Best Financial Engineering Programs In The World

2021 QuantNet Ranking of Best Financial Engineering Programs

The 2021 QuantNet MFE ranking is the most authoritative and comprehensive ranking of best Financial Engineering (MFE), Mathematical Finance programs in the continental USA.

The 2021 QuantNet ranking of Financial Engineering, Quantitative Finance masters programs in the US provides detailed information on placement and admission statistics from top programs in the country, making it uniquely valuable to the quant finance community at large.

The 2021 QuantNet ranking is best positioned to help prospective applicants decide where to apply and enroll in these master quantitative programs.2021 Rankings Methodology
Join a discussion on 2021 ranking

Rank	Program	Total score	Peer assessment	Employment rate at graduation	Employment rate three months after graduation	Average starting base salary plus sign-on bonus	Average GRE Quant of admitted FT students	Tuition	Cohort Size
1	Baruch College, City University of New York Financial Engineering  New York, NY	100	4.0	93%	100%	$147,028	169.8	$42,395 (non-resident) $28,670 (resident)	26 FT, 3 PT
2	Carnegie Mellon University Computational Finance  Pittsburgh, PA	95	4.1	77%	95%	$127,546	169	$89,151	89 FT
3	Princeton University Master in Finance  Princeton, NJ	94	3.8	92%	100%	$126,496	168	$112,940 (2 years)	20 FT
4	Columbia University Financial Engineering  New York, NY	91	3.8	69%	98%	$120,248	169	$79,056	85 FT
5	University of California, Berkeley Financial Engineering  Berkeley, CA	88	4.1	70%	92%	$124,401	169	$75,108	96 FT
6	Cornell University MEng, FE concentration  Ithaca, NY	85	3.6	58%	90%	$120,960	168	$87,879	27 FT
7	Columbia University Mathematics of Finance  New York, NY	84	3.5	72%	96%	$100,012	169.5	$79,049	52 FT, 1 PT
8	NYU Tandon School of Engineering Financial Engineering  Brooklyn, NY	83	3.3	74%	86%	$95,287	169	$70,000 (2 years)	96 FT, 4 PT
8	University of Chicago Financial Mathematics  Chicago, IL	83	3.4	81%	93%	$105,499	168.3	$84,625	69 FT, 6 PT
10	Georgia Institute of Technology Quantitative and Computational Finance Atlanta, GA	80	2.8	68%	96%	$102,430	168.8	$61,260 (non-resident) $29,670 (resident)	34 FT
11	New York University Mathematics in Finance  New York, NY	77	3.8	24%	48%	$104,450	169	$74,450	27 FT, 5 PT
11	North Carolina State University Financial Mathematics  Raleigh, NC	77	2.5	68%	100%	$94,910	168	$58,497 (non-resident) $32,508 (resident)	17 FT
13	Boston University Mathematical Finance  Boston, MA	74	3.0	60%	94%	$90,569	168.6	$85,281	101 FT
14	Rutgers University Quantitative Finance  Newark, NJ	71	2.6	61%	93%	$90,468	168	$67,587 (non-resident) $48,825 (resident)	31 FT, 1 PT
14	University of Washington Computational Finance & Risk Management  Seattle, WA	71	3.0	74%	100%	$73,845	167	$46,500	38 FT, 12 PT
16	University of California, Los Angeles Financial Engineering  Los Angeles, CA	68	3.2	39%	74%	$103,250	166	$78,470	48 FT
17	Fordham University Quantitative Finance  New York, NY	64	2.4	43%	66%	$91,778	168	$75,690	31 FT
18	Stony Brook University Quantitative Finance  Stony Brook, NY	61	2.4	36%	100%	$90,000	162	$43,790 (non-resident) $26,105 (resident)	23 FT, 2 PT
19	University of Illinois Financial Engineering  Urbana, IL	60	2.6	5%	66%	$102,600	167	$77,880	22 FT
20	Stevens Institute of Technology Financial Engineering  Hoboken, NJ	59	2.3	50%	82%	$90,197	162	$47,530	30 FT, 7 PT
21	University of Minnesota Financial Mathematics  Minneapolis, MN	58	2.7	23%	62%	$76,500	166.6	$43,995 (non-resident), $35,140 (resident)	19 FT
22	Claremont Graduate University Financial Engineering  Claremont, CA	53	2.1	38%	85%	$94,905	165	$80,310	6 FT
23	Rensselaer Polytechnic Institute Quantitative Finance and Risk Analytics  Troy, NY	42	2.1	8%	18%	$74,600	166	$58,290	13 FT
NR*	Florida State University Financial Mathematics  Tallahassee, FL		2.0	60%	80%	$76,500	160.3	$36,900 (non-resident) $16,000 (resident)	6 FT
NR*	Illinois Institute of Technology Mathematical Finance  Chicago, IL		2.2	n/a	n/a	n/a	166	$52,450	6 FT
NR*	Johns Hopkins University Financial Mathematics Baltimore, MD		2.6	23%	100%	$90,317	168	$87,120	57 FT, 2 PT
NR*	Lehigh University Financial Engineering  Bethlehem, PA		2.0	n/a	n/a	n/a	n/a	$45,000	13 FT
NR*	Rutgers University Mathematical Finance  New Brunswick, NJ		2.5		56%	$82,600	168	$55,310 (non-resident) $33,590 (resident)	17 FT, 2 PT
NR*	University of Connecticut Applied Financial Mathematics  Storrs, CT		2.1	n/a	n/a	n/a	166	$62,364 (non-resident) $29,496 (resident)	13 FT
NR*	University of Michigan Quantitative Finance  Ann Arbor, MI		2.6	37%	67%	$93,333	168	$74,322 (non-resident) $37,023 (resident)	24 FT
NR*	University of North Carolina at Charlotte Mathematical Finance  Charlotte, NC		2.2	25%	50%	n/a	153	$40,583 (non-resident) $20,432 (resident)	24 FT, 10 PT

