Cornell University - Master in Financial Engineering

Cornell University - Master in Financial Engineering

Cornell MFE is a full-time program from School of Operations Research and Information Engineering
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Location
Ithaca, NY 14850
Application deadline
Dec 1
Program Philosophy
Cornell MFE degree is offered by School of Operations Research and Information Engineering (ORIE) as part of its Master in Engineering program. Cornell MFE is a highly competitive and professionally oriented program building on traditional mathematical, scientific, and engineering skills, but focusing closely on the application of these skills in the field of finance. Great emphasis is placed on career development with the goal of giving our students the necessary tools and information to become successful employees for the duration of their professional lives.

Brief History
1989: The first academic meeting in Financial Engineering took place at Cornell on May 29, 1989, bringing together many of the most prominent national and international researchers in the field of computational finance. Two very significant developments came out of this meeting:
(1) Mathematical Finance, the first research journal in the field was born; and
(2) Cornell's program in financial engineering was developed, establishing Cornell as a pioneer in a young and emerging field
1995: MFE is formalized as a concentration in cooperation with Johnson Graduate School of Business (JGSM)
2007: Cornell Financial Engineering Manhattan is established to further strengthen ties with financial industry and the MFE program is extended to 3 semesters

Highlights of the Program
  • The faculty aims to keep the program small (35-45 students) to ensure close interaction between students and program directors.
  • Cornell MFE is a 3-semester (Fall-Spring-Fall), full-time program allowing students to benefit from summer internship experience.
  • All MFE students spend their first two semesters on Ithaca campus and the third semester at CFEM.
  • Cornell MFE curriculum is structured to benefit students from the world-renowned faculty on Ithaca campus and experienced Wall Street professionals in NYC.
  • Capstone project is one of the highlights of the program and takes place in the third semester at CFEM. Students work in teams on real-world problems offered by various sponsors.
  • Professional development is an integral part of the program. Students are engaged in career planning through group workshops and individual counseling.
Curriculum
The main objectives of the MFE program at Cornell are to advance the breadth and depth of our students’ technical knowledge and to provide students with opportunities to synthesize and apply this knowledge in the financial industry. In ORIE, the technical tools of primary importance are mathematical modeling and the application of quantitative techniques developed within the fields of optimization, probability, stochastic processes, statistics, and simulation. During the first two semesters spent in Ithaca, students are exposed to these subjects via a structured curriculum specifically designed for our MFE students. Another integral part of the Cornell MFE Ithaca curriculum is a selection of related courses offered at Cornell business school. We strongly believe that this combination of the ORIE and business school courses prepares students best for a wide range of quantitative careers in finance.

The emphasis of the third semester, which takes place at CFEM in New York City, is on further advancing and broadening our students’ practical knowledge. At CFEM, students are given ample
opportunities to take courses taught by practitioners and attend practitioner-led seminars. The capstone component of the Cornell MFE program is the team-based financial engineering design project, which all students complete with the guidance of a sponsoring financial institution and Cornell faculty advisor.

Role of CFEM Semester
CFEM academic programs complement the theoretical education of our Master of Engineering students in Financial Engineering by providing practical understanding of the financial markets through professional development programs and third semester curriculum.

All Master in Financial Engineering students spend their third semester at CFEM. Practitioners are actively involved in the classroom as course instructors, project sponsors, and guest lecturers. CFEM elective courses vary from year to year to accommodate the changing demands of the financial industry and to ensure that our students acquire the necessary knowledge and learn directly from professionals.

Professional Development
Cornell MFE strives to teach students how to become valued and successful professionals. Several career development programs are integrated into the curriculum and are complemented by individual counseling. Our placement rates are a great indication of the success of the professional development programs.

