Welcome to the inaugural edition of the QuantNet 2012-2013 International Guide to Programs in Financial Engineering. Over the last few years, applications to financial engineering, mathematical finance, and similar programs have grown steadily despite a very difficult environment for global financial services. A profession where mathematical, programming, and finance knowledge can be combined remains a popular career choice among many students with a quantitative background. Candidates with strong technical skills will be in high demand for the foreseeable future, but the required skills and domain knowledge are rapidly changing, especially so for the finance industry post DoddFrank regulatory reform. The aim of this guide is to provide the information you need to prepare for the immediate goal, be it a stronger applicant to the top graduate programs, a better job applicant, or a more successful professional. Since its launch in 2003, QuantNet has come a long way. Today, as the top website for quant education and career resources, we serve 1.5 million unique visitors since 2010. Our audience is made up entirely of MFE applicants, quantitative finance professionals, academics, and employers. We hope that, having reading this guide, you’ll learn more about the industry and make better informed decisions on your education and career choices. Be sure to come visit and join us on QuantNet and take advantage of our special tools and community to help you connect with employers and network with other professionals in the field. With best wishes for your career, Andy Nguyen andy@quantnet.com International Guide to Programs in Financial Engineering Quant network LLC 1133 Broadway, Suite 708 New York, NY 10010 www.quantnet.com

PubLisher Andy Nguyen andy@quantnet.com

editor Katie Petito katie@katiepetito.com

art direCtor Nancy Ruzow nancy@ruzowgraphics.com

advertising saLes and to order Print CoPies oF this guide quantnet.com/advertise Copyright 2012-2013 by Quant Network LLC


QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet.com

A Welcome Message from QuantNet by Andy Nguyen ........................................................1

Finding a Master of Financial engineering Program
Which Master’s Degree is Right for You? by Anthony DeAngelis .............................................19 How to Pick an MFE Program by Aaron Brown ..22 International List of Education Programs in Financial Engineering and Quantitative Finance............................................................ ...25 2011 QuantNet Ranking of Master of Financial Engineering Programs....................... ................ 32 Quant’s Next Top Model by Rachael Horsewood.............................................35 Understanding the Quantitative Finance Industry in Asia by Chyng Wen Tee and Christopher Ting ................41

about Financial engineering
What Do Financial Engineers Do? by Aaron Brown.........................................................5 QuantNet Services Overview ................................7 So You Want to Be a Financial Engineer? Preparing for a Career in the Field by Todd Fahey ..........................................................10 Efficient Ways to Set Up a Successful Career by Dan Stefanica .....................................................15

reading List: Books about Financial
Engineering ...........................................................17


QUANTNET | 2012-2013 GUIDE | quantnet.com

................................................................................................................................................................52 getting a Job Hunting the Quant Job: Questions and Answers by Ellen Reeves ................................57 reading List: Books to Help Prepare for Quant Interviews ......................46 QuantNet MFE Application Tracker ............................. Well-Rounded Students by Gwen Stanczak .. 67 Why Join a Professional Organization? by Peg DiOrio ................................ 47 C++ Programming for Financial Engineering Online Certificate ... 74 3 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet...... 71 appendix Excel 2007/2010 Shortcuts.......................42 Do’s and Don’ts of MFE Applications by Bill Stanley .......... 72 advertisers index ................................................................................................59 QuantNet Salary Survey ..........66 Firms that Employ Quants with MFE Degrees ..QuantNet China ..... 50 Graduate Schools Want Thoughtful............................................. 65 Questions Asked at Quant Interviews......com ...........................69 reading List: Books for Applicants and Students of Financial Engineering Programs........

com .SeCtion 1: about Financial engineering 4 QUANTNET | 2012-2013 GUIDE | quantnet.

The engineer’s prayer is. or abstractions that do not affect decisions. and special purpose entities. a parcel delivery service or an aircraft manufacturer. a venture capitalist might find wealthy individuals to fund start-up companies. I’ll take it from here. It need not be an individual vision. effects of what he does. engineering is not merely the possession of the capacity to get elegant solutions to nonexistent engineering problems. she must have the drive and skills to accomplish her vision through her own efforts. capital provider to capital user. There are three characteristics any engineer must have. Many people with technical skills are needed to keep this system running. like a walking encyclopedia. She does not spend effort worrying about how things might have been different. Designing databases or solving equations for a bank is not essentially different from doing the same tasks for. —Gordon Brown he function of finance is to connect providers of capital with users of capital. She is not concerned with opinions. but has little need for a specialized financial engineer. This venture capitalist might make use of tools such as a spreadsheet and quantitative theory such as discounted cash flow valuation. she must have a vision for how things could be better. For example. or complaining to the universe or agitating for other people to change their ways. I do not consider them financial engineers. This can be a simple process. say. I define a financial engineer as someone using technical skills in the finance industry whose work is informed by the end-to-end. It does require different attitudes and skills. but random tinkering is not engineering. and it presents different challenges and offers different rewards. many engineers function best on group projects.what do Financial engineers do? Engineering is not merely knowing and being knowledgeable.” continued on page 6 By Aaron Brown 5 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Engineers operate at the interface between science and society. she must accept reality. using intermediate institutions such as banks. but they are doing niche jobs for which the field of application doesn’t matter much. They work in finance and have quantitative skills. my hands. Most finance is done in more complicated ways. engineering is practicing the art of the organized forcing of technological change. It is not necessarily a better or more honorable profession than the specialists who make up most of the financial technical workforce. engineering is not merely analysis. she’s something other than an engineer.com . Third. however. First. exchanges. But if she fails at either of the first two steps. untestable propositions. my brain. “Thank you ____ (fill in whatever you feel gratitude toward for existence) for the universe and for my eyes. Second. She can fail at the third step and be a failed engineer.

” it on anything like a modern dealer trading desk. a good financial engineering program is the most efficient way to pick up the necessary knowledge. financial engineering program career transition after being jobs in groups that generate if you do not want to be a laid off from a high-paying job. and die out. However. I have seen books and the Internet. The reason employers other field. You would have to work for many years. and the financial world is changing faster.com . You won’t face a midLet’s begin with front office jobs. a program along with the lost from getting too abstract. When Thirty years ago. This one is having to start over in some most exciting jobs with the best tricky. salaried. The trouble species of financial businesses the practical details that are is people like that usually have spring up. less volatile career. but not rarely a good idea. essential to sound engineering. Employers are more likely to be looking for technical specialists who can move to different areas as needed. I’m pretty confident financial engineers will be describing the possible evolution of derivative prices for many years. in many areas of finance. engineers can be disruptive. extremely difficult. Today it would be making more money in a loweron the functions of the job. also the most volatile and hire people from financial there are probably cheaper and the ones where luck plays engineering programs is they easier things you can do to continued on page 8 This definition generates two questions. These are the financial engineer. For example. some of the greatest engineers in history were self-educated. to prevent this a good general education. improve your chances of landing a technical specialist job in finance than get an MFE. I’m curious mind. You can learn need employees with a breadth of technical financial knowledge. and probably using some kind of generalized Monte Carlo to do it. Do you need a financial engineering degree in order to be a financial engineer? The answer is “no”. and who might avoid some tunnel vision mistakes of a quant without general financial training. short careers in finance. they will be doing it’s easier to predict functions than institutional roles. evolve. to become familiar with the financial system end-to-end through direct experience. 6 QUANTNET | 2012-2013 GUIDE | quantnet. The world is changing fast. But I have much less “what’s it like to be a financial engineer? i have to start with caveat. Only a few employers want engineers of any stripe. but I think it’s my career. confidence that the world is changing fast. It’s easier to predict functions than institutional roles. The second question is whether salaried career can progress there is any reason to enter a naturally. you might well end up terms. Just remember to focus teach himself. direct revenue.what do Financial engineers do? continued from page 5 What is it like to be a financial engineer? I have to start with a caveat. Another point is pay. Over most of the technical skills from That can work. not how it is embedded in a More important. and a diverse employment time while in the going to use current institutional set of industry contacts could program. and the financial world is changing faster. that lowerfinancial business. a quant with you amortize the cost of the Nevertheless. So you might be tempted to get a financial engineering degree in order to have a better chance of getting a job as a technical specialist.

looking to upgrade your programming skills. QuantNet is the largest community of MFE applicants and graduates. QuantNet has grown from a small discussion board for MFE students to a global comprehensive resource dedicated to financial engineering. The Application Tracker is used by hundreds of MFE applicants every year to evaluate their chance of admission to the top programs. and experience profile? Our database contains hundreds of salary submissions by our members who hold an MFE degree and work in various quantitative finance positions around the world. Every month. C++ Online CertifiCate COmmunity appliCatiOn traCker Salary DatabaSe mfe prOgramS ranking . QuantNet surveyed program administrators and hiring managers to get the information used in the 2011 ranking. This certificate is designed for people interested in pursuing graduate studies in financial engineering and covers essential C++ topics with applications to finance. Its focus is on topics of interest and relevance to the site’s main audience. job type. or comparing your salary data. QuantNet China is a new addition to QuantNet’s website and was built for and by students and professionals of Chinese descent who are interested in the field of quantitative finance. It now allows direct profile comparison against the database of applicants admitted worldwide to 67 master’s programs in financial engineering and quantitative finance. Ever wonder how your compensation is compared with other professionals with a similar education. QuantNet. The 2011 QuantNet ranking is the most comprehensive ranking to date of master programs in Financial Engineering (MFE) and Mathematical Finance in North America.com is frequented by thousands of visitors looking for information about graduate programs or careers in the field of quantitative finance.ServiCeS Overview Since its beginning in 2003. Whether you are thinking of a graduate degree or certificate. we have the right tools for you. Approximately half of the students who successfully completed the seminar prior to July 2012 are now enrolled in financial engineering graduate programs.

8 QUANTNET | 2012-2013 GUIDE | quantnet. it’s a lot more complicated than most people imagine. the front office for clients and the back office Next come back-office jobs. and systems office is (as you might expect) create and manage structured development. It’s not enough to write good code or solve equations properly. be used in pricing or hedging. and they invented in the 1980s to describe afford better work-life balance. there were literal physical front and back offices in brokerage firms. and you are sure finance is for you. risk management. frontThe two forms of revenue in than in the front office. continued on page 9 the greatest role in career success. Back office is sometimes however. They reward aggressive. and may require subordinating personal lives. finance are trading profits and engineers can play important many flavors of fees. Financial roles in back-office areas such In some respects—pay. confident financial engineers. Middle aspects of all three functions. Also like plumbing. your acquired backtechnology. However specialized a financial engineer for these it when it works. management and. for clerks. they allow the most professional freedom.” departments such as treasury. it tasks is all the revenue is doesn’t work. In another respect. engineers are needed to design as financial control. life can be very can be affected by the end-to-end extracted from a highly complex unpleasant.com . Like office requires financial The reason you should have plumbing. Your achievements are are most often found in risk place to work. front-office quants need to build systems that can thrive people include in a chaotic and competitive environment. Financial engineers the front office may be the best value. office skills. and sometimes Careers will be more predictable got injected into front-office and if you do decide to leave decisions. A century ago. A disadvantage is front-office skills are not transferrable to other professions. The term was than front office jobs. develop software to back office. Frontoffice financial engineers can choose to work in a wide variety of circumstances from oneperson start-ups to the largest companies.what do Financial engineers do? continued from page 6 Finally there is the middle office. especially and career volatility—middle and support trading strategies. but did not generate revenue directly. office skills will have some compliance. and if finance. likely to have longer useful lives. some properly. risk control. If your professional rewards and satisfaction are the and fast-changing financial system. On the other hand. but when it a financial task or institution. midway between front office and products. front-office quants need to build systems that can thrive in a chaotic and competitive environment. information biggest things in your life. Financial office IT and risk IT. glamour. because Success will depend on ability risk managers used frontmore than on luck and politics. There never was a There are a lot more of them real middle office. everyone ignores engineers. it differs from both and other tasks that combine referred to as the “plumbing” front and back office. if you include Pay and excitement are lower them in middle office. legal. of the financial system. There’s no generally agreed definition “it’s not enough to write good code or solve equations of the term.

2012). design it. 9 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. The great British engineer Henry Royce defined the simple ethos of the profession: “Strive for perfection in everything you do. Join the Conversation Quantnet’s more than 20. He is the author of Red-Blooded Risk (Wiley.what do Financial engineers do? continued from page 8 chain of capital in which it is embedded.” This is a proud and noble undertaking. He holds degrees in Applied Mathematics from Harvard and Finance and Statistics from the University of Chicago. finance is one of the most exciting and useful places to practice engineering. 2006. The Poker Face of Wall Street (Wiley. In his 31-year Wall Street career he has been a trader. everyone from well-known Ellen Reeves’ column quant professionals to students new to the industry “Ask Ellen—Job can get together to talk about Hunting and Career the latest trends in quantitative finance. 2008). selected one of the 10 best books of 2006 by Business Week) and A World of Chance (with Reuven and Gabrielle Brenner.com . a headhunter for Sheffield Haworth. here’s a sample of the forums generating chatter now: more about the course to enrolled students seeking help from their peers. You take it from here. Aaron Brown is risk manager at AQR Capital Management and the current Global Association of Risk Professionals Risk Manager of the Year. Cambridge University Press. “C++ Online Certificate” Development Advice” the forums are searchable and allow contains multiple threads for you to see which topics are the anyone interested in learning most recently updated. He also served a stint as a finance professor and was one of the top professional poker players in the world during the 1970s and 80s. for those with the talent and energy to attempt it. And today. Take the best that exists and make it better. head of mortgage securities. Inc. and risk manager for institutions including Citigroup and Morgan Stanley. portfolio manager. “Q/A with Todd Fahey” offers the opportunity to chat with Todd Fahey.000 members meet in the Forums to trade information about everything from general education and career topics to detailed conversations on day-to-day financial engineering topics to answers for specific questions asked during the interview process. When it does not exist.

Java. algorithmic. library control. working on the trading desk and delivering the models.S. in order: hedge funds. finally. and have worked exclusively in quantitative finance for the last 12 years. risk calculators. focusing on the front-office 10 By Todd Fahey systematic. Further. as well as how to be successful in that role once you are hired. The other area that is bright at the moment is within the world of automated. as well as those in exotics and structured finance. you should know that the general utilization of an MFE degree tends to be oriented toward quantitative roles on the desk (i. If this is a route you are looking to pursue. it’s helpful to know what you need to know in order to be considered a good candidate for a job.. These roles are highly competitive for entry-level professionals.com . and quantitative trading. along with a solid knowledge of statistical. proprietary trading companies and. and quant developer/programming fields right now. hedge funds. and help you focus on the subjects you need your degree program to teach you. I’ve been a recruiter for more than 14 years. Python. or in risk management. they all require programming skills in core languages. First. The vast majority of roles that I cover are automated/systematic/ algorithmic quants and traders through quantitative software and systems/platform developers and quantitative analytics and modeling on the desk. there is a significant need within the CVA. proprietary trading companies could very well have some continued on page 11 quant and trading and technology professionals. My personal recommendation if you’re looking for a job now. The reasoning behind this is that banks are in regulatory hell right now. in terms of target companies would be. proprietary trading companies.— Asia in particular. QUANTNET | 2012-2013 GUIDE | quantnet.e. and asset management firms. or quantitative development and programming.so You want to be a Financial engineer? Preparing for a Career in the Field hen preparing for a career in Financial Engineering. finally. Also. etc. and you may be best served by being open to relocation outside of the U. While the job market is very soft for new MFEs hitting the market to be desk quants. model validation. work hard on getting solid skills and experience with C++. I anticipate this need will only grow stronger over time as there is significant emphasis on risk and credit at the moment—and the foreseeable future—specifically as it relates to the current regulatory environments both here and abroad. My coverage spans global investment banks. I will discuss in more detail how to prepare yourself for these roles. asset management firms. you need to know that you will be facing some ridiculously stiff competition. directly to the traders who utilize their products). CVA. risk. and/or Scala. neural network and/or artificial intelligence methods.. as these tend to be the most utilized programming languages in the field. banks.

