzly Bear Capital
in London, says: “There’s
definitely less demand for
people with derivatives pricing
skills now given all the losses
and downsizing in these
markets. It’s not that maths
are no longer important. It’s
43

just that economics is already
becoming a much bigger focus
in the finance world. It’s about
seeing the bigger picture and
understanding economic risks.
This more than anything else
will be shaping quant roles
moving forward. Banks and
other financial institutions will
consider it more important than
a PhD in maths or physics.”
Crosby, who is a visiting
Professor of Finance for the
Centre for Economic and
Financial Studies in the
Department of Economics at
Glasgow University, as well as
an invited lecturer for the M.Sc.
Mathematical Finance course
in the Mathematical Institute at
Oxford University, believes the
impact on MFE programs is yet
to come. “There are hundreds
of MFE programs around the
world now and considering what
has happened since the crisis
it will be difficult to see how
some of them don’t struggle
moving forward,” he adds. He

QUANTNET | 2013-2014 GUIDE | quantnet.com

says interest in top-ranked
MFE programs might become
stronger while the bottom-half
find it more difficult to attract as
many applicants. “MFE programs
are definitely differentiated
by the reputations of their
respective universities,” he
asserts.
James Sefton,
a professor of
economics at
Imperial College
London and a
senior quantitative analyst at
UBS in London, agrees that the
reputation of Imperial College’s
MSc in risk management and
financial engineering is helped
by the fact that Imperial College
is consistently ranked in the top
10 universities in the world.
“Imperial’s MSc in risk
management and financial
engineering prepares students
for a wide range of quant jobs—
whether it is risk management,
continued on page 44

Quant’s Next Top Model continued from page 43

developing pricing models,
high frequency finance
and algorithmic trading, or
quantitative investment, which
is the area that I work in at UBS.
The maths is obviously more
intense for those interested

presentations,” Sefton adds.
Michael Dempster, a professor
of finance and management
science emeritus at the
University of Cambridge, agrees
that economics has become
more of a lure for people

Centre for Financial Research.
He adds that applicants to
Cambridge’s MPhil in Finance
(one of the first MFEs established
in the UK) still come from all
over the world, not only the UK
and Europe.

“We also have
built strong ties in
“Financial quants have to take some responsibility for the demise of
China, having set
the derivatives business. Most did not understand the parameters for
up a system for
these products. This is why economics has become a more major focus.”
the Agricultural
Michael Dempster, Professor of Finance and Management Science Emeritus, University of Cambridge
Bank of China
and the Industrial
and Commercial
in pricing models, whereas
considering MFEs. He says the
Bank of China. We have
those pursuing quantitative
prevalence of systemic risks
provided executive education
investment might broaden their
in recent years is no doubt
for other Chinese banks too,
focus with other subjects such
leading people to try to model
mainly by training middle
as computer programming
macroeconomic effects more.
managers earmarked for top
and database management,”
“Financial quants have to
management,” Dempster notes.
he explains. Like most MFE
take some responsibility for
programs in the UK, Imperial’s
the demise of the derivatives
But what do
MSc in risk management and
business. Most did not
employers think
financial engineering, lasts
understand the parameters
about MFEs?
for one year (beginning in
for these products. This is why
Ed Fishwick,
September). It takes about 100
economics has become a more
managing director
students each year, which is
major focus,” he explains.
and co-head of
a bit more compared to other
BlackRock risk and quantitative
programs in the UK.
“Our MPhil in Finance is a postanalysis group in London, says:
grad degree that specializes in
“If I were to speak before a
“We have a great mix of practical financial engineering. It has a
group of new graduates today
and theoretical teaching styles— broad range of disciplines and
I would say that they need
for example, I’m not the only
is not purely quantitative. The
strong technical skills, strong
professor who also works in the
curriculum incorporates other
communications skills, and a
industry. Our faculty is made
subjects such as, economics,
keen interest in the financial
up of a lot different experiences
and lectures are provided
markets. That might seem
and areas of expertise. This
by professors from other
obvious but there was a time
breadth can help prepare the
departments too, not just from
when you could have a PhD in
students for the job market. It
the Judge Business School,” says
quantum gravity and come in
can give them an edge when
Dempster, who is a founder of
not knowing a thing about a
they are interviewing and giving
the University of Cambridge’s
continued on page 45

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Quant’s Next Top Model continued from page 44

market but yet still get hired as a
quant. You need to bring more
to the table now. You need to
understand the markets and the
people who work in them and
that is the case no matter where
you are based or what speciality
you enter into,” he explains.
“We definitely require
quantitative knowledge, but
it can come from a degree in
various subjects whether it’s
economics, maths, statistics,
engineering, or science. I look
out my office window right now
and see an array of educational
backgrounds. The one skill
we look for regardless of their
educational achievements is

communications. They were
hired because they could prove
what they know. They were hired
because they have passion about
what they do,” Fishwick replies.
Loic Fery, founder and chief
executive of Chenavari Financial
Group in London, adds: “We
like our quants to have a good
understanding of business.
Their interaction is not a
one-way exchange, as both
risk managers and portfolio
managers bring their experience
and comprehension to the table.
Quants are not only here to
support but also to suggest and
create.”

“Quants need to have a very
good level of IT knowledge. We
work more and more with many
different types of systems, and
you must be able to understand
how they work—how to fix and
improve them. Quants need to
have a better understanding
of the market too. You need to
understand the data you work
with, as well as the practical
assumptions and risks involved.
Market data plays an important
role. You cannot rely on any
data and must extract relevant
samples of data. Pricing models
is the basic, you cannot go
without them. You need to
continued on page 46

Did You
Know?
QuantNet’s Events page lists
upcoming conferences, seminars,
workshops, and meetings
for financial engineers.
Each event lists the date and
location, along with a link to its
complete information so you can see
what’s going on in your area
and across the industry.
Sign up or log in
to create an event
on QuantNet.

QUANTNET | 2013-2014 GUIDE | quantnet.com

Quant’s Next Top Model continued from page 45

be able to understand them
perfectly,” he explains.
“At a bachelor level, you rarely
would have studied and had
time to acquire a mathematical
and financial background. The
science background is nearly
compulsory, the finance one
not always. We mainly look at
people who have studied at
French engineering schools—
Grandes Ecoles, which means
‘great schools’ in French—or
someone with a bachelor in

Indeed, the attractiveness of
MFE programs varies across
Europe considering all of
the language and cultural
differences. Jan Kallsen, a
professor of mathematical
finance at the University of Kiel
in Germany, says most of his
students come from Germany
and go onto work for German
or Swiss firms. “Most students
in Germany leave universities
with a master’s degree, no
matter what the subject is,
not a bachelor’s degree. Thus,

tuition even though the course
program is similar to very
expensive international ones,”
adds Kallsen.

Indeed, one of the biggest
questions for MFE candidates
is job placement, especially in
Europe given the euro crisis.
“Many of our MPhil grads
go on to do their PhDs. Our
relationship with them is
personal and long-standing.
I write a lot of references, but
often a contact in the City or
on Wall Street will call
and ask whether I
see a student with
“We have interviewed many students and professionals who
a certain skillset
cannot answer basic maths questions (for example, define the
or ambition, and
variance, correlation) or simple IT questions (what is oriented object
I recommend
them in that sort
language), even though their CV says that they are good at it.”
of way. Most of
Loic Fery, Founder and Chief Executive of Chenavari Financial Group in London
the jobs they get
are risk-related,
and definitely more
either maths or science and a
comparing a master’s degree
executive or front-office,” says
master of finance. An MFE is
to work experience does not
Dempster.
important if the student has a
really apply to the German job
good level in programming and
market,” he explains.
“These grads go to all types
maths. Desire is equally
of financial institutions,
important. We have interviewed
“Some of our courses are
money managers, technology
many students and professionals
taught in English (i.e., those
companies, and even insurers.
who cannot answer basic maths
with an overlap to a degree
The insurance industry has
questions (for example, define
in ‘quantitative economics’).
become a lot more like banking.
the variance, correlation) or
We think our program is an
Insurance companies have to
simple IT questions (what is
alternative to a master’s in
price products and of course
oriented object language), even
mathematics in the sense it
those in Europe have to adopt
though their CV says that they
is for people who know that
similar risk management
are good at it,” says Fery, who
they would like to specialize in
principles under Solvency II,
has an MsC in finance and
financial mathematics. Another
which comes into effect next
entrepreneurship from the HEC
attraction of our program is
year. Most actuaries today are
School of Management in Paris.
that it is free. We do not charge
continued on page 47

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Quant’s Next Top Model continued from page 46

not that different from financial
quants since they essentially
have to use a lot of the same
techniques that bankers do,”
he adds.

won’t have a problem sorting it
out for you. I haven’t seen any
problems with the many foreign
people who I know and have
worked with,” he explains.

than ever before so quant
investors are focusing a lot on
this now too,” Sefton adds.

Human resources sources at
banks say that most of the
Sefton says: “A lot of our grads
He also emphasises the
job prospects in London right
get work at hedge funds and
benefit of networking. “It is
now are risk-related. Fishwick
other money managers. Most
really helpful not just for job
explains why quants remain
end up in London or the U.S.
opportunities but also for
one of the most integral parts
because that is where the bulk
exchanging ideas. There are
of risk management. “When I
of financial quant jobs are, but
a lot of events worth going to
entered into this industry 28
we have seen them go all over
in London. Most cost money
years ago, quantitative finance
the world. The quant industry is
but there are always free
was a fringe activity and quants
global.”
opportunities through trade
themselves were a tiny minority
of the financial services
world. Now quants
are everywhere
“Computing, economics, and data management are all
and many of the
useful subjects but it is a very competitive job market and being able
processes, products,
to show your passion for it is what’s really going to help you.”
and functioning of
financial markets
James Sefton, Professor of Economics, Imperial College London
involve the use
of quantitative
techniques. This is
Sefton also says it has become
associations and university
now a very important part of the
more important for students to
alumni groups. The annual ICBI
whole industry. In fact, they are
develop views of their own and
conference, which was held in
intrinsic and that is not going to
to show that they are genuinely
Barcelona this year, is one of the
change. All of the fundamental
interested in this industry.
biggest quant gatherings in the
changes in technology, computer
“Computing, economics, and
world,” he adds.
power and data are not going
data management are all
away. It’s all here to stay,” he
useful subjects but it is a very
Sefton says quant investment
says.
competitive job market and
requires a lot more dedication
being able to show your passion
than it did before the crisis. “The “That said, the crisis and
for it is what’s really going to
glory days are over and investors events since have shown us
help you,” he explains.
are no longer willing to trust the
how important it is to strike
strategy almost unconditionally.
a balance between judgment,
Crosby says work visas are
They want to understand
experience, and analysis. While
usually not a problem in the
the approach in more detail
the nature of the job has not
UK, especially if the applicant
and have an idea of why your
changed much in recent years,
studied there. “In most cases,
approach is innovative. Risk
there is more competition for
if a firm really wants you they
control is obviously more vital
continued on page 48

QUANTNET | 2013-2014 GUIDE | quantnet.com

Quant’s Next Top Model continued from page 47

fewer roles. The financial crisis
reduced demand in the job
market as a whole,” Fishwick
adds.
Overall the job picture for
quants, at least in London, is
still quite institution-specific.
For example, sources say that
smaller institutions are less
likely to have distinct front and
middle-office roles; instead
quants are more likely to work
across different areas. “For
the desk quant, which in my
view probably represents 95%

of quants (the other 5% being
research quants), you must
understand the needs of the
business and provide adequate
solutions for them. These
quants work on measure
whether it is measuring the
current risk of the book or
the potential risk to add. This
requires a good background in
maths, financial maths, IT, as
well as a good comprehension
of the financial market. The
maths, financial maths, and IT
skills are mainly acquired at
university. As for understanding

the business, you learn it on the
desk with the people already
working in the business. This is
true for most jobs in finance,”
explains Fery.
“To sum it up, what matters
is not your degree, but your
knowledge. The degree gets you
the interview because it means
you have the basics in the fields
we are interested in. But you
must be able to prove that you
master what you studied and
experienced,” Fery concludes.

