2024 QuantNet Rankings of Financial Engineering (MFE) Programs

[yannten]

I also want to point out the very interesting new features: after clicking on tuition and cohort size for Baruch and Princeton, we are able to see new data such as the tuition changes over the years, if the given program offers scholarships, the # of applications/enrollments and above all the acceptance rates over the years ! I was wondering if the same type of information will be available for the other programs ? @Andy Nguyen

 

[MikeLawrence]

I think MIT deservingly has gotten 9th place. Can't expect someone to pay 120k to get so little value.

Another surprise was GATech. I thought they would also improve along with UChicago. Everything seems great except for the peer score. Maybe there is some bias from competitors as they have improved massively on RiskNet. Still the #2 choice for me according to value for money after Baruch.

With Uchicago's scholarships, it is easily the #2 by value. I guess if you want to get really picky and bring in cost of living and other things it's pretty close. But brand name I still say Uchicago wins. I think GATech mostly go to banks around that area, Uchicago gives more range I think.

 

[Andy Nguyen]

Is it possible to know which employers were surveyed for that portion of the rankings methodology? That would be very interesting.
I'm guessing not, but might as well ask.

The employers information are confidential as a condition for them to participate, of course.
I can only say that we survey a large number of employers, from the mega banks and hedge funds that everyone knows to boutique specialty shops. This year, the employers survey has been a huge success as we have a very high response rate from them.

 

[Andy Nguyen]

I also want to point out the very interesting new features: after clicking on tuition and cohort size for Baruch and Princeton, we are able to see new data such as the tuition changes over the years, if the given program offers scholarships, the # of applications/enrollments and above all the acceptance rates over the years ! I was wondering if the same type of information will be available for the other programs ? @Andy Nguyen

Yes sir. Keep checking back as we will update those info as often as we can.
I mentioned earlier that we are pressed for time this year so we couldn't get all of the new data available yet but they are coming and you will love it.
You can already see historical ranking data for each program on the Resources page.

 

[zephyrus]

Yes sir. Keep checking back as we will update those info as often as we can.
I mentioned earlier that we are pressed for time this year so we couldn't get all of the new data available yet but they are coming and you will love it.
You can already see historical ranking data for each program on the Resources page.

Loved the features @Andy Nguyen! Also kudos to contributors @MikeLawrence and @marcusaurelius!

 

[Andy Nguyen]

As a current student of UChicago FinMath program, I am very pleased for the 6 spot jump and can vouch for the extremely strong and growing faculty and career service!

Congrats to the Chicago program. #6 is the highest rank they achieved over the past decade.

University of Chicago - MS in Financial Mathematics - Extra info

quantnet.com

 

[MikeLawrence]

With Uchicago's scholarships, it is easily the #2 by value. I guess if you want to get really picky and bring in cost of living and other things it's pretty close. But brand name I still say Uchicago wins. I think GATech mostly go to banks around that area, Uchicago gives more range I think.

I just rechecked GATechs pricetag. UChicago easily wins, I've seen many scholarships that bring its cost under 40k. And many more than that which bring it in line with GATech. Nothing comes close (if you're a pretty good student) to the value of Baruch and Uchicago with scholarships.

Congrats to the Chicago program. #6 is the highest rank they achieved over the past decade.

University of Chicago - MS in Financial Mathematics - Extra info

quantnet.com

Or ever, for that matter. I would love to see them continue this trend.

 

[Jerry_yu]

Baruch average salary jumped by 50k, and Princeton by 40k? Is there a change in the metrics?

 

[Lukee]

Baruch with a starting salary + sign on bonus of over 5 times their tuition, absolutely insane value.

 

[Andy Nguyen]

I'm very curious to see if there will be new programs ranked like Yale Asset Management and Columbia Financial Economics

That's something to find out in the 2025 rankings

 

[Andy Nguyen]

Baruch average salary jumped by 50k, and Princeton by 40k? Is there a change in the metrics?

Nothing changed. Probably some of their top graduates got huge offers from top firms.

 

[Dickson]

Well, I think it shows that the inflection rate is high

 

[yannten]

Nothing changed. Probably some of their top graduates got huge offers from top firms.

Would there be a possibility to have the median starting salary + bonus as well ? I believe it might be more relevant in giving realistic expectations for students in that case

 

[Andy Nguyen]

The programs report the mean (average) salary and bonus.
They should also have a more detailed report on their website which may have breakdown into median, sectors, years of experience which are what you are looking for.
If you don't see those numbers online, email them and they should have it ready and provide it to you.

 

[MikeLawrence]

Would there be a possibility to have the median starting salary + bonus as well ? I believe it might be more relevant in giving realistic expectations for students in that case

Baruch median was 195k, as per @dstefan's LinkedIn post awhile back

Dan Stefanica on LinkedIn: #baruchmfe #finance #mfe #financialengineering #quantfinance | 26 comments

Baruch MFE 2022-2023 - Full-Time and Summer Internship placement ____________________________ December 2022 - May 2023 Full-Time Placement: 25 of 25 (100%… | 26 comments on LinkedIn

www.linkedin.com

The other top programs medians are probably out there somewhere, but this one is always easy for me to remember and find for people.

 

[affine-quant]

In light of the new rankings, would you apply to/ attend Columbia Financial Engineering or Columbia Mathematical Finance? I had planned Mathematical Finance but the new rankings suggest FE is cheaper and has better career outcomes.

 

[Andy Nguyen]

In light of the new rankings, would you apply to/ attend Columbia Financial Engineering or Columbia Mathematical Finance? I had planned Mathematical Finance but the new rankings suggest FE is cheaper and has better career outcomes.

Strongly recommend that you reach out to alumni of both programs to hear their experiences. Our ranking just captures a snapshot of data which can't fully represent the experience you will have at each program. Use our ranking to shortlist the programs and use the resources and reviews page to learn more.
It's a big investment so take your time to ask around.
@ExoticArb can shed some lights on one of those Columbia programs.

 

[MikeLawrence]

In light of the new rankings, would you apply to/ attend Columbia Financial Engineering or Columbia Mathematical Finance? I had planned Mathematical Finance but the new rankings suggest FE is cheaper and has better career outcomes.

The two programs are pretty comparable, but FE has historically been the better program with MFin only shooting ahead last year with a reasonable increase in salary outcome over FE. Up to you really, probably more of a coin toss decision. You should also consider the MSFE program as well, go read @Qui-Gon's review of it and maybe DM him.

Talk to those in both programs and see which one is the best fit for you.

[for continuity, it should be noted that I've edited the above based on @Andy Nguyen's comment below: he was right, I meant the MSFE.]

 

[Andy Nguyen]

The two programs are pretty comparable, but FE has historically been the better program with MFin only shooting ahead last year with a reasonable increase in salary outcome over FE. Up to you really, probably more of a coin toss decision. You should consider the IORE (might have butchered that ordering) program as well, go read @Qui-Gon's review of it and maybe DM him.

Talk to those in both programs and see which one is the best fit for you.

Mike,
You probably meant the Columbia MSFE (Financial Economics) ran by Columbia Business School (CBS) that @Qui-Gon attended, not to be confused with Columbia MFE (Financial Engineering) program which is under IEOR department.

 

[MikeLawrence]

@Andy Nguyen, is it possible to see the average employer survey score for each school as well as the peer score? That would be an interesting data point to have, especially in comparison with the peer score, and shouldn't break confidentiality with the companies.