S+ or another RAD or statistical package. A strong background in electrical and/or computer engineering (with a master’s degree. very strong programming skills (C++. understand that strong programming is a requirement and will be done every day. and some employers in this field actually believe them to be detrimental. Mathematics.” with those who can program in advanced languages mentioned above. SAS. Asset management firms and hedge funds appear to be the beneficiaries of what we anticipate over the next 5-10 year stretch. Python. Everybody in this field is “smart”. If you decide that this is the path to pursue. you should be aware that the vast majority of these people do not have PhDs. Theoretical Physics (not experimental— not a desirable math track). . For example. Including some things that may make you uncomfortable and push you in directions you may not have considered prior to pursuing this career path. Typical coursework for these careers is Operations Research. And. As such.“ 11 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Scala. asset management firms and hedge funds appear to be the beneficiaries of what we anticipate over the next 5-10 year stretch. Applied Mathematics. if you can only program in MATLAB. you are not quite as unique as you might think you are. Electrical Engineering. and there is still a lot of money waiting for deployment across the global spectrum right now. I will highlight the things I believe that will best start you on the path to success: issues with the pending regulations in the U. based upon your interests. it’s helpful to know what to prepare for in terms of education. . preferably). Computer Science or Engineering. as well). a PhD is the preference. . etc.com . you will be at a disadvantage compared Personality and Communication Skills Believe it or not. What do you need to know to make yourself competitive in the market wherever you choose to work in the world? Let’s face it—this is probably the most competitive field of employment outside of professional sports. If you are more interested in the mathematical side. talent alone might not get you in the door.so You want to be a Financial engineer? continued from page 10 “. .S. there is still a lot of money waiting for deployment across the global spectrum right now.) and comfort with very large data sets is key. There are things that you should do in order to make yourself stand out from the crowd. But how do you prepare for these jobs? First. although not a necessity (MFEs typically work in this arena. The ones who get jobs—and then progress upward through the continued on page 12 “there are things that you should do in order to make yourself stand out from the crowd. and the UK. if you desire to pursue a path in high frequency futures trading. It is no longer optional. Java. C#. including some things that may make you uncomfortable and push you in directions you may not have considered . and Mechanical Engineering.

but if you can’t articulate it so that people understand you. ) that it is impossible to follow in a linear fashion. it would be extremely helpful to take communications courses to help with your grammar. English is the universal language of finance—the same as if you were an international airline pilot. it will only serve to help differentiate yourself from being like everyone else. you’re severely disadvantaged. or if your writing skills are so atrocious (author included here . the easier it will be for you to land a job in the field. Inquisitive. In almost every role in quantitative finance you will be required to program. outside tutoring would not hurt you. Java. and writing abilities. While you may not ever be in sales or a refined public speaker.com .so You want to be a Financial engineer? continued from page 11 ranks—have one commonality: people (at least someone) like them. The better you are. After all. Languages to concentrate on are: C++. You need to be articulate and outgoing. Even if this is not part of your curriculum. communication in the English language. . specifically. Probably the most overlooked need beyond the technical skills required in this field is the need for communication. yet thoughtful. Programming If you’re not good at it. continued on page 13 12 QUANTNET | 2012-2013 GUIDE | quantnet. If you are not a native speaker. . One way to help your personality show through would be to join Toastmasters or a similar organization. Python. Perl. get good at it. presentation. you may be the smartest mathematician in the world.

Most importantly. those backgrounds. Hadoop.” carries strategists.com .99% likely that you will begin to network with other professionals in the field. Scala. The saying “It’s not what you Within the world of quantitative Internships know. ordinary differential equations. MATLAB (not a substitute for C++!) and other functional programming languages. People move impressed them so greatly as an intern. C# / . economics and finance linear algebra. Most importantly.” interview.NET. it’s who you know. spatial geometry.” leave your first job within five years. and they feel they need to have classes are not important—other and familiarity with partial you on their team because you than for being a well-rounded differential equations and impressed them so greatly as professional at a macro level. college. you often and it is 99. thing for certain: if you’re going The best way to find a job is to be a derivatives quant. conferences. Get to know as many Most banks and hedge funds from the moment you walk people as you can and actively look for those who have a in the door as a freshman in engage with your network often. you begin to network “the best way to find a job is to have one in hand as you get ready with other to graduate because you’ve interned at the company and professionals in the they feel they need to have you on their team because you field. You get to learn about continued on page 14 However. but the level of successful even have an opportunity to professional that you all strive to be. The ability to secure an a lot of weight in the hiring internship should be a priority world.so You want to be a Financial engineer? continued from page 12 You get to be on the Human Resource department’s radar— There are a lot of different areas a big thing once you are ready to within math. but there is one enter the job market. This field and also—and i cannot stress the importance is fiercely competitive and of this enough—the ability to network not only you need to up your game to with your peers. you to have one in hand as you Economics and Finance had best be good at stochastic get ready to graduate because In the world of quantitative calculus. and a PhD from one of those schools symposiums in every financial center to keep and a top undergrad from the same level institution—don’t you engaged in the latest trends and ideas. an intern. Math 13 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. rigorous math background. They want classically trained economists with PhDs from the major Ivy “there are many different quantitative League schools. there are a number what these people do on a daily of hedge funds and asset basis. and you may have an managers who look to avoid opportunity for a rotation. Other areas of note are you’ve interned at the company trading. waste your time. there is a chasm. If you don’t have networking groups.

published articles. or Nuclear Phynance. now is the time. Become a well-rounded quant and you will start to move away from the pack. I need to look at what is the cost/benefit of my time usage. He can be reached at fahey@sheffieldhaworth. but that doesn’t mean that I can necessarily help any one individual. Wilmott. Todd Fahey is Executive Director. I hope that you remember the ultimate lesson here: each of your own situations and experiences is unique to you. Read books by Michael Lewis or other topical books relevant to finance (I’m personally a huge fan of Roger Lowenstein’s When Genius Failed: The Rise and Fall of Long-Term Capital Management. and also—and I cannot stress the importance of this enough—the ability to network not only with your peers. the majority of my clients are looking for me to find them the people that they are willing to pay for my services and that they would have difficulty finding on their own. and literature dedicated to your field of endeavor. If you don’t know what is going on around you. Simply. Subscribe to e-zines such as Fierce Finance or FINAlternatives. I am always willing to offer advice and suggestions. and presented at various business schools.com . Not interested in a PhD? Not a problem. A note from Todd Fahey: I am an executive search consultant. I’m not speaking about books. Join specific web communities such as QuantNet. He has trained quantitative and technical recruiters. Clarity of your path is the most important thing to you. blogs. Global Head – Quantitative Strategies Practice.com. it is hard to have an opinion about what is going on around you. Keep the goal in mind as you make your decisions and. as well as position you to job search in a better market. In order for me to maximize my time and efficiency. Voraciously. The purpose of this article is to give you a general overview of the market. have a minimum of three years of work experience. Beyond these criteria. with a bit of luck and good timing. Todd also has a Q&A column on QuantNet where you can ask him questions about the quant job market.so You want to be a Financial engineer? continued from page 13 Continuing Education If there were ever a time to recommend staying the distance if you have your sights on a PhD. One other thing that you need to do is read. Ultimately. you will arrive at the point you’re aiming for. 14 QUANTNET | 2012-2013 GUIDE | quantnet. and carry a numerate degree from a top university globally. and e-zines. and my value to companies is to find experienced personnel. the trends. at Sheffield Haworth. it is a stretch to say that I am willing to work with an individual who don’t meet the bar. Entering the market later with a PhD may put you at the top of the candidate list. but the level of successful professional that you all strive to be. and what skills I believe you should have based upon what positive and negative stresses I see in the market now and in the next few years. Inc. There are many different quantitative networking groups. and other newspapers. I’m speaking of information flow that is real-time and/or relevant to recent events. That means that I more than tend to look at people who are currently actively working in the industry. and symposiums in every financial center to keep you engaged in the latest trends and ideas. Read The Wall Street Journal. articles. Financial Times. conferences.

Brush up on your math skills d Calculus— My book A Primer for the Mathematics of Financial Engineering was written with this goal in mind. a career in quantitative finance. or advance.com . The comprehensive 15 By Dan Stefanica QuantNet Quant Internship and Graduate Recruitment Firms Listing includes an extensive list of career options from buyside and sell-side employers. continued on page 16 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. putting together a competitive application. Learn about financial instruments in a quantitative framework d Salih Neftci’s An Introduction to the Mathematics of Financial Derivatives is good background reading. I will briefly share pointers on how to put a master of financial engineering (MFE) graduate degree in the larger perspective of a successful career in quantitative finance. a three-pronged process begins: deciding where to apply.Financial Engineering Education as a Gateway for a Quantitative Finance Career efficient ways to set up a successful Career graduate degree in financial engineering is primarily a way to start. which will be valuable both in a highly quantitative role and in a business-oriented role. Approach this from a career goals perspective: find the program that best suits and services your career needs and then use the time you have before you start the program to strengthen and update your background. There should be no doubt that programming will be an important part of your future work and studies. d Probability—A Natural Introduction to Probability Theory by Ronald Meester is both intuitive and rigorous. Make sure you learn about possible career paths before deciding to apply for an MFE program. and preparing for graduate studies. and for better career options upon graduation. but practically as well by learning about various career paths and deciding which best suits your interests and background. It is not only useful academically. and by creating opportunities to compete for the right openings at the right time. d Linear algebra—Gil Strang’s Introduction to Linear Algebra has a strong numerical flavor. The book The Complete Guide to Capital Markets for Quantitative Professionals by Alex Kuznetsov and Mark Joshi’s On Becoming a Quant guide are also good sources of information. Improve your C++ and VBA skills. Based on a long experience fostering careers of both young and mid-career students and alumni. to shaping your career path once you graduate. Once the decision to pursue an MFE is made. from deciding whether to pursue an MFE. By doing so. you will set yourself up for a successful graduate studies experience.

in my experience. This could mean a first job where you will further learn and grow your set of skills. And it may all start the moment you begin preparing for your MFE graduate studies. than between the beginning of your studies and when you start interviewing for internships. also by Neftci. which translates into significantly better career opportunities.com . That time is precious and. if used efficiently. He is also the author of A Primer for the Mathematics of Financial Engineering. Good luck! Dan Stefanica has been the Director of the Masters Program in Financial Engineering at Baruch College. as well as preprogram courses on advanced calculus and numerical linear algebra with financial applications. A strong and current knowledge of programming. could make a big difference. a great attribute of highly successful graduates. and fundamentals of finance when entering the program is. or taking a position that could be used as an apprenticeship toward. why not. You have more time between when you decide to pursue an MFE and when you start the degree. QuantNet’s #1 best-selling book of 2011 and 2010. I cannot overemphasize the importance of preparing for graduate studies from the moment you decide you want to pursue them. you have several more months to prepare for your studies. but to find the right position that will allow your career to grow over time. The goal should not be just to get a job upon graduation. City University of New York. Find out what skills are most valued by employers in those areas. He teaches graduate courses on numerical methods for financial engineering. Put your job search in a longerterm perspective. During your studies.efficient ways to set up a successful Career continued from page 15 d Principles of Financial Engineering. starting your own firm when the time is right several years down the road. 16 QUANTNET | 2012-2013 GUIDE | quantnet. mathematics. Once you accept an admission offer. remember at all times that you are doing an MFE as a step toward a quantitative career. It is then time to contact the program and ask for specific instructions on how to best use that time given your particular set of strengths and background knowledge. and consulting with career advisors—to identify the areas you would like to work in by the end of the first semester of studies. as well as what you need to emphasize in your studies. Use the program resources— networking with graduating students. talking to industry professionals teaching in the program. gives an excellent practical view of quant finance for trading applications. since its inception in 2002. and use this knowledge to decide which courses you choose subsequently.

Then he describes how professional with different technical backgrounds fit into roles within the industry. Paperback. the types of employers who hire quants. developments. Kindle WHy yOU SHOUld REAd iT: This is the book that introduces “quant” as a profession for generations of students. the current job market. Beder PAGES: 616 FORmAT: Hardcover. and along the 17 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Paperback. The Complete Guide to Capital Markets for Quantitative Professionals AUTHOR: Alex Kuznetsov PAGES: 600 FORmAT: Hardcover. This book details the different participants. Tanya S. equity. as well as how different firms make their money. way he analyzes the incompatible personas of traders and quants. Beder has put together a collection of articles by practitioners and academics with a dedicated section on the Financial Engineering degree. Derman also notes the dissimilar nature of knowledge in physics and finance. See more recommended reading at QUANTNET MASTER READING LIST FOR QUANTS. Financial Engineering: The Evolution of a Profession AUTHOR: Tanya S. Kindle. CD WHy yOU SHOUld REAd iT: Michael Lewis’ #1 best-selling book tells the story of the 2007-2008 financial crisis and how Wall Street missed the bad securities being issued backed by the subprime mortgage-backed securities (MBS) that destroyed more than $1 trillion in wealth. Kindle WHy yOU SHOUld REAd iT: Part of the Robert W. Emanuel Derman discusses his journey as one of the first high-energy particle physicists to migrate to Wall Street. the areas of derivatives quants work in. a glossary. Kindle WHy yOU SHOUld REAd iT: This book is a mustread for those with a background in science and technology who are thinking of transferring their skills to the financial industry.  The Big Short: Inside the Doomsday Machine AUTHOR: Michael Lewis PAGES: 266 FORmAT: Hardcover. Kuznetsov details how the financial industry works. He covers the types of quant jobs and expected salaries. and how to look for a job and what to expect during the interview. and a companion website offer additional information and support for those interested in financial engineering. and products of various markets—from fixed income.com . Kolb Series in Finance. Case studies from companies in different segments of the industry. and derivatives to foreign exchange. while offering his thoughts on how to apply the principles of physics to financial markets.reading List: Books about Financial Engineering On Becoming a Quant AUTHOR: Mark Joshi PAGES: 20 FORmAT: Online PDF file WHy yOU SHOUld REAd iT: Mark Joshi’s short guide advises students who want to become a quant. A section on technology discusses how financial models are created and used. Audio. what a quant needs to learn. My Life as a Quant: Reflections on Physics and Finance AUTHOR: Emanuel Derman PAGES: 308 FORmATS: Hardcover.