Researching
MFE Programs?
The QuantNet Resources is a
robust resource for prospective
students interested in
master’s programs in financial
engineering and quantitative
finance. Each program’s
page contains information
and additional links for:
History of the program
Admission requirements
and deadlines
Program type, duration,
and tuition
Application and placement
statistics
Student reviews

QUANTNET | 2013-2014 GUIDE | quantnet.com

Understanding
the Quantitative
Finance Industry
in Asia
he practice of
quantitative
finance used to be
the prerogative of
global trading hubs
such as New York or London.
When major investment banks,
hedge funds, or proprietary
trading firms were expanding to
Asia, they tended to send senior
executives from New York or
London to selected Asian cities
to head quant teams, and staff
the team with local junior hires
—traditionally smart graduates
fresh from college. The quant
teams in Asia would look to
deploy mathematical models
developed and implemented in
the U.S. or Europe to the Asian
market. In other words, the
Western world was the center
of innovation in quantitative
finance and finance in general,
while Asia was passively
adopting the products and
models developed in the West.
However, the situation has
changed drastically. The past
decade has seen the global

By Chyng Wen Tee and
Christopher Ting

focus shifting toward the
East, with the Asian market
rapidly gaining liquidity,
complexity, sophistication, and
independence. As the market
matures and with regional
institutional investors playing
increasingly dominant roles,
financial institutions have
adjusted their staffing strategy
and are now looking to hire
local talents with practical Asian
market knowledge, experience,
and contacts for the senior roles.
Airlifting experts from the West
is no longer seen as a viable
way to form quant teams—the
Asian market needs locally
groomed talents with a good
understanding of the domestic
market and regional economy in
order to perform effectively.

Differences Between the
U.S. and Europe
So what are the differences
between a quant role in the
U.S. or Europe vs. Asia? The
key distinguishing factor is
the breadth of products and
currencies coverage. Quant

teams in the U.S. or Europe
are highly specialized. These
include exotic products teams
responsible for highly structured
deals, flow teams covering
liquid securities and vanilla
derivatives, high-frequency
quant trading teams covering
electronic market making
and trading, and short-term
interest rate teams covering
repo and money market, to
name a few. On the contrary, an
Asian quant team will need to
function independently while
covering all the scopes described
above. One will need to be able
to model exotic deals, and at
the same time be capable of
dealing with highly liquid flow
products such as futures. As
an example, an Asian quant
might spend a typical working
day determining the volga and
vanna of a particular exotic
deal using a two-factor model
in the morning, discussing the
wrong way risk and funding
implications with the trading
desk and corporate treasury in

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 50

Understanding the Quantitative Finance Industry in Asia continued from page 49

the afternoon, and preparing the
pricing platform and database
for a when-issue government
bond that will start auctioning
the next day in the
evening.

corporate treasury, and trading
teams to keep up-to-date with
the latest developments in
governing policies and adapt
their modeling
approach accordingly.
Locally trained
“A single Asian quant team, in contrast
The breadth
quants with a good
[to quants in other parts of the world],
of currency
understanding of the
will need to cover at least 12 currencies,
coverage is also
domestic economies
ranging from highly liquid
significantly wider
will possess
(e.g.,
JPY
or
AUD)
to
the
less
liquid
in Asia. A quant
the competitive
ones
(e.g.,
VND).“
team in New York
advantage to tackle
will be covering
the problem more
USD and CAD,
effectively.
whereas a team in London will
ongoing projects is vital for
be devoted to EUR and GBP. On
effective performance.
Master of Quantitative
top of these, there are Latin
Finance Programs: A Case
American and emerging market
There are also the added
Study of Singapore
subdivisions, formed with
challenges of managed
In tandem with the growing
quants having complementary
currencies, transaction
demand of quants in Asia,
skill sets and sitting alongside
restrictions and government
many Asian universities
designated teams described
regulations. These give rise to
have launched master degree
above to cover specific markets.
the need to distinguish markets
programs to equip students with
A single Asian quant team, in
between onshore and offshore,
the necessary knowledge and
contrast, will need to cover at
deliverable and non-deliverable.
skills in applying mathematical
least 12 currencies, ranging
How do we account for onshore
models and in computing. In
from highly liquid (e.g., JPY or
and offshore CNY markets, and
Singapore, for example, there
AUD) to the less liquid ones (e.g., how are these two related to
are at least five programs
VND). In fact, any standardCNH? How are these markets, in
located in this tiny city state
size trading desk in Asia will
principle of the same currency,
where two large sovereign
typically have exposure and
interrelated, and how should
wealth funds, GIC and Temasek
trading activities in AUD,
the modeling approach be
Holdings, are incorporated.
CNH, CNY, HKD, IDR, INR, JPY,
formulated? These are the
KRW, MYR, NZD, SGD, and
challenges facing an Asian
One of the earliest to launch the
TWD. Each of these currencies
quant. Solutions are very often
Master of Financial Engineering
has their own conventions
derived from the first principle,
(MFE) program in Singapore
and market preferences, and
as the standard assumptions
was Nanyang Technological
yet the Asian market on the
made in conventional
University (NTU). The NTU MFE
whole is closely interlinked
quantitative finance modeling
program is offered under her
and possesses distinct
are not necessarily valid.
Nanyang Business School,
regional flavors. The ability to
Quants will need to liaise
continued on page 51
multitask, to keep up-to-date
with the legal department,

with market development, and
to compartmentalize one’s
knowledge so that one can
switch seamlessly between

QUANTNET | 2013-2014 GUIDE | quantnet.com

Understanding the Quantitative Finance Industry in Asia continued from page 50

and draws upon the faculty
members in the schools of
engineering to teach the more
mathematically demanding
courses and programming. The
NTU MFE program includes a
seven-week term at Carnegie
Mellon University (CMU). Upon
successful completion of the
seven-week term, students
are awarded a certificate in
Computational Finance from
CMU.

Mathematics. Curriculum and
coursework are identical to
the main Chicago campus.
Simultaneously, students in
Singapore and at the Stamford
campus “electronically attend”
lectures as they are presented
live at the Chicago campus
via real-time interactive video
conferencing.

many of the students are from
overseas: China, India, Malaysia,
Indonesia, and other countries
in the region. It is also worth
mentioning that the Monetary
Authority of Singapore (MAS),
the central bank of the city state,
is actively grooming a critical
mass of specialists in targeted
fields such as risk management,
quantitative finance, financial
Beginning September 2012,
engineering, and actuarial
the Lee Kong Chian School
science. MAS holds the policy
of Business at the Singapore
view that these specialized
skills are necessary
to support the
“One of the reasons that five similar programs are able to co-exist
long-term growth
in Singapore is that many of the students are from overseas: China,
of Singapore’s
financial services
India, Malaysia, Indonesia, and other countries in the region.”
sector.

At the National University of
Singapore (NUS), the Master of
Science in Quantitative Finance
(MQF) program is offered by the
Department of Mathematics
with the cooperation of the
Department of Economics and
the Department of Statistics
& Applied Probability. The
university-level Saw Centre
for Quantitative Finance is
entrusted with providing the
necessary support to manage
the program. In addition, the
Risk Management Institute
affiliated to NUS runs a separate
MFE program.

Management University (SMU)
begins to offer the Master of
Science in Quantitative Finance
jointly with Cass Business
School at City University
London. Students of this joint
three-semester MQF program
spend the four-month second
semester at Cass Business
School, where they study the
same five core modules together
with their fellow students
of Cass. Upon successful
completion of the program, SMU
students are awarded a degree
scroll jointly endorsed by the
two universities.

The University of Chicago’s
Singapore campus offers the
Master of Science in Financial

One of the reasons that five
similar programs are able to
co-exist in Singapore is that

Besides Singapore,
universities in Hong Kong,
Australia, Taiwan, and Korea
also offer specialized master’s
programs in response to the
trending demand in Asia for
quants. The simple reason is
that there is still ample room
for growth in Asia, especially
in the areas of derivatives
trading, risk management,
and quantitative hedge fund
investments. Many Asian
banks are acutely aware of the
importance of risk management,
and they are strategically
positioning themselves to adopt
the industry best practices,
even beyond what the Basel
committee has recommended.
continued on page 52

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Understanding the Quantitative Finance Industry in Asia continued from page 51

What Is the Value of a
Master Degree in Quantitative
Finance?
A quantitative finance degree
in Asia will not only grant
you access to the major
investment banks, hedge
funds, and proprietary firms
with Asia presence, but you
will also be sought after by
Asian institutions, which
are vigorously building their
institutional sales and trading
teams to compete locally and
globally. In addition, you will find
employment at sovereign wealth
funds, asset management
groups, commercial banks,
central banks, and government
subsidiaries responsible
for regulations and market

monitoring. The Asian market
on the whole is upbeat,
sanguine, and filled with vitality.
It continues to evolve and to
grow in importance in a vibrant
economic environment.
So what sort of qualities are
Asian employers looking for?
Standard quantitative finance
training and the quintessential
quant traits aside, employers
are also looking for individuals
displaying the aptitude to
multitask, an avid interest
in the financial market, and
good communication skills.
Unlike traditional quant
roles, having a keen interest
in the mathematical side of
finance is not sufficient. As
the Asian market continues

to develop, new products are
continually being introduced,
and government policy and
regulation continue to play
a crucial role in shaping
the market. Convince the
interviewer that you can
multitask by effectively handling
an array of projects, that
you are up-to-date with the
general trend of Asian market
development, and that you are
an effective communicator and
can be relied upon to conduct
or support businesses in more
than a dozen Asian countries,
and you will get the opportunity
to apply your mathematical
skills to a breadth of products
in one of the most exciting and
rewarding markets for decades
to come.

Chyng Wen Tee is Assistant Professor of Quantitative Finance at Singapore Management
University. Prior to joining the quantitative finance faculty, Tee spent three years as a
quantitative analyst at the exotic interest rate trading desk at Morgan Stanley, London,
and another three years as a desk strategist at the macro trading desk at Goldman
Sachs, Hong Kong. He has a PhD from the University of Cambridge.
Christopher Ting is Associate Professor of Quantitative Finance and head of the
quantitative finance faculty at Singapore Management University. He is also the
academic director of the MSc in the Quantitative Finance Program. He has worked in
the industry as a proprietary trader, and he teaches quantitative trading strategies in
the Program. His research interests include high-frequency market microstructure,
derivatives, and statistical arbitrage. He has a bachelor degree and a master’s degree
from the University of Tokyo, and a PhD from the National University of Singapore.

