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Financial Engineering - M.S.

COLLEGE:    College of Arts and Sciences
College of Business Administration

DEPARTMENT:    Department of Mathematical Sciences
Mathematics and Computer Science Building
Tel: 330-672-2430
E-mail: math@math.kent.edu
Web: www.kent.edu/cas/math
Department of Finance
Room 404, Business Administration Building
Tel: 330-672-2426
E-mail: finance@bsa3.kent.edu
Web: www.kent.edu/business/finance/

DESCRIPTION:    The interdisciplinary Master of Science in Financial Engineering is for those with strong quantitative backgrounds who have career goals of becoming risk management officers, derivatives analysts or traders. The program is rigorous and requires the completion of 36 credit hours of coursework, including an industry-based project. The curriculum meets the guidelines established by the International Association of Financial Engineers.

The Financial Engineering program also partners with the WISE institute at Xiamen University in China to offer a concentration in Financial Engineering Quantitative to students who first enroll at Xiamen for one year. These students take extensive coursework in Fiance, Math and Economics topics to prepare for the program. Since their preparation covers some coursework in the program, they are on a second track or concentration in this degree. Other than these coursework differences, the program is the same.

The program is a demanding one, and requires the completion of 36 credit hours of coursework, including an industry based internship. It combines strong quantitative skills from mathematics, including probability theory and numerical computing, with risk management and dynamic valuation skills from finance. The program emphasizes applied skills in the area of financial engineering, while still providing the necessary theoretical background. The coursework was designed by an industry advisory board of leading investment banks and financial firms. The board works closely with faculty to revise the content regularly. For a list of current MSFE Advisory Board Members please see www.business.kent.edu/msfe.

The on-campus electronic Olga A. Mural Financial Engineering Trading Floor allows students to receive hands-on experience in derivatives trading and risk management. Kent State has the only derivatives-oriented trading floor in an academic institution with direct connections to the futures exchanges. The trading floor is equipped with the same software used by major investment banking firms. Live exchange data feeds and real-time market information allow students to simulate real trading. The software includes Trading Technologies X Trader, Patsystems, and SunGard’s MicroHedge options analytical product. Data feeds from CQG and Reuters provide continuous news and pricing information. At the front of the trading floor is a data board that provides real-time pricing information on derivatives. Students use this information to assess market conditions for trading tendencies. Live satellite feeds are shown on plasma displays.

This unique trading floor is an integral part of the MSFE program at Kent State University. Since students use the same data feeds and trading software that are used by major investment banking firms, the trading floor allows them to replicate dynamic trading strategies and derivative security analyses.

An industry-based internship is assigned. The project will involve direct interaction with a contributing firm. The student will undertake a ten-week internship to complete the required project with a firm from the financial community. The project will be presented to the program faculty for final evaluation. Prior participating firms include the Chicago Board of Trade, Eurex, Prebon Yamane, State Street Research, KeyBank, SunGard, FirstEnergy, Goldman Sachs, and ICAP. Students are given opportunities to network with top industry officials. The class visits both the Chicago and New York financial districts to interact with professionals in the derivatives field.

ADMISSION
REQUIREMENTS:
Official transcript(s), GMAT or GRE, resume and TOEFL, IELTS, MELAB or PTE, if applicable. Also required for the major but not for the Financial Engineering concentration are a goal statement and three letters of recommendation.   
GRADUATION
REQUIREMENTS:
Minimum of 36 total credit hours.

Financial Engineering Quantitative requires a minimum of 32 total credit hours.

PROGRAM FEE:    $3,600/semester   
ACCREDITATION:     The Association to Advance Collegiate Schools of Business   
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