You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Claremont Graduate University - MS in Financial Engineering
The MSFE @ CGU is jointly offered by the Drucker School of Management & Institute of Mathematics
Filters
Show only:
Loading…
- dudukels
- 4.00 star(s)
- 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.
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)
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.
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.
- physEcon
- 4.00 star(s)
Can you tell us a bit about your background?
BS Physics & Mathematics, Loyola University Chicago
BA Economics, Loyola University Chicago
I studied full-time in the program from 9/2008-5/2010
Did you get admitted to other programs?
Yes
Why did you choose this program (over others, if applicable)?
Flexibility. I am graduating in two years with both an MBA and MSFE because CGU has been very flexible in scheduling and allowed me to "overload" a couple semesters in addition to completing intensive courses.
Additionally I liked CGU's access to studying abroad. FE or MBA students can spend a semester in Switzerland. Additionally there are travel courses at Oxford and the Chinese University of Hong Kong. I attended the Hong Kong course and it was a blast.
Finally, CGU offered me a fellowship including 50% off of tuition for the first 16 units each semester.
Tell us about the application process at this program
Very timely. Pretty typical stuff, essay, recs, transcript, phone interview.
Does this program offer refresher courses for incoming students? How useful was it?
This course does not. The pre-reqs for CGU's MSFE program are not as high as other programs. For example you need not have taken probability before. CGU starts with very basic courses so there is no need for an additional refresher.
Tell us about the courses selection in this program. Any special courses you like?
I will only discuss the FE courses, not the courses I took additionally for my MBA.
MATH CORE (16 units)
Probability (4)
Statistics (4)
Stochastics (4)
Math Finance (4)
FINANCE CORE (16 units)
Corporate Finance (4)
Financial Accounting (4)
Financial Derivatives (4)
Asset Management Practicum (4)
Additionally students take 16 units of electives
I took Credit Risk (2), Quantitative Risk Management (2), Doing Business in Asia (this is the Hong Kong course) (4), Real Options Analysis (4), Energy Derivatives (2), Business Law (2)
Tell us about the quality of teaching
A couple of the professors have a few years experience in the "real world," but for the most part courses are not taught by practitioners. The exceptions to this are Real Options Analysis and the Asset Management Practicum which have practitioners as guest lecturers. Asset Management especially makes use of this as about 1/3 to 1/2 of the lectures are by practitioners. I saw professors and TAs multiple times for help with homework and studying. They are extremely accessible. I am now a TA myself and feel a great deal of responsibility to my fellow students. The comradery of the program is pretty strong.
Materials used in the program
Obviously Hull and Shreve.
Lando's Credit Risk Modeling
Mun's Real Options Analysis
Copeland & Antikarov's Real Options
McDonald's Derivatives Markets
Programming component of the program
There are quite a few options for programming courses but the core classes for the most part do not have any programming. Every year a student-led group does an into to C++. In the math courses there is generally one or two programming assignments in either VBA, R, or Matlab. This semester there is VBA lab to accompany the financial derivatives course. Aside from these courses, Harvey Mudd (a top math and science school) offers a number of programming/programming-based math courses that CGU students, as members of the Claremont Consortium, are more than welcome to take. I've had many friends take these courses and love them. The Mudd campus is next door to CGU so it's rather easy.
Projects
The asset management practicum involves students running a portion of the university's endowment. It requires everything from researching and backtesting strategies to a small group making a presentation to the board of trustees. Real Options required a small individual project applying real options analysis.
Career service
Very little currently. I would not go by past reviews for career services as this is a big priority among the current administration and should be changing. Call the program and ask them. They're very honest about current offerings.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
To some degree student's self-segregate, but when Thursday and Friday come around it doesn't matter what your background is, everyone's drinking and having fun together.
What do you like about the program?
The flexibility. If you don't want to be a standard cookie cutter quant then come to CGU.
What DON’T you like about the program?
The other side of the flexibility is that you are really responsible for your own future at this program. You can't sit back and do interviews on campus. You have to hustle and get things working.
Suggestions for the program to make it better
More programing in the courses and more career resources.
What are your current job status? What are you looking for?
I have a job offer for structuring and analytics in electricity markets with a large investment bank.
