Stevens Institute of Technology Financial Engineering program

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.

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.

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.

It meets my expectations

Stevens employs great, knowledgable, professors. Resources that students have access to are extremely useful. The Hanlon Financial Lab give students access to both Bloomberg and Thomson Reuters data. The campus location is very beneficial since its proximity to New York opens up more opportunities for internships.

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 attended and graduated Stevens' Master of Science in Financial Engineering program from 2011 to 2013 and highly recommend program. Upon completion of my Master's project and graduation I obtained a position at a large utility company in the structuring and quantitative analysis group; one which I believe would not have obtained without the Stevens MFE. The institute has a well known reputation for science and engineering and the MFE curriculum is worthy of that reputation. The skills I have learned have translated directly to my position and I have nothing but praise for the program and professors alike.

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.

Good resources. Extensive quant courses. Good professors.

As a Phd student in Financial Engineering, I would like to say Stevens has one of the best financial labs in the US. Our corporate partners are ConvergEx, Bloomberg, ICAP, Reuters, Gain Capital, etc. The high-frequency financial data from Reuters Tickhistory and News Analytics strongly support my research.Our professors have projects from Sloan Foundation, SEC, CFTC, ICAP, Accenture, Deloitte and many other places. The graduate students have chance to go to Jefferies for an intern as part of FE800 course. Co-op program is also available to FE students.

Good resource, good location, excellent professors. Near NYC, good access to intern and work opportunity.

I was a master student here and transferred to Ph.D. I would like to recommend the study resources here, such as our financial lab, databases, etc. There are a lot of chances for you to improve your skill and knowledge from different aspects. The whole department are looking for all possible ways to make the program better and better. BTW, the professors are all really kind people :)

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.

Good course. Proximity to Wall Street is a huge boon since the alumni are well recognized there. Extremely helpful and experienced professors who are interested in making sure the graduating students are well placed in the industry.

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.

I attended the Financial Engineering program at Stevens Institute of Technology and found it to be an excellent investment. The program’s comprehensive curriculum on Quantitative Finance, along with practical projects and assignments, has been invaluable in my career. Even after 5 years of graduation, I still showcase the skills I learned in job interviews.

I joined the MFE (Master's in Financial Engineering) program in the Fall of 2021. I strongly recommend this program to anyone wanting to break into the Quantitative Finance landscape while possessing a strong quantitative background (Engineering, Mathematics, Computer Science). But beware, it is a highly demanding degree program if you want to do it the right way (all by yourself without plagiarism). Expect to get lost in the complexity of the concepts taught. Most of the course instructors are helpful in answering any questions that could assist in finding your way back. Get ready to conduct lots of self study to fully understand and comprehend the material.

FE610 Stochastic Calculus for Financial Engineers taught by Prof. Thomas Lonon is undoubtedly the most challenging and intellectually rewarding courses I have ever taken. It is a mathematically rigorous treatment of Stochastic Processes, Ito Calculus, Pricing Theorems and their applications. Prof. Lonon is very diligent, meticulous and precise in his pedagogical approach. Regardless of whether you are going use Stochastic Calculus in your professional life, it is one brainteaser of a subject that drills and trains your mind to become capable of understanding any complex idea that comes its way. It makes you a remarkable learner.

FE620 (Pricing and Hedging) and FE621 (Computational Methods in Finance) are two other great courses that complete your Financial Engineering education. Taking a programming lab course concurrently should assist you in finishing them.

Personally, I thought that some of other core courses- FE680 Advanced Derivatives and FE630 Portfolio Theory and Applications could have been made optional. Other optional courses offered on Time Series Analysis, Statistical Learning, Market Microstructure and C++ Programming in Finance that are highly sought after in the industry should be made compulsory.

Career services needs a lot of work. It is understandable given the complexity of the field and subject. The Program Director was extremely helpful in my job seeking journey giving various suggestions and organizing networking events. Overall, a very underrated program that is very intellectually rewarding and career defining given that you are willing to put in the tremendous effort while demonstrating patience and resilience.

My Master's in Financial Engineering at Stevens has been an incredibly rewarding experience.The curriculum, enriched by faculty with significant industry experience at renowned firms such as Goldman Sachs, Bank of America, and JP Morgan, is truly exceptional. Stevens' professors are not only experts in their fields but also passionate mentors dedicated to student success. The small class size allows for personalized interactions, creating a supportive learning environment.


Stevens' program ensures graduates are industry-ready from day one, covering essential topics like options, stochastics, and portfolio theory. This foundation proved invaluable in excelling as both an intern at a hedge fund and a full-time employee at a major bank. The Fe800 course played a pivotal role in instilling confidence to create comprehensive financial projects from scratch and present them effectively to professors and classmates weekly. This skill proved indispensable during interviews. Although FE program is very demanding but if you are feeling more adventurous then the flexibility to take courses from the Computer Science department, such as deep learning courses, provided me with a well-rounded skill set. In my final semester, I opted for a course on applying Machine Learning in industry, proving instrumental in my career transition.

The career support at Stevens is commendable, with professors boasting high-quality industry connections facilitating interviews at reputed firms. Financial conferences and the high-frequency trading lab provide additional avenues for gaining knowledge about the broader finance landscape. The proximity to New York City enhances access to financial firms, job opportunities, and conferences.

While Stevens excels in many aspects, I suggest the institution focus on strengthening the alumni network and enhancing quant-specific interview preparation. This would further contribute to the overall success of graduates, ensuring they are well-prepared for the intricacies of the financial industry. Overall, my Master's in Financial Engineering at Stevens has been a transformative experience, equipping me with the skills and confidence needed to thrive in the finance sector.

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.