Additional Information and Contacts
For more details about the program structure, requirements, and pre-requisites, please review our webpage at Financial Engineering Concentration and Cornell Financial Engineering Manhattan (CFEM) | Operations Research and Information Engineering
You can also contact Dr. Victoria Averbukh at vza1@cornell.edu
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2026 Ranking Data
Rank
11
Total Score
70
Peer Score
3.2
Employed at Graduation (%)
43%
Employed at 3 months (%)
84%
% Employed in the US
83%
Graduates report rate
95%
Compensation
$129,567
Base salary
$115,000
Salary report rate
88%
Cohort Size
53 FT
Acceptance Rate (%)
20.7%
Yield Rate
32.7%
Tuition
$106,889
Views
76,271
First release
Last update

Ratings

4.25 star(s) 12 reviews 4.00 star(s) Students Quality 3.60 star(s) Courses/Instructors 2.40 star(s) Career Services
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Latest reviews
Headline
Good Program Needing Further Improvement
Graduation Class
2024
Reviewed by Verified Member
Academics:
I appreciate the flexibility of the core curriculum. During the first year on the Ithaca campus, students can take courses not only from the ORIE department but also from Dyson and even Ph.D.-level classes. Most courses are practical and applicable. The final semester takes place on the NYC campus with instructors coming from industry. This provides great exposure to real industry though the quality of courses is mixed. I personally have some concerns about the Capstone project, as many projects do not appear to generate meaningful business impact and some sponsors seem relatively disengaged.

Career Services:
Quality of career services have declined since Ayumi left. Resume reviews and office hours are not particularly helpful. Alumni mock interviews, are beneficial, but CFEM seems to lack strong and consistent engagement with its alumni network. Resume drops can help secure some interviews, but landing an internship or full-time role ultimately depends heavily on individual effort and some luck.

Social:
CFEM is a relatively small program with about 60–70 students per cohort. As a result, most students know one another and makes it easy to form friendships.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
1.00 star(s)
Upvote 0 Downvote
Headline
A Non-Objective Review
Graduation Class
2025
Reviewed by Verified Member
The following review is subjective and is most useful for students aiming to seek employment in the U.S.

Courses:
The program offers great flexibility, and professors are generally very nice. What you gain will largely depend on the courses you choose and how seriously you engage with them. Keep in mind that most courses may not directly help you during job interviews, but they can be valuable for building your knowledge base.

Career Services:
Resume drops can give you more exposure to employers, but whether you ultimately get interviews or offers depends heavily on your own background and skills. Some students get interviews from resume drops, and some don’t. Do not expect too much from career services.

Job seeking:
Employment statistics don’t guarantee anything. You could end up in either the numerator or the denominator of that employment rate. If your goal is to work in the U.S., you will need to figure out your own strategy based on your background. I would give the program a neutral rating in this regard. The program provides a reputable name on your resume, some industry connections through alumni, and a valid U.S. visa with work authorization if you are an international student. However, it is a highly autonomous program, and your outcomes depend largely on your own efforts.
This is a decent program for students with strong backgrounds, self-awareness, and determination. Nothing much to praise, nothing much to complain. In other words, it gives you a chance to be seen by Wall Street, but you will likely have to learn how to stand out on your own.

Other notes:
For those want to experience nature and country-life, Ithaca has its beauty.
Recommend
Yes, I would recommend this program
Students Quality
3.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
3.00 star(s)
Upvote 0 Downvote
Headline
Average Program
Graduation Class
2025
Reviewed by Verified Member
Academics:
Overall, I would rate the academics as average. You’ll spend your first year on the Ithaca campus taking classes from ORIE department professors. Some of them are excellent, while others are less engaging , so you’ll need to rely heavily on self-study. That said, all professors are quite responsible and willing to help. In the final semester, you’ll move to the NYC campus, where most instructors come from industry. This provides valuable exposure to real-world financial engineering applications, though the quality of courses varies by professor. You’ll also complete a capstone project, which can be a strong addition to your résumé.

Career Services:
I’ve seen mixed reviews about Cornell MFE’s career services. In my experience, they’re relatively decent compared to other programs ranked in the top 5–10 range. You’ll have access to resume drops that make it easier to land interviews than applying through LinkedIn, but you must stand out among your classmates. Some students get five or six interviews through this process, while others get none. The program directors will review your résumé, though their feedback may not always be very helpful. However, mock interviews with alumni are a big plus. Ultimately, job placement depends a lot on your own effort and a bit of luck but Cornell does provide solid exposure and opportunities.

Social Life:
This is a relatively small program with about 60–70 students, which makes the cohort close-knit. Everyone knows each other, and it’s easy to build friendships and a strong peer network.

