Claremont Graduate University - MS in Financial Engineering

Claremont Graduate University - MS in Financial Engineering

The MSFE @ CGU is jointly offered by the Drucker School of Management & Institute of Mathematics
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Location
Claremont, CA 91711
Application deadline
Spring: Priority: Nov 1, International: Dec 1, Final/Domestic: Jan 4 | Fall: Priority: Feb 1, International: July 5, Final/Domestic: Aug. 15
The MS in Financial Engineering (MSFE) at Claremont Graduate University (CGU) is offered by the Drucker School of Management and the Institute of Mathematical Sciences. The program offers a rigorous, integrated curriculum in finance and mathematics with a strong focus on industry speakers and personalized career support.
Director: Henry Schellhorn


Curriculum Information
Students complete 40 units of courses.
  • 14 units of Finance core: Corporate Finance, Introduction to Risk Management, Financial Derivatives, and our unique Financial Engineering Practicum
  • 14 units of Mathematics core: Statistical Theory, Stochastic Processes, Time Series Analysis, Quantitative Risk Management, and Mathematical Finance
  • 12 units of electives from finance and mathematics with an option to earn a concentration (see below).
Students also complete a mandatory coding bootcamp in Python and/or R and a practical training experience such as an internship or research project.

Concentrations (optional):
  • Data Analytics focuses on the theory and tools needed to understand, extract, and model data. Students will learn concepts for financial markets and economic data, work with real data exercises, and integrate graphical and analytical methods for modeling and diagnosing modeling errors.
  • FinTech is a portmanteau of the words Financial Technology and refers to the application of new technologies and innovative processes to the provision of financial services. It covers areas such as electronic and mobile payments, robo-advising and automated investing, online and mobile banking, peer-to-peer lending and crowdfunding, blockchain and distributed ledger technology, and more.
Additional opportunities:
  • MSFE Advisory Board Mentorship Program connects students with mentors on our advisory board, giving them the opportunity to receive personal guidance and networking opportunities
  • Mathematics Clinics provide students applied, real-world research experience with an industrial partner to address open-ended research problems. Partners have included AIG, Jane Street Capital, Tradeweb Markets, Walt Disney Animation Studios, Intel, and many more.
  • Walk on Wall Street offers students an opportunity to travel to New York to network with alumni and participate in the annual National Quantitative Finance Career Fair. [This trip may not run based on the status of the pandemic]
Dual Degrees & PhD Options
Students who are interested in advancing their quantitative knowledge and skill set have the option of adding a Math dual degree. Students who add the Math degree complete the program in 4 semesters or 2 years (typically just one semester more).

Students who have work experience and are interested in a management role after graduation may add the MBA degree as a dual degree. Students who add the MBA are able to complete the program in 2.5 to 3 years.

Claremont Graduate University offers a PhD degree in Financial Engineering. Admission to the PhD is highly competitive with only 0 or 1 admitted per year. All PhD applicants are required to complete 40 units in the MSFE program. Students must be enrolled in the MSFE program at CGU in order to be considered.

Drucker Career Strategy Office
MSFE students at CGU enjoy personalized career support from the Drucker School’s Career Strategy Office (CSO). Each year, the career office collaborates with the Financial Engineering faculty to develop a program of workshops on interviewing, networking, industry trends and more for MSFE students. The CSO also manages the mentorship program with Advisory Board members.

Additionally, MSFE students get access to the broad range of services provided by the office to all students at the Drucker School including:
  • Personalized career counseling
  • Review of resumes, cover letters, and online presence
  • Business etiquette training
  • Alumni connections
Financial aid/fellowship
Value of the MSFE @ CGU
The MSFE program at CGU is part of the prestigious Claremont Colleges, a consortium of highly-ranked liberal arts colleges in Southern California. The consortium offers many of the resources of a large university without sacrificing the benefits of a small school.
  • Small classes - no more than 30 students in any class with opportunities to build strong relationships with students and faculty
  • Strong relationships with faculty – our faculty get to know students and are available to talk through ideas and challenges with you
  • Global MSFE alumni – we have a broad alumni network in many countries who can provide connections and support
  • Southern CA sunshine - we don't get snow, so you can enjoy an average of 290 days of sunshine with an average of 78 degrees (F)
Contact us:
CGU Admissions Office
admissions@cgu.edu
(909) 607-7811
2023 Ranking Data
Peer Score
2.3
Employed at Graduation (%)
50%
Employed at 3 months (%)
75%
Cohort Size
5 FT
Acceptance Rate (%)
93.3%
Tuition
$82,467
Views
17,429
First release
Last update