 Eligible STEM degree as designated by DHS for the OPT purpose.
* Programs that did not provide placement data or salary information meeting a minimum threshold were denoted as NR (not ranked).

Best 17 Masters in Financial Engineering in 2021

August 6, 2021 | Staff Writers

A master’s in financial engineering is a relevant and necessary qualification, especially in a globe where the demand for financial gurus is on demand. Graduates earn a starting salary of $72,600 on average within three months of graduation. 

What Can I Do with a Masters in Financial Engineering?

Companies are looking for job candidates who possess the following four features

Top 5 Masters in Financial Engineering

RANK	SCHOOL	LOCATION
1	Stanford University	Stanford, California
2	Stevens Institute of Technology	Hoboken, New Jersey
3	University of Chicago	Chicago, Illinois
4	Rensselaer Polytechnic Institute	Troy, New York
5	Boston University	Boston, Massachusetts

• A solid understanding of the financial markets and complex economic structures, trading strategies, and derivatives.
• Highly developed financial mathematical modeling skills and knowledge of advanced probability, statistics, stochastic processes, and time series analysis.
• Financial data modeling knowledge in the fast-growing financial services analytics field, including creating data-driven decision-making analytic resources for the financial services industry.
• Expertise in programming languages like C++, C#, Python, Java, and other computational skills related to data visualization, big data, parallel computing, and databases.

Following are career jobs you may pursue after earning your engineering degree program.

• financial analyst
• credit risk specialist
• financial controller 
• quantitative risk analyst
• private equity analyst 
• modeling expert 
• finance portfolio manager
• commercial and investment banking consultant

Now, let’s look at the schools with the best masters in financial engineering. 

