Apply to join the largest MScFE program in the world
Application Requirements
Financial Engineering is a multidisciplinary field that combines financial theory, mathematics applications, engineering methods, and programming practices — making the field a good fit for students from a range of backgrounds.
WQU’s MScFE Program is completely free for all students accepted into the Program.
- A completed bachelor’s degree
- Passing score (75% or above) on Quantitative Proficiency Test
- Government-Issued Photo ID (e.g., national ID card, passport, or driver’s license)
- Official transcripts from highest college/university degree earned¹ (Bachelor’s degree required)
- Proof of English proficiency (Duolingo English Test, TOEFL, IELTS, or PTE scores, etc.)²
- Completed online application with all required documents
¹As part of your application, you may submit a scanned copy of your transcript for the highest college or university degree you have earned. Upon acceptance into the Program, you are required to submit official transcripts, which are sent directly from your former college or university to WQU via postal mail or email. Official transcripts that are not in English will need to be evaluated by a member of NACES and submitted to the University for review. Please refer to the policy in the University Catalog.
²Successful completion of one English proficiency test from the below is required of applicants whose native language is not English. The only exception is for applicants who have earned a degree at an institution where the language of instruction is English.
Accepted English Proficiency Tests
| Test | Type | Cost | Minimum Passing Score |
|---|---|---|---|
| Duolingo English Test | Online | $59 USD | 100 |
| TOEFL iBT | Online | $190-$335 USD* | 71 |
| IELTS | Test Center | $140-$310 USD* | 6.5 |
| PTE Academic | Test Center | $165-$275 USD* | 50 |
| 4-Skill Michigan English Test (MET) | Online | $150-$250 USD* | 55 |
| Michigan Examination for the Certificate of Competency in English (ECCE) | Test Center | $180 USD* | 650 (LP) |
| Michigan Examination for the Certificate of Proficiency in English (ECPE) | Test Center | $220 USD* | 650 (LP) |
*Price may vary by country
The skills listed are not required, but are indicators that you are a good fit for the Program:
- Undergraduate degree in a technical discipline such as physics, mathematics, computer science, engineering, or economics
- Experience with analyzing datasets
- Knowledge of linear algebra, probability, and statistics
- Thorough knowledge of Python programming
- Experience in other programming languages such as R, C++, Java, etc.
- Experience with Discrete Optimization
- Relevant work experience in financial management, banking, quantitative trading, algorithmic trading, data analytics, etc.
Students with undergraduate experience in mathematics and programming have the best rates of success in the Program. Those qualified, interested, and committed from a wide range of fields are encouraged to apply.
The Application Process
Step 1Review the admission requirements and make sure you’re aware of deadlines
While every effort is made to accommodate students, submitting an application by the deadline does not guarantee acceptance or a seat in the desired course session.
2024 Start Dates
| Start Date | Application Deadline |
|---|---|
| January 9 | January 2 |
| April 2 | March 26 |
| July 2 | June 25 |
| October 1 | September 24 |
Admission to the Master of Science in Financial Engineering Program is available to all qualified applicants who meet the above requirements.
Step 2Create an account
Begin the application by clicking Start a New Application, and filling out the requested information in the form to create an account.
Step 3Take the Quantitative Proficiency Test
Once you have created your account, you'll be prompted to take the Quantitative Proficiency Test to determine your mathematical and statistical proficiency as well as basic Python knowledge. It may take up to two hours and must be completed in one sitting, so make sure you have enough time before you begin. You must earn a minimum passing score of 75% to be eligible for admission.
If you fail the first attempt, you may retake the test after a waiting period of seven (7) days. If you do not pass the test on your second attempt, you are eligible to reapply to the Program following a waiting period of six (6) months from the date of your second attempt.
How can I prepare for the Quantitative Proficiency Test?
The Quantitative Proficiency Test assesses your mathematical and statistical proficiency as well as fundamentals in Python programming and data structures to help determine your eligibility for admission to the MScFE Program.