QUANTNET | 2013-2014 GUIDE | quantnet.com

Making Sure Your MFE
Application Stands Out
The Mathematics in Finance masters program at the Courant Institute of NYU has
long been recognized as an outstanding program, not just in the United States, but

By Bill Stanley

also internationally. As such, it attracts applicants from Asia, Europe, and North and South America. One feature is
the program’s success in helping students to find internships during the summer before their third semester. This
is due to the strong relations that the University has had for many years with the major Wall Street firms. The admissions process is very competitive and the caliber of the applicants is very high. The class size is limited, and, as
a result, less than 10% of applicants actually receive an offer. For three years, I have helped the faculty of the Courant Institute screen the applications. During this process, I have read more than 1,500 applications and have been
able to observe how they fared in the admissions process.

or the most part,
the standard of the
applicants is very
high. However, in
some cases, it is
apparent that a
capable applicant would have
fared better with more careful
preparation. There are things
that candidates could do to
improve their chances of
admission, especially if they
give some thought to this well
before the submission deadline.
The purpose of this article is
to help prospective applicants
to improve their submissions.
Although my experience has
been with the NYU program,
I suspect that the admission
criteria for other prestigious
programs would not differ much.

“. . . there is flexibility in the process.
An application that is weaker in one area
might be accepted because of strengths
in other areas.“

1. Coursework: Your undergraduate and graduate coursework is
shown in your transcripts. You
do not need to have majored
in mathematics since many
successful applicants have an
undergraduate degree in economics, engineering, physics,
statistics, or some other quantitative field. Nor is it necessary to
have graduated from a top-rated
university. Many offers are made
to fine applicants from less wellknown schools.

However, a strong mathematics
background is needed. At the
very least, an applicant should
have a course in calculus
(including multi-variable
calculus), linear algebra, and
probability. If you do not have
these, you should be aware that
you will stand a much better
chance if you take courses to
remedy that deficiency.

continued on page 54

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Making Sure Your MFE Application Stands Out continued from page 53

Most applicants, however, have
more than the minimum background described above. Some
helpful courses include ordinary
and partial differential equations, and subjects such as real
variables, complex variables,
and others that show evidence
of interest and ability in mathematics. Courses in business,
finance, and economics will also
help your application.

“You will have a better
chance of admission if you
have a depth of knowledge in
one quantitative area rather
than a superficial knowledge
of several areas . . . “

You will have a better chance
of admission if you have a depth
of knowledge in one quantitative area rather than a superficial knowledge of several areas,
even if they are all relevant to a
career in finance.
All these are not necessarily
requirements of the faculty but
rather a practical reflection of
the competitive nature of the
process. No matter how strong
your application may be, if there
are others which are exactly
equal to yours but with more
and stronger coursework in relevant subjects, then those will
obviously have an advantage in
the admissions process.
54

Most of the applicants have very
good grades for all their undergraduate coursework, mostly A
and B grades, especially in the
quantitative subjects. An occasional C in a subject not related
to mathematical finance such as
painting or music will not hurt
the application. But the hard fact
is that that you are competing
with applicants who have no C
grades. Similar comments apply to graduate coursework for
applicants who have a master’s
degree.

MFE Candidate
Must-Haves
Mostly A and B grades
Strong background in math
Focus on one or more quantitative
areas
Computer programming coursework and/or work experience
GRE Quant Score of >94%

If you think the program’s faculty might have difficulty understanding your transcript (for example, if your courses are called
Mathematics I, Mathematics II,
etc., rather than Calculus, Linear
Algebra, etc.), it can be helpful
to provide information such as
the topics that were covered and
textbooks that were used.

HELPFUL TIP: If you have taken
a course with a generic name,
such as Mathematics III or
Computers I, provide a cover
sheet that explains the courses
in detail (the subjects covered,
for example, probability, linear
algebra, differential equations,
etc., grade, books used, materials covered, and so on). This
will be more helpful to an appraiser than just knowing that
you received an A in Engineering
Mathematics.

QUANTNET | 2013-2014 GUIDE | quantnet.com

2. Statement of Purpose: The
Statement of Purpose should
be a simple document that
describes why you came to
choose this field. It should be
clearly written and have a
logical construction. Although
some international students
might not yet have perfect
command of the English
language, nevertheless their
ideas will come through, which
is what is most important here.
It is not necessary to state again
your coursework and grades because these are shown on your
transcripts. Some applicants, in
their statement, lavish praise on
the program and the faculty or
the University. This may not
continued on page 56

QuantNet’s MFE Application Tracker is used by hundreds of MFE applicants every year
to evaluate their chance of admission to the top programs. It now tracks 68 master’s programs in financial engineering and quantitative finance worldwide.
By adding profile data to the Tracker, applicants can get a detailed comparison of their
applications against others who have applied and been accepted to the same programs.
The Tracker tool collects the following information:
Grade point average
/ GRE scores
/ Application submission date
/

Interview date
/ Acceptance/rejection status and date notified
/ Notes from the applicant (if any)
/ If accepted, the applicant’s decision
/

Making Sure Your MFE Application Stands Out continued from page 54

hurt your application but it will
certainly not help—it is just a
waste of space.
HELPFUL TIP: Customize your essay
for each program that you apply
to. Many students use a general
format for each program, regardless of the specific questions.
Ask a friend who is a native
English speaker to proofread the
essay.
The objective of the statement
is to explain clearly and logically
how and why you chose this
field and what you hope to do
with your master’s degree after
completing the program.

3. References: There is no specific requirement for the sources
or content of letters of reference.
Ideally, your references should
be from your undergraduate instructors who demonstrate that:
d They really know you well.
d They have worked with you
in a relevant subject.

d They have observed
outstanding ability and accomplishments.

Recommenders who know you
an absolute indicator since canthrough projects or advanced
didates with lower scores have
classes are better choices than
been accepted in the past when
those who know you only
they have presented strongly
through basic courses. At least
along other dimensions. So you
one reference should be from
do not need to have a percensomeone who knows you in a
tile score of greater than 94%
highly
in order to
quantitastand a
tive conchance, but
“Most applicants have at
text. For
you must
least one course in computer
graduate
remember
science, but many have more
applithat your
than that.”
cants
applicaand othtion will be
ers who
compared
have been out of school for some to those with very high scores.
time, it is important to have at
If your GRE score is low, it is recleast one reference from an indi- ommended that you take the
vidual who currently knows you
GRE a second time to improve
well.
your score.

4. GRE Quant Score: The GRE

5. Computer Science: You will

Quant Score is a measure of the
quantitative ability of a candidate. Clearly, students need to
have quantitative ability if they
are to benefit from a master’s
program in mathematics. The
GRE quant exam has recently
changed to a different structure
based on a maximum score of
170 instead of 800 as before.
Because of this, it is more convenient to discuss this topic in
terms of the percentile quant
score. The experience at NYU is
that approximately 60% of the
applicants to this program are
at or above the 94th percentile
of candidates who take the GRE
quant exam. This is by no means

need some familiarity with
computers and programming in
order to complete this program.
Most applicants have at least
one course in computer science,
but many have more than that.
In addition, it is helpful to show
evidence of programming
ability from projects or work
experience, particularly of object
-oriented programming. Lack of
experience in programming will
not exclude an application, but
once again, it will be competing
with many others that do demonstrate such skills. If your computing skills are weak,

QUANTNET | 2013-2014 GUIDE | quantnet.com

continued on page 57

Making Sure Your MFE Application Stands Out continued from page 56

you should take at least one programming course. Competence
in C++ or Java or MATLAB is definitely an advantage.

HELPFUL TIP: Be sure to describe
your programming background.
Some applicants don’t bother
to mention their technical
skills. You can use your essay or
resume to elaborate on which
languages you are familiar with
and the kind of projects you
have done in these languages.
This will give the reader a better
idea of your skills.

6. English language: NYU has
many students from non-English
speaking countries and the faculty understands very well that
a student who arrives with weak
English language capability usually learns quickly after moving
to the United States. However,

once again, no matter how capable you are, you will be competing with other international candidates who do have very good
English language skills. Our experience at NYU is that of those
students who take the TOEFL,
more than 60% have a score of
100 or more. Although this is not
a requirement, especially if your
application is very strong in other areas, the fact is that if your
score is less than 100, you are at
a competitive disadvantage. It
might be worthwhile to improve
your English skills and then take
the TOEFL a second time to try
for a higher score.

7. Resume: This should be a
clear record of your education
and accomplishments. However,
the educational and work experience should be supported by
the transcripts and reference
letters.

HELPFUL TIP: Use a professional
format and standard fonts to
make sure that the final document has a good appearance.

8. Memberships: It is a good
idea to participate in a professional organization such as IAQF,
SQA, etc., and you should join a
website such as QuantNet. This
will show that you have taken
the time to learn something
about the industry and understand that this is something that
you really want to do.
I hope that these guidelines
help ensure that your application fully reflects your abilities
and accomplishments. The latter
will help you obtain the highest ranking possible in a very
competitive admissions process.
BEST OF LUCK!

Bill Stanley earned his M.A. in mathematics at the University of Oxford in England. On
moving to the U.S., he completed an M.S. in Operations Research at New York University
(NYU), while working for JPMorgan Chase. Later, he worked for Citigroup where his role
was to document various kinds of derivative securities. Bill is also a C.P.A. in New York
State. For the last three years, he has appraised more than 1,500 applications for the MS
program of Mathematics in Finance for NYU’s Courant Institute.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

This 16-week C++ Programming for
Financial Engineering online seminar
is a joint project by the Baruch MFE
program, Dr. Daniel Duffy, and
QuantNet. The content was
developed by best-selling author Dr.
Daniel Duffy and the course is
delivered entirely online by QuantNet.
The Baruch MFE Program provides
a teaching assistant to each student
and grants a Certificate of Completion upon passing the final exam.
AUDIENCE: This certificate is
designed for people interested in
pursuing graduate studies in
financial engineering and covers
essential C++ topics with applications to finance. Approximately half
of the students who successfully
completed the seminar prior to July
2013 are now enrolled in financial
engineering graduate programs.
TOPICS COVERED:
• Basic C/C++ Language and Syntax
• Object-Oriented Programming (OOP)
in C++
• Inheritance and Polymorphism
• Generic Programming in C++ and
Standard Template Library (STL)
• An Introduction to Boost C++ Libraries
• Applications in Computational
Finance: Black Scholes pricing and
Greeks, Monte Carlo methods, finite
difference methods (Euler, Crank-Nicolson),
lattice methods, exact methods (BaroneAdesi-Whaley, bonds, swaps, swaptions)

FORMAT: The C++ online seminar
consists of 10 levels, each with
video lectures, reading materials,
programming homework, and a quiz.
Each student is assigned a personal
teaching assistant (an alum of the
Baruch MFE Program). A dedicated
forum is available for discussing
homework problems.

TESTIMONIALS

The course is very comprehensive in its curriculum and provides students
with insight into numerou=s valuable C++ libraries and an introduction into
programming for financial applications. The support of the TA and other
students was invaluable.
“It’s a balanced mixture of theoretical approach and
practical implementation. The curriculum was designed
with many hand-on exercises which will help students to
familiarize themselves with the actual code in action.
Also the coherency between chapters makes the whole
understanding process firmer.”
It has been a wonderful experience. The learning is no less rigorous than
the classroom environment. Anyone who wishes to embark on a financial
engineering career who has yet to learn the programming skills should definitely
come check out this program.
“The course was phenomenal and obviously one-of-a-kind.
A lot of material was covered. I had absolutely great support
from my TA.”
This course teaches from the most basic aspect of C++ to the usage of
industrial-grade codes. Fantastic forum and TA, plus useful materials.
For example, lecture videos can be downloaded and use on off-line devices.
Highly recommended.
For more information about the C++ online
certificate, click here.