Best 17 Masters in Financial Engineering

1

Stanford University

• Stanford, California

With the graduation of 94 percent of students, Stanford University offers a Master’s of Science in Mathematical and Computational Finance. The U.S has ranked it the top tier of finance engineering mathematics programs. SU’s candidates will acquire a wide array of skills, including risk measures, pricing and hedging theories, financial models, etc. After graduation, they can secure employment in the financial industry as data and information scientists, quantitative strategists, risk managers, and more. We ranked SU No.1 as the best college with a comprehensive master’s degree and undergraduates with the highest expected annual salary.

SCHOOL OVERVIEW

Tuition: $ 74,706Expected Annual Salary :$ 70,400VISIT SCHOOL WEBSITE2

Stevens Institute of Technology

• Hoboken, New Jersey

Stevens Institute of Technology, located in Hoboken, New Jersey, offers a Masters in Financial Engineering- a two-year program. SIT’s master’s equips students with the skills to solve the financial challenges that organizations face. Graduates will obtain knowledge about economic systems and procedures, enabling them to structure financial products and markets. At SIT, they’ll also work with industry partners to carry out practical research and apply what they’ve learned in entrepreneurship. They’re also taught by finance faculty who bring their tech-infused study and industry experience into the classroom. Studied online, graduates can complete the degree program in two years. SIT is No. 2 as the best college granting a master’s in financial engineering.

SCHOOL OVERVIEW

Tuition: $18,70 (9-12 credits)Expected Salary per annum: $ 68,600VISIT SCHOOL WEBSITE3

University of Chicago

• Chicago, Illinois

The University of Chicago, offers a Master of Science in Financial Mathematics, specializing in pricing methods based on financial mathematics. The school’s candidates will be taught by industry professionals, who bring their wealth of experience and knowledge into the lessons, alongside renowned faculty from the Department of Mathematics. Additionally, the FinMath program can be taken full-time, over the course of 15 months, or part-time for 2-3 years. Evening courses accommodate part-time students and the program features dedicated academic advising and Career Development offices, exclusively for FinMath students. Over 90% of graduates are employed within 3 months after graduation in a variety of quantitative roles at banks, asset management companies, trading firms, and other financial organizations. We ranked UC as No. 3 as the best school granting a graduate-level degree in financial mathematics.

SCHOOL OVERVIEW

Tuition: $84,625.00; $6700 per 100 unitsExpected Annual Salary: $104,000.00VISIT SCHOOL WEBSITE4

Rensselaer Polytechnic Institute

• Troy, New York

The Lally School’s M.S. in Quantitative Finance & Risk Analytics (QFRA), is a one year program that provides you with a deep understanding of the cutting-edge theory and advanced analytical techniques required to establish your career in this dynamic and highly rewarding industry. As a member of the QFRA program you will study emerging practices, conduct empirical research and construct computational models, and have the opportunity to customize your knowledge with a concentration in quantitative finance, risk analytics, or a generalist track. QFRA students also receive mentoring from ongoing interactions with a highly engaged advisory board of executives. Succeed with a career as a financial analyst, credit risk specialist, financial controller, quantitative risk analyst, private equity analyst, modeling expert, finance portfolio manager, commercial and investment banking consultant, among others. The program has been enhanced with new courses in Artificial Intelligence and Machine Learning in Finance, Data Science, and Quantitative Asset Management amongst others. The program is taught by several accomplished faculty who conduct research in AI/ML in the Finance industry.

SCHOOL OVERVIEW

Tuition: $55,600Expected Starting Salary: $89,500VISIT SCHOOL WEBSITE5

Boston University

• Boston, Massachusetts

Through its Questrom School of Business, Boston University advances a Master’s of Science in Mathematical Finance and Financial Technology (MSMFT). Designed for students with the determination to excel, BU’s master’s focus on quantitative finance, financial technology, data analysis, and much more. Well-renowned authorities will guide graduates in the subject areas. Furthermore, students need 39 credits to complete the degree program, a total of 17 months. BU is No. 5 as the best university with a solid master’s degree program.