SeCtion 2: Finding a Master of Financial engineering Program 18 QUANTNET | 2012-2013 GUIDE | quantnet.com .

and creating or trading structured products. mathematics. or combine class work with leading financial designations such as the Chartered Financial Analyst (CFA). and other core subjects. along with classes on valuation. Students should understand both degrees so they can match their academic and professional goals appropriately. QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. derivatives. 19 By Anthony DeAngelis financial modeling. Those seeking a career in finance. or Chartered Alternative Investment Analyst (CAIA). While requiring a firm grasp of statistics and calculus. are an ideal fit for most MFE programs. Others are looking for a way to atone for a low undergraduate GPA. If you are interested in utilizing advanced math skills or want to use your programming prowess to build complex models that can prove extremely profitable. Financial Risk Manager (FRM). Corporate finance is stressed. Finance tudents pursue a specialized graduate degree for a variety of reasons. Some are looking to use the degree as a way to transition from their current job into something else. then an MFE program might be better for you. usually pick between the Masters in Finance degree or the Masters in Financial Engineering (or MS Computational Finance or Masters in Financial Math). Career paths are also very different when comparing the MFE and MSF degree. These careers utilize C++. advanced mathematics. Some programs allow for specialization in a variety of subjects such as real estate. programming for quantitative hedge funds. fixed income. and some students may not decide until late in their college career what they truly want to do. A solid understanding and foundation in these subjects is necessary to grasp the advanced concepts that are taught in an MFE program. as well as other tools that you acquire in your year of study. but beyond this their similarities end. The broader nature of the Masters in Finance program is ideal for those looking for a more holistic understanding of finance without the specialization or advanced mathematic requirements of an MFE. computer science. but choosing not to pursue an MBA either by choice or because they are not qualified.com ..which Master’s degree is right for You? Financial Engineering vs. MFE graduates are recruited for their analytic and quantitative abilities and find positions in roles such as risk management at a large bank. the MSF is more in line with what is taught in a CFA program. etc. and statistical models. Those going into MSF programs tend to have more of a finance or economics background (although many continued on page 20 Students who have an undergraduate degree with a quantitative and numerical discipline such as engineering. Both of these degree programs take approximately the same time to complete. risk management.

but those who have it is important to mention that employers continue to relevant experience can come in MSF programs. “ finance department professionals have at a Fortune 500 taken notice. while certain careers are areas. spectrum of finance. This global individuals with an opportunity MFE share in an increasing and less quantitative approach to advance their career with a popularity among applicants. This provides those and coursework. Many programs place has a monopoly among Another thing to note is that students in their surrounding graduate business students. MsF programs.com. As firm. He previously worked for The Bank of New York and HSBC and is currently working in fixed income. As that interests them. continue to mature and analysts. supreme as the untouched. to a larger extent take notice.which Master’s degree is right for You? continued from page 19 engineering students and math considering graduate degrees would like to work when you undergraduates pursue MSF outside of an MBA (investment graduate and research schools degrees). . than the MFE. as well as in New York structured and rigid when City. are regional in nature. a site dedicated to the Master of Finance degree. interested in finance “. much-needed from investment competition has Many programs place students banking analysts at been injected in their surrounding areas. Some than the MFe. of for liberal arts graduates to many firms equate an MSF enter MSF programs and use the (or MFE for that matter) with While different in both career degree as a way to break into an MBA. located in that geographic area. .com . allows for more flexibility degree that is half as costly as and a growing number of when it comes to admissions an MBA while at the same time schools that offer the degree. 20 QUANTNET | 2012-2013 GUIDE | quantnet. Graduates the degree programs typically start their careers as When discussing placements. It is also not unheard banking being the primary one). placements sole graduate degree for and career paths those working or tend to be broader. So consider where you Anthony DeAngelis is a 2010 graduate of the Villanova Master in Finance program and owner of MSFHQ. more people will as an associate also. For as well as a more academically focusing their studies on a field too long the MBA has reigned diversified student body. . a result of this. so consider where you to working in the students and would like to work. to a larger extent spanning the and business. the MSF and a business career. are regional in realize that the MBA no longer nature. as well as in bulge bracket banks into the mix and new York City. .


you won’t have the information you need to make a decision. computers.000. statistics.how to Pick an MFe Program By Aaron Brown rom Amsterdam to Zurich you can attend financial engineering masters programs in all the financial centers in the world. just pure courses in math.000 to $80. d Exclusive emphasis on lecture and multiple choice or numerical answer exams. enviable starting salaries and top placement statistics. and financial mathematics. Emanuel Derman. easier to get into. Philipp Schönbucher. You can be taught by some of the great names in academic quantitative finance—such as Carol Alexander. d Instructors with no publications or experience in quantitative finance. plus basic finance courses. d Dated content. Robert Jarrow. John Hull. continued on page 23 QUANTNET | 2012-2013 GUIDE | quantnet. d Enrollment fluctuates with demand for financial quants. or Stillwater. and other quantitative fields. Potchefstroom. You can pay $20. more convenient. Anyway. If you don’t do the due diligence to eliminate the bad programs. There are also programs as prestigious as the top financial engineering masters programs that offer similar master’s degrees such as computational finance. Some clues that a program is bad are: d Few students have financial experience or successful career experience. There are financial engineering programs with stellar international reputations. I’m not shy. Coimbra. and Steven Shreve (leaving out many just as distinguished)—or by professors who may be as competent. Then there are bad programs. Mark Rubinstein. attend part-time. or that offer special features that interest you. but you can also opt for less famous programs that may be cheaper. it’s something you should find out for yourself. and no doubt more or less.com . There are lesser-known programs associated with great schools. and deliver in return lectures from people who have nothing better to do. A bad program is a cynical attempt to get tuition dollars from students who are good at math and desperate for jobs. I won’t name them. There really are. Marco Avellaneda. in some cases. d Few courses that truly combine math and finance. and spend one to two years or. d No distinguishing approach. just a bunch of standard courses. Darrell Duffie. with 22 graduates placed highly in most global financial institutions. or places off the financial beaten path such as Bethlehem. but whose names will not resonate with as many potential employers. and top programs associated with less well-known schools. but I don’t want to taint their graduates. mathematics in finance. and some of them are at schools with good reputations.

more expensive. placement statistics. especially those who are willing and able to relocate anywhere in the U.how to Pick an MFe Program continued from page 22 Beyond these signs. There are times to overrule it. those are powerful tailwinds to a career. and top alumni networks. The best ones also have unique approaches. you may be able to tell by the people you meet. even if it is less convenient. believe it or not. the best ones also have unique approaches. at any level from firsttier to third-tier. Top programs have top faculty. I’m talking about the actual mathematics used in classrooms. But for many students. That’s not universal advice. discussions. or one obviously superior choice. strong reasons if you do. and cases. Do the administrators. rankings by independent parties. but that’s quite different from being able to use calculus or other mathematics in a classroom setting (not to mention a realworld setting). The other factors like faculty reputation and experience. and less suited to your particular situation. but why make things harder than necessary? For some students. But make sure you advantage. they find there is only one acceptable alternative. Lots of people succeed without them. The next thing I would look at is the level of mathematics required. financial engineering programs in which a professor cannot work a simple calculus example and be confident that the class is following.. Everyone passes a calculus exam of course. There are.S. and students strike you as a group of successful people working together to create an have clear.“ deeply to find this out.” exciting future? Or do they seem to be unsuccessful people trying to use each other for personal benefit? Once you eliminate the bad programs. along with the brand name advantage. the next question is whether to try for a top program or select a lower-ranked one that may have other advantages. top students. top students. I think you will usually do best to choose the program with the highest level of mathematics that you can handle—and if that level is below calculus you should find another field. those are powerful tailwinds to a career. Along with the brand name quality. faculty. and top alumni networks.com . that is the end of the process. not the course or exam requirements. You have to dig “top programs have top faculty. Once they eliminate the bad programs. and continued on page 24 23 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. My general advice is to go for the highest-ranked program that will accept you. there are going to be several suitable programs of roughly equal reputation and “i think you will usually do best to choose the program with the highest level of mathematics that you can handle— and if that level is below calculus you should find another field.

find another field). I look forward to the benefits your financial innovations will bring to the world. you will have to make much harder choices with less information at higher stakes if you want to use it. He holds degrees in Applied Mathematics from Harvard and Finance and Statistics from the University of Chicago. head of mortgage securities and risk manager for institutions including Citigroup and Morgan Stanley. 2006. you will have to make much harder choices with less information at higher stakes if you want to use it. congratulations. Cambridge University Press. If everything above is not sufficient to make a choice. Aaron Brown is risk manager at AQR Capital Management and the current Global Association of Risk Professionals Risk Manager of the Year. 2012). If you can make a choice. portfolio manager. making my eventual retirement secure and happy. 24 QUANTNET | 2012-2013 GUIDE | quantnet. If you are accepted by two programs of the same overall quality and mathematics level.” admission metrics I lump together as general quality. He is the author of Red-Blooded Risk (Wiley. In his 31 year Wall Street career he has been a trader.how to Pick an MFe Program continued from page 23 “if everything above is not sufficient to make a choice. consider whether you are sufficiently decisive for financial engineering.com . consider whether you are sufficiently decisive for financial engineering. after you get the degree. After you get the degree. They are too highly correlated to make decisions by weighting one versus another. selected one of the 10 best books of 2006 by Business Week) and A World of Chance (with Reuven and Gabrielle Brenner. He also served a stint as a finance professor and was one of the top professional poker players in the world during the 1970s and 80s. 2008). and I wish you the best. The Poker Face of Wall Street (Wiley. I think your choice is likely to come down to idiosyncratic personal factors rather than any systematic advice I can give you. you’re overfitting if you try (if you don’t know what that means.

MA Carnegie Mellon University Pittsburgh. where you can find additional information on the admission process and deadlines. and program length. Hofstra University Hempstead. D. PA Columbia University New York.internationaL List education Programs in Financial engineering and Quantitative Finance This list comprises an international list of programs in Financial Engineering and Quantitative Finance.com . part-time. MA New York University New York. NY Johns Hopkins University Washington. D. the list details the programs offered. Each university’s name links directly to the program website. faculty. whether each is full-time. NY Financial Engineering (FT/PT) Mathematical Finance (FT/PT) Computational Finance (FT/PT) Financial Engineering (FT) Mathematics of Finance (FT/PT) Financial Engineering (FT) Quantitative Finance (FT/PT) Finance (FT/PT) Quantitative Finance (FT/PT) Financial Mathematics (FT/PT) Finance (FT) Mathematics in Finance (FT/PT) Financial Engineering (FT/PT) Master Master. and the location. NY George Washington University Washington. NY Cornell University Ithaca.C. or both. PhD Master. pricing. the degrees offered. PhD Master Master Master Master Master Master Master Master Master Master continued on page 26 25 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. NY Columbia University New York. Organized by geographic region. NY Fordham University New York. Massachusetts Institute of Technology Cambridge. NY Boston University Boston. northeast Baruch College New York. NY NYU-Poly University Brooklyn.C. contact information.

NJ Rutgers University Newark. NY Finance (FT) Financial Engineering and Risk Analytics (FT) Mathematical Finance (FT/PT) Quantitative Finance (FT/PT) Financial Statistics & Risk Management (FT/PT) Financial Engineering (FT/PT) Applied Mathematics. PhD continued on page 27 26 QUANTNET | 2012-2013 GUIDE | quantnet. NJ Rensselaer Polytechnic Institute Troy. NY Rutgers University Piscataway. NJ Stevens Institute of Technology Hoboken.com .education Programs in Financial engineering and Quantitative Finance continued from page 25 northeast continued Princeton University Princeton. Quantitative Finance Track (FT) Master Master Master Master Master Master Master. NJ Stony Brook University Stony Brook. NJ Rutgers University Piscataway.

FL Bachelor Master. IL University of Cincinnati Cincinnati. PhD continued on page 28 27 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. IL Purdue University West Lafayette. MN University of Notre Dame Notre Dame. OH University of Dayton Westerville.com . IN Bachelor Master Master Master. KY Florida State University Tallahassee. IL Illinois Institute of Technology Chicago. NY University of Connecticut Storrs. MI University of Minnesota Minneapolis. IN DePaul University Chicago.education Programs in Financial engineering and Quantitative Finance continued from page 26 northeast continued Temple University Philadelphia. IL University of Michigan Ann Arbor. OH University of Illinois at UrbanaChampaign Urbana. PhD Master Master Master Master Master Master Master south Asbury College Wilmore. IN University of Chicago Chicago. CT Worcester Polytechnic Institute Worcester. MA Financial Engineering (FT/PT) Finance with Financial Engineering track (FT) Applied Financial Mathematics (FT) Financial Mathematics (FT/PT) Financial Mathematics (FT) Computational Finance (FT/PT) Mathematical Finance (FT/PT) Computational Finance (FT) Financial Mathematics (FT/PT) Financial Mathematics (FT/PT) Financial Mathematics (FT/PT) Financial Engineering (FT/PT) Financial Engineering (FT) Financial Mathematics (FT/PT) Computational Finance (FT) Financial Mathematics (FT/PT) Financial Mathematics (FT/PT) Master Master Master Master Midwest Ball State University Muncie. PA University at Buffalo Buffalo.

Certificate Canada HEC Montreal Montreal McMaster University Hamilton. GA Georgia State University Atlanta. WA Master Master Master Master Master Master Master Master. NC UNC Charlotte Charlotte. CA University of California at Berkeley Berkeley. CA Stanford University Stanford. CA University of Washington Seattle. NC Quantitative and Computational Finance (FT/PT) Mathematical Risk Management (FT/PT) Mathematical Finance (FT) Financial Mathematics (FT) Mathematical Finance (FT/PT) Financial Engineering (FT/PT) Financial Mathematics (FT) Financial Engineering (FT) Financial Engineering (FT) Financial Engineering (FT) Mathematical Finance (FT) Financial Engineering (FT) Computational Finance and Risk Management (FT/PT) Financial Engineering (FT/PT) Financial Mathematics (FT) MSc Applied Finance (FT/PT) Master Master Master Master Master west Claremont Graduate University Claremont. HI University of Southern California Los Angeles. LA North Carolina State University Raleigh.education Programs in Financial engineering and Quantitative Finance continued from page 27 south continued Georgia Institute of Technology Atlanta. Ontario Universite du Quebec a Montreal-Ecole Quebec Master Master Master continued on page 29 28 QUANTNET | 2012-2013 GUIDE | quantnet. CA University of Hawaii Honolulu. GA Louisiana State University Baton Rouge. CA University of Southern California Los Angeles. CA University of California at Los Angeles Los Angeles.com .

com . Turkey Dublin City University Dublin. England Bocconi University Milan. Israel Birkbeck University London. England Birkbeck University London. Ontario University of Waterloo Waterloo Financial Engineering (FT/PT) Mathematical Finance (FT) Quantitative Finance (FT) Quantitative Finance (FT) Financial Mathematics (FT) Financial Engineering (FT/PT) Mathematical Finance (FT) Finance/Finance and Commodities (FT/PT) Quantitative Finance and Risk Management (FT) Financial Engineering Financial and Industrial Mathematics (FT) Financial Engineering (FT) Quantitative Finance and Risk Management Quantitative Finance (FT) Quantitative Finance (FT/PT) Quantitative Finance (PT) Financial Engineering (PT) Master Master Master united kingdoM & euroPe Alcala University Madrid.education Programs in Financial engineering and Quantitative Finance continued from page 28 Canada continued University Laval Quebec University of Toronto Toronto. Ireland Ecole Polytechnique Federale de Lausanne Ecublens. Spain Bar Ilan University Ramat Gan. Italy Bogazici University Istanbul. Germany Master Master Master PhD Master Master Master Master Master Master Master Master Master Master continued on page 30 29 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. England Birkbeck University London. Switzerland EISTI Cergy-Pontoise. Switzerland Frankfurt School of Finance and Management Frankfurt. Netherlands ETH Zurich and University of Zurich Zurich. Germany HECTOR School of Engineering & Management Karlsruhe. France Erasmus Universiteit Rotterdam Rotterdam.

