I too have an admit from UIUC and wanted to know if a recommendation for admission by the department means an admit? The email from the MSF department reads that the graduate college needs to confirm the admission via email. Is this is a formality or is there any further evaluation?
Overall, Illinois has an extremely strong engineering college. In finance, it's considered a strong state school but not a top-tier "target" school for recruiting at investment banks.
It's a new program, but UIUC would probably be my next choice if I didn't get into a top-10 or target program. A lot of engineering and finance graduates from Illinois tend to land at Chicago prop shops and market-making operations, so UIUC defintely has a decent placement record.
Remember that a state school like UIUC considers itself primarily a research institution. Students are not the priority in the Engineering department, so be prepared to teach yourself a lot of the material on your own. The school usually sets pretty high standards on the exams, so you obviously need to go in knowing the material, but the professors aren't going to teach it to you that well.