SCHOOL OVERVIEW

Tuition: $56,854Expected Annual Salary: $65,300VISIT SCHOOL WEBSITE6

New York University

• New York City, New York

Through its Tandon School of Engineering, New York University grants an M.S. in Financial Engineering. Its degree is geared towards foundational knowledge in financial mathematics. With this knowledge, graduates can carry out risk finance roles, financial IT, and algorithmic trading on Big Data. They can also select courses in corporate finance and financial markets, risks finance, etc. NYU is No. 6 as the best school with a robust curriculum in financial mathematics.

SCHOOL OVERVIEW

Tuition: $16,821 (9 credits)Expected Annual Salary: $61,900VISIT SCHOOL WEBSITE7

Princeton University

• Princeton, New Jersey

Princeton University’s Graduate School offers a Masters in Operations Research and Financial Mathematics- a two-year degree program (ORFE). Emphasizing mathematics, it equips students with a unique set of skills in statistics and more. PU’s graduates can proceed to the Doctor of Philosophy (Ph.D.) in Operations Research and Financial Engineering after completing the masters. Additionally, the graduate school is in partnership with the Bendheim Center of Finance to provide a strong and relevant curriculum.

SCHOOL OVERVIEW

Tuition: $53,890Expected Annual Salary: $60,800VISIT SCHOOL WEBSITE8

Fordham University

• New York City, New York

Fordham University grants a Masters’s program in Quantitative Finance through its Gabelli School of Business (MSQF). The field of data and measurable results seek to develop skills in fixed income and interest modeling, fintech and blockchain, etc. After completing the masters, candidates land jobs in some of the reputable financial organizations. Furthermore, at FU, they’ll connect with the world’s top experts in quantitative finance to deepen their understanding of the degree program and gain hands-on experience. We ranked FU as eight of the best colleges with diverse masters in financial engineering.

SCHOOL OVERVIEW

Tuition: $56,926 (full-time); $1,898 per credit (part-time)Expected Annual Salary: $59,200VISIT SCHOOL WEBSITE9

Rutgers University

• New Brunswick, New Jersey

Rutgers Business School at Rutgers University grants a one-year Masters in Quantitative Finance. Its degree program blends financial intelligence with comprehensive business knowledge. Upon graduation, students will be skilled to handle jobs requiring math, statistics, and financial knowledge in the quantitative finance field. RU is No. 9 as the best college with a master’s emphasizing business knowledge.

SCHOOL OVERVIEW

Tuition: $ 13,852 semester- in-state; $ 21,106 out-of-stateExpected Annual Salary: $ 57,900VISIT SCHOOL WEBSITE10

University of California, Berkeley

• Berkeley, California

The University of California’s Masters in Financial Mathematics is a one -year post-undergraduate degree program. With its graduate-level degree, students can launch a career in finance, data science, technology, etc. Additionally, candidates will gain skills, insights, and hands-on experience from a committed and knowledgeable faculty. They’ll connect with top firms and also acquire industry on-demand experience, making them competent. UCB’s degree program involves a 10–12-week internship industry project or independent study. Graduates are also assured of job placement as the college has consistently placed 100 percent of students each year. UCB is No. 10 as the best school with a well-rounded curriculum.

SCHOOL OVERVIEW

Tuition: $5,721Expected Annual Salary: $48,700VISIT SCHOOL WEBSITE11

University of Maryland

• College Park, Maryland

Through Robert. H. Smith School of Business, the University of Maryland offers a one-year M.S. in Quantitative Finance (MQF). Its program emphasizes quantitative, technology, and problem-solving skills to enable students to make strategic financial decisions for companies. Taught by talented expert faculty, candidates also obtain data and management and global skills. They’ll be inspired and challenged by a community of talented peers from diverse backgrounds. UM’s candidates will also learn to solve complex financial challenges for real firms.