Cost:
It’s quite expensive, so you really need to think carefully before committing to this program.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
3.00 star(s)
Career Services
4.00 star(s)
Upvote 0 Downvote
  • Anonymous
  • 3.00 star(s)
Headline
A Costly Investment with Mixed Returns: Weighing the Real Value of the Program
Graduation Class
2024
Pursuing this degree is a significant investment—both financially and in terms of time. Given the high cost, I strongly recommend that anyone considering this program be extremely diligent and clear about their goals before enrolling.

Some classes genuinely provide the tools and knowledge necessary to succeed in the industry. These courses are well-structured and offer practical insights that can be directly applied to your future career.

However, not all courses live up to their promising titles. Many classes, especially those taught by industry practitioners, often have impressive-sounding names but lack real substance. For example, you might sign up for a course labeled as “Trading Protocols,” only to find that the content is superficial and doesn’t deliver on its promise.

One of the most disappointing aspects is the career services. Support is minimal, and you’ll find yourself relying heavily on your own networking efforts. Don’t expect much guidance or assistance from the career center—they are not proactive in helping students secure opportunities.


Spending two semesters in Ithaca is a true highlight, with Cornell’s beautiful campus, scenic gorges, and peaceful green spaces creating an inspiring environment for study. In contrast, the semester in New York City offers unmatched energy, diversity, and excitement, adding a vibrant urban dimension to your experience. Together, Ithaca’s natural beauty and NYC’s dynamic city life make for a uniquely memorable program.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
3.00 star(s)
Career Services
1.00 star(s)
Upvote 0 Downvote
Z
Headline
Cornell MFE – My Honest Review and Advice for Incoming Students
Graduation Class
2025
Reviewed by Verified Member
I wanted to share some thoughts on my experience in the Cornell MFE program, in case it helps anyone who's considering applying or joining.

Overall, I think it's a solid and well-rounded program. The academics are rigorous, and there’s a strong focus on career preparation, which is crucial for breaking into quant finance.

One of the biggest positives for me was the program director, Victoria. She's very approachable and genuinely supportive. I always felt comfortable reaching out to her about internships, coursework, or general advice, and she made time for those conversations.

Before the program even starts, there’s some structured “summer homework”—resume review, LinkedIn workshops, tips on networking, etc. It’s a useful way to get in the right mindset for recruiting and helps build momentum early.

On the flip side, career services were a bit hit or miss. We had a new career coach join while I was there, and unfortunately, I didn’t find her particularly helpful or engaged. That was a bit disappointing given how important good career guidance is in a program like this.

If I were starting the program again, I’d definitely begin interview prep in the summer—way before classes start. Doing technical prep (like the Green Book) early on would’ve made recruiting less stressful and put me in a stronger position during the fall.

In short: it's a very decent program, but like with any MFE, your success really depends on how proactive you are. Things won’t always go the way you expect, but if you stay focused and confident, there’s a lot to gain from the experience.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
3.00 star(s)
Upvote 0 Downvote
Headline
Beautiful Ithaca campus, rigorious courses but weak career services.
Reviewed by Verified Member
I am a recent graduate from this program. I think one thing to remember with any programs you are researching is to take into account your own background when selecting a school. I came straight from undergrad with very little work experience and I think my perception of the strength of this program is different from that of someone who comes from 3-5 years of working in finance.

Overall I am very happy and believe that Cornell has a very strong program. The first two semesters in Ithaca are quite rigorous and allow for opportunity to be exposed to many classes to build the fundamental mathematical and modeling skills needed. It feels very much like a high-level academic environment and does sometimes lack the practical application side, which I think is seen as a negative by most students but could be seen as a positive when looked at in conjunction with the third semester.

This third semester is almost completely applied as it is taught by practitioners (mostly) working in NYC. The majority of these classes were very interesting and well-taught. Definitely get to know your professors and what they do as they are often very well-connected and are there because they at least have some passion for helping Cornell's students. There is also a very intentional effort by Victoria to create new and relevant courses offered in the third semester and to find the right practitioner to teach it, which is cool.