Graduate Schools
Want Thoughtful,
Well-Rounded Students
By Gwen
Stanczak

he decision to
pursue a degree
in financial
engineering is an
important step
in advancing your career.
Congratulations! Whether you
are seeking to switch careers
or advance within the financial
services industry, the skills
you will acquire are vital to
mastering the strategic and
analytical demands of the
industry.
Applying to graduate school
is a big decision—as well as
a significant investment of
time and resources—and the
emotional and rational aspects
can influence candidates’
applications and interviews.
Those students who prepared
in advance have the advantage
of conveying a clear and
compelling idea of what is
motivating their application
. . . which is not only important
for admission counselors but
a worthy exercise for students
themselves!

The process of researching,
applying to, and interviewing
at graduate schools does not
need to be a daunting task. Just
as there is no “one best” school,
there is no singular formula
for gaining admittance into
the university of your choice.
Often, the most challenging
aspect of the admission process
is the personal due diligence
prospective students must
conduct. Ask yourself the
important questions regarding
your priorities and expectations.
What is most important to you?
How do you weigh the pros and
cons of each school? What are
you seeking from the career
services staff? Do you expect
networking opportunities from a
well-connected alumni network?
You should expect the process
to be a helpful back-and-forth
between you and the school(s)
into which you’re seeking
admittance.

The Balancing Act
The admissions process
is holistic. Ultimately, the

admissions staff is seeking
candidates with the potential
for success academically as well
as professionally. Academically,
financial engineering programs
are seeking candidates with
strong quantitative backgrounds
who have shown strong
performance in a depth of
mathematics courses including
calculus, linear algebra,
differential equations, and
a calculus-based probability
course. Many quantitative
finance programs have differing
degrees of programming
requirements, but often are
looking for candidates to have
some introductory programming
experience. Check with each
individual program to determine
the requirements set forth. If
you are lacking a prerequisite
course for your program of
study, it doesn’t mean that
you are out of consideration.
However, a strong foundation
is the key to academic success,
so you should consider taking
any prerequisite course(s) that

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

continued on page 60

Looking for Thoughtful, Well-Rounded Students continued from page 59

you are missing in advance of
applying in order to strengthen
your candidacy.

The Essay: Clarity Is Worth a
Thousand Words (or Less)

among companies, and you’ll
strengthen your career goals
and trajectory.

read between the lines. Often
candidates will try to be wordy
and elaborate in the essay, and
they ultimately lose site of the
question the program is truly
seeking to answer. Be clear,
concise, and direct and avoid
any misinterpretation.

programs. No two are alike, and,
in fact, many are very different.
Take those strong quant
It’s not surprising that many
skills and use them for your
financial engineering candidates
own benefit by assessing the
From a career perspective, while
are less than enthused about
having relevant experience
tackling the essay accompanying differences among programs.
It is your responsibility to
is preferred, it’s not always
their application. After all, GRE
understand each program’s
required. Those lacking
and GMAT scores speak for your
unique differences and which
experience or those who are
qualifications, right? Wrong.
differences best support your
switching careers should start
It’s important that you convey
career goals. Within your essay,
taking steps to understand the
your aspirations in a way that
show the admission counselor
field of quantitative finance.
helps admissions counselors
that you understand the
For some it might be the daily
familiarize themselves with you
program and are familiar with
reading of The Wall Street Journal
. . . outside quant.
its mission and distinctions
or informational interviews with
. . . and how it aligns with your
those in the field. Stay abreast of
Be sure to answer the question
goals. As admissions counselors,
current market trends as well as
you’re being asked. There’s no
we are trained to spot pat
changes occurring within and
need to infer and unnecessarily
answers that appear
to be “one size fits
all” essays. Don’t
“. . . any manager and executive will tell you that the less
fall into the trap of
quantitative skills—communication, presentation, team leadership,
thinking one essay
and interpersonal skills—are also important indicators of success.”
will meet the needs
of all applications.

Finally, any manager and
executive will tell you that
the less quantitative skills—
communication, presentation,
team leadership, and
interpersonal skills—are also
important indicators of success.
Admissions counselors and
recruiters alike expect that
financial engineering graduates
have the ability to communicate
effectively both orally and in
writing in English.

Evaluate your career goals.
Take time to read and talk with
others in the industry, including
students and alumni of the
programs to which you are
applying so that you can present
a clear career plan. Also, take
the time to understand the

QUANTNET | 2013-2014 GUIDE | quantnet.com

Proofread! There is no excuse
for typos and obvious grammar
errors. Employers expect strong
verbal skills, and schools are no
different. Use your computer’s
spell check function and be
sure to proofread your essays.
I always advise candidates to
pass along essays to friends and
family and ask them to guess
what question preceded the
essay question. If they guess
correctly, you’ve done a terrific
job of providing a clear, direct
response . . . and they may also
spot the errant typo!
continued on page 61

Looking for Thoughtful, Well-Rounded Students continued from page 60

Don’t fall prey to the temptation
of presenting yourself as
something you’re not. Programs
are seeking authenticity—
admissions counselors want to
know who you are . . . not who
you think you are. Be sure to
write an essay that is honest
and don’t second-guess yourself.
Allow your personality to come
through, and tell the story of
who you are, your interests,
and goals within the field of
quantitative finance.

Making the Most of the
Application Process
There are a few aspects of the
application process in which
candidates make common
errors. Because you’ve been
thinking about grad school for
quite some time, it’s easy to
assume that admissions reps
understand what’s on your
mind. But, not so! There are
many thousands of applicants
each year, men and women
who have varying motivations,
backgrounds, and expectations.
Just as there is no one “typical”
financial engineering program,
there is no one “average”
student.

The tips below will assist
in avoiding some common
application mistakes:

d Treat the admissions
interview as if it were a
job interview. The level of
professionalism you lend
to gaining admittance into
graduate school is no less than
the standard you would lend
to a new job. Be sure to arrive
on time, even a bit early. Dress
appropriately in business attire.
Allow the meeting to proceed
as a dialogue (with two people),
not a monologue (featuring only
your comments).
continued on page 62

2013-14
Ranking of
Financial Engineering
programs
The 2013-2014 Quantnet ranking is the most comprehensive ranking
to date of master programs in Financial Engineering (MFE),
Mathematical Finance in North America. QuantNet surveyed program
administrators, hiring managers, and quantitative finance professionals
from financial institutions around the world for statistics reflecting student
selectivity and graduate employment.
Click here for the Ranking list.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Looking for Thoughtful, Well-Rounded Students continued from page 61

d Be prepared. Understand
your goals and be ready to
communicate how your aims
for a graduate school education
support your career plan.
Rather than say, “I want to get
a job in finance,” share your
knowledge of the industry and
how the school in which you are
interviewing will advance your
career objectives.

d Often, there is a lot to be
learned via the questions that
are asked, so be sure to ask
questions of the interviewer as
well. School websites may not
have 100% of the information
you are seeking, so make a list of
questions that were not obvious
from your secondary research.

d Your letter of
recommendation is a key tool
that helps to tell the story of
who you are. Applicants often
wonder about whom they

should ask to write a letter of
recommendation. Remember
that title doesn’t matter as
much as content and familiarity.
When selecting recommenders,
choose someone who knows
you well and can provide a
robust recommendation letter
with examples of your technical
and/or professional qualities
that will make you a good fit
for the program. It is not, for
example, advantageous to you
to send along a letter signed by
a CEO who only shares general
information that lacks specificity
and detail.

d Take the time to talk with
your recommender in advance of
applying to assure that he or she
understands the program(s) to
which you are applying and your
goals associated with a financial
engineering degree. This will
help your recommender write a
genuine letter that is thorough,

thoughtful, and highlighted by
examples of your analytical
skills as well as your potential
for career success.
Most importantly, take the time
to prepare that is commensurate
with the effort you will ultimately
put forth in grad school. The
admissions process is an ideal
opportunity for self-reflection.
Schools won’t need to be
convinced that you’re a largerthan-life leader in the making,
but rather, admissions officers
are genuinely seeking to
understand your goals and
interests in the field of
quantitative finance . . . so
don’t make them work hard
to appreciate your story! The
strongest application is the one
that is supported by preparation,
so invest in yourself and enjoy
the return on investment.

Gwen Stanczak is the Director of Admissions for the Carnegie Mellon University MSCF
Program. Gwen holds a dual BA in Psychology and Spanish from Kutztown University
of Pennsylvania and a Master in Public Management from Carnegie Mellon. Gwen
is available to discuss all aspects of the application process with prospective MSCF
students and to assist admitted students in the transition into the MSCF program.

QUANTNET | 2013-2014 GUIDE | quantnet.com

READING LIST: Books for Applicants and Students
of Financial Engineering Programs
This Reading List recommends books to help prepare students who will apply for or begin their
MFE study soon. The books cover many topics MFE students should know when they interview for
quantitative finance internships during their first semester.

A Primer for the Mathematics of
Financial Engineering

An Introduction to the Mathematics
of Financial Derivatives

AUTHOR: Dan Stefanica
PAGES: 352
Format: Paperback
WHY YOU SHOULD READ IT: Dan Stefanica’s book
is used by many prospective MFE applicants to
refresh mathematical concepts and understand
the quantitative models used in financial
engineering. It contains 175 exercises, many of
these being frequently asked interview questions.
The book also includes pseudo-code allowing
readers to implement numerical methods in a
programming language of their choice.

AUTHOR: Salih N. Neftci
PAGES: 527
FORMAT: Hardcover, Paperback, Kindle
WHY YOU SHOULD READ IT: This book provides
an excellent treatment of the mathematics
underlying the pricing of derivatives. Aimed
at professionals and students in PhD or MBA
programs, Neftci provides clear explanations of
complex financial products from a practitioner’s
point of view.

Options, Futures, and Other Derivatives

AUTHOR: Paul Wilmott
PAGES: 624
FORMAT: Paperback, Kindle
WHY YOU SHOULD READ IT: The book provides a
broad overview and FAQ of main topics that every
financial engineering master student should know
in order to prepare for their internship and job
interviews. Wilmott discusses quantitative finance
theory as well as everyday practice, including how
to solve popular models, equations, and formulae.

AUTHOR: John C. Hull
PAGES: 864
FORMAT: Hardcover
WHY YOU SHOULD READ IT: This book is
considered “the Bible” for finance practitioners
and a popular textbook for business students,
particularly those with a limited background
in math. The book covers the major financial
products, their practical uses, and valuations.

Frequently Asked Questions in
Quantitative Finance

See more recommended reading at
QUANTNET MASTER READING
LIST FOR QUANTS.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

SECTION 3:

Getting a Job

QUANTNET | 2013-2014 GUIDE | quantnet.com

Job Search Strategies &
Interview Techniques
Questions and Answers
By Ellen Reeves
Can I Wear My Nose Ring to the Interview? is based on the real job-hunting questions my students and clients have
asked me over the years. In preparing students for the quant job hunt at Baruch’s Master’s in Financial Engineering
program in New York and the Master of Science in Computational Finance and Risk Management program at the
University of Washington, I’ve been asked the following questions:

How do I approach
looking for a job?
Stop Looking for a Job and
Look for a Person
The mantra of my book is the
strategy I advise for all jobseekers: Stop looking for a job
and start looking for a person.
The right person will lead you to
the right job or opportunity.
Applying blindly is less effective
than targeting specific jobs
and companies and then using
alumni and other community
contacts and social media to
get inside the company, to have
informational interviews, and

get your name and resume
circulated from inside. It takes
work, but you can usually find
someone to connect you. Use
LinkedIn and Facebook to post
a note asking if anyone knows
ANYONE at a company you’re
interested in or where you’re
applying, and ignore geography;
for example, someone in the
West Coast office of a company
is likely to have some contacts
in their East Coast office.