Ratings

3.50 star(s) 12 reviews 3.50 star(s) Students Quality 3.50 star(s) Courses/Instructors 1.50 star(s) Career Services
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Latest reviews

dudukels
Headline
CGU MSFE is very Flexible
Class of
2025
I'll be done with my coursework for the MSFE program after Summer 2025. I thought I would share my pros and cons about the program.

Pros:

- Smaller class size
One of the main reasons I leaned toward CGU is the low student-faculty ratio. In all the classes I took, I never had a class with more than 12–15 students. It feels great not to be crammed into a classroom with 30+ students and fighting for a time slot with a professor during office hours.

- Flexibility
What made me decide to attend CGU was its flexibility for part-time students in the MSFE program. I wanted to complete the program while retaining my full-time job. In addition, most classes are hybrid (on-campus and online) with Zoom-recorded lectures. If I remember correctly, CGU allows you to complete the program within four years. If you are working in your current field and want to transition to Quant Finance, this is the program for you.

- Professors genuinely care about you
CGU math professors are very helpful during office hours and provide valuable career advice in Quant Finance. They will spend as much time as you need if you sincerely show interest and want to learn. I especially enjoyed office hours conversations with Dr. Schellhorn (former Interest Rate Quant) and Dr. Peng (former quant at AIG). Outside of class, they helped me prepare for job interviews and readily gave me feedback on my side projects and independent research.

- Competitive coursework
CGU's MSFE is more focused on math, statistics, machine learning, derivatives, etc., compared to corporate finance courses, which I consider a positive. I think the courses provided me with the foundational knowledge and skills to learn advanced material and prepare for interviews in quantitative roles.

- Math Fellowship
Once you are admitted to the program, you automatically receive Math Fellowship status, which comes with generous tuition assistance every semester if your cumulative GPA is above a certain threshold. This is one of the main perks that led me to choose CGU.

- The City of Claremont and the Claremont Colleges are a dream to live in
I think the real estate around the Claremont Colleges and the Village is one of the best-kept secrets of Southern California. It is a stark contrast to the bustling and unkempt city of Los Angeles. With majestic mountains and picturesque greenery as your landscape, ornate historical buildings on campus, a quiet and artsy village to hang out in, and a sophisticated, old-money vibe, Claremont is unequivocally one of the most desirable suburban areas to live in the United States. I can attest to this because I have traveled to major cities across the US.

Cons:

- The MSFE Advisory Board is practically non-existent
On the CGU MSFE website, one of their marketing points is an obscure Advisory Board. It is supposed to consist of quant practitioners, mostly local to California, who advise and assist the program director and students regarding industry trends and job opportunities. I tried reaching out to all the board members via LinkedIn and email, but most of them were unresponsive.

- There is no MSFE cohort
Unlike other Financial Engineering programs such as those at UCLA and Berkeley, CGU's MSFE program does not operate on an annual cohort system. You are pretty much on your own schedule. When I started in Fall 2023, there were about five students (including myself) who began the program at the same time. Since I was attending part-time, some of my "cohort" finished the program ahead of me. For the most part, my classes included classmates from different majors and neighboring institutions such as Claremont McKenna, Harvey Mudd, and Pomona College.

- Career services are lacking
The Career Center at CGU is more of a general career advisory entity. They only teach students basic approaches to finding jobs and preparing for interviews. The center has no expertise in the intricacies of navigating and landing jobs in quant finance, nor the connections for job placements in quant roles on Wall Street or elsewhere. In my experience, I only had two or three career sessions with various advisors, only to hear things I already knew about job hunting and interviewing.


Epilogue:

A bit about myself: In Fall 2023, I took the leap and began the MSFE program at CGU as a part-time student while working full-time. My goal was to break into quant finance (not sure yet whether buy-side or sell-side).

Before I started, I was well aware that CGU may not have the best MSFE ranking in California, let alone in the US. But the program fit my work schedule, the campus was a short commute, class sizes were small, and I loved the scenery of the Claremont Colleges and the Village.