The minimum passing grade for the test is 75%. It consists of 60 questions and must be completed in one sitting within two (2) hours. You have a maximum of two (2) attempts to complete the test.
You can find a document with sample questions here. Make sure you prepare thoroughly for the test and for the successful completion of the Program. Use this list of (free!) online resources to strengthen your mathematical, statistical, and programming skills.
Step 4Gather and upload your required documents
Upon successful completion of the Quantitative Proficiency Test you'll be required to complete your profile with additional information and upload your documents.
Here is the complete list of all the documents needed to complete your application:
- Government-issued photo ID (e.g., national ID card, passport, or driver’s license)
- Official transcripts from highest college/university degree earned¹ (Bachelor’s degree required)
- Proof of English proficiency (Duolingo English Test, TOEFL, IELTS, or PTE scores)²
- Admission decisions can only be made once all the required documents are received
Before submitting, please double-check all parts of your application to ensure you have uploaded all required documents and that they are true and accurate. You cannot make any changes after submission (unless you need to update your contact information).
¹As part of your application, you may submit a scanned copy of your transcript for the highest college or university degree you have earned. Upon acceptance into the Program, you are required to submit official transcripts, which are sent directly from your former college or university to WQU via postal mail or email. Official transcripts that are not in English will need to be evaluated by a member of NACES and submitted to the University for review. Please refer to the policy in the University Catalog.
²The submission of English proficiency test scores is required of applicants whose native language is not English. The only exception is for applicants who have earned a degree at an institution where the language of instruction is English.
Non-Discrimination Policy
WorldQuant University does not discriminate against any person on the basis of age, ancestry, color, ethnic group identification, national origin, religion, race, gender or sex, sexual orientation, physical or mental disability, veteran status, or on the basis of these perceived characteristics, or based on association with a person or group with one or more of these actual or perceived characteristics.
Disabilities
WorldQuant University is committed to compliance with the Americans with Disabilities Act (ADA) of 1990, as amended, and Section 504 of the Rehabilitation Act of 1973, as amended. Students requiring learning accommodations resulting from disability or injury should contact adaofficer@wqu.edu. WQU provides accommodations based on medical or professional documentation submitted by the student. It is the student’s responsibility to self-identify to the institution prior to the start of class.
Frequently Asked Questions
What is Financial Engineering?
Financial Engineering is a field where mathematical techniques are used to solve financial problems. It is an interdisciplinary specialty that leverages skills and tools from computer science, statistics, economics, and applied mathematics, enabling practitioners to address financial challenges and opportunities, and in some cases, develop new products and services. As more businesses and organizations become data-driven, there are growing opportunities for financial engineers outside of the financial industry, including healthcare, the supply chain, agriculture, and more.
For a more detailed breakdown of how this field emerged, what it takes to become a financial engineer, and what kinds of jobs financial engineering graduates pursue, head over to the WQU blog and check out the Guide to Financial Engineering.
How can I prepare for the Quantitative Proficiency Test?
The Quantitative Proficiency Test consists of 60 questions covering advanced algebra, linear algebra, differential calculus, integral calculus, differential equations, discrete mathematics, probability, and statistics. A portion of the test is dedicated to measuring fundamental knowledge of Python programming and Python data structures. Make sure you prepare thoroughly for the test and for the successful completion of the Program. You can find a document with sample questions here. Use this list of (free!) online resources to strengthen your mathematical, statistical, and programming skills.
The minimum passing grade for the test is 75%. It must be completed in one sitting with up to a total of two (2) hours to finish. You have a maximum of two (2) attempts to complete the test.
How can I use my MSc in Financial Engineering?
Financial engineers pursue professional roles such as quantitative researchers, quantitative developers, quantitative traders, algorithmic traders, and portfolio managers for financial institutions. Some focus on public policy, working for governments developing state and federal financial policies, or conducting research at think tanks. There is a tremendous amount of fluidity between different financial-engineering careers, as well as transferable skills that allow professionals to easily move between these opportunities.