The 80-20 Rule

Stop sending your resume
hurtling into the black void
of cyberspace. It’s depressing,
and statistically, only 20% of
jobs are filled by overthe-transom
applications.
“Recruiters and hiring managers
Eighty percent
will tell you that authenticity wins out
of all jobs are
every time; an interviewer can sense
filled by personal
referral, and
if you really want a job or not.”
80% of all jobs
(although not the

same 80%; I know I can’t pull
the statistical wool over quant
eyes) are never even advertised;
they exist in what we call the
Hidden Job Market. I’m not a
quant, but even my basic math
tells me that it’s better to spend
100% of your time on 80% of the
opportunities. But you have to
know what you’re looking for,
understand the requirements
of the jobs you want to apply
for, and be able to spin your
past experience to the needs
of the employer. Recruiters
and hiring managers will tell
you that authenticity wins out
every time; an interviewer can
sense if you really want a job or
not. Don’t apply for a job just
because you can get it. Apply
for it because you want it. Selfconfidence is key; it’s a lot easier
to feel confident if you know
you’re as prepared as you could
be and that you really want the
job at hand.

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continued on page 66

Job Search Strategies & Interview Techniques continued from page 65

Tap into the
Hidden Job Market
To tap into the Hidden Job
Market, you’ve got to get out
there and start talking to people.
Hone your “elevator pitch” and
let people know who you are,
what you can do for them, and
what you’re looking for. Employers
have two concerns: making
money and saving money. Show
them how you can do this for
them and you’re golden.

The Rule of 3
It’s important to break what
could be an overwhelming job
search or career transition into
manageable, bite-sized tasks.
Use what I call “The Rule of 3.”
Vow to reach out by phone or
email to three people a day to
jumpstart your job search. Ask
each person for another lead to a
job or informational interview. If
you did this every day for a year,
even taking the weekends off,
you’d speak with almost 1,000
people—and this is obviously
more than you need. But you can
handle three contacts a day: one
in the morning, one at lunch,
one in the evening, right? If this
seems overwhelming, aim for
three a week.

“Set easy goals:
go to one lecture or event each week
and introduce yourself
to three people.”

Start today. Make a list of the
people to whom you can reach
out easily. Begin with family
and friends who will be most
receptive and let the circle
widen from there. Make sure
you have an up-to-date resume
and LinkedIn profile, and a
business card with your name
and contact information
(just name, phone, and email
address).

How can I stand out
at a career fair or
recruiting event?
Career fairs and recruiting
events can feel like insane, giant
meat markets. You are not going
to have just one interview; you
may have a dozen impromptu
interviews! Just as you’d prepare
for a regular interview, prepare
for the fair. Try to find out in
advance which companies
will be represented and who
is representing the company.
Research the companies and
representatives as much as you
can. Get a good night’s sleep
and come having eaten a good
breakfast or lunch. Remember
these tips:

QUANTNET | 2013-2014 GUIDE | quantnet.com

d Dress neatly and presentably
with some memorable, but
not outlandish, detail: a good
tie, great scarf, bright color, or
interesting piece of jewelry.

d Be extremely knowledgeable
about the company and ask
intelligent questions. Ask to set
up an informational interview
at a later date because you’re
so committed to the company
whether the jobs listed (if they
have specific openings) pan
out or not. Be well-prepared
for what could be a real, onthe-spot interview! Be ready
with your 30-second pitch and
concrete, brief examples to
convince the recruiter what you
can do for the company. Your
delivery must be enthusiastic
and energetic but authentic.

d Make sure you know with
whom you’re speaking so you
can spin your pitch accordingly.
Is this an HR person? The person
for whom you’d be working? Be
sure to get his/her card or title
so you can thank the person and
follow up.
continued on page 67

Job Search Strategies & Interview Techniques continued from page 66

d Have an excellent resume
and cover letter tailored to
each company’s needs and to a
specific job description if there
is one (i.e., find out what might
be available online ahead of
time). Target the companies
you’d really like to work for.
Have a business card ready.

“Do not take upall the
recruiter’s time . . . say,
‘I’d like to talk more. . . .
Could we exchange cards and
set up a phone meeting or
another time to talk?’”

d Do not take up all the
recruiter’s time. If the
representative is alone and
can’t leave the booth, offer a
favor: “May I get you a glass of
water?” If you are engaged in a
great conversation but there’s
a line of people, say “I’d like
to talk more, but I know other
people are waiting. Could we
exchange cards and set up a
phone meeting or another time
to talk?” And if you see shy
colleagues or classmates waiting
on the periphery, say, “May I
introduce my classmate John?”

I’m sure you know the
“quant” types here are
mostly Asian males,
introverted types. The
language barrier is
one reason they don’t
network as much as
they should. How would
you advise they break
the ice and better sell
themselves?
It’s a vicious circle, because the
less you interact with people,
the less you feel you can,
because your language skills and
confidence aren’t developing if
you’re not talking as much as
possible with native speakers. A
few things to think about:

d Improve your language skills,
both passively (listening to the
radio, watching TV, and movies)
and actively by getting involved
in an activity you like or having
lunch with native speakers.

d I ask my more outgoing
students to take shyer students
under their wing, and I tell
the shy ones to ask the more
outgoing ones for help.

d Set easy goals: go to one
lecture or event each week and
introduce yourself to three
people. You have to get used to
saying politely “May I join you?”
but prepare yourself for a notalways friendly response. Don’t
take it personally. You may go

through uncomfortable periods,
but if you stick with it, you’ll be
amazed at how your confidence
level and language will improve.

d If you know someone who
has conquered these barriers,
ask about his/her story.

Do you have advice
about a LinkedIn
profile?
The LinkedIn profile is an
uploaded version of your
resume. You can add a
professional photo if you choose,
but remember that if you do,
you may be giving employers
access to information it’s
illegal for them to ask about,
including race, age, and gender.
Recommendations should be
current—recommendations
that are not from this year are
too out of date. Have at least
one from this year to offset
older ones. Tailor the headers
of categories to what you’re
looking for and the keywords
you read in job listings. As you
would for a resume, avoid selfassessment and adjectives
that are subjective: “excellent
communication skills” or “strong
programming skills.” Instead,
use neutral, unassailable,
objective language showing
what you have done with that
skill: “extensive experience with
C++” or better yet, a line about
a project you did using it. BE
SPECIFIC!
continued on page 68

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Job Search Strategies & Interview Techniques continued from page 67

In my experience and from
asking clients and students,
LinkedIn is more useful for
finding leads and making
connections than being an
actual source of jobs (apart from
headhunters scanning them).

“Learning how to talk about
your transferable skills
is the name of the game.”

How do I talk about my
previous experience
and/or a career change?
Highlight Your Transferable
Skills for the Employer
Learn to talk about past
experience in terms of the
language of your target
job. Make analogies for the
employer. Do the work and
make the connections for him
or her by doing enough research
and informational interviewing
before the actual interview
so that you know what the
company is looking for and how
your past experience may be
valuable. Learning how to talk
about your transferable skills is
the name of the game.

When You’re Job-hunting,
Nothing is Bad: X was
Good; Y is Better

taken care of, that you aren’t
meticulous and attentive to
detail.

Even if the reality is that you
hated your previous work,
speak only positively about
it: “Although I learned so
much working on my PhD in
chemistry, the more I learned
about quantitative finance, the
more I realized how well my
background would serve me
and how interesting the field is.”
Then give a concrete, specific
anecdote to illustrate your point.

What to Wear to
the Interview

How important is
appearance?
Project the Best
Professional You Possible
As Mark Twain says, you never
get a second chance to make
a first impression. This is your
only chance to look professional
with advance notice; what you
are saying in an interview with
how you look and dress is: This
is the best professional me I can
be. Everything is an act of selfpresentation and everything is
a signal to the employer about
what kind of work you will do
for him or her, whether you can
follow directions and whether
you understand the conventions
of the industry. A loose button,
wrinkled clothes, sweaty palms,
ragged nails and cuticles,
unkempt hair, body odor, or bad
breath means you haven’t taken
care of things you could have

QUANTNET | 2013-2014 GUIDE | quantnet.com

Get your clothes tailored; have
someone look you over before
you leave for the interview;
check yourself in the restroom
before the interview starts.
Err on the side of dressing
conservatively.

FOR MEN: A dark suit, preferably
navy or charcoal gray. The risk
of the black suit is looking like
an undertaker, so be careful.
Choose a conservative, matching
tie and a solid white shirt. Your
shoes should be well-polished,
lace-up black shoes. Make sure
your belt matches your shoes
(plain, professional belt buckle)
and that the socks match pants.
Socks should be solid color and
match each other. You must
be clean-shaven with a good
haircut and well-groomed nails
and eyebrows. No visible jewelry
besides a professional watch.
Use no/very little cologne or
aftershave.

HERE’S ADVICE FROM A WALL
STREET MANAGER: Think Brooks
Brothers if your budget permits
it; otherwise, consider Jos. A.
Bank and Land’s End. The latter
two have business wear that is
reasonable in price and popular
with Wall Street people.
continued on page 69

Job Search Strategies & Interview Techniques continued from page 68

FOR WOMEN, an equivalent
conservative suit or pants suit
or professional-looking dress—
not evening or casual day-time
wear—with properly fitting
and concealed undergarments.
Wear nude stockings, minimal
jewelry and makeup, shoes with
an appropriate heel, natural
nail color, and hair groomed
and not constantly in your face.
You don’t need to look like a
man, but you need to look like a
professional business woman.

As classes start and
students are distracted
by their academic
responsibilities, how
can we stay prepared for
the interview process?
Go into the semester with a jobhunting plan and goal in place.
The community of your school
is so important, and I always
tell my students that they—and
the faculty and staff—are each
other’s best resources when it
comes to interviewing if the
spirit is collaborative and not
competitive.

d Sit down with your class
schedule, block out times
for study, eating, sleeping,
exercise, family, social and work
responsibilities, and schedule
coffee, lunch, or a drink with
people who can enlighten you
about what they do.

“Go into the semester
with a job-hunting plan and goal in place.”

d Block out time every week to
read industry periodicals and
attend recruiting sessions and
special lectures where you can
introduce yourself to people in
the industry.

d Find out where everyone
worked this summer or had
internships. If there are 25
students in a class, this means
you’ve got 25 (well, 50) feet
in the door already, plus the
families and friends of those
fellow students.

d Set up exploratory interviews
with and through classmates,
faculty, former colleagues and
connections through LinkedIn
to find out what kind of job you
may want.

d Choose a capstone or
independent project if your
school has one to test out an
area and see if you like it.

d Take time every week to
browse QuantNet, LinkedIn, and
other sites of interest.

d If you’ve already defined
companies or areas in which
you’d like to work, focus on
networking there. I recommend

choosing the top three, then
focusing on the first one until
you’ve exhausted all your
resources and connections, then
move on to number two.

d Plan your interview
wardrobe.

d Practice your elevator pitch.

