Do you have a knack for math and engineering? If so, you should consider putting your skills to use by earning a financial engineering degree. With an engineering career solving real-world financial problems, you’ll be able to show off your skills every day.
To learn more about what financial engineering is, why you should earn a degree in the field, and the best programs to enroll in, keep reading this guide. We have compiled the answers to all of your questions to help you determine if this is the right degree for you.
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What Is Financial Engineering?
Financial engineering is a complicated field involving a combination of quantitative methods, computer science, data science, financial theory, financial mathematics, and various methods of engineering. These all come together to create a way of solving financial issues.
Used in a wide array of fields, financial engineering can solve all sorts of problems. From investment banking to computational finance, there are many different places financial engineering can be found.
Financial engineering is also used to help monitor and make predictions about financial markets, and can even be used to create new financial products. Many hire financial engineers to help companies with risk management and portfolio management.
Earning a financial engineering degree is the best way to break into quantitative finance or mathematical finance careers, and ultimately, become a financial engineer. While you can start with a bachelor’s degree, it is highly recommended to pursue a Master of Science (MS) in Financial Engineering for better chances of kickstarting your career.
Three Reasons You Should Earn a Financial Engineering Degree
There are many reasons you may be interested in earning a financial engineering degree. Whether you are in it for the career opportunities, salary, or simply for your fulfillment, you can find a good reason to earn a financial engineering degree.
There are a lot of jobs you can get with a master’s in financial engineering. Some of the more common positions include working as a financial engineer or an investment manager. Other positions you can easily get with a degree such as an MS in Finance Engineering include working as a portfolio or risk manager, or even a trading strategist.
As long as you have the skills to work as a financial engineer, you are qualified for quite a few different jobs. There are plenty of other positions you could be hired for as well, though these are the most common.
Everyone knows engineers typically earn a lot of money each year. This is a huge part of the appeal to earn an engineering degree. Financial engineers are no different and often rake in an enviable annual salary.
Depending on the position you are hired for, you could be looking at earning anywhere between $70,000 and over $100,000 per year. As is the case with almost any career field, you will be able to earn more based upon your experience and education level.
While financial engineering may not seem like the most satisfying job upfront, it can be for many. It may not be for everyone, but there are a lot of people who enjoy many aspects of working as a financial engineer.
If you are the type of person who enjoys solving difficult mathematical equations, strategic planning, engineering projects, and challenges in general, the field of financial management is likely a good fit for you. Working this job helps people in its own way, via finances, and allows you to express your own love of complicated problems.
The Best Financial Engineering Programs Degree Programs
To launch a career in financial engineering, you will first need to earn a financial engineering degree. These are a few of the best financial engineering programs out there, according to the Quantnet Ranking, and we recommend applying to as many of them as you can.
In New York, you can enroll in Baruch College’s master of financial engineering program. As a full-time student, you can complete this degree in just three semesters of schooling. This program has fantastic post-graduation internship and employment placement, making it a great option for those wanting a guaranteed job.
Columbia University, also in New York, offers an MS in Financial Engineering. This program is described as being interdisciplinary, as it focuses on the different aspects of financial engineering. It is designed specifically for students who wish to work in security and banking.
University of California-Berkeley
Through the University of California-Berkeley, students can enroll in a master of financial engineering program with impressive post-graduate numbers. More than 90 percent of graduates from this program are offered full-time job positions, and 92 percent are offered internships.
NYU Tandon School of Engineering
The NYU Tandon School of Engineering offers a fantastic MS in Financial Engineering program that allows students to focus on corporate finance and financial markets, computational finance, technology and algorithmic finance, and risk finance. This program provides students with a well-rounded education, ensuring preparedness for post-grad jobs.
Stevens Institute of Technology
Offering an on-campus or online master’s in financial engineering program, Stevens Institute of technology is a fantastic option for those who want a more flexible degree plan. This program focuses on current world events and ends with a capstone project to showcase your skills for future employers.
Claremont University in California offers an MS in Financial Engineering for students who want to tailor their degree to their personal goals. This program allows for easy customization, both full-time and part-time options, and research and hands-on learning opportunities for students.
University of Illinois
The University of Illinois offers an awesome MS in Financial Engineering consisting of three semesters of STEM-designated learning. This program focuses on different quantitative techniques and prepares students for a STEM-based career in financial engineering.
Should You Earn a Financial Engineering Degree?
If you want to become a financial engineer, investment manager, risk strategist, or anything similar, you will need to earn a financial engineering degree. While this degree may be a bit challenging to earn, it will be completely worth it in the end when you have landed your dream job.
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