Stevens Institute of Technology Financial Engineering program

The Financial Engineering program at Stevens is a high-level challenging program that provides more than enough expertise for a junior level candidate to become competent in- any branche of Quantitative Finance work. It will prepare you in the branche of pricing derivatives, in the branche of financial risk management, algorithmic trading, and as well as giving you all of the necessary mathematical attributes, all while learning to conduct all of your work using high-level languages such as Python and R. The Career center holds plenty of campus events, and financial industry alumni's are always prepared to reach out and assist you.

Completing my Master's in Financial Engineering in 2022 was a significant milestone. The program was challenging, covering topics like risk management and algorithmic trading, and was taught by experienced professionals from the finance sector. Learning alongside a diverse group of peers enriched the experience, enabling us to tackle complex financial problems together. The administration and the people are genuinely helpful. This education didn't just equip me with technical skills; it also sparked a genuine enthusiasm for exploring the intricacies of the finance industry.

The admission process was accommodating and I received a scholarship of 17000$ with my offer. The courses are on the cutting edge, flexible, and are designed to be highly practical. I selected around 16 courses in machine/deep learning, algo trading, and risk management areas, including some at the Ph.D. level. Professors are exceptional with excellent industry relations. Stevens is renowned for its location, just 10 minutes from Manhattan. The COPA team provided thorough support for my career with my program director and professors offering recommendations and conducting mock interviews for me.

Applying for a PhD within the Stevens FE program is also a great option, as it includes a dedicated two-semester PhD thesis FE900 project. PhD professors will work with you one-on-one to revise your thesis and assist you in publishing papers.

I worked in different hedge funds and Securities firms before Stevens. During the program, I interned at Jefferies and worked on different Capstone Projects from BOA. This rigorous FE program helped me find my full-time quantitative position in Transamerica. You will get a big bang for the buck in the Stevens FE program if you are pursuing a career path in quantitative finance.

The FE program curriculum is set up very professionally, with sub-branches in different domains such as risk management and algorithm reading etc. This structure allows each student to choose their area of interest and delve deeply into learning relevant skills. The courses are designed practically, ensuring that the skills acquired are applicable in industry and not outdated.

The FE program boasts a powerful lab (Hanlon Lab) where students can experiment within a virtual industry environment, with only a few minutes lag from the real market. The lab staff, mostly PhD students, are always helpful in providing instruction when questions arise.

The professors in the FE program set a high standard. Many of them have Wall Street experience and adeptly transfer their knowledge to students. As a student and adult learner, one must be self-motivated and collaborate with professors to maximize the learning experience. Additionally, as a source of connecting to real industry, the program invites external experts or industry leaders to give webinars or tech talks to students.

During graduation and job hunting seasons, numerous large companies visit the campus for on-site hiring, including Morgan Stanley, EY, JP Morgan, and Two Sigma etc. It is highly recommended to be well-prepared to seize these opportunities.

Overall, I highly recommend the Financial Engineering program at Stevens Institute of Technology. I am always grateful for the experience I had at Stevens from 2014 to 2015, which has contributed significantly to my present-day success.

Can you tell us a bit about your background
Bachelor's in Statistics, NYU Stern School of Business (2001 -2005)
GPA 3.3/4.0
Pricewaterhouse Coopers LLP - Actuarial Associate (2005 - 2006)
I studied full time in the Stevens Institute of Technology MFE program from 08/2006- 05/2008

Did you get admitted to other programs?
Yes

Why did you choose this program (over others, if applicable)?
The flexibility to pursue rigorous, proof-based mathematics classes as electives if one decides to pursue a PhD in Financial Engineering in the future. Affordability. Proximity to NYC. Good reputation in engineering & science.

Tell us about the application process at this program
The application process was smooth and the professors responded in a timely manner to my questions.
They didn't have an online tracking system but good old phone calls are good enogh to track application status

Does this program offer refresher courses for incoming students?
Yes. C++ Programming.

Tell us about the courses selection in this program. Any special courses you like
6 core courses + 4 electives:
Core - Stochastic Calculus, Pricing and hedging, Portfolio Theory and Management, Computational Methods in Quantitative Finance, Advanced Derivatives (focused on Interest Rate and Credit Derivatives) and Financial Engineering project.
Electives: I chose Real Analysis 1, Real Analysis 2, PDE and Numerical PDE. I also took an extra class in Abstract Algebra out of interest.
I loved the proof-based math courses - Real Analysis 1 and Real Analysis 2 because it was well-taught by a professor who teaches well and inspires as compared to professors who are more interested in their own research.

I tried to prepare for MFE programs back as an undergraduate at NYU by enrolling in relevant proof-based math classes and struggled in those classes. I never understood the proofs clearly as professors didn't take the time to show us how to approach such rigorous material. I was obsessed with learning how to handle such math.
At the end of the day, the issue came down to the method of instruction.

Tell us about the quality of teaching
The core classes are taught by academics with industrial, practical experience.
It differs for the electives depending on what the student chooses as his/her electives.
As all of my electives are proof-based math classes, they are taught by math professors who also happened to be really good at teaching.

Which reading materials are used in the program
Futures & Options by Hull, Intro to Mathematics of Financial Derivatives by Neftci, Implementing Derivatives Models by Clewlow and Stickland,
Numerical Solutions of Partial Differential Equation by Morton and Mayers.
Other courses were taught using notes provided by the professors.