How do I prepare for the
first interview? Second
interview?
d Review your resume.
d Make sure you have
rehearsed a brief anecdote
highlighting your contributions
and achievements for everything
on it.

d Do some mock interviewing
with colleagues or college or
graduate school career services,
and rehearse answers to both
basic and tough questions:
“Why do you want to work
here? Why should we hire you?
What are your strengths and
weaknesses?” and so on.
continued on page 70

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Job Search Strategies & Interview Techniques continued from page 69

d If the company will tell you,
find out with whom you’ll be
interviewing; look up LinkedIn
profiles, and set a Google alert
for the interviewers and for the
company or department.

d Research the company and
department and do as much

about what has worked and not
worked for you in the past?”and
then spin your answer with
anecdotes to address their
interests and concerns.
For more on topics including
what to do in the waiting room,
getting rid of anxiety, handling

who follows up. There ARE no
jobs that don’t require some
kind of follow-up, and the thank
you note is key.
The note stresses why you want
the job (framed as what you
can do for the employer), and
why you’re the right person

“The note stresses why you want the job (framed as what you can do for the employer),
and why you’re the right person to do the job.].”

informational interviewing as
you can around the position.
The more you know about how
the company works, from those
who work there or from clients
or competitors, the better.

d Prepare a list of questions
you want to ask and points
you want to bring up in the
interview.

d At a first interview, ask “If I
were hired, what would be my
first tasks?” If you have a second
interview, come prepared with a
plan for how to handle some of
the tasks or issues they’ve said
you’d be responsible for: “I took
the liberty of thinking about X.”

d Demonstrate that you really
want the job and can hit the
ground running. Ask “I know
what the stated job description
says, but can you tell me more

difficult or illegal questions, see
“Getting Through the Interview”
in Can I Wear My Nose Ring to
the Interview?

What do I do after the
interview? Should I
waste time sending a
thank-you note?
Follow Up
After the Interview
WASTE YOUR TIME? To me, the
thank-you note is an essential
part of the interview. Email a
note right away (this way, it
can be easily circulated; don’t
send the exact same note to
everyone!) and follow up with
a neatly handwritten note. This
gives you a chance to reiterate
how much you want the job, to
note anything you left out, and
to show that you are someone

to do the job. And even if you
don’t want the job, why not
stand out as someone polite and
professional? You’ve made a
professional connection through
the interview—maintain it! If,
after the interview, you know
you wouldn’t take the job if it
were offered to you, withdraw
your candidacy politely. (“Dear
Ms. So-and-So: I so much
enjoyed our interview today.
Thank you for taking the time
to meet with me. Given that
the job entails x, y, and z as you
described today, I am writing
to withdraw my candidacy; I
am looking for a position that
involves more . . . . If you have or
know of another such opening
in another department, I’d be
very interested. Best, . . . ”)
continued on page 71

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Job Search Strategies & Interview Techniques continued from page 70

Ask for the Job
If You Want It
Use yourself as a litmus test for
what’s annoying. You don’t want
to be perceived as a stalker, but
you must follow up. Employers
say that the reason many people
don’t get jobs they’ve applied
for is that they don’t follow up
after an interview. They never
say they actually WANT the
job. They don’t send a thankyou note; they just wait for the
judgment to be handed down.
NO! The successful job search is
actually the intersection of two
searches—yours for the right
job, and the employers’ for the
right employee.

I am a non-native
English speaker
and worried about
interviews, particularly
phone interviews—or
conversely, I am a
native English speaker
but can’t understand
the accent of my
interviewer. Any tips?
Don’t Pretend You
Understand If You Don’t
Everyone has an accent. It’s
important never to pretend you
understand what someone is
saying if you don’t.

d Be direct with the

“Everyone has an accent . . .
never pretend you
understand what someone is
saying if you don’t.”

Ask What the Hiring
Timeline Is

interviewer. At the beginning of
the interview, say, “As you can
probably tell from my accent,
I’m not a native English speaker,
and I can function perfectly well
in English, but I hope you won’t
mind if I ask you to speak slowly
or to repeat things.” This is
especially important for phone
and video or Skype interviews.

d Improving your accent:

At the end of the interview, find
out what the hiring timeline is
and how you should follow up.
You are not going to be denied
the job because you ask this
question: “What’s your hiring
timeline? If I don’t hear from
you, may I check back in two
weeks? Would you prefer to be
contacted by phone or email?”

Listen to National Public Radio
(NPR). If you are interested in
working on your language skills
and accent—and this goes for
native speakers, too—listen
to NPR hosts (not the guests!),
most of whom speak clear and
standard English.

Tackle One Language
Issue at a Time
Don’t try to tackle everything at
once; choose one issue to work
on, for example the “th” sound
in “the.” Practice saying words
with “th.” Exaggerate the sound
by 1) Making sure your tongue
licks the bottom of your top
teeth, 2) Placing your forefinger
in front of your mouth, and
3) Making sure your tongue
touches your finger as you make
the “th” sound.

People can’t pronounce
my name. Should I
use a nickname, a
transliteration, or a
classically “American”
name?
This is an individual decision
about your own identity; a
compromise may be to use a
transliteration of your real name
with a nickname, and on your
resume list the nickname in
parentheses, that is, Yingxue
(Jay) Cheng if that’s comfortable
for you.

Make it Easy for the
Interviewer
Interviewers don’t like to
feel incompetent, and if they
can’t pronounce your name
or tell whether you are male
or female—even though it’s
not your fault at all—they may
literally move on to the next
resume, so make it as easy as
possible for them.
continued on page 72

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Job Search Strategies & Interview Techniques continued from page 71

Offer Gender Markers
The field is male dominated; if
you are a woman, offer a gender
marker on your resume if your
name doesn’t indicate gender
to an English-speaker: (Member,
Women in Business, Baruch College).

Get American Friends to
Work with You

Offer Pronunciation Aids

With friends, practice things
like greeting an employer.
For example, when greeting
employers or colleagues in
America, you must look people
in the eye and have a firm
handshake.

When you meet the interviewer,
state your name clearly and
offer some help with the
pronunciation: “Hi, I’m Samita,
like Anita” or “My name is Xin—
like shin” (and point to it).

If you are used to bowing and/or
looking down, or covering your
mouth when you speak, you
must practice NOT doing these
things.

“(Dining etiquette) is about showing that you understand
cultural conventions and can work within a new culture.”

I sometimes feel I am
at a disadvantage since
I am from another
country. How do I
deal with cultural
differences?
Your Cultural Advantage
To the contrary! You have an
advantage. You speak your
language and probably others, as
well as English; you have insider
knowledge of another culture or
cultures including how business
is done, how the economy of that
country functions—embrace it
and use what you know! You can
easily learn about and work on
questions of etiquette.

Learn American
Dining Etiquette
You must learn which utensils
are used for which foods. At
dinner one night, I saw one of
my highly talented students
with a PhD butter her roll with
a fork. She was about to have
10 interviews at Citibank, and
I knew this could jeopardize
her candidacy. While you might
think something like this
has nothing to do with one’s
capacity to do the job, it’s not
about that: it’s about showing
that you understand cultural
conventions and can work
within a new culture.

If you’re interviewed over a
meal or invited for a meal or
drink after an interview, you
have to make sure not to eat
with your mouth open, not to
slurp or make noise while you
eat, not to order the messiest
or most expensive items on the
menu, and so on. These are the
small things that can sink you
despite a great interview, and
it’s likely that no one will tell
you. Etiquette resources like
the classic Emily Post or Miss
Manners books can help!

I tend to be shy. How
do I talk to people and
maintain my network?
How do I follow up
with people, build and
maintain my network?
Don’t Be a Wallflower
If you’re offered the chance to
go to a recruiting event, cocktail
party, or any kind of professional
development event, go! Set a
goal for yourself of meeting and
talking to at least three new
people. Ride the coat tails of
your more outgoing colleagues
or classmates; ask if they (or
the hosts and organizers) will
introduce you to people. If
someone offers a card, follow up
with a note and a brief reminder
of how you met and what you
talked about.

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Job Search Strategies & Interview Techniques continued from page 72

“. . . it’s the employer’s job to offer you as little as possible
and see what’s the lowest you will accept, and it’s your job to advocate
for the best package you can get.”

Don’t Forget About
Your References

d Stay positive; assume you

Remember that your references
are a key part of your network.
Check in with them periodically,
ask them for leads, thank
them, and follow up. Seek new
references as necessary.

can reach a compromise. Say
“I’m really excited about this job.
I know we can make this work.”

d Ask “Is there any flexibility
there?”

Above All: Feel Valuable,
Not Vulnerable
Take control of your job hunt
with these tips. I want you to
feel valuable, not vulnerable.
There’s no reason why you
shouldn’t have the job you
want—even in this economy.

d Try not to put all your cards

How do I negotiate
salary and benefits?

on the table at once. The lowest
number you state may be your
salary, so be careful.

You’ve Got to Negotiate

d Negotiate based on what you

You never have more leverage
than between the time you’ve
been offered the job and the
time you accept it. People are
uncomfortable negotiating for
themselves. So if you’re going
to feel sick, which would make
you feel sicker? Negotiating and
getting a better package, or not
negotiating and finding out that
someone else was hired at the
same level but with a higher
salary and better benefits simply
because he/she negotiated?
Remember that it’s the
employer’s job to offer you as
little as possible and see what’s
the lowest you will accept, and
it’s your job to advocate for the
best package you can get.

bring to the position, not what
you think you’re worth or what
you “need.” Your lifestyle choices
or debt are not the employer’s
problem.

d Go in armed with a sense of
the salary range not only for this
industry but for the company
and geographical location.

d Find out what the employer
values most. Think beyond
salary—benefits, vacation, and
perks may be negotiable.

I didn’t get an offer for
a job I really wanted.
I feel depressed and
rejected. What do I do?
When someone doesn’t get an
offer, I say: Congratulations! A
bullet dodged you. This means
it wasn’t the right job for you,
for whatever reason. Because if
it were, you would have gotten
it. You were spared for the right
job. Here are a few things to
consider, excerpted from my
book Can I Wear My Nose Ring to
the Interview?

d If you feel you had a good
rapport with the interviewer, it
doesn’t hurt to ask for feedback.
“I’m very disappointed.
I’m wondering if, at your
convenience, you might be
able to offer suggestions for
improving my candidacy.”
continued on page 74

QUANTNET | 2013-2014 GUIDE | quantnet.com

Job Search Strategies & Interview Techniques continued from page 73

One candidate found she was
competing with a pool of MBA
candidates; she was also told
that during her interview, her
“headlining” skills were weak.
They expected her to be able to
offer a brief, focused summary
of her resume orally, tying her
skills and experience to the
stated job requirements.

d Were you perceived as
overqualified? Time to rethink
your resume or the jobs for
which you’re applying.

d Take steps to remedy any
obstacles that might be standing

“If you think you’re lacking experience,
go out and get some. Intern, volunteer,
or temp in the field.”

in your way. If you think you’re
lacking experience, go out and
get some. Intern, volunteer, or
temp in the field.
If the interviews went well and
you get the sense that you were
a top candidate, communicate
how much you enjoyed the
interview process and the

people; express that you’re more
determined than ever to find the
right position at the company,
and ask if they’d be willing to
keep your resume on file. Keep
in touch. Another position
might become available in a few
months or even weeks.
Good luck!