Spain University College London London. England Risk Management and Financial Engineering (FT) Financial Engineering (FT) Financial Mathematics (FT) Financial Engineering (FT) Financial Engineering (FT) Quantitative Asset and Risk Management Quantitative Finance and Actuarial Sciences (FT) Stock Markets and Financial Derivatives (FT) Financial Mathematics (FT) Mathematical Finance (FT/PT) Finance with Financial Engineering Specialization (FT) Financial Mathematics (FT) Quantitative Finance (FT) Mathematical Finance (FT/PT) Financial Mathematics and Computation (FT/PT) Master Master Master Master Master Master Master Master Master Master MPhil Master Master Master Master continued on page 31 30 QUANTNET | 2012-2013 GUIDE | quantnet. England University of Edinburgh Edinburgh. England Mälardalen University Eskilstuna.com . Netherlands Universidad Nacional de Educación a Distancia Madrid. England International University of Monaco Monte Carlo. Iceland The Karol Adamiecki Academy of Economics Katowice. Sweden Reykjavik University Reykjavik. Germany University of Leicester Leicester. Poland Tilburg University Tilburg. Scotland University of Glasgow Glasgow. England University of Birmingham Birmingham. Scottland University of Konstanz Constance. Monaco London School of Economics and Political Science London.education Programs in Financial engineering and Quantitative Finance continued from page 29 uk & euroPe continued Imperial College of London London. England University of Cambridge Cambridge.

education Programs in Financial engineering and Quantitative Finance continued from page 30 uk & euroPe continued University of Reading Reading. Hong Kong Hong Kong University of Science and Technology Kowloon.com . Austria  Financial Engineering (FT/PT) Financial Mathematics (FT) Mathematical Finance (FT/PT) Financial Engineering (FT) Mathematics of Finance (FT) Quantitative Finance (FT) Financial Engineering (FT/PT) Financial Mathematics and Statistics (FT/PT) Financial Engineering (FT/PT) Quantitative Finance (FT/PT) Financial Engineering (FT/PT) Quantitative Finance (FT) Finance with Financial Engineering Track and Risk Management Track (FT/PT) Applied Finance (FT/PT) Financial Mathematics (FT) Financial Mathematics (FT/PT) Quantitative Finance (PT) Master Master Master Master Master. England University of York York. PhD Master PaCiFiC riM City University of Hong Kong Kowloon. England University of York York. Australia University of Technology Sydney Sydney. England Wits University Johannesburg. England University of Warwick Coventry. Australia Master Master Master Master Master Master Master Master Master Master Master 31 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. South Africa WU Vienna University Vienna. Sri Lanka University of New South Wales Sydney. Hong Kong Nanyang Technological University Singapore National University of Singapore Singapore National University of Singapore Singapore Singapore Management University Singapore The University of Hong Kong Hong Kong The University of Melbourne Melbourne. Australia University of Colombo Colombo.

CA University of California Berkeley Berkeley. View the ranking and methodology online.com continued on page 33 .2011 Quantnet ranking Master of Financial engineering Programs The 2011 QuantNet survey is a comprehensive ranking of master programs in Financial Engineering (MFE) and Mathematical Finance in North America.315 (resident) 2 years 1 year 1.052 (resident) $44. NJ Columbia University New York. FE concentration (FT) Master of Finance (FT) Financial Engineering (FT) Mathematical Finance (FT/PT) Financial Mathematics (FT/PT) $53.950 $38. NY Stanford University Stanford.614 $61.500 1 year $49.5 years 1 year $51.800 1 year 1 year 1 year 1. NY New York University New York. CA Columbia University New York.040 $21. City University of New York New York.752 $32.800 LENGTH 1 2 3 4 5 6 6 8 9 10 10 12 12 1.5 years 1.992 $49. QuantNet surveyed program administrators and hiring managers to determine the results. RANK UNIVERSITY Carnegie Mellon University Pittsburgh.240 $52. IL PROGRAM Computational Finance (FT/PT) Master in Finance (FT) Financial Engineering (FT) Mathematics in Finance (FT/PT) Financial Engineering (FT/PT) TUITION $73. NJ University of Chicago Chicago. MA University of California.400 $54.892 1.5 years Financial Mathematics (FT) Financial Engineering (FT) Mathematics of Finance (FT/PT) MEng. NY Baruch College.5 years 1 year 32 QUANTNET | 2012-2013 GUIDE | quantnet. PA Princeton University Princeton.648 $29.5 years $77. Los Angeles Los Angeles. NY Massachusetts Institute of Technology Cambridge. NY Cornell University Ithaca.987 $73. CA Rutgers University New Brunswick.

000 $61.313 $15.769 (resident) $58. NC Claremont Graduate University Claremont. IL Kent State University Kent.5 years 1 year 1. OH * Discontinued in 2012 PROGRAM Quantitative and Computational Finance (FT/PT) Mathematical Finance (FT) Financial Engineering (FT) Mathematical Finance (FT/PT) Financial Engineering (FT/PT) Financial Mathematics (FT/PT) Financial Engineering (FT/PT) Mathematical Finance (FT/PT) Financial Engineering* (FT) TUITION $50.971 $43.070 $21.com .5 years 1. Canada University of Michigan Ann Arbor.888 LENGTH 14 14 16 17 17 19 20 21 22 1.5 years $49.561 (resident) CAD 40.u. Master of Financial engineering Programs continued from page 32 RANK UNIVERSITY Georgia Institute of Technology Atlanta.552 (resident) 1 year 33 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet.668 (resident) $75.s.5 years 1.446 $39.764 $15. MI Boston University Boston. CA Illinois Institute of Technology Chicago. GA University of Toronto Toronto. MA NYU-Poly Brooklyn.002 $32.104 2 years $32. NY North Carolina State University Raleigh.5 years 2 years 1.


agrees that the reputation of Imperial College’s MSc in risk management and financial engineering is helped by the fact that Imperial College is consistently ranked in the top 10 universities in the world. continued on page 36 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. according to academics in the UK. New job opportunities popped up and. It’s 35 just that economics is already becoming a much bigger focus in the finance world. says: “There’s definitely less demand for people with derivatives pricing skills now given all the losses and downsizing in these markets. who is a visiting Professor of Finance for the Centre for Economic and Financial Studies in the Department of Economics at Glasgow University. one question for those people thinking of pursuing a career in quantitative finance is where and why should they go for a masters in financial engineering (MFE). “MFE programs are definitely differentiated by the reputations of their respective universities.” he adds.Sc. In London. believes the impact on MFE programs is yet to come. as well as an invited lecturer for the M.” Crosby. “Imperial’s MSc in risk management and financial engineering prepares students for a wide range of quant jobs— whether it is risk management. It’s about seeing the bigger picture and understanding economic risks. a professor of economics at Imperial College London and a senior quantitative analyst at UBS in London. this was hugely due to a boom in asset securitization and credit derivatives activity. an increasing amount of applicants to master’s in financial engineering (MFE) showed how inherent quants were becoming to the financial services industry.com . a quantitative analyst at Grizzly Bear Capital in London. James Sefton. Mathematical Finance course in the Mathematical Institute at Oxford University.Quant’s next top Model By Rachael Horsewood As repercussions from the crisis continue to reshape the world of financial services. He says interest in top-ranked MFE programs might become stronger while the bottom-half find it more difficult to attract as many applicants. This more than anything else will be shaping quant roles moving forward. “There are hundreds of MFE programs around the world now and considering what has happened since the crisis it will be difficult to see how some of them don’t struggle moving forward.” he asserts. It’s not that maths are no longer important. Banks and other financial institutions will consider it more important than a PhD in maths or physics. But like all fields in this industry the quant one is not exactly what it used to be. John Crosby. —Rachael Horsewood compares notes from London he quant scene on both sides of the Atlantic flourished in the 10 years leading up to the credit crisis of 2008.

” Dempster notes. he explains.Quant’s next top Model continued from page 35 developing pricing models.” Sefton adds. and co-head of a bit more compared to other BlackRock risk and quantitative programs in the UK. which is major focus. The strong technical skills. University of Cambridge Bank of China and the Industrial and Commercial in pricing models. economics. managers earmarked for top and database management. says: grad degree that specializes in “If I were to speak before a “We have a great mix of practical financial engineering. who is a founder of not knowing a thing about a they are interviewing and giving the University of Cambridge’s continued on page 37 36 QUANTNET | 2012-2013 GUIDE | quantnet. agrees that economics has become more of a lure for people Centre for Financial Research. this is why economics has become a more major focus. It has a group of new graduates today and theoretical teaching styles— broad range of disciplines and I would say that they need for example. Most did not understand the parameters for up a system for these products. and a industry. I’m not the only is not purely quantitative. He says the Bank of China. focus with other subjects such leading people to try to model mainly by training middle as computer programming macroeconomic effects more.” “Financial quants have to management. It the Judge Business School. Michael Dempster. a professor of finance and management science emeritus at the University of Cambridge. Most did not employers think financial engineering.com . not just from when you could have a PhD in students for the job market. high frequency finance and algorithmic trading.” says quantum gravity and come in can give them an edge when Dempster. not only the UK and Europe. whereas considering MFEs. September). keen interest in the financial up of a lot different experiences and lectures are provided markets. He adds that applicants to Cambridge’s MPhil in Finance (one of the first MFEs established in the UK) still come from all over the world. Our faculty is made subjects such as. or quantitative investment. We have those pursuing quantitative prevalence of systemic risks provided executive education investment might broaden their in recent years is no doubt for other Chinese banks too.” the Agricultural Michael Dempster. Imperial’s the demise of the derivatives But what do MSc in risk management and business. strong professor who also works in the curriculum incorporates other communications skills. “We also have built strong ties in “Financial quants have to take some responsibility for the demise of China. Like most MFE take some responsibility for programs in the UK. That might seem and areas of expertise. This by professors from other obvious but there was a time breadth can help prepare the departments too. “Our MPhil in Finance is a postanalysis group in London. Professor of Finance and Management Science Emeritus. The maths is obviously more intense for those interested presentations. having set the derivatives business. which is the area that I work in at UBS.” he explains. lasts understand the parameters about MFEs? for one year (beginning in for these products. This is why Ed Fishwick. It takes about 100 economics has become a more managing director students each year.

seminars. and meetings for financial engineers. You need to understand the markets and the people who work in them and that is the case no matter where you are based or what speciality you enter into. maths. Pricing models is the basic. You need to bring more to the table now.Quant’s next top Model continued from page 36 market but yet still get hired as a quant. or science. We work more and more with many different types of systems. Their interaction is not a one-way exchange. You need to understand the data you work with. engineering. you cannot go without them. each event lists the date and location. They were hired because they have passion about what they do.” Fishwick replies.” he explains. They were hired because they could prove what they know. as well as the practical assumptions and risks involved. statistics. along with a link to its complete information so you can see what’s going on in your area and across the industry. The one skill we look for regardless of their educational achievements is communications. Loic Fery.” “Quants need to have a very good level of IT knowledge. Market data plays an important role. founder and chief executive of Chenavari Financial Group in London. “We definitely require quantitative knowledge. Quants need to have a better understanding of the market too.com . and you must be able to understand how they work—how to fix and improve them. 37 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. as both risk managers and portfolio managers bring their experience and comprehension to the table. You need to continued on page 38 did You know? Quantnet’s events page lists upcoming conferences. workshops. sign up or log in to create an event on Quantnet. You cannot rely on any data and must extract relevant samples of data. I look out my office window right now and see an array of educational backgrounds. adds: “We like our quants to have a good understanding of business. but it can come from a degree in various subjects whether it’s economics. Quants are not only here to support but also to suggest and create.

important if the student has a really apply to the German job good level in programming and market. Most of Loic Fery. you rarely would have studied and had time to acquire a mathematical and financial background. An MFE is to work experience does not Dempster. who cannot answer basic maths with an overlap to a degree The insurance industry has questions (for example. a professor of mathematical finance at the University of Kiel in Germany. that it is free. become a lot more like banking. important. Jan Kallsen. the attractiveness of MFE programs varies across Europe considering all of the language and cultural differences. even mathematics in the sense it those in Europe have to adopt though their CV says that they is for people who know that similar risk management are good at it. define the or ambition. especially in Europe given the euro crisis. I write a lot of references. tuition even though the course program is similar to very expensive international ones. who they would like to specialize in principles under Solvency II. one of the biggest questions for MFE candidates is job placement. Thus. correlation) or simple it questions (what is oriented object I recommend them in that sort language). Desire is equally of financial institutions.. We have interviewed “Some of our courses are money managers. Another which comes into effect next entrepreneurship from the HEC attraction of our program is year. 38 QUANTNET | 2012-2013 GUIDE | quantnet. Our relationship with them is personal and long-standing.” of way. not a bachelor’s degree. We mainly look at people who have studied at French engineering schools— Grandes Ecoles. The science background is nearly compulsory.” says Fery.” he explains. which means ‘great schools’ in French—or someone with a bachelor in Indeed.com . We do not charge continued on page 39 Indeed. and definitely more either maths or science and a comparing a master’s degree executive or front-office. the finance one not always. Most actuaries today are School of Management in Paris. “Many of our MPhil grads go on to do their PhDs. the variance. define in ‘quantitative economics’). says most of his students come from Germany and go onto work for German or Swiss firms. has an MsC in finance and financial mathematics. Founder and Chief Executive of Chenavari Financial Group in London the jobs they get are risk-related. “At a bachelor level. those companies.Quant’s next top Model continued from page 37 be able to understand them perfectly. even though their Cv says that they are good at it. “These grads go to all types maths. but often a contact in the City or on Wall Street will call and ask whether I see a student with “we have interviewed many students and professionals who a certain skillset cannot answer basic maths questions (for example.” adds Kallsen. and variance.” says master of finance.e. technology many students and professionals taught in English (i. “Most students in Germany leave universities with a master’s degree. and even insurers. correlation) or We think our program is an Insurance companies have to simple IT questions (what is alternative to a master’s in price products and of course oriented object language). no matter what the subject is.” he explains.

The quant industry is but there are always free was a fringe activity and quants global.S. Most really helpful not just for job explains why quants remain end up in London or the U. is one of the change. and data management are all and many of the useful subjects but it is a very competitive job market and being able processes. “The “That said. especially if the applicant and have an idea of why your changed much in recent years. products.” he adds. quantitative finance the world. Professor of Economics. “It is now are risk-related. There are of risk management. The annual ICBI whole industry. It’s all here to stay. power and data are not going data management are all away. economics. Most cost money years ago. and world. “When I of financial quant jobs are. I haven’t seen any problems with the many foreign people who I know and have worked with. they are develop views of their own and conference. opportunities but also for one of the most integral parts because that is where the bulk exchanging ideas. While usually not a problem in the the approach in more detail the nature of the job has not UK.” and functioning of financial markets James Sefton. computer “Computing.” he explains. studied there. won’t have a problem sorting it out for you. Now quants are everywhere “Computing. and analysis.Quant’s next top Model continued from page 38 Human resources sources at banks say that most of the Sefton says: “A lot of our grads He also emphasises the job prospects in London right get work at hedge funds and benefit of networking. are no longer willing to trust the how important it is to strike strategy almost unconditionally. “In most cases. This is Sefton also says it has become associations and university now a very important part of the more important for students to alumni groups. which was held in intrinsic and that is not going to to show that they are genuinely Barcelona this year.” Sefton adds. Risk there is more competition for if a firm really wants you they control is obviously more vital continued on page 40 not that different from financial quants since they essentially have to use a lot of the same techniques that bankers do. competitive job market and requires a lot more dedication being able to show your passion than it did before the crisis.” he adds. In fact. but a lot of events worth going to entered into this industry 28 we have seen them go all over in London. biggest quant gatherings in the changes in technology. All of the fundamental interested in this industry. Crosby says work visas are They want to understand experience.” he explains. a balance between judgment. 39 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet.com . the crisis and for it is what’s really going to glory days are over and investors events since have shown us help you. economics. Imperial College London involve the use of quantitative techniques. than ever before so quant investors are focusing a lot on this now too.” he useful subjects but it is a very Sefton says quant investment says. approach is innovative. Fishwick other money managers.” opportunities through trade themselves were a tiny minority of the financial services world. to show your passion for it is what’s really going to help you.