I told myself I would have to put in extra work to compete against MSFE grads from other "better" schools for employment in quant-related roles. Since the Career Center was lacking, I relied on myself to learn when hiring season begins, the nuances of quant roles, how to look for internships and full-time opportunities, and to practice coding, brainteaser assessments, and interviewing. I even paid to attend out-of-state quant-related conferences in New York and Chicago to put myself out there.

It was incredibly difficult to juggle schoolwork, look for job opportunities, and prepare for interviews while working full-time, not to mention the emotional roller coaster of handling rejections from employers after putting in so much time and effort.

After going through that journey, you cannot imagine the immense gratitude, excitement, and pride I felt when I finally received an offer for a Financial Engineer role at a financial services institution. In the end, although I was not able to land an internship, I am happy that CGU gave me the foundational tools to secure a full-time quant role that aligns with my career interests.
Recommend
Yes, I would recommend this program
Students Quality
3.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
1.00 star(s)
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  • Anonymous
  • 3.00 star(s)
Headline
The MSFE program at Claremont offers excellent faculty and personalized attention in key finance courses but could improve by integrating practical applications in its math curriculum and providing stronger career support for Quant Finance students.
Class of
2023
As a recent graduate of the MSFE program at Claremont, I’d rate the program as average, but with areas for improvement. Over time, the class sizes have shrunk significantly. When I attended, it was during the pandemic, and about 60% of my classes were online. This, unfortunately, limited my exposure to the full master’s experience that I would have expected from a traditional on-campus program.

That said, several courses stood out as excellent. Classes like Asset Management, Introduction to Risk, Time Series, and Corporate Finance were well-structured with outstanding faculty members who made complex topics engaging and relevant. The professors were highly knowledgeable, and I appreciated how they applied real-world scenarios to these subjects. However, some of the more math-focused courses felt overly theoretical. I believe that if there had been more emphasis on how these mathematical concepts are used in the industry, the program would have been more impactful for those pursuing careers in Quantitative Finance. Integrating practical applications of these skills would significantly enhance the educational structure.

One advantage of a smaller class size was the opportunity for individual attention from professors. With fewer students, the professors were able to offer more personalized guidance, which was beneficial for deep learning and interaction. It was particularly helpful in courses where hands-on feedback and engagement made a difference.

On the downside, I found the career services to be lacking, especially in terms of support for those aiming for a career in Quant Finance. The career office, at the time of my attendance, wasn’t as helpful as I had hoped. I had to rely heavily on self-directed efforts to find internships and job opportunities relevant to my field. While the career office might offer general advice, I found that they lacked the expertise in Quant Finance to provide the specific guidance I needed to pursue a career in this niche. Networking, external research, and leveraging alumni connections were essential for me in navigating the Quant job market.

Overall, while the MSFE program had its strengths in key finance and risk management courses, it would benefit from a more practical approach in its mathematics curriculum and stronger career support. Despite the challenges, I believe the personalized attention from professors and the focused learning environment are valuable assets that future students can leverage.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
3.00 star(s)
Career Services
2.00 star(s)
Upvote 0 Downvote
Y
As a recent graduate of the CGU MSFE program, I want to share my experience here to anyone who is interested in this program.

What is unique about this program?
This program is relatively small compared with other MSFE programs. Therefore, as a student, I can have discussions with professors and staff frequently. The discussions were not only on the course material but also on the news of the financial industry and how the things we learnt can be applied in real-life. All of my questions and requests were addressed timely. This can be a huge advantage both for academic and career development. Besides, each of the students has a mentor. The mentors are all senior industry leaders in areas such as risk management, asset management, trading and Fintech. Having 1-to-1 conversations with my mentor helped me a lot on the career development planning.

Another unique thing about our program is that students are allowed to have different focuses in study – data science and fintech are two of the popular options. They are the emerging sectors in the financial industry and not a lot of programs have coverage on them.

What are the weakest things about the program?
The tuition is high here, but I got scholarship which helped a lot. This program was not programing intensive but I can see the school has been working on improving from this aspect. Now all the enrolled students have to finish a R/Python coding course with Datacamp. Also, a few of the classes are adding in programing(R/Python) requirements into the syllabus.