Career and workplace advisor Ellen Gordon Reeves, QuantNet career
columnist, is the author of the Business Week bestseller, Can I Wear My
Nose Ring to the Interview? A Crash Course in Finding, Landing, and Keeping
Your First Real Job, featured in media including CNN, CBS, ABC, FOX, NPR,
and Money Magazine. She teaches communications, interviewing, jobhunting, and self-presentation skills in programs including Baruch’s
Masters in Financial Engineering and the University of Washington
Masters in Computational Finance, preparing students for the job
market. Read her career advice column at
https://www.quantnet.com/threads/ask-ellen-job-hunting-and-career-development-advice.10689/.
Contact her at caniwearmynosering@gmail.com to sign up for Extreme Professional Makeover: Boot Camp
for the 2014 Quant Job/Internship Hunt (December, NYC), to inquire about bringing the boot camp to your
campus, or to bring her DIYPD (Do-It-Yourself Professional Development): Making Your Workplace Work for You
or DIYPD: Making the Most of Your Internship workshops to your firm or organization.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Finance Industry
Dictates Changes to
Job Market
By Ken Abbott
The job market for quants has changed inexorably. The “particle finance” trend of the last 20 years is on the
wane. While funds will still be able to trade on a prop basis, banks’ ability to do so has been severely restricted.
Some may see this as a pendulum, but most agree that the aggressive trading styles seen in regulated financial
institutions will never be seen again.
Does that mean that there are no more jobs for quants? Certainly not. It does mean, however, that the nature of
the job market will be different. The growing number of quant finance programs also suggests that there will be
much more competition for these jobs.
The following suggestions may be helpful in the job hunt.
d Stop focusing upon HFT

d Think about jobs outside of

d Don’t spout off about all the

positions—there aren’t that
many jobs out there, and many
of the people who get those jobs
find that it’s VERY hard to make
money.

banking. Corporate treasuries
need quants, too, as do data/
media companies.

big-name academics you know.
Everyone else knows them, too.

d Consider positions in
model review, audit, and price
verification. Those areas are
growing rapidly.

d Have a good reason for
d Know the industry. Be
able to identify the top firms
in each sector in which you
interview (hedge funds, banks,
insurance companies, etc.) Read
the industry press. Know the
regulatory landscape.

d Check the job ads at the
regulatory agencies (FRB, SEC,
OCC, CFTC, and FINRA). Many
people get their start at these
organizations.

d Know the company. Read
their annual report. Know their
position in the industry and
their strengths and weaknesses.
Read all recent news articles
about them.

QUANTNET | 2013-2014 GUIDE | quantnet.com

wanting to be in finance.
Wanting to make lots of money
isn’t one of them. Be convincing
or you’ll be tagged as a gold
digger.

d Dress the part. Show up for
your interview in business attire.
Wall Street isn’t Silicon Valley.
continued on page 76

Finance Industry Dictates Changes to Job Market continued from page 75

d Speak clearly. One of the

d Have an opinion. Show that

d Don’t talk salary. The market

biggest challenges facing many
quants is being articulate.
Most senior executives, while
intelligent, aren’t quants. Be able
to express complex concepts in
simple terms.

you’ve thought about the issues
facing the industry. Keep on top
of current events.

is reasonably efficient. If you try
to negotiate too hard, you will
run into difficulty.

d Don’t get thrown off by a

d Stop worrying about your

tough question. Pressure is part
of the business. Do the best you
can. If you simply don’t know
the answer, say so. Don’t try to
fake it. One flubbed response
doesn’t ruin an interview.

GPA. It probably won’t matter
that much unless it’s really low.

d Don’t pad your resume. If
you make a major omission or
misstate something, there’s a
good chance you’ll be discovered
and dismissed. Be prepared to
discuss any topic you mention
in your vitae. The quickest way
to get dinged is to come off as a
faker.

d Don’t brag too much about
your programming expertise
unless you’re interviewing
for a programming job. While
there’s an overlap, most quants
aren’t programmers and most
programmers aren’t quants.

Kenneth Abbott is a Managing Director at Morgan Stanley, where he is the Chief Operating
Officer for Firm Risk Management. In addition, he also supervises the risk management of the
Investment Management businesses. He is also responsible for legal entity risk management
for Morgan Stanley’s US swap dealers and and sits on the investment and valuation committees
for the Morgan Stanley Private Equity and Infrastructure funds. Previously, he ran market risk
management for Bank of America’s Investment Bank. He has over 30 years banking experience,
including 14 years at Bankers Trust as an analyst, trader, and risk manager. Ken has a B.A. from
Harvard in Economics, an M.A. from NYU in Economics and an M.S. from NYU/Stern in Statistics
and Operations Research. He is an adjunct faculty member at NYU, Baruch, and Claremont and
sits on the Board of Trustees for the Global Association of Risk Professionals (GARP) and the NJ
Scholars Program.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Ever wonder how your
compensation compares with other
MFE graduates with a similar job
and experience profile?
Ever wonder about the base/bonus
when you move to the buy side?
Go to quantnet.com/salary to see the results of the QuantNet Salary Survey, a constantly updating tool
that allows you to anonymously compare your base salary and bonus against others. Using QuantNet’s
filters, you can create a more precise comparison based on your education level, location, job type,
employer type and size, years of work experience after MFE and other factors.

Questions Asked at Quant
Interviews

These are sample questions similar to those you might be asked during an
interview. For more questions and solutions, visit the Quant Interviews section.

Brainteasers

Programming

1. You and other Santas are attending a
Santas-only Christmas party where every
Santa knows exactly 22 other Santas. Among
the 22 Santas, each Santa knows none know
each other. But any two Santas who do not
know each other have exactly six mutual
friends present. How many Santas are at the
party?
2. There are two sealed envelopes: one has $50,
and another has $100. You get to choose one
at random and keep the money. How much
would you be willing to pay for this?
3. Assume now that you have $50M and $100M.
How much would you be willing to pay this
time?
4. You and a friend are playing a game where a
random number X between 1 to 20 is chosen.
One of you will pick a number and then the
other will pick a different number. The one
who guesses the closer number wins X dollars.
Should you choose to go first? What number
should you choose?
5. There are 60 blue ribbons in a box such that
all 120 ends are hanging out and you cannot
see which ends belong to which ribbons. You
randomly join all 120 ends together into
pretty bows and dump out the box. Depending
on chance you will form anywhere from 1 to 60
loops. How many loops would you expect?

1. Write one line of code to swap the contents
two variables without using a temp variable.
2. Write a program to print 1-100 and backward
without using loops.
3. Write a function to compute factorial using
recursion.
4. Do the same for Fibonacci numbers.
5. Write a class, in an object oriented programming language, which performs arithmetic
operations between arbitrarily large numbers.
6. With an integer represented as a string, write
a function that represents this number with
the thousands separated by commas.

Finance
1. How do you price swap rate? How do you price
swaption? What is Macaulay, modified,
effective, dollar duration?
2. Which bond has higher duration: the five-year
coupon bond or the five-year zero-coupon bond?
3. If the cost of money (prevailing interest rate)
rises from 4% to 5%, does that affect a five-year
zero coupon bond’s duration?
4. What is the value of an ATM European call with
time to maturity as infinity? What is the value
of American ATM with time to maturity infinity?
5. Consider a one-period binomial tree with r = 0,
u = 10, and d = 5. Write the equations you would
write to get a risk-neutral world. Calculate the
price of the option. What’s wrong with the
price you get?

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Firms that Employ Graduates with MFE Degrees
These firms hire graduates with master’s of Financial Engineering degrees. While this list is by no
means exhaustive, it does show the international reach of the field, as well as a place to begin your
job search. Click on the company names (below) for site links.

INVESTMENT BANKS

PROP TRADING

HEDGE FUNDS

Bank of America
Merrill Lynch

Chicago Trading Company

AQR Capital Management

Chopper Trading

Aviva Investors

Barclays Capital

DRW Trading Group

BNP Paribas

GETCO

Bogle Investment
Management

Citigroup

Jane Street

Bridgewater

Credit Suisse

Jump Trading

Citadel Group

Deutsche Bank

Nico Trading

Clinton Group

Goldman Sachs

QuantRes

DEShaw

J.P.Morgan

RSJ

DFG Investment Advisers

Morgan Stanley

Spot Trading

First Quadrant

Nomura

TransMarket Group

GBAR

Societe Generale

Walleye Trading

UBS

Wolverine Trading

Glenwood Capital
Investment

COMMERCIAL BANKS

FINANCIAL SERVICES

Commerzbank

Bloomberg Financials

HSBC

FINCAD

ING

Gloucester Research

Royal Bank of Canada

Interactive Brokers

Royal Bank of Scotland

Numerix

Standard Chartered Bank

Opera Solutions

Wells Fargo

Quantifi Solutions
R² Financial Technologies
Thomson Reuters

Houlihan Lokey Howard
& Zukin
Infinum Capital
Management
Investec
Knight Capital Group
M&G Investments
Mitsubishi UFJ Securities
International
Numeric Investors
Nuveen Investment
Optiver
QVT Financial
SIG Susquehanna
State Street
Tower Research Capital
Two Sigma Investments

continued on page 80

QUANTNET | 2013-2014 GUIDE | quantnet.com

Firms That Employ Graduates with MFE Degrees continued from page 79

INVESTMENT/ASSET
MANAGEMENT

ACCOUNTING

INSURANCE COMPANIES

Deloitte

Bank of New York Mellon

Ernst & Young

American International
Group

BlackRock

KPMG

Aflac

Oxam

PwC

Ameriprise Financial

PIMCO

Genworth Financial

TD Securities

Lincoln Financial Group

Wellington Management

MassMutual Life

Putnam Investments

MetLife

RATING AGENCIES
Fitch Rating
Moody’s
Standard & Poor’s

Did You
Know?

Nationwide Financial
Services
Pacific Life
Principal Financial Group
Prudential Financial

The average base salary for quant professionals with
a master of financial engineering or quantitative
finance degree increases with each year on the job?
The base salary for new MFE graduates is $95,540
(average) and $85,000 (mean). For MFE grads with
two-years experience, the numbers are $97,631
(average) and $95,000 (mean). Source: QuantNet Salary

For more information about salaries in the industry, click here.
You can also input your own salary and bonus information, along with
your location and other factors to see how your pay compares to others in
the industry.
Looking for a job now? Click here to visit the Jobs Forum.
Interested in posting a new job on QuantNet’s Jobs Forum?
Click here to submit.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Why Join a Professional
Organization?
It doesn’t matter whether you are a seasoned financial engineer or new to the field,
you can benefit from membership in an industry organization. Professional

By Peg DiOrio

organizations offer the opportunity to keep abreast of current trends and challenges
in financial engineering, mix with industry leaders, and gain access to online informational databases and job
boards, among other benefits. Some of these groups also publish their own journals, giving academics and
students the chance to showcase your research.
Several of the organizations listed on the next page offer heavily discounted student memberships that carry the
same benefits as professional memberships. For those just starting out, a student membership is a great way
to meet people in your chosen field, find a career mentor, narrow your field of interest, learn more about the
companies that hire financial engineers, and network for a job. Several groups give discounted event entry for
members of other groups so your membership dollars go farther.
The chart on the next page lists four organizations with different focuses on financial engineering topics. The
names link to the organizations’ websites.

