4.19.2010
This review is submitted 15 Apr 2010 at 1:40:27 PM by a student who studied full time in the Stevens
Institute of Technology MFE program from 08/2006- 05/2008
Can you tell us a bit about your background
Bachelor’s in Statistics, NYU Stern School of Business (2001 -2005)
GPA 3.3/4.0
Pricewaterhouse Coopers LLP – Actuarial Associate (2005 – 2006)
Did you get admitted to other programs?
Yes
Why did you choose this program (over others, if applicable)?
The flexibility to pursue rigorous, proof-based mathematics classes as electives if one decides to
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4.19.2010
pursue a PhD in Financial Engineering in the future. Affordability. Proximity to NYC. Good reputation
in engineering & science.
Tell us about the application process at this program
The application process was smooth and the professors responded in a timely manner to my
questions.
They didn’t have an online tracking system but good old phone calls are good enogh to track
application status
On a scale of 1-10, how would you grade the accessibility of the faculty and staff?
9
Does this program offer refresher courses for incoming students? What do they offer and how
much it costs?
Yes. C++ Programming.
On a scale of 1-10, how would you grade the usefulness of these refresher courses?
10
Tell us about the courses selection in this program. Any special courses you like
6 core courses + 4 electives:
Core – Stochastic Calculus, Pricing and hedging, Portfolio Theory and Management, Computational
Methods in Quantitative Finance, Advanced Derivatives (focused on Interest Rate and Credit
Derivatives) and Financial Engineering project.
Electives: I chose Real Analysis 1, Real Analysis 2, PDE and Numerical PDE. I also took an extra
class in Abstract Algebra out of interest.
I loved the proof-based math courses – Real Analysis 1 and Real Analysis 2 because it was welltaught by a professor who teaches well and inspires as compared to professors who are more
interested in their own research.
I tried to prepare for MFE programs back as an undergraduate at NYU by enrolling in relevant proofbased math classes and struggled in those classes. I never understood the proofs clearly as
professors didn’t take the time to show us how to approach such rigorous material. I was obsessed
with learning how to handle such math.
At the end of the day, the issue came down to the method of instruction.
On a scale of 1-10, how would you grade the flexibility of the curriculum?
10
Tell us about the quality of teaching
The core classes are taught by academics with industrial, practical experience.
It differs for the electives depending on what the student chooses as his/her electives.
As all of my electives are proof-based math classes, they are taught by math professors who also
happened to be really good at teaching.
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4.19.2010
On a scale of 1-10, how would you grade the quality of teaching?
9
Which reading materials are used in the program
Futures & Options by Hull, Intro to Mathematics of Financial Derivatives by Neftci, Implementing
Derivatives Models by Clewlow and Stickland,
Numerical Solutions of Partial Differential Equation by Morton and Mayers.
Other courses were taught using notes provided by the professors.
On a scale of 1-10, how would you rate the practicality of the curriculum?
9
Programming component of the program
R, C++, Java, Matlab.
Projects
Financial Engineering project at the final semester. It is both research-based and requires coding. It
can be both an individual or group project.
Some students work on research topics posed by professors. Others (some part-time students) work
on topics encountered in their line of work.
Career service
Stevens has a stellar career service with exceptional placement for its main engineering and
computer science graduates. However, it still has some way to go in placing its financial engineering
graduates.
A couple of companies, Hudson River Trading, LLC and GX Clarke (a fixed-income trading house)
recruits from Stevens.
On a scale of 1-10, how would you rate the career service for internship and full-time job?
8
What do you like about the program?
The flexibility to pursue relevant, proof-based math classes as electives.
I agree with Sylvain Raynes in his article on The State of Financial Engineering that learning about
numerical methods, stochastic differential equations takes time and that such knowledge are best
learned properly through a classroom setting, in a standard, rigorous manner.
On a scale of 1-10, how would you grade the value of the program for the price tag?
8
What DON’T you like about the program?
The career placement.
http://www.quantnet.com/review-stevens-mfe-program
4.19.2010
Suggestions for the program to make it better
Stevens also has a Master’s of Science degree program in Stochastic Systems, housed under the
Department of Mathematical Sciences.
Stevens’ MFE program can do more to collaborate with the Stochastic Systems program in providing
a better quality education for its students. For eg. Convex Analysis and Non-linear Optimization (a
course in Stochastic Systems program) can involve assignments on how to apply such concepts to
Portfolio Management.
Stevens MFE can also follow the example of Baruch MFE in vigorously and successfully promoting its
program and improving its career placement rate.
On a scale of 1-10, how would you grade your experience in the program?
9
What are your current job status? What are you looking for? What would you prefer to work
in?
I currently work in a reinsurance company in an actuarial position. I am looking to work in structuring
teams of investment banks that focus on insurance companies. I am working towards that direction.
Other comments
How much one benefits from a particular MFE program depends on how much work one is willing to
put in and whether that MFE program fits the interests/aims of a student.
On a scale of 1-10, would you recommend this program to others?
8
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