Career Services
I gained a lot of help from the career service center, specifically our career counselors – Jeff and Isabelle. As a result, I got a great internship offer and a full time offer before graduation. The career counselors coached me on interview preparations. The preparation was not only just going through the resume and practicing common behavioral questions but also practicing how to follow up with the interviewers which is also very important.

Besides help from the career counselors, I got a lot of advice from our professors and my mentor as well. They helped me on identifying the strength and weakness of my background, choose my area of interest and highlight the technical knowledge/skills that are essential for the career development.
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Con:
The program is focusing in neither Finance nor Mathematics. I have one semester left and I feel like compared to other MFSE students, I am not well equipped for Quant job.

The staffs for the Career Center are entirely different for my first and second year thus there is no continuity or follow-up of what have been discussed before.

If I could go back in time, I would not enroll as an MSFE student here but maybe as an MBA student.

Pro:
MSFE program in Southern California with nice campus and great Alumni network.
Upvote 0 Downvote
B
What is unique about this program?
The MSFE program at CGU is unique in its focus on finance and applied mathematics. Every student can focus on their area of interest. Several courses in finance are offered at the Drucker-Ito Graduate School of Management, while mathematics courses are offered by CGU as well as the undergraduate colleges of the Claremont consortium.
CGU is also an active participant in the IAQF’s National Financial Mathematics Career Fair held in New York. During this time, students also get a chance to connect with alumni and be a part of company visits that include Barclays, RBC, and Bloomberg.

What are the weakest things about the program?
The cost of the program is quite high. However, CGU awards scholarships and fellowships to meritorious students that reduce the overall tuition cost.

Career Services
The career development team is dedicated to helping the students get good internships and full-time offers. Being a small school, CGU may not have the career resources that a big school has. Nevertheless, the career services team has been devoting more time and efforts to the FE program to ensure strong career outcomes.

Student Body
CGU has a diverse and active student body. There are several student clubs and organizations that cater to the different interests of the student body. The FE class size is small and there is a lot of interaction between students and the faculty.
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L
What is unique about this program?
I believe the MSFE program at CGU is unique in its focus on actual finance. Financial Engineering is a branch of Finance and as such, it deals greatly with concepts in Corporate Finance, Asset Management, Risk Management, Accounting, etc. Once you get training in Finance, you are able to understand the rationale behind the Mathematics and Economics that you get in quant finance programs. Something that is lacking in a lot of Financial Engineering / Math Finance programs.
CGU has a strong curriculum in Finance, without compromising on the Quant side. In fact, if you can’t get enough Mathematics you get plenty PhD level courses in Math (both applied and pure) at CGU. Additionally, you can register for courses in Harvey Mudd College (which I did), the top engineering school in the United States (U.S. News). The level of Mathematics and Computer Science that they have is unbelievable. Finally, it is possible to enroll in a dual degree on MSFE / MS Mathematics at CGU. I am actually doing the Math extension I will graduate with two master’s degrees in two years’ time.
I did my internships in New York in Risk Management for an Investment Bank, and attended IAQF’s National Financial Mathematics Career Fair. During both of these experiences, I had the opportunity to meet and talk to a lot of Financial Engineering students from East and West Coast schools. Some, better ranked than CGU here in Quantnet. While talking to my peers, or to actual professionals and potential employers, I realize (time and time again) that the quality of education that we receive at CGU is far better than in other schools. The CGU program brings complete soundness to a student’s knowledge base. There have been times when students from other schools approach me (or my classmates) to ask questions about finance, the industry and even their career paths. It is always a great feeling to be able to help in some way, and this is partly because of the knowledge and understanding that CGU has provided me with.

What are the weakest things about the program?
The cost of the program is quite high. However, it is relatively easy to get scholarships and fellowships at CGU that help a great deal in this issue.

Career Services
Being a smaller school, CGU does not have the resources of a big school. However, there are seven universities that together form the Claremont Consortium. They all share resources (that in the aggregate amount to vast means), including career development services. I actually got my summer internship through one of the shared tools that we enjoy here at CGU. Also, the career development team is devoting more and more time and effort to the Financial Engineering program, as the school is realizing how good the program actually is. I am sure that this service will only get better every year.