SCHOOL OVERVIEW

Tuition: $ 731 per credit ($8,772-12 credits)Expected Annual Salary: $47200VISIT SCHOOL WEBSITE12

University of Dayton

• Dayton, Ohio

The University of Dayton’s College of Arts and Sciences grants a Master of Financial mathematics. It gives students several concentrations in business, computers, sciences, and engineering. Furthermore, they’ll have a solid understanding of statistical analysis and more. University of Dayton provides its graduates with a personalized study plan to meet their needs and career goals. We ranked University of Dayton No. 12 as the best school with a master’s in financial mathematics.

SCHOOL OVERVIEW

Tuition: $7,117-$15,680, one semester; $ 17,814-$27,555 two semestersExpected Annual Salary: $44,600VISIT SCHOOL WEBSITE13

University of Texas at Dallas

• Richardson, Texas

Naveen Jindal School of Management at the University of Texas, Dallas, offers a Master of Finance in Financial Technology and Analytics (Financial Engineering and Risk management). Delivered full-time or part-time, it takes one year to complete. UT’s degree program provides the most current and vital technologies, leading to competent candidates. Students with or without a previous educational background in finance can still enroll in the master’s program to cope with financial mathematics. Upon graduation, UT’s will be successful fintech professionals. UT is No. 13 as the best college granting a strong master’s curriculum.

SCHOOL OVERVIEW

Tuition: $15,874 in-state: $29, 796 out-of-stateExpected Annual Salary: $44,000VISIT SCHOOL WEBSITE14

University of Minnesota

• Minneapolis, Minnesota

Graduating 80 percent of its students, the University of Minnesota grants M.S. in Financial Mathematics, which seeks to prepare graduates for the high paying and exciting quantitative financial field. Top-notch lectures with quantitative industry experience will teach UM’s students. Furthermore, at UM, they’ll get career guidance from their career advisor on the best jobs that fit their unique interests. After graduation, students can expect a 100 percent job placement coordinated by the college.

SCHOOL OVERVIEW

Tuition: $ 1,004 per credit in-state; $ 1,257 out-of-stateExpected Annual Salary: $ 41,800VISIT SCHOOL WEBSITE15

Florida State University

• Tallahassee, Florida

Florida State University, graduating 83 percent of its students, offers a Masters in Financial Mathematics, which focuses on skills, such as economics, statistics, etc. Candidates will also gain valuable experience from industry professionals and alumni who visit the college each spring to participate in a two-day Financial Math Quant Symposium. Upon completion, they can qualify for jobs in the industry and government as lecturers and in academia. Candidates can also earn the degree as a terminal degree or en route to a Ph.D. We ranked FSU No.15 as the best school, offering a rigorous curriculum.

SCHOOL OVERVIEW

Tuition: $ 480 per credit-in-state; $ 444-onlineExpected Annual Salary: $ 36,500VISIT SCHOOL WEBSITE16

Oklahoma State University

• Stillwater, Oklahoma

Graduating 10 percent of students, Oklahoma State University advances a Masters in Quantitative Financial Economics. The Master’s program is grounded in financial economics and prepares students to become financial managers. Furthermore, the 33-hour credit program allows graduates to design their study plans according to an area of specialization they’re interested in. After completing the master’s program, students can pursue a career in energy, financial services, risk measurement, management, and investment management. They can also take as little as one year to finish fulfilling the master’s requirements.

SCHOOL OVERVIEW

Tuition: $19,230 in-state $ 29,560 out-of-stateExpected Annual Salary: $29,800VISIT SCHOOL WEBSITE17

Hofstra University

• Hempstead, New York State

Hofstra University advances a 2-year Master of Science in Quantitative Finance through its Department of Finance. Students with a quantitative finance background can apply for admission into the program. In this program, they’ll also analyze and develop quantitative solutions to solve current financial problems. HU also encourages its candidates to participate in the Bloomberg Essentials before they complete their degree program. However, this task is non-examined and is not part of the requirement to complete their masters. HU is No. 17 as the best college offering a master’s in financial engineering.

SCHOOL OVERVIEW

Tuition: $ 1,487Expected Annual Salary: UnavailableVISIT SCHOOL WEBSITE