Key takeaways
- 2 year program provided
- Tuition fee $24,000, $96,000 in total (4 semesters)
- Automated trading practices (ATP) concentration option provided
- Industry-sponsored project (practicum) provided
Program
Deadline: December, January, February, March, April, May
Fees
$23,550/semester for 2023/2024 academic year
Prerequisites/requirements
- Bachelor’s degree, or bachelor equivalent, typically in an engineering field, mathematics, physics, computer science, or economics
- 1 year of Calculus
- 1 semester of Linear Algebra
- 1 semester of Probability and Statistics
- 1 semester of Programming (preferably in C/C++)
- The GRE or GMAT is NOT required. However, applicants may submit GRE/GMAT exam results as a supplement to the application.
- Minimum grade point average:
- Undergraduate: 3.25 (A=4.00) for last 60 hours of study
- Applicants whose degree is not from an institution where English is the official language are required to provide one of the following:
- TOEFL (Test of English as a Foreign Language) score of at least 79 min or 103 for full status admission.
- IELTS (International English Language Testing System) overall score of at least 6.5 min or 7.5 for full status admission.
- Duolingo score of 115 for limited status or 135 for full status admission.
- Provide a purpose statement: In 300 words or less, describe your area of interest and what your goals are upon completion of the MSFE program. *****Please note: The online application asks for a personal statement of 1000 words. For MSFE applicants, please limit your statement to 300 words.***
- Provide a short video, no more than 2 minutes in length, describing the following prompts:
- “Why do you feel you are best suited for the MS Financial Engineering Program?”
- “What are your career goals after completing our program?”
- Provide a resume with exact dates of employment (note: work experience is NOT required to apply).
Application fee
$90
Letter of recommendation
Provide 3 letters of reference. They must be sent electronically from a university or company email address, be signed and appear on official letterhead.
Curriculum
First semester
| Course | Course Title | Credit Hours |
|---|---|---|
| https://courses.illinois.edu/schedule/2023/fall/FIN/500 | https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:d721a4c1-f185-31bb-b439-aa93d27248c0 | 4 |
| https://courses.illinois.edu/schedule/2023/fall/FIN/553 | https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:32ae204b-3e07-3c6b-a468-19996389413b | 4 |
| https://courses.illinois.edu/schedule/2023/fall/IE/522 | https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:be24f598-cf7d-36a9-b560-ef71857b2afd | 4 |
| https://courses.illinois.edu/schedule/2023/fall/IE/523 | Financial Computing | 4 |
| Total required hours this semester: | 16 |
Second semester
| Course | Course Title | Credit Hours |
|---|---|---|
| https://courses.illinois.edu/schedule/2022/spring/FIN/512 | Financial Derivatives | 4 |
| https://courses.illinois.edu/schedule/2022/spring/IE/525 | http://publish.illinois.edu/r-sowers/ie-525-spring-2022/ | 4 |
| Electives/Concentrations /https://msfe.illinois.edu/academics/practicumhttps://msfe.illinois.edu/academics/practicumhttps://msfe.illinois.edu/academics/practicum | 8 | |
| Total required hours this semester: | 16 |
Third semester
| Course | Course Title | Credit Hours |
|---|---|---|
| https://courses.illinois.edu/schedule/2023/fall/FIN/516 | Term Structure(1st 8 weeks) | 2 |
| https://courses.illinois.edu/schedule/2023/fall/IE/524 | https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:a1cc44f5-43b8-3a30-b9b5-24af7289c038(1st 8 weeks) | 2 |
| Electives/Concentrations /Practicum+ | 12 | |
| Total required hours this semester: | 16 |
- 4 semesters option available
Other Requirements:
- A minimum of 48 hours required to graduate
- Minimum GPA: 2.75
- Credit overloads may be available in 2nd and 3rd semesters
- Students may secure an internship in the summer between second and third semesters
Practicum must be taken in third semester if not taken in second semester
| Course title and description | Credit Hours |
|---|---|
| IE 421 Special Topics - High Frequency Trading | 4 |
| IE 517 Machine Learning in Finance Lab | 2 |
| IE 524 Optimization in Finance Section B (2nd half of semester) | 2 |
| IE 598 Special Topics - Computer Science for Quants | 1 |
| FIN 517 Advanced Term Structure Models (2nd half of semester) | 2 |
| FIN 554 Algorithmic Trading Systems Design & Testing | 4 |
| FIN 566 Algorithmic Market Microstructure | 4 |
| FIN 580 Special Topics in Finance - Option Trading Market Making | 4 |
Practicum
A key part of the MSFE program is the “practicum” course based on real-world projects provided by industry partners.
