The case of disappearing MFE programs

[Andy Nguyen]

In recent years, I've observed a growing number of MFE programs with shrinking class sizes. Many of these programs are relatively new, often emerging from smaller state universities, while others have been established for much longer. This trend appears to be a result of market dynamics, where an oversupply of programs meets dwindling demand. As the job market has cooled over the past few years, smaller programs have struggled to remain viable.

Last year, we decided to stop ranking programs with cohort sizes of fewer than 15 students (including part-time participants). We believe a program isn’t sustainable if it attracts so few applicants. As a result, our 2024 rankings have been reduced to just 22 programs.

Here is the list of discontinued MFE programs in recent memory. The list will be updated.

• Rutgers Mathematical Finance: Once the most prominent program at Rutgers, it is set to be discontinued in Fall 2024.
• Dayton Financial Mathematics: Discontinued in Fall 2022 after experiencing a sharp decline in enrollment, averaging only 4 students per year since 2019. The attached PDF details the University of Dayton's decision to close the program.
• IIT Mathematical Finance. Put on hold in 2022 following the departure of its director, with no signs of a return.
• Michigan MFE. Offered by the College of Engineering, this program was closed in 2013. In 2015, the new Michigan QFRM program was jointly launched by the Math and Stats Depts.
• Hofstra Quantitative Finance. Discontinued in 2022 after years of single-digit enrollment.
• Notre Dame Computational Finance. Launched in 2012 and suspended in 2016.

 

[Andy Nguyen]

Since I made this post on LinkedIn, I found out that the Purdue MS Computational Finance program is no longer accepting students i.e closing down.
It has not accepted new students as far back as 2019 per waybackmachine.
This is a program offered by the Math Dept. They seem to have another Computational Finance program offered by the Stats Dept.

 

[kombuchalover]

Since I made this post on LinkedIn, I found out that the Purdue MS Computational Finance program is no longer accepting students i.e closing down.
It has not accepted new students as far back as 2019 per waybackmachine.
This is a program offered by the Math Dept. They seem to have another Computational Finance program offered by the Stats Dept.

View attachment 53666

Someone else might have better information on this, but the professor who used to chair the purdue comp fin program in the stats department is now at Rice. Pretty sure the Stats/CompFinance Masters program died when he left. They still reference him several times on their website, which I think might indicate that no one took over after he left.

 

[Andy Nguyen]

You probably are right @kombuchalover
The first sign of a dying program, in my limited experience, is an abandoned website. If you see a program's website that still references stats that are several years old, it's a safe bet the program is not pretty good.
Someone told me the Temple program is not accepting students as well but I haven't been able to confirm yet.

 

[Andy Nguyen]

And an article was born.

https://www.efinancialcareers.com/n...dents-hedge-fund-quant-jobs-might-be-in-peril

 

[Andy Nguyen]

Looks like the New Jersey Institute of Technology MS in Mathematical and Computational Finance program disappeared.
MS Program in Mathematical and Computational Finance

 

[Andy Nguyen]

Same fate.
Worcester Polytechnic Institute
Master of Science in Financial Mathematics

 

[Paul Lopez]

What happens to them you think? Just demand? Seems like so many universities created them just for the sake of it and didn't really analyze long term survival chances. Scary!

 

[Andy Nguyen]

When you are outside of a large financial center or without a robust career support, the chance of survival is slim.
The list of these programs is an example of that.
I think many large business school would move in and fill the space. I have been wrong before (many times) but we will see.