Student Body
The student body is relatively small and but diverse. There are people from Asia, Latin America, North America, etc. There is also an exchange program with the University of Lausanne in Switzerland, which every year brings some European students. The benefit of having a small class, in addition to being more united, is that the faculty and resources are always available to you whenever you might have questions or need help.
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A
The program considers what student do need and keeps improving.

What is unique about this program?
The curriculum of our program is very flexible. Beside of the core courses which are required for all FE students, we have a long suggested electives from both The Drucker of Management and The School of Mathematics Science, which offers a lot of advanced math courses, so students can arrange their courses according to their interest.
We have abundant academic resources as CGU is part of a consortium that includes the Claremont Colleges (including Claremont McKenna, Harvey Mudd, Scripps, Pitzer and Pomona Colleges). Colleges open their resources to all students here. We have a unique opportunity to take courses from other schools in the consortium. I am taking Partial Differential Equation in CMC this semester, and I have classmates who took financial courses from CMC and is taking computer classes from Harvey Mudd. Therefore, although there are not many advanced programming courses offered by FE program, we still can have them.
We have a chance to get a dual degree with Master of Math from the School of Mathematics Science, or dual degree with MBA.

What are the weakest things about the program?
In my case, My tuition fee is sort of higher compare to my many classmates, because I don’t have fellowships.

Career services
I think our Career Services officers are really working hard. They invite speakers from investment banks like J.P. Morgan, Morgan Stanley, and Goldman Sachs etc.. and organize quant firms visits, which is really helpful for me to get an idea about the career plan. The Career center keeps updating internship and full time job information for us. Around 10 students are given an internship opportunity in East Coast (NYC, BOSTON) every summer. Events like the Drucker days on Thursday every two weeks, and Energy Conference are held by the Career Center to help students develop their networking skills.

Students body
We have students from all over the world. Students know each other and are united, which thanks for the small size of the program.
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Education in managing risk and how to spot investment opportunities.

What is unique about this program?
The MSFE program is a joint program of the School of Mathematical Sciences and the Peter F. Drucker and Masatoshi Ito Graduate School of Management where students have a unique opportunity to take management courses, MBA courses, along with advanced mathematical courses where your seat buddy might be a PhD student in Financial Engineering or Economics.

What are the weakest things about the program?
The main shortcoming of the MSFE program is computer program, especially in C++. There are some courses that require programming in VBA, R and Matlab and most years a group of students come together and form a C++ study group. Having said that, if a student does have a background in programming, then the CGU MSFE program is absolutely excellent.

Career services
The career services has gone through some transformation in the last year or year and a half to the better. I personally received my job offer from an opportunity through the career services. The career fairs have become more relevant to the MSFE students and it seems as if the service is constantly getting better.

Student body
The students are close knit and are very supportive of each other. They come from all over the world and some of them are incredibly smart. The student body creates a great sense of community, probably in part due to its small size.
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I
Very weak. Number of students applying is on the decline.

What is unique about this program?
There isn't much to be said. It's a weak program.

What are the weakest things about the program?
So expensive for the quality eduction you get. Profsesors are leaving and going to other colleges.

Career services
None

Student body
Poor
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G
Can you tell us a bit about your background?
I graduated in Physics from Harvey Mudd College and went to work for a year in a small business software company as a consultant. I studied full-time in the program from 9/2009-5/2010

Did you get admitted to other programs?
No

Tell us about the application process at this program
I secured admission before leaving my undergraduate program. It was very easy to apply because Harvey Mudd and Claremont Graduate University are just across the street from each other. Thus, most of the admission process was carried out in person. During the rest of the admission process e-mail and phone communication was prompt and helpful. There were no problems with the admission process as the online application was straightforward and well thought out. I did enroll as part of a 4+1 year masters program available to undergraduates of the Claremont Colleges.

Does this program offer refresher courses for incoming students? How useful was it?
While the program itself does not have refresher courses, taking courses at the undergraduate institutions of the Claremont Colleges is both possible and encouraged.

Tell us about the courses selection in this program. Any special courses you like?
There is a set curriculum of core courses taught in a specific order. Of the 12 required courses, 8 are mandated parts of the curriculum and 4 of the courses are electives. Selection of elective courses is highly teacher specific. If a good teacher is teaching a class it will be gold. The courses I especially like were Financial Accounting (a required part of the curriculum) and Fixed Income (an elective) and I liked those courses because the teachers in the courses were excellent.

