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Financial Engineering, M.Sc.

  • Application Deadline
  • 12 months
    Duration

About

Why choose Illinois MSFE?

Opportunity is everywhere and the financial industry is the place to find it - but with opportunity comes risk. Natural disasters happen. Prices collapse. Customers default. New products are developed. New markets emerge. Complex financial institutions and markets are designed to handle these opportunities. But people need to know how to make those institutions and markets work. Regulators need to understand how to guide them successfully. Businesses have to be able to use them to solve their own risk management tasks. All of this takes sophisticated mathematical and computational techniques, combining expertise in finance, economics, and engineering.

We teach the skills needed for quantitative analysis of financial instruments and markets. Our graduates are able to take these tools to corporations, financial institutions, and regulatory bodies, to use these markets to manage risk effectively today – and to develop the techniques and institutions to manage the new risk challenges of tomorrow.

What is Financial Engineering?

Financial Engineering is the application of quantitative methods to the analysis of financial markets and financial products. The quantitative techniques include, Mathematics, Statistics, Computer Science, Machine Learning and Data Analytics. The applications include the search for profitable opportunities or for deriving solutions to financial problems.

The Illinois Financial Engineering program will advance your tools to conduct quantitative analysis of course, but, more important it will show you how to apply these tools in the real world.

Accreditation

The U.S News and World Report rank the College of Engineering at the University of Illinois at Urbana-Champaign as the sixth best for Graduate Programs in the US.

Programme Structure

Courses include:
  • Introduction to Finance
  • Financial Economics
  • Statistical Methods in Finance
  • Financial Computing
  • Professional Development
  • Numerical Methods in Finance
  • Financial Derivatives

Detailed Programme Facts

  • Programme intensity Full-time
    • Full-time duration 12 months
  • Credits
    48 alternative credits
  • Languages
    • English
  • Delivery mode
    On Campus

English Language Requirements

You only need to take one of these language tests:

  • Minimum required score:

    102

    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120. Read more about TOEFL iBT ®.

    Schedule TOEFL®
  • Minimum required score:

    610

    The TOEFL®PBT is administered in a paper format and measures your ability to use and understand English in a classroom setting at the college or university level. It accurately measures how well you can listen, read and write in English while performing academic tasks. Read more about TOEFL®PBT.

    Schedule TOEFL®
  • Minimum required score:

    7

    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Schedule IELTS

Academic Requirements

You need the following GPA score:

Required score: 3.25

Applicants for graduate programs must have the equivalent of a bachelor’s degree with a minimum GPA equivalent to 3.25 on a US 4.0 grading scale. Admitted applicants typically have an undergraduate GPA of or better on a 4.0 scale. No exam grade should be lower than 4.5 (European grade scale) or D (American grade scale).

Your GPA (Grade Point Average) is calculated using the grades that you received in each course, and is determined by the points assigned to each grade (e.g. for the US grading scale from A-F).

  • Bachelor’s degree, or bachelor equivalent, typically in an engineering field, mathematics, physics, computer science, or economic
  • 1 year of Calculus
  • 1 semester of Linear Algebra and Differential Equations
  • 1 semester of Probability and Statistics
  • 1 semester of Programming (preferably in C/C++)
  • GRE or GMAT
  • TOEFL or IELTS for all applicants whose native language is not English

Tuition Fee

  • International

    68400 USD/year
    Tuition Fee
    Based on the original amount of 68400 USD for the full programme and a duration of 12 months.
  • National

    68400 USD/year
    Tuition Fee
    Based on the original amount of 68400 USD for the full programme and a duration of 12 months.
  • In-State

    68400 USD/year
    Tuition Fee
    Based on the original amount of 68400 USD for the full programme and a duration of 12 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.
This amount does not include University fees which cover such things as health insurance, health services, facilities fees, etc. 

Living costs for Urbana

  • 1100 - 1500 USD/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.

Funding

Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

The Global Study Awards: get funded with up to £10,000 to study abroad

Together with the ISIC Association and British Council IELTS, Studyportals offers you the chance to receive up to £10000 to expand your horizon and study abroad. We want to ultimately encourage you to study abroad in order to experience and explore new countries, cultures and languages.

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