Quant’s next top Model continued from page 39

fewer roles. The financial crisis reduced demand in the job market as a whole,” Fishwick adds. Overall the job picture for quants, at least in London, is still quite institution-specific. For example, sources say that smaller institutions are less likely to have distinct front and middle-office roles; instead quants are more likely to work across different areas. “For the desk quant, which in my view probably represents 95%

of quants (the other 5% being research quants), you must understand the needs of the business and provide adequate solutions for them. These quants work on measure whether it is measuring the current risk of the book or the potential risk to add. This requires a good background in maths, financial maths, IT, as well as a good comprehension of the financial market. The maths, financial maths, and IT skills are mainly acquired at university. As for understanding

the business, you learn it on the desk with the people already working in the business. This is true for most jobs in finance,” explains Fery. “To sum it up, what matters is not your degree, but your knowledge. The degree gets you the interview because it means you have the basics in the fields we are interested in. But you must be able to prove that you master what you studied and experienced,” Fery concludes.

researching MFe Programs?
the Quantnet wiki is a robust resource for prospective students interested in master’s programs in financial engineering and quantitative finance. each program’s wiki page contains information and additional links for: history of the program admission requirements and deadlines Program type, duration, and tuition Course descriptions Faculty and student profiles application statistics Financial aid Career services alumni contact information
40 QUANTNET | 2012-2013 GUIDE | quantnet.com

understanding the Quantitative Finance industry in asia
he practice of quantitative finance used to be the prerogative of global trading hubs such as New York or London. When major investment banks, hedge funds, or proprietary trading firms were expanding to Asia, they tended to send senior executives from New York or London to selected Asian cities to head quant teams, and staff the team with local junior hires —traditionally smart graduates fresh from college. The quant teams in Asia would look to deploy mathematical models developed and implemented in the U.S. or Europe to the Asian market. In other words, the Western world was the center of innovation in quantitative finance and finance in general, while Asia was passively adopting the products and models developed in the West. However, the situation has changed drastically. The past decade has seen the global

By Chyng Wen Tee and Christopher Ting

focus shifting toward the East, with the Asian market rapidly gaining liquidity, complexity, sophistication, and independence. As the market matures and with regional institutional investors playing increasingly dominant roles, financial institutions have adjusted their staffing strategy and are now looking to hire local talents with practical Asian market knowledge, experience, and contacts for the senior roles. Airlifting experts from the West is no longer seen as a viable way to form quant teams—the Asian market needs locally groomed talents with a good understanding of the domestic market and regional economy in order to perform effectively.

Differences Between the U.S. and Europe
So what are the differences between a quant role in the U.S. or Europe vs. Asia? The key distinguishing factor is the breadth of products and currencies coverage. Quant

teams in the U.S. or Europe are highly specialized. These include exotic products teams responsible for highly structured deals, flow teams covering liquid securities and vanilla derivatives, high-frequency quant trading teams covering electronic market making and trading, and short-term interest rate teams covering repo and money market, to name a few. On the contrary, an Asian quant team will need to function independently while covering all the scopes described above. One will need to be able to model exotic deals, and at the same time be capable of dealing with highly liquid flow products such as futures. As an example, an Asian quant might spend a typical working day determining the volga and vanna of a particular exotic deal using a two-factor model in the morning, discussing the wrong way risk and funding implications with the trading desk and corporate treasury in
continued on page 43


QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet.com

QuantNet China is a new addition to QuantNet’s website and was built for and by students and professionals of Chinese descent who are interested in the field of quantitative finance. Its focus is on topics of interest and relevance to the site’s main audience.
Join QuantNet China’s online community and gain the following benefits:

• QuantNet China and QuantNet host local master’s of financial engineering (MFE) networking events where students and professionals meet and mingle. • QuantNet China’s U.S.-based forum offers connections to professionals in the U.S., which benefits overseas Chinese-speaking students wanting to build relationships with potential employers. Meeting informally through QuantNet’s websites and blogs lets potential employers know you before they receive your resume.

• QuantNet China and QuantNet partner with well-known recruiters to help MFE students (Chinese-speaking MFE students for QuantNet China) succeed in quantitative finance. • QuantNet China is run and moderated by U.S.-based professionals, and students who have a track record of success in the field.

An integral part of the main English-language QuantNet website, members can sign in to both the English- and Chinese-language sites using the same account.

GIC and Temasek trading activities in AUD. Solutions are very often Master of Financial Engineering has their own conventions derived from the first principle. formed with challenges of managed In tandem with the growing quants having complementary currencies. the necessary knowledge and contrast. whereas a team in London will ongoing projects is vital for be devoted to EUR and GBP.g.understanding the Quantitative Finance industry in asia continued from page 41 the afternoon.“ team in New York advantage to tackle will be covering the problem more USD and CAD. The ability to Quants will need to liaise continued on page 44 multitask. effectively. The NTU MFE whole is closely interlinked quantitative finance modeling program is offered under her and possesses distinct are not necessarily valid. of currency understanding of the will need to cover at least 12 currencies. where two large sovereign typically have exposure and interrelated. In fact. corporate treasury.. will need to cover at deliverable and non-deliverable. NZD. On effective performance. CNY.. and as the standard assumptions was Nanyang Technological yet the Asian market on the made in conventional University (NTU). In from highly liquid (e. SGD.. IDR. in located in this tiny city state size trading desk in Asia will principle of the same currency. with market development. skills in applying mathematical least 12 currencies. any standardCNH? How are these markets. INR.g.g.com . Each of these currencies quant. JPY or aud) to the less liquid in Asia. formulated? These are the KRW.g. and challenges facing an Asian One of the earliest to launch the TWD. A quant the competitive ones (e.. skill sets and sitting alongside restrictions and government many Asian universities designated teams described regulations. coverage is also domestic economies ranging from highly liquid significantly wider will possess (e. MYR. to keep up-to-date with the legal department. there AUD) to the less liquid ones (e. Master of Quantitative top of these. These give rise to have launched master degree above to cover specific markets. in between onshore and offshore. and how should wealth funds. in contrast The breadth quants with a good [to quants in other parts of the world]. how are these two related to are at least five programs VND). and Singapore. Nanyang Business School. ranging How do we account for onshore models and in computing. regional flavors. the need to distinguish markets programs to equip students with A single Asian quant team. the modeling approach be Holdings. (MFE) program in Singapore and market preferences. vnd). are incorporated. HKD. there are Latin Finance Programs: A Case American and emerging market There are also the added Study of Singapore subdivisions. transaction demand of quants in Asia. Locally trained “a single asian quant team. JPY. JPY or and offshore CNY markets. and trading teams to keep up-to-date with the latest developments in governing policies and adapt their modeling approach accordingly. and to compartmentalize one’s knowledge so that one can switch seamlessly between 43 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. CNH. and preparing the pricing platform and database for a when-issue government bond that will start auctioning the next day in the evening. for example.

is actively grooming a critical mass of specialists in targeted fields such as risk management. and Korea also offer specialized master’s programs in response to the trending demand in Asia for quants. The NTU MFE program includes a seven-week term at Carnegie Mellon University (CMU). In addition.com . continued on page 45 and draws upon the faculty members in the schools of engineering to teach the more mathematically demanding courses and programming. where they study the same five core modules together with their fellow students of Cass. and other countries in the region. especially in the areas of derivatives trading. Malaysia. students are awarded a certificate in Computational Finance from CMU. Besides Singapore. engineering. Indonesia. Mathematics.” sector. It is also worth mentioning that the Monetary Authority of Singapore (MAS). even beyond what the Basel committee has recommended. Simultaneously. MAS holds the policy of Business at the Singapore view that these specialized skills are necessary to support the “one of the reasons that five similar programs are able to co-exist long-term growth in singapore is that many of the students are from overseas: China. Curriculum and coursework are identical to the main Chicago campus. indonesia. Many Asian banks are acutely aware of the importance of risk management. SMU students are awarded a degree scroll jointly endorsed by the two universities. At the National University of Singapore (NUS). Students of this joint three-semester MQF program spend the four-month second semester at Cass Business School. Australia. quantitative finance. India.understanding the Quantitative Finance industry in asia continued from page 43 many of the students are from overseas: China. Malaysia. and actuarial the Lee Kong Chian School science. Upon successful completion of the seven-week term. the Risk Management Institute affiliated to NUS runs a separate MFE program. risk management. of Singapore’s financial services india. the Master of Science in Quantitative Finance (MQF) program is offered by the Department of Mathematics with the cooperation of the Department of Economics and the Department of Statistics & Applied Probability. One of the reasons that five similar programs are able to co-exist in Singapore is that 44 QUANTNET | 2012-2013 GUIDE | quantnet. The University of Chicago’s Singapore campus offers the Master of Science in Financial Management University (SMU) begins to offer the Master of Science in Quantitative Finance jointly with Cass Business School at City University London. The university-level Saw Centre for Quantitative Finance is entrusted with providing the necessary support to manage the program. The simple reason is that there is still ample room for growth in Asia. Upon successful completion of the program. students in Singapore and at the Stamford campus “electronically attend” lectures as they are presented live at the Chicago campus via real-time interactive video conferencing. and other countries in the region. financial Beginning September 2012. Taiwan. and quantitative hedge fund investments. universities in Hong Kong. and they are strategically positioning themselves to adopt the industry best practices. the central bank of the city state.

Hong Kong. derivatives. Christopher Ting is Associate Professor of Quantitative Finance and head of the quantitative finance faculty at Singapore Management University. but you will also be sought after by Asian institutions. Tee spent three years as a quantitative analyst at the exotic interest rate trading desk at Morgan Stanley. and proprietary firms with Asia presence. In addition. and government subsidiaries responsible for regulations and market monitoring. Convince the interviewer that you can multitask by effectively handling an array of projects. which are vigorously building their institutional sales and trading teams to compete locally and globally. you will find employment at sovereign wealth funds. and a PhD from the National University of Singapore. central banks. and another three years as a desk strategist at the macro trading desk at Goldman Sachs. and good communication skills.understanding the Quantitative Finance industry in asia continued from page 44 What Is the Value of a Master Degree in Quantitative Finance? A quantitative finance degree in Asia will not only grant you access to the major investment banks. having a keen interest in the mathematical side of finance is not sufficient. Prior to joining the quantitative finance faculty. Unlike traditional quant roles. He has worked in the industry as a proprietary trader. and government policy and regulation continue to play a crucial role in shaping the market. new products are continually being introduced. asset management groups. So what sort of qualities are Asian employers looking for? Standard quantitative finance training and the quintessential quant traits aside. His research interests include high-frequency market microstructure. 45 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Chyng Wen Tee is Assistant Professor of Quantitative Finance at Singapore Management University. commercial banks. an avid interest in the financial market. sanguine. and he teaches quantitative trading strategies in the Program. and you will get the opportunity to apply your mathematical skills to a breadth of products in one of the most exciting and rewarding markets for decades to come.com . He has a bachelor degree and a master’s degree from the University of Tokyo. London. hedge funds. As the Asian market continues to develop. He has a PhD from the University of Cambridge. employers are also looking for individuals displaying the aptitude to multitask. It continues to evolve and to grow in importance in a vibrant economic environment. and filled with vitality. The Asian market on the whole is upbeat. He is also the academic director of the MSc in the Quantitative Finance Program. that you are up-to-date with the general trend of Asian market development. and that you are an effective communicator and can be relied upon to conduct or support businesses in more than a dozen Asian countries. and statistical arbitrage.

and other subjects such as real variables. Many offers are made to fine applicants from less well-known schools. If you do not have these. in some cases. and other courses that show evidence of interest and ability in mathematics. however. if there are others which are exactly equal to yours but with more and stronger course work in relevant subjects. it is apparent that a capable applicant would have fared better with more careful preparation. or some other quantitative field. an applicant should have a course in calculus (including multi-variable calculus). linear algebra. especially if they give some thought to this well before the application submission. you should be aware that you will stand a much better chance if you take courses (either online or at a local college) to remedy that deficiency.do’s and don’ts of MFe applications By Bill Stanley hen applying to a master’s program. There are things that candidates could do to improve their chances of admission. No matter how strong your application may be. you will have a better chance of admission if you have a depth of knowledge in one quantitative area rather than a superficial knowledge of several areas. because there is flexibility in the process. it is not possible to specify the exact requirements necessary to be accepted. finance. For the most part. Course Work Your undergraduate and graduate course work is shown in your transcripts. An application that is weaker in one area might be accepted because of strengths in other areas. You do not need to have majored in mathematics since many successful applicants have an undergraduate degree in economics. the standard of the applicants is very high. then those will obviously have an advantage in the admissions process. and calculus-based probability. a strong mathematics background is needed. Neither is it necessary to have graduated from a top-rated university. All these are not necessarily requirements of the faculty but rather a practical reflection of the competitive nature of the process.com . Additional courses in programming. The purpose of this article is to help prospective applicants to improve the principal components of their applications. Some helpful courses include ordinary (ODE) and partial differential equations (PDE). physics. engineering. Also. statistics. At the very least. even if they are all relevant to a career in finance. However. This is the minimum but most applicants have more than that. and economics will also help your application. continued on page 48 46 QUANTNET | 2012-2013 GUIDE | quantnet.

QuantNet’s MFE Application Tracker is used by hundreds of MFE applicants every year to evaluate their chance of admission to the top programs. The Tracker tool collects the following information: Grade point average / GRE scores / Application submission date / Interview date / Acceptance/rejection status and date notified / Notes from the applicant (if any) / If accepted. By adding profile data to the Tracker. It now tracks 67 master’s programs in financial engineering and quantitative finance worldwide. the applicant’s decision / . applicants can get a detailed comparison of their applications against others who have applied and been accepted to the same programs.