Tell us about the quality of teaching
The teaching quality is quite variable. One of my favorite teachers has won 14 teaching awards during his time at several of the Claremont Colleges. The other favorite teacher is a retired accountant and has put in the effort to write his own book that we use in the classroom. Due to both natural ability and conscious effort, he is an excellent teacher. Other teachers I have encountered have been 'good,' although one teacher was terrible. These solidly good teachers give instructive classes but would could to put more effort into coordinating their classes, better tailoring their homework problems, and sharing more 'pearls of wisdom' from outside the textbook.

My teacher rating of 4/5 indicates that there are at least two excellent teachers, and the majority are good teachers.

Materials used in the program
Shreve: Stochastic Calculus for Finance I and II
Hull: Options, Futures and Other Derivatives
Ferris and Wallace: Financial Accounting for Executives
Ross, Westerfield and Jordan: Fundamentals of Corporate Finance
McDonald: Derivative Markets

Programming component of the program
This is the biggest weakness of the CGU MFE program. Little to no programming is done in the core curriculum and the possible programming electives are not well taught nor tailored to finance. The good news is that this weakness has been recognized and is starting to change this year. An independent weekly workshop in C++ is being tested this semester and the Financial Derivatives class from this semester onwards will include a weekly VBA lab.

Languages: C++, VBA, MATLAB

Projects
Two projects are offered. In the asset management class, the endowment for the Peter Drucker School and Masatoshi Ito school is partially managed by teams of MFE's mixed with MBA's. There is also a research project in Financial Derivatives.

Career service
The career services coordinator is incredible. He and his staff work very hard and he has significant connections with companies ranging from Disney and Barclays. The Claremont Colleges all share the same career services jobs and internships network, thus graduate students can also pursue opportunities from Claremont McKenna College and Pomona.

There is a small but growing web of alumni contacts, and Professors do pass along job prospects from time to time.

It is easy to find an internship or full-time position if you take charge. There is not as much active assistance as in other programs I have heard about but the resources are here if you put in the effort to make use of them.

Can you comment on the social interaction between students of different ethnics, nationalities in the program?
The CGU MFE program is predominantly foreign of which the majority are Chinese. The program itself is nearly majority Chinese. There are several MFE program-wide events during which interaction occurs between all groups. On a day-to-day basis none of the groups all sit together in cliques.

What do you like about the program?
CGU's best attribute: There are at least two excellent teachers, the majority are solidly good, and a terrible teacher can be easily avoided because they are only teaching elective classes. The teachers are accessible.

Second best: The high proportion of Chinese students allows for an intimate exposure to China. I sure will use my contacts in China in the future and I have been able to ask colleagues for their opinions on all news I get from China.

Others: The integration of the CGU job posting network with those of the excellent undergraduate universities nearby allow for a much broader range of opportunities. There is a lot of freedom to take advantage of the resources offered by the school, but the onus is on you.

What DON’T you like about the program?
The fact that programming is not well integrated into the courses and homework is a severe shortcoming. Also, the program is quite theoretical and should be more applied. It many respects the program is a series of classes connected only if the courses are taught by the same teacher. Better integration of the classes into a coherent program would be desirable. There was an attempt to have the Mathematical Finance class integrate with the Numerical Methods for Finance class, but due to a lack of communication between the different professors the classes complemented each other very little.

Suggestions for the program to make it better
The suggestion that more programming be introduced into the curriculum has already been somewhat addressed with an independent C++ workshop and weekly VBA lab period. The integration of classes into a coherent program with a single well designed syllabus is a must.

What are your current job status? What are you looking for?
The connections the CGU MFE program has in East Asia have been invaluable. I have an internship lined up in Tokyo with Barclays Capital for the Summer of '10. The internship is in Fixed Income IT support.

Since I trained as a physicist and worked in business software for a year, I am not sure where I want to head. I will be better informed after my internship.

Other comments
This program is very close to making it big. The alumni network is growing under the expert management of the current career services office, and programming classes are being incorporated into the curriculum. I expect my degree to be worth much more than I paid for it in 3 to 4 years as those graduates in my class and the year before begin reaching high-level positions. I plan to be actively involved with the school in the years ahead and am working to improve the program myself.
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