Programming component of the program
R, C++, Java, Matlab.

Projects
Financial Engineering project at the final semester. It is both research-based and requires coding. It can be both an individual or group project.
Some students work on research topics posed by professors. Others (some part-time students) work on topics encountered in their line of work.

Career service
Stevens has a stellar career service with exceptional placement for its main engineering and computer science graduates. However, it still has some way to go in placing its financial engineering graduates.
A couple of companies, Hudson River Trading, LLC and GX Clarke (a fixed-income trading house) recruits from Stevens.

What do you like about the program?
The flexibility to pursue relevant, proof-based math classes as electives.
I agree with Sylvain Raynes in his article on The State of Financial Engineering that learning about numerical methods, stochastic differential equations takes time and that such knowledge are best learned properly through a classroom setting, in a standard, rigorous manner.

What DON'T you like about the program?
The career placement.

Suggestions for the program to make it better
Stevens also has a Master's of Science degree program in Stochastic Systems, housed under the Department of Mathematical Sciences.
Stevens' MFE program can do more to collaborate with the Stochastic Systems program in providing a better quality education for its students. For eg. Convex Analysis and Non-linear Optimization (a course in Stochastic Systems program) can involve assignments on how to apply such concepts to Portfolio Management.
Stevens MFE can also follow the example of Baruch MFE in vigorously and successfully promoting its program and improving its career placement rate.

What are your current job status? What are you looking for? What would you prefer to work in?
I currently work in a reinsurance company in an actuarial position. I am looking to work in structuring teams of investment banks that focus on insurance companies. I am working towards that direction.

Other comments
How much one benefits from a particular MFE program depends on how much work one is willing to put in and whether that MFE program fits the interests/aims of a student.

Courses are good. But its students are not very competitive in the job market, overwhelmed by surrounding colleges such as Columbia, NYU, Rugters and etc.

I am doing MFE from stevens and i believe there are various things i like and don't like about the program.

Likes:
1. This program is inclined towards mathematics, which gives people enough mathematical power to face real world quantitative challenges.
2. Weekly Financial Engineering workshops, allows students allows students to breath real world oxygen.
3. Recently they started dedicated Lab classes for Fin. Engineering students, to enrich their quantitative tools that are must for Quants / Risk Managers (i.e. C++, Bloomberg, Thomson Reuters, SaaS etc).
4. Stevens is known for building standard in mechanical industry and project like ACTUS allows them step into standardizing financial contracts as well.
4. Web Campus is a big plus for working professionals.
5. Most of the teacher are working in that industry and they are bringing valuable experiences to the desk.

Don't Likes:
1. Career Placement is the weakest part of the program, but i am glad that they have hired some good people for student outreach to fix this.

Before starting my MFE, i was already working for Energy Trading and Risk Management company, but i was able to attract people from various financial institutions and Hedge funds.

Disagree with the person leave 1 star review about Chinese students. This program lacks of diversity is true, mainly Chinese and Indian people here. I was graduated couple years ago, some Chinese are really hard-working students, few of us was able to get a job to stay in US. Most of my friends got decent job and one of my Chinese classmate even just got an offer with 500k salary+bonus just before 30-year-old. The program is worth to get in, but it will heavily depend on how you treat the time you spend here, you can choose to waste it or actually learn something benefit yourself for life. Choose your career and friends wisely.

As a recent graduate of the Master of Financial Engineering program, I am pleased to share my experience and the practical knowledge I gained. The curriculum is comprehensive, blending theoretical foundations with real-world applications, which prepared me for the dynamic field of quantitative finance. The faculty, who are educators and industry professionals, provided invaluable mentorship and guidance, ensuring that we, as students, were industry-ready upon graduation. The program's emphasis on practical skills, such as programming and model building, directly contributed to my ability to secure a position in the field. Moreover, the advisors were instrumental in my professional development, offering personalized advice and support throughout my studies. Overall, the MFE program has been a pivotal step in my career, and I am confident that it will continue to foster new talent in the financial engineering community.

Excellent program, good location and nice professors! I was a master student of financial engineering at Stevens. It is definitely a good choice for you! Despite of the fierce competition in the job market, I got an internship and job as a Quant after graduation.

AVOID Stevens at ALL costs.

Likes:
1. Most profs are good and knowledgeable.
2. Good location.

Dislikes:
1. Career services are horrible, but they are working to improve it albeit very slowly...
2. The program intakes way too many students compared to other programs, hence the overall quality of the students is horrible. This makes most courses relatively easy and often uninteresting, and in particular deteriorates the reputation of the program.

Avoid this school's mfe program at all cost. This program lacks of diversity and most of students are Chinese. These Chinese students use their own social media wechat spread gossips, rumors and scandals, probably because most of Chiniese students' main focus is dating instead of study. As a result, they think every student are busy dating. They fail to adapt to US society and even can't speak English. They stick to each other wherever they go and use their arcane language to spread rumors, gossips and scandals. Please don't say I am a racist, because I myself came from China too, that's why I know their secrets, and I feel I have the responsibilities to expose them so that prospective students can make better judgement based on the information I provided.

The fees are much higher. Some of the instructors are corrupt and incompetent. I would stay away from this place.
quantnet website filters out bad reviews. This review will be removed in few days.
The positive reviews that you see below are the TAs who worked in the Labs and got a free ride for their PhDs.