To be clear, I think online or distance programs make sense only to some people. Someone just starting or trying to change careers probably will be better served in a traditional program.
Having said that I should point out that too much emphasis is placed on these rankings. Even among well-established careers paths, like business or law, the rankings are pretty ridiculous. Yes, Harvard Business School is better than some regional college but does anybody really think there is a measurable difference between every institution? I know plenty of people who go to NYU's part-time MBA program rather than apply to Wharton or HBS because, since they already work in investment banks, there is little net benefit from going to the higher ranked institutions.
With respect to the quant world, I am not a quant but have worked on securitization for years. I just turned down a job offer in CDOs. I have both been interviewed and conducted job interviews many times and I have never discussed the school someone went to or been asked about it. Once you have even a little experience all most employers care about is what you know or have done.
Columbia's online MFE degree is from that University's Engineering Dept. It does not say anywhere in the title that it is online. Unless you tell an employer he would never know. The title is different from the traditional one, though. The online gets you a MS in Oper Research: Methods in Finance, the other is an MS in Financial Engineering and both are from the Dept of Industrial Engineering and Operations Research. Since the online program allows you to take any course you want in campus (if you live or work nearby obviously) the end result is that you can take exactly the same courses as the MSFE program if you want, something you can always mention in an interview, should it ever come up. What's great about this program is that it allows you to take courses online, in campus, or any combination you wish.