Concentration options
These concentration courses also meet the electives for the program and can be considered beginning with the 2nd semester of the program. In order to obtain a concentration, the prescribed courses must be met as listed below. To officially declare a concentration on your transcript, you must contact your program advisor.
Data analytics - finance
| Course | Course Title | Credit Hours |
|---|---|---|
| Required: | ||
| FIN 550 | Big Data Analytics in Finance for Predictive and Causal Analysis | 4 |
| and any two of the following graduate courses: | ||
| FIN 552 | Applied Financial Econometrics | 4 |
| FIN 553 | Machine Learning in Finance | 4 |
| FIN 555 | Financial Innovation | 4 |
| FIN 537 | Financial Risk Management | 4 |
| FIN 580 | Financial Data Management & Analysis | 4 |
| FIN 580 | Quantamental Investment | 4 |
| Hours needed to satisfy the concentration: | 12 |
Advanced analytics - industrial & enterprise systems engineering
| Course | Course Title | Credit Hours |
|---|---|---|
| Required: (choose 2 courses and one additional from the list below) | ||
| IE 434 | Deep Learning: Mathematics and Applications | 4 |
| IE 522 | Statistical Methods in Finance | 4 |
| IE 525 | Stochastic Calculus & Numerical Models in Finance | 4 |
| IE 529 | Stats of Big Data and Clustering | 4 |
| IE 531 | Algorithms for Data Analytics | 4 |
| IE 532 | Analysis of Network Data | 4 |
| IE 533 | Big Graphs and Social Networks | 4 |
| IE 534 | Deep Learning | 4 |
| IE 400 | Design & Analysis of Experiments | 4 |
| IE 410 | Advanced Topics in Stochastic Processes & Applications | 4 |
| IE 411 | Optimization of Large Systems | 4 |
| IE 510 | Applied Nonlinear Programming | 4 |
| IE 511 | Integer Programming | 4 |
| IE 514 | Optimization Methods for Large-Scale, Network-Based Systems | 4 |
| IE 521 | Convex Optimization | 4 |
| IE 523 | Financial Computing | 4 |
| SE 524 | Data-Based Systems Modeling | 4 |
| Hours needed to satisfy the concentration: | 12 |
Automated trading practices (ATP)
| Course | Course Title | Credit Hours |
|---|---|---|
| Required: | ||
| IE 421 | High Frequency Trading Technology | 4 |
| Algo Trading Courses: pick one or two | ||
| FIN 554 | Algorithmic Trading Systems Design & Testing | 4 |
| FIN 556 | Algorithmic Market Microstructure | 4 |
| Stochastic & Learning Foundations Courses: If you have picked one Algo Trading Course above only, then pick one of the following | ||
| IE 410 | Advanced Topics in Stochastic Processes & Applications | 4 |
| IE 434 | Deep Learning: Mathematics and Applications | 4 |
| IE 518 | Queueing Systems | 4 |
| IE 531 | Algorithms for Data Analytics | 4 |
| IE 534 | Deep Learning | 4 |
| Hours needed to satisfy the concentration: | 12 |
Computational science and engineering concentration (CSE)
https://cse.illinois.edu/cse-educational-programs/graduate-concentration/