If I could pick the biggest weakness of the program it would have to be career services. The head of the dept was very nice and tried hard to help students where she could, but networking and reaching out myself was much more beneficial to my job search than any help I got from career services. This may be the reality of the situation even at the top schools like Cornell, but I think there is a clear disconnect in perceptions about how helpful career services is portrayed in program marketing vs how much help they actually contribute.

I feel that I got about as much out of this program as I reasonably could have, given my background. Arguably the most important metric to measure a program by is whether it gave you the necessary skills you were lacking in order to be successful in a quant finance role, and I believe Cornell definitely did this through very rigorous coursework and adequate applicative knowledge.

A final, less important note is on the beauty of Cornell's Ithaca campus. Having visited all Ivy League campuses, it is pretty much no contest for Cornell as the most naturally beautiful. There were many times during the first and second semesters where I (like many of my classmates) was very stressed with pressure and workload, but consciously thought that there really isn't a much better place to be going through that when watching the sunset over the lake while doing homework in the library.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
3.00 star(s)
Upvote 1 Downvote
V
I have graduated from the program in 2018.

Is there any aspect that you wish you knew earlier, can you remind new students to pay attention?
Don't choose too many courses, about 4 is best
I remember that in the second semester of Optimization, you can study with the professor, and if the professor approves, you can jointly publish the paper with him.

Social life aspect:
Basically we hang out with people from our homeland, most of the class are Chinese students.

Career service:
Cornel MFE has a good career service

About the application:
The average GPA of Chinese people is around 3.8,and the GPA requirements of foreigners are not so high. Basically, TOEFL 105+, GRE 320+ have a chance to get an offer.
To be honest, most of the applicants have good background, basically it depends on your internship and scientific research experience and the degree of correspondence with this program.

Regarding employment:
Basically everyone has a summer internship. If you can’t find it, an unpaid internship in a small company will be arranged for you. Most students will receive a summer internship offer at the beginning of the second semester. Most of the first semester is the recruitment of big banks.

For full-time jobs, generally speaking, most people will find jobs upon graduation, and the rest will go back home oversea in the next 3 months.

Personally, I think the employment of Cornell's program is still very good,and the industry's reputation is also very good.
During the period of 3-5 years, alumni have a good development, asso->VP, or jumping to TopHFs, taking off in life.
I am currently working as a Quant in an asset management company. Every year we will give Cornel MFE one or two rotation places.
Upvote 1 Downvote
I am a recent grad.

This program has recently made many changes in terms of both academics and career services.

For academics:
They change their old Computational finance course with Matlab to Quantitative trading strategies with Python, due to the increasing popularity of Python. There are new practitioner courses taught by senior level people from BB, such as Quant AM, Volatility surface, Quant risk, and etc. Although not all of them are well-taught, most of them are still inspiring.

For career services:
They hired some new people to be in charge of the FE career service with Victoria, and it is a dedicated career service only for FE students in Ithaca and NYC.

Strengths:
Huge alumni network and many jobs' direct apply opportunities from Victoria at a fairly frequent pace.

Weakness:
A few classes at Ithaca have a fancy name and famous professor, but is poorly-taught. Learn materials yourself.


Overall, a fairly strong program if you want to work in NYC or Asia, you will get a lot of the exposure at those places.
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I graduated from Cornell FE in recent 3 years, and now I am working for a large buy side company as an analyst.

For academics:
Cornell ORIE is one of the top operations research department in the country. So, you have the opportunity to meet many famous professors. The courses are definitely high standards. Optimization Modeling by Jim Reneger is a very practical and interesting course. Statistics for Financial Engineering by Matteson is another practical course that you can see immediate connection with the real world. Moreover, you have Bob Jarrow for your Fixed Income class. The last semester at Wall Street is the best part of the program. Victoria is a great professor that will teach you everything you need to know about Bond math and MBS, which will directly help you with your interviews. One alert though, don't take any quantitative risk management courses, because both professors for this course are below the bar.

Programming language:
Python for quantitative trading, R for statistics and time series, Matlab for Optimization modeling, C++ for Monte Carlo Simulation.

Career service:
Cornell has a dedicated career service that is only for Cornell Financial Engineering students. Even if you have already graduated, Victoria will still forward you new jobs, and directly send you resume to those BB. Myself enjoyed this career service a lot. I received interview from US, London, Hong Kong, Singapore directly from alumn referral. The alum network is huge.