Other comments
It is difficult to recommend the CGU MFE program without knowing someone. If you are a real "mover" and get things done, then I really suggest CGU. You'll have a lot of personal opportunities. But if you don't feel like being creative and hustling the I don't recommend this program for you.
BS Physics & Mathematics, Loyola University Chicago
BA Economics, Loyola University Chicago
I studied full-time in the program from 9/2008-5/2010
Did you get admitted to other programs?
Yes
Why did you choose this program (over others, if applicable)?
Flexibility. I am graduating in two years with both an MBA and MSFE because CGU has been very flexible in scheduling and allowed me to "overload" a couple semesters in addition to completing intensive courses.
Additionally I liked CGU's access to studying abroad. FE or MBA students can spend a semester in Switzerland. Additionally there are travel courses at Oxford and the Chinese University of Hong Kong. I attended the Hong Kong course and it was a blast.
Finally, CGU offered me a fellowship including 50% off of tuition for the first 16 units each semester.
Tell us about the application process at this program
Very timely. Pretty typical stuff, essay, recs, transcript, phone interview.
Does this program offer refresher courses for incoming students? How useful was it?
This course does not. The pre-reqs for CGU's MSFE program are not as high as other programs. For example you need not have taken probability before. CGU starts with very basic courses so there is no need for an additional refresher.
Tell us about the courses selection in this program. Any special courses you like?
I will only discuss the FE courses, not the courses I took additionally for my MBA.
MATH CORE (16 units)
Probability (4)
Statistics (4)
Stochastics (4)
Math Finance (4)
FINANCE CORE (16 units)
Corporate Finance (4)
Financial Accounting (4)
Financial Derivatives (4)
Asset Management Practicum (4)
Additionally students take 16 units of electives
I took Credit Risk (2), Quantitative Risk Management (2), Doing Business in Asia (this is the Hong Kong course) (4), Real Options Analysis (4), Energy Derivatives (2), Business Law (2)
Tell us about the quality of teaching
A couple of the professors have a few years experience in the "real world," but for the most part courses are not taught by practitioners. The exceptions to this are Real Options Analysis and the Asset Management Practicum which have practitioners as guest lecturers. Asset Management especially makes use of this as about 1/3 to 1/2 of the lectures are by practitioners. I saw professors and TAs multiple times for help with homework and studying. They are extremely accessible. I am now a TA myself and feel a great deal of responsibility to my fellow students. The comradery of the program is pretty strong.
Materials used in the program
Obviously Hull and Shreve.
Lando's Credit Risk Modeling
Mun's Real Options Analysis
Copeland & Antikarov's Real Options
McDonald's Derivatives Markets
Programming component of the program
There are quite a few options for programming courses but the core classes for the most part do not have any programming. Every year a student-led group does an into to C++. In the math courses there is generally one or two programming assignments in either VBA, R, or Matlab. This semester there is VBA lab to accompany the financial derivatives course. Aside from these courses, Harvey Mudd (a top math and science school) offers a number of programming/programming-based math courses that CGU students, as members of the Claremont Consortium, are more than welcome to take. I've had many friends take these courses and love them. The Mudd campus is next door to CGU so it's rather easy.
Projects
The asset management practicum involves students running a portion of the university's endowment. It requires everything from researching and backtesting strategies to a small group making a presentation to the board of trustees. Real Options required a small individual project applying real options analysis.
Career service
Very little currently. I would not go by past reviews for career services as this is a big priority among the current administration and should be changing. Call the program and ask them. They're very honest about current offerings.
Can you comment on the social interaction between students of different ethnics, nationalities in the program?
To some degree student's self-segregate, but when Thursday and Friday come around it doesn't matter what your background is, everyone's drinking and having fun together.
What do you like about the program?
The flexibility. If you don't want to be a standard cookie cutter quant then come to CGU.
What DON’T you like about the program?
The other side of the flexibility is that you are really responsible for your own future at this program. You can't sit back and do interviews on campus. You have to hustle and get things working.
Suggestions for the program to make it better
More programing in the courses and more career resources.
What are your current job status? What are you looking for?
I have a job offer for structuring and analytics in electricity markets with a large investment bank.
Other comments
It is difficult to recommend the CGU MFE program without knowing someone. If you are a real "mover" and get things done, then I really suggest CGU. You'll have a lot of personal opportunities. But if you don't feel like being creative and hustling the I don't recommend this program for you.