“[in the statement of Purpose] some applicants lavish praise on the program and the faculty or the university. and the grade you received. d They have observed your outstanding ability and accomplishments. Statement of Purpose The Statement of Purpose should be a simple essay that describes why you came to use a general format for each program. linear algebra. Some applicants lavish praise on the program and the faculty or the university. Engineering Mathematics. Ask a friend who is a native English speaker to proofread the essay. differential equations. this will not hurt nor help your application. probability.do’s and don’ts of MFe applications continued from page 46 Most applicants have very good grades for all their undergraduate coursework. But the hard fact is that you are competing with applicants who have no C grades in any quantitative subject. provide a cover sheet that lists the topics for each course (e.g. it just is a waste of space. mostly A and B. For graduate applicants and others who have been out of school for some time. Although some international students might not yet have perfect command of the English language.“ choose this field and what you hope to do with your master’s degree after completing the program. At least one reference should be from someone who knows you in a highly quantitative context such as your professors in mathematics courses. HELPFUL TIP: Customize your essay for each program that you apply to. make sure your ideas come through. books used. it is continued on page 49 48 QUANTNET | 2012-2013 GUIDE | quantnet. any additional materials covered. An occasional C in a subject not related to mathematical finance such as painting or music will not hurt the application. and you think the program’s faculty might have difficulty understanding what topics the course covered. for example. it just is a waste of space. Similar comments apply to graduate coursework for applicants who have a master’s degree. and make sure you answer the questions specific to each university. your references should be from your undergraduate teachers who demonstrate that: d They really know you well. This will be more helpful to an appraiser than just knowing that you received an A in.). especially in the quantitative subjects. which may not include the detail the reviewer is seeking. etc. d They have worked with you in a relevant subject. Many students References There is no specific requirement for the sources or content of letters of reference. People who know you through projects or advanced classes are better choices than those who know you only through basic courses. because that is what is important. It is not necessary to re-state your course work and grades because these are shown on your transcripts. such as Mathematics III or Computers I. HELPFUL TIP: If you have taken a course with a generic name. and so on. It should be clearly written and have a logical construction. Ideally. This will not hurt nor help your application..com .

relatives. from projects or work experience. So you do not need to have a percentile score of greater than 94% in order to stand a chance. it is more convenient to discuss this topic in terms of the percentile quant score. it will be competing with many others that do demonstrate such skills. Programming Skill You will need some familiarity with computers and programming in order to complete this program. particularly of objectoriented programming. You can use your essay or resume to elaborate on which languages you are familiar with and the kind of projects you have done in these languages. In addition. but you must remember that your application will be compared with others who do have a high score. Clearly. Lack of experience in programming will not exclude an application. However. of programming ability. . Because of this. If your GRE score is low. GRE Quant Score The GRE Quant score is a measure of the quantitative ability of a candidate. At many top programs. no matter how capable you are. you will stand a better chance if you take the GRE a second time and try for a higher score. it is helpful to show evidence.do’s and don’ts of MFe applications continued from page 48 important to have at least one reference from an individual who currently knows you well. neighbors. students need to have quantitative ability if they are to benefit from a master’s program in mathematics. The GRE quant exam has recently changed to a different structure based on a maximum score of 170 presented strongly along other dimensions. Competence in C++ or Java or MATLAB is definitely an advantage. It is expected that many applicants to top programs will score above continued on page 51 49 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. if your gre score is low. take at least one programming course. Most applicants have at least one course in computer science but English Language Many schools have students from non-English speaking “at many top programs. . it’s usual for more than 50% of the applicant pool to score in the 94th percentile or above on the Quant gre. it’s usual for more than 50% of the applicant pool to score in the 94th percentile or above on the Quant GRE. . you will be competing with other international candidates who do have very good English language skills. you will stand a better chance if you take the gre a second time and try for a higher score. but once again. Some applicants don’t bother to mention their technical skills. This will give the reviewer a better idea of your skills. HELPFUL TIP: Be sure to describe your programming background. This is by no means an absolute indicator since candidates with lower scores have been accepted in the past when they have many have more than that.” instead of 800 before.com . once again. you should countries and the faculty understands very well that a student with weak English language capability usually learns quickly after moving to the United States. If your computing skills are weak. or anyone who has not supervised you in a professional capacity. HELPFUL TIP: Your references should not come from friends.

” — COMPLETED AUGUST 2012 This course teaches from the most basic aspect of C++ to the usage of industrial-grade codes. plus useful materials. and QuantNet. Each student is assigned a personal teaching assistant (an alum of the Baruch MFE program). The Baruch MFE Program provides a teaching assistant to each student and grants a Certificate of Completion upon passing the final exam. Fantastic forum and TA. Anyone who wishes to embark on a financial engineering career who has yet to learn the programming skills should definitely come check out this program. I had absolutely great support from my TA. AUDIENCE: This certificate is designed for people interested in pursuing graduate studies in financial engineering and covers essential C++ topics with applications to finance. swaps. TopICs CovEREd: • Basic C/C++ Language and Syntax • Object-Oriented Programming (OOP) in C++ • Inheritance and Polymorphism • Generic Programming in C++ and Standard Template Library (STL) • An Introduction to Boost C++ Libraries • Applications in Computational Finance: Black Scholes pricing and Greeks. The curriculum was designed with many hand-on exercises which will help students to familiarize themselves with the actual code in action. finite difference methods (Euler. programming homework. — COMPLETED AUGUST 2012 For more information about the C++ online certificate. exact methods (BaroneAdesi-Whaley. reading materials. click here. The content was developed by best-selling author Dr. — COMPLETED SEPTEMBER 2012 “It’s a balanced mixture of theoretical approach and practical implementation. — COMPLETED SEPTEMBER 2012 “The course was phenomenal and obviously one-of-a-kind. The learning is no less rigorous than the classroom environment. FOrMAT: The C++ online seminar consists of 10 levels. A lot of material was covered. Daniel Duffy and the course is delivered entirely online by QuantNet. Also the coherency between chapters makes the whole understanding process firmer. swaptions) TesTimonials The course is very comprehensive in its curriculum and provides students with insight into numerous valuable C++ libraries and an introduction into programming for financial applications. Highly recommended.This 16-week C++ Programming for Financial Engineering online seminar is a joint project by the Baruch MFE program.” — COMPLETED SEPTEMBER 2012 It has been a wonderful experience. The support of the TA and other students was invaluable. and a quiz. each with video lectures. Daniel Duffy. lecture videos can be downloaded and use on off-line devices. . bonds. lattice methods. Dr. Crank-Nicolson). A dedicated forum is available for discussing homework problems. Monte Carlo methods. For example. Approximately half of the students who successfully completed the seminar prior to July 2012 are now enrolled in financial engineering graduate programs.

you are at a competitive disadvantage. Resume This should be a clear record of your education and accomplishments. in Operations Research at New York University (NYU). HELPFUL TIP: Use a professional format and standard fonts to make sure that the final document has a professional appearance. It might be worthwhile to improve your English skills and then take the TOEFL a second time to try for a higher score.P. while working for JPMorgan Chase.” 100 on the TOEFL.A. especially if your application is very strong in other areas. Also. the educational and work experience you present should be supported by the transcripts and reference letters.500 applications for the MS program of Mathematics in Finance for NYU’s Courant Institute. join a website such as QuantNet.. experience you present should be supported by the transcripts and reference letters. in mathematics at the University of Oxford in England. however. the educational and work Memberships It is a good idea to participate in a professional organization such as IAFE or SQA. he worked for Citigroup where his role was to document various kinds of derivative securities.S. Although this is not a requirement. I hope that these guidelines help you to ensure that your application does fully reflect your abilities and your accomplishments so that you obtain the highest ranking possible in a very competitive admissions process. he completed an M. however. This will show that you have taken the time to learn something about the industry and understand that this is something that you really want to do.do’s and don’ts of MFe applications continued from page 49 “[Your resume] should be a clear record of your education and accomplishments. Bill Stanley earned his M.com . in New York State. Have your resume reviewed by someone with experience with these tasks.A. the fact is that if your score is less than 100. Bill is also a C. he has appraised more than 1. Later. On moving to the U. 51 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. For the last three years.S.

What is most important to you? How do you weigh the pros and cons of each school? What are you seeking from the career services staff? Do you expect networking opportunities from a well-connected alumni network? You should expect the process to be a helpful back-and-forth between you and the school(s) into which you’re seeking admittance. Those students who prepared in advance have the advantage of conveying a clear and compelling idea of what is motivating their application .com . the most challenging aspect of the admission process is the personal due diligence prospective students must conduct. linear algebra. Academically. there is no singular formula for gaining admittance into the university of your choice. so you should consider taking any prerequisite course(s) that continued on page 53 The Balancing Act The admissions process is holistic. Check with each individual program to determine the requirements set forth. financial engineering programs are seeking candidates with strong quantitative backgrounds who have shown strong performance in a depth of mathematics courses including calculus. .graduate schools want thoughtful. a strong foundation is the key to academic success. Congratulations! Whether you are seeking to switch careers or advance within the financial services industry. Often. the skills you will acquire are vital to mastering the strategic and analytical demands of the industry. differential equations. Ultimately. However. and interviewing at graduate schools does not need to be a daunting task. and a calculus-based probability course. but often are looking for candidates to have some introductory programming experience. applying to. . it doesn’t mean that you are out of consideration. well-rounded students By Gwen Stanczak The decision to pursue a degree in financial engineering is an important step in advancing your career. If you are lacking a prerequisite course for your program of study. Ask yourself the important questions regarding your priorities and expectations. which is not only important for admission counselors but a worthy exercise for students themselves! The process of researching. admissions staff is seeking candidates with the potential for success academically as well as professionally. the 52 QUANTNET | 2012-2013 GUIDE | quantnet. Just as there is no “one best” school. Applying to graduate school is a big decision—as well as a significant investment of time and resources—and the emotional and rational aspects can influence candidates’ applications and interviews. Many quantitative finance programs have differing degrees of programming requirements.

any manager and executive will tell you that the less fall into the trap of quantitative skills—communication. and they may also spot the errant typo! continued on page 54 The Essay: Clarity Is Worth a Thousand Words (or Less) 53 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Take those strong quant It’s not surprising that many skills and use them for your financial engineering candidates own benefit by assessing the From a career perspective. If they guess correctly. Finally. I always advise candidates to pass along essays to friends and family and ask them to guess what question preceded the essay question. its mission and distinctions or informational interviews with . Don’t “. As admissions counselors. you’ve done a terrific job of providing a clear. Admissions counselors and recruiters alike expect that financial engineering graduates have the ability to communicate effectively both orally and in writing in English. presentation. . any manager and executive will tell you that the less quantitative skills— communication. No two are alike. thinking one essay and interpersonal skills—are also important indicators of success. and they ultimately lose sight of the question the program is truly seeking to answer. and schools are no different. many are very different. . Stay abreast of Be sure to answer the question goals. concise. take the time to understand the Proofread! There is no excuse for typos and obvious grammar errors. After all. . right? Wrong. and. read between the lines. GRE understand each program’s required. and you’ll strengthen your career goals and trajectory. presentation. Employers expect strong verbal skills.” will meet the needs of all applications. Often candidates will try to be wordy and elaborate in the essay. team leadership. while are less than enthused about having relevant experience tackling the essay accompanying differences among programs.com . direct response . in fact. among companies. taking steps to understand the your aspirations in a way that show the admission counselor field of quantitative finance. Take time to read and talk with others in the industry. Evaluate your career goals. Be clear. It is your responsibility to is preferred. current market trends as well as you’re being asked. . Within your essay. it’s not always their application. outside quant. and direct and avoid any misinterpretation. Also. team leadership. . There’s no we are trained to spot pat changes occurring within and need to infer and unnecessarily answers that appear to be “one size fits all” essays. including students and alumni of the programs to which you are applying so that you can present a clear career plan. helps admissions counselors that you understand the For some it might be the daily familiarize themselves with you program and are familiar with reading of The Wall Street Journal . well-rounded students continued from page 52 programs. . differences best support your switching careers should start It’s important that you convey career goals.Looking for thoughtful. Those lacking and GMAT scores speak for your unique differences and which experience or those who are qualifications. you are missing in advance of applying in order to strengthen your candidacy. and how it aligns with your those in the field. and interpersonal skills—are also important indicators of success. . Use your computer’s spell check function and be sure to proofread your essays. .

com . Be sure to write an essay that is honest and don’t second-guess yourself. The tips below will assist in avoiding some common application mistakes: d Treat the admissions interview as if it were a job interview. Just as there is no one “typical” financial engineering program.Looking for thoughtful. not a monologue (featuring only your comments). continued on page 55 54 QUANTNET | 2012-2013 GUIDE | quantnet. Allow your personality to come through. your interests. Programs are seeking authenticity— admissions counselors want to know who you are . Allow the meeting to proceed as a dialogue (with two people). and expectations. not who you think you are. even a bit early. it’s easy to assume that admissions reps understand what’s on your mind. well-rounded students continued from page 53 Don’t fall prey to the temptation of presenting yourself as something you’re not. The level of professionalism you lend to gaining admittance into graduate school is no less than the standard you would lend to a new job. Be sure to arrive on time. and tell the story of who you are. not so! There are many thousands of applicants each year. and goals within the field of quantitative finance. But. . Dress appropriately in business attire. backgrounds. men and women who have varying motivations. there is no one “average” student. . Making the Most of the Application Process There are a few aspects of the application process in which candidates make common errors. Because you’ve been thinking about grad school for quite some time.

advantageous to you to send along a letter signed by a CEO who only shares general information that lacks specificity and detail. The admissions process is an ideal opportunity for self-reflection. d Take the time to talk with your recommender in advance of applying to assure that he or she understands the program(s) to which you are applying and your goals associated with a financial engineering degree. take the time to prepare that is commensurate with the effort you will ultimately put forth in grad school. should ask to write a letter of recommendation. Gwen holds a dual BA in Psychology and Spanish from Kutztown University of Pennsylvania and a Master in Public Management from Carnegie Mellon. and highlighted by examples of your analytical skills as well as your potential for career success.com . so be sure to ask questions of the interviewer as well. so make a list of questions that were not obvious from your secondary research. so invest in yourself and enjoy the return on investment. School websites may not have 100% of the information you are seeking. Rather than say. admissions officers are genuinely seeking to understand your goals and interests in the field of quantitative finance . there is a lot to be learned via the questions that are asked. thoughtful. It is not.” share your knowledge of the industry and how the school in which you are interviewing will advance your career objectives. d Often. Schools won’t need to be convinced that you’re a largerthan-life leader in the making. Most importantly. but rather.Looking for thoughtful. Applicants often wonder about whom they Gwen Stanczak is the Director of Admissions for the Carnegie Mellon University MSCF Program. When selecting recommenders. choose someone who knows you well and can provide a robust recommendation letter with examples of your technical and/or professional qualities that will make you a good fit for the program. This will help your recommender write a genuine letter that is thorough. . Gwen is available to discuss all aspects of the application process with prospective MSCF students and to assist admitted students in the transition into the MSCF program. . 55 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. well-rounded students continued from page 54 d Be prepared. for example. Understand your goals and be ready to communicate how your aims for a graduate school education support your career plan. “I want to get a job in finance. so don’t make them work hard to appreciate your story! The strongest application is the one that is supported by preparation. Remember that title doesn’t matter as much as content and familiarity. d Your letter of recommendation is a key tool that helps to tell the story of who you are.


reading List: Books for Applicants and Students of Financial Engineering Programs This Reading List recommends books to help prepare students who will apply for or begin their MFE study soon. The books cover many topics MFE students should know when they interview for quantitative finance internships during their first semester. many of these being frequently asked interview questions. Futures. Wilmott discusses quantitative finance theory as well as everyday practice. Options. equations. Kindle WHy yOU SHOUld REAd iT: This book provides an excellent treatment of the mathematics underlying the pricing of derivatives. Hull PAGES: 864 FORmAT: Hardcover WHy yOU SHOUld REAd iT: This book is considered “the Bible” for finance practitioners and a popular textbook for business students. 57 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Neftci provides clear explanations of complex financial products from a practitioner’s point of view. The book covers the major financial products. It contains 175 exercises. Frequently Asked Questions in Quantitative Finance AUTHOR: Paul Wilmott PAGES: 624 FORmAT: Paperback. Paperback. The book also includes pseudo-code allowing readers to implement numerical methods in a programming language of their choice. An Introduction to the Mathematics of Financial Derivatives AUTHOR: Salih N. particularly those with a limited background in math.com . and formulae. Neftci PAGES: 527 FORmAT: Hardcover. their practical uses. See more recommended reading at QUANTNET MASTER READING LIST FOR QUANTS. and valuations. Aimed at professionals and students in PhD or MBA programs. including how to solve popular models. Kindle WHy yOU SHOUld REAd iT: The book provides a broad overview and FAQ of main topics that every financial engineering master student should know in order to prepare for their internship and job interviews. A Primer for the Mathematics of Financial Engineering AUTHOR: Dan Stefanica PAGES: 352 Format: Paperback WHy yOU SHOUld REAd iT: Dan Stefanica’s book is used by many prospective MFE applicants to refresh mathematical concepts and understand the quantitative models used in financial engineering. and Other Derivatives AUTHOR: John C.