Project:
You will probably work 3 small projects that last for one semester, and 1 big final master project that is sponsored by a company on wall street. Some of my classmates managed to turn this project into a full time offer, and this happens every year.

Internship:
Internship is 100% every year. Victoria will help you eventually land an internship.
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D
Can you tell us a bit about your background?
Mathematics undergrad from a small unknown university outside the US. Went straight to grad school and completed the program 08/2011-12/2012.

Did you get admitted to other programs?
Columbia MAFN, LSE Financial Mathematics. 7-months post-graduation I believe I made the correct choice.

Why did you choose this program (over others, if applicable)?
Three semester structure gives a big advantage to international students that have no network to rely on. My internship turned into a full-time offer and given the current environment that makes all the difference especially for non-residents. Cornell/Columbia vs. LSE I think is a clear choice with no need to explain.

Tell us about the application process at this program.
Clean and inexpensive. Easy communication with both administration and the program directors (both in Ithaca and CFEM). Quick and honest replies.

Does this program offer refresher courses for incoming students? How useful was it?
I believe these are optional. I certainly took no refresher courses but heard some students did in the 4-6 weeks prior the start.

Tell us about the courses selection in this program. Any special courses you like?
Selection is pretty standard to any MFE program. Students have decent choice of electives. Cornell charges fixed amount and not per credit; given that you have the interest you will have all the means to take additional classes. Third semester is all practitioner's classes. I particularly enjoyed the two Stochastic calc classes. Johannes Wissel was teaching at the time and he gave a lot of insight coupled with instructive set of homework assignments. Other than that Janossi's Credit Risk, Topaloglu/Frazier Monte Carlo and Renegar's Optimization Modelling classes were great. Ruppert's Statistics for FE is something I use in my job on daily basis. On the soft side there are good classes on fixed income - Jarrow and MBS - Averbukh. Stoikov gives a solid introduction to market microstructure.

Tell us about the quality of teaching
Outstanding. Only exception were the two of the three business school Professors. Jarrow was great so it is really the other two.

Materials used in the program

A lot of notes packages written for the classes that use various sources.

Stochastic Calc - Shreve + notes
Credit Risk - notes + Lando
Monte Carlo - notes + Glasserman
Stats - Ruppert
Fixed Income - Jarrow, Tuckman, Hayre + notes
PM - Swensen + notes
CF - Brandimarte + notes
Optimization - Tutuncu + notes

Programming component of the program
A lot of R (Stats); some Matlab (CF and Optimization) and C++ (Monte Carlo, Credit Risk). I personally think that VBA is something that people should know by that stage and it is easy enough to not waste class time on.

Projects
Big group project (6 students) in the third semester sponsored by a large financial company on the street. I worked on market microstructure. Smaller project all the time.

Career service
Cornell's general career services. every single company would visit the campus and come screen on campus. The program director acts as dedicated career services as well.

Can you comment on the social interaction between students of different ethnics, nationalities in the program?
That is really the elephant in the room. 30% of my class was indeed very international with a good mix of all continents. The 70%, however, was perfectly homogeneous forming their own group and speaking their own language; that comes at cost for themselves and unfortunately the whole class/program.

What do you like about the program?
Very solid curriculum offering both technical and fundamental classes. Outstanding teaching. Strong alumni network all over the street. Program has been around for close to 20 years and graduates are to be found on every level. Class size is very appropriate and kept under a certain threshold.

What DON’T you like about the program?
Composition of the class should be more balanced or the majority of students should be incentivized to speak English

Suggestions for the program to make it better
Pretty much covered. I think that the application process now includes a mandatory phone interview (it was only done in certain cases before) which is a step in the right direction. The program is evolving while keeping the class number tight, a very positive trend.

What are your current job status? What are you looking for?
Analyst for one of the biggest/strongest sell-side IBs on the street.

Other comments
MFE does not guarantee placement. Students get exposure that they would not get anywhere else and it really comes down to individual effort; that is valid for any MFE and not particular to Cornell. Soft-skills are extremely important. All the above is my take and impression regarding Cornell's program and it might be considerably different from my classmates'. Feel free to PM me and I can put you in contact with other graduates that may give you a differing opinion.
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