Peg DiOrio is a quantitative analyst whose projects over her nearly 20-year career
include asset allocation, investment planning, portfolio optimization, alpha signal
research, and multi-asset return modeling. She has extensive experience with high net
worth and institutional clients. Peg holds an MS from NYU’s Courant Institute and a BS
from SUNY Stony Brook.

continued on page 82

QUANTNET | 2013-2014 GUIDE | quantnet.com

Why Join a Professional Organization continued from page 81

CHICAGO
QUANTITATIVE
ALLIANCE (CQA)

INTERNATIONAL
ASSOCIATION FOR
QUANTITATIVE
FINANCE (IAQF)

QUANTITATIVE
WORK ALLIANCE
FOR APPLIED
FINANCE,
EDUCATION
AND WISDOM
(QWAFAFEW)

SOCIETY OF
QUANTITATIVE
ANALYSTS (SQA)

WHO SHOULD Quantitative Investment
Professionals
JOIN

Quantitative Finance
Investment Management
Professionals, Academics & Professionals &
Students
Quantitative Researchers

Quantitative Investment
Professionals, Academics
& Students

Spring & Fall conferences,
EVENTS &
NETWORKING American Finance
Association, European
Finance Association, CQ
Asia, Academic Review
Sessions, Seminars Sample
Event: “CQA/SQA
Quantitative Trading
Seminar”

Lectures, Master Classes,
RiskMinds USA,
Conferences, Committees,
Job Board, Online
Resources, Videos,
Publications, Fisher Black
Foundation Sample Event:
“Models Behaving Badly:
A Talk by Emanuel Derman”

Monthly Chapter
Meetings, Job Boards
(depending on chapter)
Sample Event: “Hedge
Fund Replication:
Methods, Challenges and
Benefits for Investors”
by Michael Markov,
Markov Processes

Monthly Meetings,
Conferences, Journal of
Investment Management,
Discounted Institutional
Publications, Job Board,
Sample Event: “Learning
and Adaptation in
Financial Markets”
Membership Description

MEMBERSHIP Plenty of senior-level quants Large proportion of
DESCRIPTION to network with. Good forum students and recruiters
for discussing ideas.
from the industry. Meetings
can be large (~75-100)
which can make personal
networking challenging.

Very informal, spirited,
interactive meetings held
in a bar, predominantly
investment professionals.

Predominantly
investment professionals
and relevant academics.
Monthly meeting size
(~30-50) allows good
personal networking
opportunities.

MEMBERSHIP $1,000/Regular
TYPES & FEES membership. Waiting list
for membership, which
(PER YEAR)
is restricted to those in
quantitative investing.
Fee includes access to all
conferences.

Rates vary by chapter,
$200/Regular, $100/
additional fees to attend Academic, Transitional
another chapter’s events. and Student rates
available.

$200/Practitioners, $100/
Academics, Student and
Young Practitioner rates
available. Students free if
part of IAQF Academic
Affiliate MFE program.

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

READING LIST: Books to Help Prepare for
Quant Interviews
This Reading List recommends books to help students prepare for their interviews for quant
internships and full-time jobs.

Quant Job Interview Questions and Answers
AUTHOR: Mark Joshi
PAGES: 326
FORMAT: Paperback
WHY YOU SHOULD READ IT: Designed for those
seeking a job in quantitative finance, Mark
Joshi’s book contains more than 225 interview
questions asked during actual interviews in
New York City and on Wall Street. Each question
comes with a full detailed solution, discussion
of what the interviewer is seeking, and possible
follow-up questions. The questions cover topics
such as option pricing, probability, mathematics,
numerical algorithms, and C++. The interview
process and the non-technical interview are also
discussed.

Frequently Asked Questions in Quantitative
Finance
AUTHOR: Paul Wilmott
PAGES: 624
FORMAT: Paperback, Kindle
WHY YOU SHOULD READ IT: The book provides a
broad overview and FAQ of main topics that every
financial engineering master’s student should
know in order to prepare for their internship and
job interviews. Wilmott discusses quantitative
finance theory as well as everyday practice,
including how to solve popular models, equations,
and formulae.

Heard on the Street: Quantitative Questions
from Wall Street Job Interviews
AUTHOR: Timothy Falcon Crack
PAGES: 268
FORMAT: Paperback
WHY YOU SHOULD READ IT: This is the original
and most popular book on quantitative questions
for finance job interviews. The revised 13th edition
contains 185 quantitative questions collected
from actual job interviews in investment banking,
investment management, and options trading. The
quant questions cover pure quant/logic, financial
economics, derivatives, and statistics.

Cracking the Coding Interview: 150
Programming Questions and Solutions
AUTHOR: Gayle Laakmann McDowell
PAGES: 508
FORMAT: Paperback
WHY YOU SHOULD READ IT: No quant interview
is complete without questions on programming,
algorithms, and debugging. The book is highly
technical and focuses on the software engineering
skills required for many of the top quant algo
trading jobs. The book includes 150 programming
interview questions and answers, as well as tips
on how to prepare and ace your programming
interviews.
See more recommended reading at
QUANTNET MASTER READING
LIST FOR QUANTS.

QUANTNET | 2013-2014 GUIDE | quantnet.com

SECTION 4:

Appendix

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Excel 2007/2010 Shortcuts
ALT Shortcuts

CTRL Shortcuts
CTRL + A

Select All

ALT + Tab

Switch program

CTRL + B

Bold

ALT + ‘

Display style

CTRL + C

Copy

CTRL + ALT + V

Paste special box

CTRL + ALT + V

Paste Special

CTRL + ALT + V + T

Paste format only

CTRL + D

Fill Down

ALT + W + S

(Un)split panes

CTRL + F

Find

ALT + W + F

(Un)freeze windows

CTRL + G

Go to

ALT + H + O + M

Move/ Copy a sheet

CTRL + H

Replace

ALT + H + D + S

Delete worksheet

CTRL + I

Italic

ALT + W + Q

Change view sizing

CTRL + K

Insert Hyperlink

ALT + H + O + I

Fit column width

CTRL + N

New Workbook

ALT + H + O + R

Change tab name

CTRL + O

Open File

ALT + H + E + A

Clear cell

CTRL + P

ALT + H + L

Conditional format

CTRL + R

Fill right

ALT + H + A

Align

CTRL + S

Save workbook

ALT + H + F + P

Format painter

CTRL + T

Create Table

ALT + H + F

Formatting

CTRL + U

Underline

ALT + F + W + V

Print preview

CTRL + V

Paste

ALT + F4

Close program

CTRL + W

Close window

ALT + F8

Macro box

CTRL + X

Cut

ALT + F11

Visual basic editor

CTRL + Y

Repeat

CTRL + Z

Undo

CTRL + 1

Format Box

CTRL + 5

Strike-through

CTRL + 9

Hide row

SHIFT + CTRL + 9

Unhide row

CTRL + 0

Hide column

CTRL + ~

Show formulas/values

CTRL + ‘

Copy formula from above cell

CTRL + [

Precedents

CTRL + ]

Dependents

CTRL + ;

Display date

SHIFT + CTRL + :

Display time

CTRL + Space

Select column

CTRL + Enter

Fill selection w/ entry

Formatting Shortcuts

Columns and Rows
SHIFT + Spacebar

Highlight row

CTRL + Spacebar

Highlight column

SHIFT + ALT + 3

Group rows/columns

SHIFT + ALT + Z

Ungroup rows/columns

CTRL + Minus sign

Delete selected cells

ALT + ‘

Display style

ALT + H + 0

Increase decimal

ALT + H + 9

Decrease decimal

CTRL + 1

Format Box

SHIFT + CTRL + ~

General format

SHIFT + CTRL + !

Number format

SHIFT + CTRL + @

Time format

SHIFT + CTRL + #

Date format

SHIFT + CTRL + $

Currency format

SHIFT + CTRL + %

Percentage format

SHIFT + CTRL + ^

Exponential format

SHIFT + CTRL + &

Outline border

SHIFT + CTRL + _

Remove border

SHIFT + CTRL + *

Select region

SHIFT + CTRL +
Enter

Enter array formula

SHIFT + CTRL + Plus Sign Insert blank cells

ALT + P + V + G

View gridlines

ALT + P + V + H

View headings
QUANTNET | 2013-2014 GUIDE | quantnet.com

continued on page 86

Excel 2007/2010 Shortcuts
Function Key Shortcuts

continued from page 85

Navigation and Data Editing

Excel Help Menu

Arrow keys

Move to new cells

Edit cells

ALT +

Display a drop-down list

Paste Name

ALT + Tab

Switch programs

Repeat or anchor cells

CTRL + Pg Up/Down

Switch worksheets

“Go to”

CTRL + Tab

Switch workbooks

Zoom, task, sheet, split

CTRL + Arrow keys

Go to end of contiguous range

Spell check

SHIFT + Arrow keys

Select a cell range

Anchor to highlight

SHIFT + CTRL + Arrow keys

Highlight contiguous range

Recalculate workbooks

Home

Move to beginning of line

F10

Activate menu bar

CTRL + Home

Move to cell “A1”

F11

New chart

“Go to”

F12

Save as

ENTER

Move to cell below

SHIFT + F2

Insert a comment

SHIFT + ENTER

Move to cell above

SHIFT + F3

“Insert Function” Box

TAB

Move to cell to the right

SHIFT + F4

Find Next

SHIFT + TAB

Move to cell to the left

SHIFT + F5

Find

BACKSPACE

Delete cell and get inside

SHIFT + F6

Zoom, task, sheet

DELETE

Delete cell/selection

SHIFT + F8

Add to selection

Edit/ highlight dependent cells

SHIFT + F9

Calculate active sheet

When inside cell

SHIFT + F10

Display shortcut menu

ALT + ENTER

Start new line in same cell

SHIFT + F11

New worksheet

SHIFT + Arrow keys

Highlight within cells

CTRL + F1

Min / Restore Ribbon

SHIFT + CTRL + Arrow keys

Highlight contiguous items

CTRL + F3

Name a cell

BACKSPACE

Delete preceding character

CTRL + F4

Close window

DELETE

Delete character to the right

CTRL + F9

Minimize workbook

Anchor “Fix” Cells

CTRL + F10

Maximize window

ESC

Cancel a cell entry

CTRL + F12

Open File

Spell check

Windows Key + D

Minimize program

SHIFT + F2

Insert a comment

Windows Key + E

Windows explorer

CTRL + F3

Name a cell

ALT + N + V

Pivot table

ALT + N + K

Insert charts

ALT + P + S + P

Page setup

ALT + A + S

Sort options

ALT + A + F + W

Data from web

continued on page 87

QuantNet’s 2013-2014 International Guide to Programs in Financial Engineering | quantnet.com

Excel 2007/2010 Shortcuts

continued from page 86

Formulas and Auditing
=

Start a formula

SHIFT + F3

Display “Insert Function” box

ALT + “=“

Insert AutoSum formula

CTRL + ‘

Copy formula from above cell

SHIFT + CTRL + “

Copy value from above cell

CTRL + ~

Show formulas/values

Recalculate all workbooks

Auditing formulas
ALT + M + P

Trace immediate precedents

ALT + M + D

Trace immediate dependents

ALT + M + A + A

Remove tracing arrows

ALT + M + V

Evaluate formula

ALT + R + G

Track changes

ALT + W + G

Zoom to selection

CTRL + [

Go to precedent cells

CTRL + ]

Go to dependent cells

SHIFT + CTRL + {

Trace all precedents (indirect)

SHIFT + CTRL + }

Trace all dependents (indirect)

F5 + Enter

Go back to original cell

Advertiser’s Index
Baruch College.................................................. 2
Georgia State University.................................... 6
Illinois Institute of Technology......................... 17
NYU Polytech Institute.................................... 26
UCLA Anderson............................................... 45
University of Illinois at Urbana-Champaign...... 35
University of Washington.................................. 3

Turn on NUM LOCK, and then press the following keys by
using the numeric key pad:
ALT+0162
Cent ¢

ALT+0163

Pound sterling £

ALT+0165

Yen ¥

ALT+0128

Euro €

Anchor “Fix” Cells

ESC

Cancel a cell entry

Spell check

SHIFT + F2

Insert a comment

CTRL + F3

Name a cell

ALT + N + V

Pivot table

ALT + N + K

Insert charts

ALT + P + S + P

Page setup

ALT + A + S

Sort options

ALT + A + F + W

Data from web

QUANTNET | 2013-2014 GUIDE | quantnet.com

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Financial Engeering Quant Net Guide

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