COMPARE Financial Engineering vs Quantitative Finance vs Mathematics in Finance

[alfphi]

I am working as s/w analyst primarily in bookkeeping softwares (esp revenue & gl) for the past 8 years.

I am planning to switch my career towards more of derivatives system programming/ derivative system analyst and been doing research about schools and courses.

Can anyone tell me the difference between Financial Engineering vs Quantitative Finance vs Mathematics in Finance

Since the course curriculum differs from school to school, i am not able to decide for sure which I should be taking. I am inclined more towards rutgers, but based on my discussion with an alumini, it seems more toward theory and I must be targetting towards CMU or NYU. Since I live near NYC.

Any help is a guidance to me, Thanks.

 

[doug reich]

I recall being confused about the differences in the programs as well. It helps to compare the courses offered to see what the actual differences are (they should all have a stochastic calculus series, for example, and so that won't contribute to your decision). Once you know what each one does or doesn't have, you should actually find out what those things are.

My general rule is that "Mathematical Finance" is a theoretical take, "Quantitative Finance" is very programming oriented, and "Financial Engineering" is somewhere in between. The designers of the pograms don't necessarily feel that way, but it's a starting point.

 

[alfphi]

Thanks Reich. That gives me a starting point.

Will be able to tell me about Rutgers, is that better for programming front or any other one?

 

[doug reich]

I can't say, but you should search these forums (also use the tag cloud) as those programs you mentioned are frequent topics here.

 

[bigbadwolf]

Can anyone tell me the difference between Financial Engineering vs Quantitative Finance vs Mathematics in Finance.

This will only lead you astray. Look instead at the courses for each program rather than what the programs are called. And if you can find some detail about each of the courses, all the better. You don't want a program that is too theoretical -- rather one that concentrates on scientific programming and the use of C, MatLab, etc., in financial and statistical applications. And keep in mind what Mephistopheles says in Goethe's Faust: "Gray are all theories, green alone life's golden tree."

 

[Houston Hunter]

Can anyone tell me what to expect from Washington University's Quant Finance program?

I'm primarily making sure I'm not getting in over my head here. I'm coming from an engineering background so I'm hoping to avoid a lot of the theory and dive right into the applied stuff. By looking at the curriculum, I can tell there's a lot derivative classes so I'm expecting a focus applied stochastics. Also, there's only two programming classes and one of them is an entry level with no prerequisites. Thanks for the help.