SeCtion 3: getting a Job 58 QUANTNET | 2012-2013 GUIDE | quantnet.com .

even taking the weekends off. you’ve got to get out QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. but even my basic math tells me that it’s better to spend 100% of your time on 80% of the opportunities. I know I can’t pull the statistical wool over quant eyes) are never even advertised. It’s depressing. Hone your “elevator pitch” and let people know who you are. I’ve been asked the following questions: By Ellen Reeves how do i approach looking for a job? Stop Looking for a Job and Look for a Person The mantra of my book. Don’t apply for a job just because you can get it. The Rule of 3 It’s important to break what could be an overwhelming job search or career transition into manageable. and statistically. Recruiters and hiring managers will tell you that authenticity wins out every time.com . I’m not a quant. it’s a lot easier to feel confident if you know you’re as prepared as you could be and that you really want the job at hand. Use what I call “The Rule of 3. and 80% of all jobs (although not the same 80%. Can I Wear My Nose Ring to the Interview?. 80% of all jobs are filled by personal referral. and what you’re looking for. you’d speak with almost 1. Ask each person for another lead to a job or informational interview. and be able to spin your past experience to the needs of the employer. If you did this every day for a year. bite-sized tasks. Employers have two concerns: making money and saving money. The right person will lead you to the right job or opportunity.” Vow to reach out by phone or email to three people a day to jumpstart your job search. Selfconfidence is key. In preparing students for the quant job hunt at Baruch’s Master’s in Financial Engineering program in New York and the Master of Science in Computational Finance and Risk Management program at the University of Washington. they exist in what we call the 59 Tap into the Hidden Job Market To tap into the Hidden Job Market. only 20% of jobs are filled by over-the-transom applications. there and start talking to people. an interviewer can sense if you really want a job or not. is the strategy I advise for all job-seekers: Stop looking for a job and start looking for a person. understand the requirements of the jobs you want to apply for. Apply for it because you want it.000 people—and this is obviously more than continued on page 60 The 80-20 Rule Stop sending your resume hurtling into the black void of cyberspace.hunting the Quant Job: Questions and Answers My book Can I Wear My Nose Ring to the Interview? is based on the real jobhunting questions my students and clients asked me over the years. Hidden Job Market. Show them how you can do this for them and you’re golden. But you have to know what you’re looking for. what you can do for them.

A loose be most receptive. aim nal to the employer for three a week. (just name. the more I learned how do i talk about my Interview about quantitative finance. and how interesting the field is. and email meticulous. about what kind of and everything is a signal to the employer work you will do for about what kind of work you will do for Start today. on the side of dressing conserLearn to talk about past vatively: for men. and let the button. conservative tie. white or language of your target appearance? blue shirt. But you can handle about your transferable skills is how you look and dress is: This three contacts a day: one in the name of the game. whether you can follow a list of the people you can follow didirections and whether you understand to whom you can rections and wheththe conventions of the industry.com . Err Skills for the Employer anecdote to illustrate your point. Do the work and black tie shoes. sweaty When You’re Job-hunting. body odor. plain job. have more I realized how well my someone look you over before and/or a career change? background would serve me you leave for the interview. Nothing is Bad: X was Good. a dark suit experience in terms of the how important is with a plain belt buckle. This is your so that you know what the fitting and concealed undergaronly chance to look professional company is looking for and how ments. ragged nails and cuticles. er you understand Begin with family the conventions of and friends who will the industry.” reach out easily. Make him or her. name and contact information taken care of. an Project the Best make the connections for him equivalent conservative suit or Professional You Possible or her by doing enough research pants suit or professional-lookAs Mark Twain says. you never and informational interviewing ing dress—not evening or casual get a second chance to make before the actual interview day-time wear—with properlya first impression. what you your past experience may be continued on page 61 are saying in an interview with valuable. phone. breath means you haven’t taken Even if the reality is that you and a business card with your care of things you could have hated your previous work. unkempt hair.hunting the Quant Job continued from page 59 you need. circle widen from there. “Although I learned so address). specific before the interview starts. that is. that you aren’t speak only positively about it. Make palms. or bad sure you have an up-to-date Y is Better resume and LinkedIn profile. is the best professional me I can the morning. Everything is an act of selfone in the evening. be. much working on my PhD in What to Wear to the chemistry. the previous experience Get your clothes tailored. Make analogies for the black socks and well-polished employer. presentation and right? If this seems everything is a sig“everything is an act of self-presentation overwhelming. minimal with advance notice. Learning how to talk 60 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. one at lunch.” check yourself in the restroom Highlight Your Transferable Then give a concrete. wrinkled clothes. For women. whether him or her. Nude stockings.

but can you tell me more about what has worked and not worked for you in the past?” and then spin your answer with anecdotes to address their interests and concerns. The note stresses why you want the job (framed as what you can do for the employer). and why you’re the right person to do the job. d Prepare and bring a list of questions you want to ask and points you want to bring up in the interview. So-and-So: I so much enjoyed our interview today. d Make sure you have rehearsed a brief anecdote highlighting your contributions and achievements for everything on it. why not stand out as someone polite and professional? You’ve made a professional connection through the interview—maintain it! If. d Research the company and department and do as much informational interviewing as you can around the position. The more you know about how the company works. you know you wouldn’t take the job if it were offered to you. what would be my first tasks?” If you have a second interview. don’t send the exact same note to everyone!) and follow up with a neatly handwritten note. to note anything you left out. d Demonstrate that you really want the job and can hit the ground running. see “Getting Through the Interview” in my book. find out with whom you’ll be interviewing. look up LinkedIn profiles and set a Google alert for the interviewers and for the company or department. d At a first interview. For more on topics including what to do in the waiting room. the thank-you note is an essential part of the interview. And even if you don’t want the job. what do i do after the interview? should i waste time sending a thank-you note? Follow Up After the Interview WASTE YOUR TIME? To me.hunting the Quant Job continued from page 60 jewelry and makeup. withdraw your candidacy politely. come prepared with a plan for how to handle some of the tasks or issues they’ve said you’d be responsible for: “I took the liberty of thinking about X. ask “If I were hired. the better. Email a note right away (this way. Thank you for taking the continued on page 62 how do i prepare for the first interview? second interview? d Review your resume. You don’t need to look like man. There ARE no jobs that don’t require some kind of follow-up. getting rid of anxiety. and the thank you is key. This gives you a chance to reiterate how much you want the job. it can be easily circulated. natural nail color. d Rehearse answers to tough questions and basic questions: “Why do you want to work here? Why should be hire you? What are your strengths and weaknesses?” and so on. and hair groomed and not constantly in your face. (“Dear Ms. after the interview. from those who work there or from clients or competitors. 61 QUANTNET | 2012-2013 GUIDE | quantnet. handling difficult or illegal questions. and to show that you are someone who follows up. d If the company will tell you. Ask “I know what the stated job description says.” d Do some mock interviewing with colleagues or college or graduate school career services. but you need to look like a professional business woman.com . shoes with an appropriate heel.

. they never say they actually want the job. and z as you described today. .hunting the Quant Job continued from page 61 time to meet with me.com . and 3) Making sure your tongue touches your finger as you make the “th” sound. Employers say that the reason many people don’t get jobs they’ve applied for is that they don’t follow up after an interview. any tips? Don’t Pretend You Understand If You Don’t Everyone has an accent. If you have or know of another such opening in another department. They never say they actually WANT the job.” This is especially important for phone and video or Skype interviews. most of whom speak clear and standard English. 2) Placing your forefinger in front of your mouth. say. Tackle One Language Issue at a Time Don’t try to tackle everything at once. I’m not a native English speaker. find out what the hiring timeline is and how you should follow up. for example the “th” sound in “the. d Improving Your Accent: Listen to NPR. If you are interested in working on your language skills and accent—and this goes for native speakers. . too—listen to National Public Radio (NPR) hosts (not the guests!). Given that the job entails x. choose one issue to work on. I’d be very interested. It’s important never to pretend you understand what someone is saying when you don’t. They don’t send a thankyou note.” Practice saying words with “th. ”) Ask What the Hiring Timeline Is At the end of the interview. may I check back in two weeks? Would you prefer to be contacted by phone or email?” d Be Direct with the Interviewer. and I can function perfectly well in English. You are not going to be denied the job because you ask this question: “What’s your hiring timeline? If I don’t hear from you. Best. Ask for the Job If You Want It Use yourself as a litmus test for what’s annoying. i am a native english speaker but can’t understand the accent of my interviewer. continued on page 63 “employers say that the reason many people don’t get jobs they’ve applied for is that they don’t follow up after an interview. . . . but you must follow up.” 62 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. At the beginning of the interview. particularly phone interviews—or conversely. NO! The successful job search is actually the intersection of two searches—yours for the right job. I am looking for a position that involves more . i am a non-native english speaker and worried about interviews. y.” Exaggerate the sound by 1) Making sure your tongue licks the bottom of your top teeth. You don’t want to be perceived as a stalker. I am writing to withdraw my candidacy. “As you can probably tell from my accent. but I hope you won’t mind if I ask you to speak slowly or to repeat things. and the employers’ for the right employee. they just wait for the judgment to be handed down.

you have to make sure not to eat with your mouth open. like Anita” or “My name is Xin— like shin” (and point to it). how the economy of that country functions— embrace it and use what you know! You can easily learn about and work on questions of etiquette. it’s not about that: it’s about showing that you can work within a new culture. you must look people in the eye and have a firm handshake.com . practice things like greeting an employer. Yingxue (Jay) Cheng if that’s comfortable for you. Etiquette resources like the classic Emily Post or Miss Manners books can help! continued on page 64 i sometimes feel i am at a disadvantage since i am from another country. offer a gender marker on your resume if your name doesn’t indicate gender to an English-speaker: (Member. and if they can’t pronounce your name or tell whether you are male or female—even though it’s not your fault at all—they may literally move on to the next resume. Learn American Dining Etiquette You must learn which utensils are used for which foods. Offer Pronunciation Aids When you meet the interviewer. 63 QUANTNET | 2012-2013 GUIDE | quantnet. you must practice NOT doing these things. you have insider knowledge of another culture or cultures including how business is done. a compromise may be to use a transliteration of your real name with a nickname. You speak your language and probably others. If you are used to bowing and/or looking down. as well as English. if you are a woman. I’m Samita. and so on. not to order the messiest or most expensive items on the menu. She was about to have 10 interviews at Citibank. and it’s likely that no one will tell you. For example. state your name clearly and offer some help with the pronunciation: “Hi. and on your resume list the nickname in parentheses. Women in Business. should i use a nickname or a classically “american” name? transliteration or nickname? This is an individual decision about your own identity. Baruch College).hunting the Quant Job continued from page 62 People can’t pronounce my name. These are the small things that can sink you despite a great interview. that is. how do i deal with cultural differences? Your Cultural Advantage To the contrary! You have an advantage. when greeting employers or colleagues in America. At dinner one night. Get American Friends to Work with You With friends. or covering your mouth when you speak. Make it Easy for the Interviewer Interviewers don’t like to feel incompetent. While you might think something like this has nothing to do with one’s capacity to do the job. Offer Gender Markers The field is male dominated. so make it easy for him/her. not to slurp or make noise while you eat. If you’re interviewed over a meal or invited for a meal or drink after an interview. and I knew this could jeopardize her candidacy. I saw one of my highly talented students with a PhD butter her roll with a fork.

d Stay positive. ask them for leads. Say “I’m really excited about this job. how do i negotiate salary and benefits? You’ve Got to Negotiate You never have more leverage than between the time you’ve been offered the job and the time you accept it. build and maintain my network? Don’t Be a Wallflower If you’re offered the chance to go to a recruiting event. 64 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Reeves is the creator of Extreme Professional Makeover: Boot Camp for Job-Hunters and DIPYD (DoIt-Yourself Professional Development): Making Your Workplace Work for You. EXTRA. d Go in armed with a sense of the salary range not only for this industry but for the company and geographical location. and NPR. or not negotiating and finding out that someone else was hired at the same level but with a higher salary and better benefits simply because he/she negotiated? Remember that it’s the employer’s job to offer you as little as possible and see what’s the lowest you will accept. featured in media including CNN. Ride the coat tails of your more outgoing colleagues or classmates. Above All: Feel Valuable. which would make you feel sicker? Negotiating and getting a better package. Fox.” d Ask “Is there any flexibility there?” Career and workplace advisor Ellen Gordon Reeves is the author of Can I Wear My Nose Ring to the Interview? A Crash Course in Finding. She consults to programs including the financial enginering/risk management programs at Baruch College and The University of Washington. or any kind of professional development event. vacation. and follow up. and it’s your job to advocate for the best package you can get. and perks may be negotiable. and Keeping Your First Real Job. ask if they (or the hosts and organizers) will introduce you to people. She can be reached at caniwearmynosering@gmail. assume you can reach a compromise. So if you’re going to feel sick. @katiecouric. The lowest numbers you state may be your salary. go! Set a goal for yourself of meeting and talking to at least three new people. CBS. d Negotiate based on what you bring to the position.com.com . I know we can make this work.hunting the Quant Job continued from page 63 i tend to be shy. Seek new references as necessary. thank them. Don’t Forget About Your References Remember that your references are a key part of your network. how do i talk to people and maintain my network? how do i follow up with people. ABC. People are uncomfortable negotiating for themselves. If someone offers a card. Not Vulnerable Take control of your job hunt with these tips.” Your lifestyle choices or debt are not the employer’s problem. preparing students for the job market. Think beyond salary—benefits. Landing. Check in with them periodically. not vulnerable. d Find out what the employer values most. cocktail party. so be careful. d Try not to put all your cards on the table at once. I want you to feel valuable. not what you think you’re worth or what you “need. follow up with a note and reminder of how you met and what you talked about. There’s no reason why you shouldn’t have the job you want—even in this economy.

a constantly updating tool that allows you to anonymously compare your base salary and bonus against others. you can create a more precise comparison based on your education level. Using QuantNet’s filters. location. years of work experience after MFE and other factors. job type. employer type and size.Ever wonder how your compensation compares with other MFE graduates with a similar job and experience profile? Ever wonder about the base/bonus when you move to the buy side? Go to quantnet. .com/salary to see the results of the QuantNet Salary Survey.

does that affect a five-year zero coupon bond’s duration? 4. For more questions and solutions.Questions asked at Quant interviews Brainteasers 1. Finance 1. u = 10. Write a program to print 1-100 and backward without using loops. Write one line of code to swap the contents two variables without using a temp variable. which performs arithmetic operations between arbitrarily large numbers. What’s wrong with the price you get? 66 QUANTNET | 2012-2013 GUIDE | quantnet. With an integer represented as a string. You get to choose one at random and keep the money. What is the value of an ATM European call with time to maturity as infinity? What is the value of American ATM with time to maturity infinity? 5. There are two sealed envelopes: one has $50. Depending on chance you will form anywhere from 1 to 60 loops.com . If the cost of money (prevailing interest rate) rises from 4% to 5%. Should you choose to go first? What number should you choose? 5. and d = 5. each Santa knows none know each other. How much would you be willing to pay this time? 4. 5. write a function that represents this number with the thousands separated by commas. Which bond has higher duration: the five-year coupon bond or the five-year zero-coupon bond? 3. How do you price swap rate? How do you price swaption? What is Macaulay. 4. Assume now that you have $50M and $100M. dollar duration? 2. Write a function to compute factorial using recursion. You randomly join all 120 ends together into pretty bows and dump out the box. Consider a one-period binomial tree with r = 0. There are 60 blue ribbons in a box such that all 120 ends are hanging out and you cannot see which ends belong to which ribbons. 3. How much would you be willing to pay for this? 3. How many Santas are at the party? 2. You and other Santas are attending a Santas-only Christmas party where every Santa knows exactly 22 other Santas. and another has $100. You and a friend are playing a game where a random number X between 1 to 20 is chosen. modified. effective. Calculate the price of the option. One of you will pick a number and then the other will pick a different number. Write the equations you would write to get a risk-neutral world. in an object oriented programming language. Do the same for Fibonacci numbers. But any two Santas who do not know each other have exactly six mutual friends present. Among the 22 Santas. Programming 1. The one who guesses the closer number wins X dollars. How many loops would you expect? These are sample questions similar to those you might be asked during an interview. Write a class. 6. visit the Quant Interviews section. 2.

Morgan Morgan Stanley Nomura Societe Generale UBS PROP TRADING Chicago Trading Company Chopper Trading DRW Trading Group GETCO Jump Trading Nico Trading QuantRes RSJ Spot Trading TransMarket Group Walleye Trading Wolverine Trading HEDGE FUNDS AQR Capital Management Aviva Investors Bogle Investment Management Bridgewater Citadel Group Clinton Group DEShaw DFG Investment Advisers First Quadrant GBAR Glenwood Capital Investment Houlihan Lokey Howard & Zukin Infinum Capital Management Investec Janes Street Knight Capital Group M&G Investments Mitsubishi UFJ Securities International Numeric Investors Nuveen Investment Optiver QVT Financial SIG Susquehanna State Street Tower Research Capital Two Sigma Investments continued on page 68 COMMERCIAL BANKS Commerzbank HSBC ING Royal Bank of Canada Royal Bank of Scotland Standard Chartered Bank Wells Fargo FINANCIAL SERVICES Bloomberg Financials FINCAD Gloucester Research Interactive Brokers Numerix Opera Solutions Quantifi Solutions R² Financial Technologies Thomson Reuters 67 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Click on the company names (below) for site links. as well as a place to begin your job search.P.com . it does show the international reach of the field. INVESTMENT BANKS Bank of America Merrill Lynch Barclays Capital BNP Paribas Citigroup Credit Suisse Deutsche Bank Goldman Sachs J. While this list is by no means exhaustive.Firms that employ graduates with MFe degrees These firms hire graduates with master’s of Financial Engineering degrees.

interested in posting a new job on Quantnet’s Jobs Forum? Click here to submit. click here. You can also input your own salary and bonus information. Looking for a job now? Click here to visit the Jobs Forum.com .000 (mean). the numbers are $97. along with your location and other factors to see how your pay compares to others in the industry.631 (average) and $95. 68 QUANTNET | 2012-2013 GUIDE | quantnet.Firms that employ graduates with MFe degrees continued from page 67 INVESTMENT/ASSET MANAGEMENT Bank of New York Mellon BlackRock Oxam PIMCO TD Securities Wellington Management Putnam Investments ACCOUNTING Deloitte Ernst & Young KPMG PwC INSURANCE COMPANIES American International Group Aflac Ameriprise Financial Genworth Financial Lincoln Financial Group MassMutual Life MetLife Nationwide Financial Services Pacific Life Principal Financial Group Prudential Financial RATING AGENCIES Fitch Rating Moody’s Standard & Poor’s did You know? the average base salary for quant professionals with a master of financial engineering or quantitative finance degree increases with each year on the job? the base salary for new MFe graduates is $95.000 (mean).540 (average) and $85. For MFe grads with two-years experience. source: Quantnet salary For more information about salaries in the industry.

For those just starting out. Several of the organizations listed on the next page offer heavily discounted student memberships that carry the same benefits as professional memberships. continued on page 70 69 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. Some of these groups also publish their own journals. Professional organizations offer the opportunity to keep abreast of current trends and challenges in financial engineering. portfolio optimization. Peg holds an MS from NYU’s Courant Institute and a BS from SUNY Stony Brook. you can benefit from membership in an industry organization. and network for a job. mix with industry leaders. a student membership is a great way to meet people in your chosen field. find a career mentor.com . Several groups give discounted event entry for members of other groups so your membership dollars go farther. The names link to the organizations’ websites. By Peg DiOrio Peg DiOrio is a quantitative analyst whose projects over her nearly 20-year career include asset allocation. giving academics and students the chance to showcase your research. investment planning. and multi-asset return modeling. She has extensive experience with high net worth and institutional clients. The chart on the next page lists four organizations with different focuses on financial engineering topics. narrow your field of interest. among other benefits.why Join a Professional organization? It doesn’t matter whether you are a seasoned financial engineer or new to the field. learn more about the companies that hire financial engineers. and gain access to online informational databases and job boards. alpha signal research.

Sample Event: “Learning and Adaptation in Financial Markets” MEMBERSHIP Plenty of senior-level quants Large proportion of DESCRIPTION to network with. $200/Regular. Rates vary by chapter. RiskMinds USA. Transitional another chapter’s events. Academics & Students Monthly Meetings. Job Board. Academics & Professionals & Students Quantitative Researchers Lectures. Discounted Institutional Publications. CQ Asia. 70 QUANTNET | 2012-2013 GUIDE | quantnet. Fee includes access to all conferences. Quantitative Investment Professionals. EVENTS & NETWORKING American Finance Association. $100/ Academics. EDUCATION AND WISDOM (QWAFAFEW) SOCIETY OF QUANTITATIVE ANALYSTS (SQA) WHO SHOULD Quantitative Investment Professionals JOIN Spring & Fall conferences. Good forum students and recruiters for discussing ideas. Job Board. Challenges and Benefits for Investors” by Michael Markov. Academic Review Sessions. predominantly investment professionals. Videos. from the industry. Waiting list for membership. $100/ additional fees to attend Academic. Journal of Investment Management. which (PER YEAR) is restricted to those in quantitative investing. interactive meetings held in a bar. spirited. Markov Processes Very informal. MEMBERSHIP $1. Fisher Black Foundation Sample Event: “Models Behaving Badly: A Talk by Emanuel Derman” Monthly Chapter Meetings.com . Online Resources. Monthly meeting size (~30-50) allows good personal networking opportunities. Meetings can be large (~75-100) which can make personal networking challenging. Students free if part of IAFE Academic Affiliate MFE program. Seminars Sample Event: “CQA/SQA Quantitative Trading Seminar” Quantitative Finance Investment Management Professionals. and Student rates available.000/Regular TYPES & FEES membership. European Finance Association. Master Classes. Predominantly investment professionals and relevant academics. $200/Practitioners. Conferences. Student and Young Practitioner rates available. Publications. Committees. Conferences.why Join a Professional organization continued from page 69 CHICAGO QUANTITATIVE ALLIANCE (CQA) INTERNATIONAL ASSOCIATION OF FINANCIAL ENGINEERS (IAFE) QUANTITATIVE WORK ALLIANCE FOR APPLIED FINANCE. Job Boards (depending on chapter) Sample Event: “Hedge Fund Replication: Methods.

com . The quant questions cover pure quant/logic. Quant Job Interview Questions and Answers AUTHOR: Mark Joshi PAGES: 326 FORmAT: Paperback WHy yOU SHOUld REAd iT: Designed for those seeking a job in quantitative finance. The book includes 150 programming interview questions and answers. as well as tips on how to prepare and ace your programming interviews. Wilmott discusses quantitative finance theory as well as everyday practice. mathematics. The interview process and the non-technical interview are also discussed. 71 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet. equations. investment management. derivatives. probability. Cracking the Coding Interview: 150 Programming Questions and Solutions AUTHOR: Gayle Laakmann McDowell PAGES: 508 FORmAT: Paperback WHy yOU SHOUld REAd iT: No quant interview is complete without questions on programming. and debugging. The revised 13th edition contains 185 quantitative questions collected from actual job interviews in investment banking. discussion of what the interviewer is seeking. and formulae. financial economics. and statistics. and options trading. numerical algorithms. and possible follow-up questions. See more recommended reading at QUANTNET MASTER READING LIST FOR QUANTS. Kindle WHy yOU SHOUld REAd iT: The book provides a broad overview and FAQ of main topics that every financial engineering master’s student should know in order to prepare for their internship and job interviews. Frequently Asked Questions in Quantitative Finance AUTHOR: Paul Wilmott PAGES: 624 FORmAT: Paperback. and C++. The questions cover topics such as option pricing. The book is highly technical and focuses on the software engineering skills required for many of the top quant algo trading jobs.reading List: Books to Help Prepare for Quant Interviews This Reading List recommends books to help students prepare for their interviews for quant internships and full-time jobs. Heard on the Street: Quantitative Questions from Wall Street Job Interviews AUTHOR: Timothy Falcon Crack PAGES: 268 FORmAT: Paperback WHy yOU SHOUld REAd iT: This is the original and most popular book on quantitative questions for finance job interviews. Mark Joshi’s book contains more than 225 interview questions asked during actual interviews in New York City and on Wall Street. including how to solve popular models. algorithms. Each question comes with a full detailed solution.

com .SeCtion 4: appendix 72 QUANTNET | 2012-2013 GUIDE | quantnet.

SHIFT + CTRL + : CTRL + Space CTRL + Enter Select All Bold Copy Paste Special Fill Down Find Go to Replace Italic Insert Hyperlink New Workbook Open File Print Fill right Save workbook Create Table Underline Paste Close window Cut Repeat Undo Format Box Strike-through Hide row Unhide row Hide column Show formulas/values Copy formula from above cell Precedents Dependents Display date Display time Select column Fill selection w/ entry ALT Shortcuts ALT + Tab ALT + ‘ CTRL + ALT + V CTRL + ALT + V + T ALT + W + S ALT + W + F ALT + H + O + M ALT + H + D + S ALT + W + Q ALT + H + O + I ALT + H + O + R ALT + H + E + A ALT + H + L ALT + H + A ALT + H + F + P ALT + H + F ALT + F + W + V ALT + F4 ALT + F8 ALT + F11 Switch program Display style Paste special box Paste format only (Un)split panes (Un)freeze windows Move/ Copy a sheet Delete worksheet Change view sizing Fit column width Change tab name Clear cell Conditional format Align Format painter Formatting Print preview Close program Macro box Visual basic editor Formatting Shortcuts ALT + ‘ ALT + H + 0 ALT + H + 9 CTRL + 1 SHIFT + CTRL + ~ SHIFT + CTRL + ! SHIFT + CTRL + @ SHIFT + CTRL + # SHIFT + CTRL + $ SHIFT + CTRL + % SHIFT + CTRL + ^ SHIFT + CTRL + & SHIFT + CTRL + _ SHIFT + CTRL + * SHIFT + CTRL + Enter Display style Increase decimal Decrease decimal Format Box General format Number format Time format Date format Currency format Percentage format Exponential format Outline border Remove border Select region Enter array formula Columns and Rows SHIFT + Spacebar CTRL + Spacebar SHIFT + ALT + 3 SHIFT + ALT + z CTRL + Minus sign ALT + P + V + G ALT + P + V + H 73 Highlight row Highlight column Group rows/columns Ungroup rows/columns Delete selected cells View gridlines View headings continued on page 74 SHIFT + CTRL + Plus Sign Insert blank cells QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet.excel 2007/2010 shortcuts CTRL Shortcuts CTRL + A CTRL + B CTRL + C CTRL + ALT + V CTRL + D CTRL + F CTRL + G CTRL + H CTRL + I CTRL + K CTRL + N CTRL + O CTRL + P CTRL + R CTRL + S CTRL + T CTRL + U CTRL + V CTRL + W CTRL + X CTRL + Y CTRL + Z CTRL + 1 CTRL + 5 CTRL + 9 SHIFT + CTRL + 9 CTRL + 0 CTRL + ~ CTRL + ‘ CTRL + [ CTRL + ] CTRL + .com .

task.excel 2007/2010 shortcuts Function Key Shortcuts F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 SHIFT + F2 SHIFT + F3 SHIFT + F4 SHIFT + F5 SHIFT + F6 SHIFT + F8 SHIFT + F9 SHIFT + F10 SHIFT + F11 CTRL + F1 CTRL + F3 CTRL + F4 CTRL + F9 CTRL + F10 CTRL + F12 Windows Key + D Windows Key + E Excel Help Menu Edit cells Paste Name Repeat or anchor cells “Go to” Zoom.com J ALT + . split Spell check Anchor to highlight Recalculate workbooks Activate menu bar New chart Save as Insert a comment “Insert Function” Box Find Next Find Zoom. task. sheet. sheet Add to selection Calculate active sheet Display shortcut menu New worksheet Min / Restore Ribbon Name a cell Close window Minimize workbook Maximize window Open File Minimize program Windows explorer continued from page 73 Navigation and Data Editing Arrow keys ALT + Tab CTRL + Pg Up/Down CTRL + Tab CTRL + Arrow keys SHIFT + Arrow keys SHIFT + CTRL + Arrow keys Home CTRL + Home F5 ENTER SHIFT + ENTER TAB SHIFT + TAB BACKSPACE DELETE F2 When inside cell ALT + ENTER SHIFT + Arrow keys SHIFT + CTRL + Arrow keys BACKSPACE DELETE F4 ESC F7 SHIFT + F2 CTRL + F3 ALT + N + V ALT + N + K ALT + P + S + P ALT + A + S ALT + A + F + W Start new line in same cell Highlight within cells Highlight contiguous items Delete preceding character Delete character to the right Anchor “Fix” Cells Cancel a cell entry Spell check Insert a comment Name a cell Pivot table Insert charts Page setup Sort options Data from web continued on page 75 Move to new cells Display a drop-down list Switch programs Switch worksheets Switch workbooks Go to end of contiguous range Select a cell range Highlight contiguous range Move to beginning of line Move to cell “A1” “Go to” Move to cell below Move to cell above Move to cell to the right Move to cell to the left Delete cell and get inside Delete cell/selection Edit/ highlight dependent cells 74 QUANTNET | 2012-2013 GUIDE | quantnet.

.......... 21 Notre Dame ..excel 2007/2010 shortcuts Formulas and Auditing = SHIFT + F3 ALT + “=“ CTRL + ‘ SHIFT + CTRL + “ CTRL + ~ F9 Auditing formulas ALT + M + P ALT + M + D ALT + M + A + A ALT + M + V ALT + R + G ALT + W + G CTRL + [ CTRL + ] SHIFT + CTRL + { SHIFT + CTRL + } F5 + Enter Trace immediate precedents Trace immediate dependents Remove tracing arrows Evaluate formula Track changes Zoom to selection Go to precedent cells Go to dependent cells Trace all precedents (indirect) Start a formula Display “Insert Function” box Insert AutoSum formula Copy formula from above cell Copy value from above cell Show formulas/values Recalculate all workbooks continued from page 74 advertiser’s index Baruch College ....... and then press the following keys by using the numeric key pad: ALT+0162 Cent ¢ ALT+0163 ALT+0165 ALT+0128 F4 ESC F7 SHIFT + F2 CTRL + F3 ALT + N + V ALT + N + K ALT + P + S + P ALT + A + S ALT + A + F + W Pound sterling £ Yen ¥ Euro € Anchor “Fix” Cells Cancel a cell entry Spell check Insert a comment Name a cell Pivot table Insert charts Page setup Sort options Data from web 75 QuantNet’s 2012-2013 International Guide to Programs in Financial Engineering | quantnet..................... 26 Illinois Institute of Technology ........................................ 56 University of Illinois at Urbana-Champaign ............ 55 University of Washington .............................................................................................com . 12 NYU Polytech Institute ..................................................................... Shidler College of Business ................................... 37 Georgia State University .... 2 Claremont Graduate University.. 34 University of Hawai’i at Manoa. 3 Trace all dependents (indirect) Go back to original cell Turn on NUM LOCK.

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