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MSc in Financial Engineering

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The largest financial engineering program in the world is entirely free and online for everyone.

Our MSc is where programming and data science meet the future of finance

Master of Science in Financial Engineering (MScFE)

This field is on the rise as financial innovation across the globe drives demand for analytics and data science training.

From evaluating statistics to econometric modeling, our educators teach advanced skills that can be used in the majority of industries. Graduates are prepared for sought-after positions in securities, banking, and financial management, and can also apply their skills at general manufacturing and service firms as quantitative analysts. Building on this foundation, the comprehensive program also provides students with skills needed to succeed in presenting ideas and concepts in a professional business setting.

Learn more about the field in this article from Towards Data Science.

Next Deadline
June 22, 2021
Program Start Date
July 6, 2021
Cost
Free
Length
2 Years
Applicant Requirements
Bachelor’s Degree (official transcript)
Proof of English proficiency
Passing score on Quantitative Proficiency Test
Commitment
20-25 Hours a week
Award
Master of Science in Financial Engineering Degree

“Hiring skilled students who come from institutions like WorldQuant University is a business imperative.”

Susan Wolford,
Former Managing Director and Head of Technology & Businesses Services Group, BMO Capital Markets

What You’ll Learn

Designed by industry experts, WorldQuant University’s accredited program integrates mathematical, statistical, and computer science tools with finance theory and professional business skills in a completely online and collaborative setting. Graduates are positioned to excel in today’s highly collaborative, fast-paced, professional environments.

The two-year program consists of nine graduate-level courses and a Capstone Course during which students complete a culminating project. The courses are sequentially taught and build on one another. Taking one course at a time allows you to earn your degree without disrupting your life.

All courses are delivered in an online group setting and focus on applied projects.

Program Outcomes

Upon completion of the program, you will be able to:

Demonstrate an understanding of global financial markets
Design and evaluate the efficacy of Python algorithms and simulations
Apply machine learning to the financial markets
Describe econometric modeling and forecasting of financial markets
Evaluate portfolios and their risk profiles using portfolio management theory
Analyze and design financial programs using distributed ledger technologies
Identify risks related to financial business and develop mitigation strategies
Analyze regression, hedging, and time-series models
Evaluate the current trends of the global financial landscape

Course Descriptions

The MSc in Financial Engineering Program consists of nine graduate-level courses as well as a Capstone course. There is a one-week break between each course.

Course 1

MScFE 560: Financial Markets

Length: 7 Weeks

The Financial Markets course serves as an introduction to the field of Financial Engineering. It covers foundational topics including: The History of Financial Markets and Insurance; Market Regulation; Money Markets; and Bond Markets and Trading.

Course 2

MScFE 610: Econometrics

Length: 7 Weeks

In this course, students apply statistical techniques to the analysis of econometric data, starting with an introduction to the R statistical programming languages that students will use to build econometric models including multiple linear regression models, time series models, and stochastic volatility models.

Course 3

MScFE 620: Discrete-time Stochastic Processes

Length: 7 Weeks

In this course, students will gain an enhanced comprehension of Discrete-time Stochastic Processes including: understanding the language of measure-theoretic probability, defining trading strategies in discrete time, and creating replicating portfolios.

Course 4

MScFE 622: Continuous-time Stochastic Processes

Length: 7 Weeks

This course covers key stochastic processes such as Brownian Motion, Stochastic Calculus including the Ito integral, the Black-Scholes Model, and Levy processes.

Course 5

MScFE 630: Computational Finance

Length: 7 Weeks

This course provides a comprehensive introduction to computational finance with a key focus on Monte Carlo Methods in Python, Option Pricing, and Risk Management.

Course 6

MScFE 650: Machine Learning in Finance

Length: 7 Weeks

In this course, students are introduced to principles and applications of statistical learning and machine learning, and will. During the course, students examine feasibility of learning, measures of fit and lift, and a number of learning paradigms such as logistic regression, neural networks, support vector machines, boosting, decision trees, and both supervised and unsupervised learning. At the end of the course students are also introduced to the latest trends in machine learning in finance.

Course 7

MScFE 640: Portfolio Theory and Asset Pricing

Length: 7 Weeks

The course introduces students to single-period asset pricing including the MVP theory, CAPM, SML and CML. The course also covers multi-period asset pricing (Multi-period portfolio theory, CAPM and APT), Active Frontiers, Bayesian Portfolio Theory and Indexation.

Course 8

MScFE 660: Case Studies in Risk Management

Length: 7 Weeks

This course uses case studies of historical financial crises to expound on the need for risk management in the modern business environment. Each module highlights the major risks faced by business and society including credit, market, operational, strategic, reputation and enterprise-wide management risk.

Course 9

MScFE 670: Data Feeds and Technology

Length: 7 Weeks

In this course, case studies are used as a method of understanding and analyzing various data sets. The course begins with an introduction to R for Data Science, then explores C# for finance programs and concludes with a focus on distributed ledger technologies.

Course 10

MScFE 690: Capstone Course

Length: 10 Weeks

In the Capstone Course students practically apply their understanding of the program content by accomplishing project milestones from developing a problem statement, identifying the required technology to find a solution to the problem, submitting multiple drafts for peer review and instructor feedback, and finalizing and presenting their fully-developed project.

We are proud of the caliber of our students’ Capstone projects. See for yourself:

Momentum, Market-Regime and Stocks & Options Trading Strategies

Keywords: Momentum, Trading Strategies, Trend-Following, Options, Regime-Shift, Black-Scholes, VIX Index, Hid- den Markov Model, Average True Range, Moving Averages, Straddle, Dynamic Hedging

Abstract

This research project seeks to examine the relationship between momentum, stocks and options trading strategies. First, we examine a simple momentum trading strategy for stocks. These discussions are then extended and applied to options trading. Further, we explore how changes in economic conditions can cause trading performances to change from long-term averages and techniques that can be used to mitigate the impact of volatility and regime-shifts on trading performance. Read more.

How can I use my degree?

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.

Learn More About Careers

Which Offering is Right for Me?

Master of Science in 
Financial Engineering

Next Deadline
June 22, 2021
Program Start Date
July 6, 2021
Cost
Free
Program Length
2 Years
Applicant Requirements
Bachelor’s Degree

Proof of English proficiency

Passing score on Quantitative Proficiency Test
Commitment
20-25 Hours a week
Award
Master of Science in Financial Engineering Degree

Applied Data Science Module

Next Deadline
June 13, 2021
Program Start Date
July 5, 2021
Cost
Free
Program Length
8 or 16 weeks
Applicant Requirements
Experience with algebraic concepts and basic Python

Passing score on skills quiz
Commitment
10-12 Hours a week
Award
Credly Badge

Who Should Apply?

Our students are career-driven, computer-savvy quantitative thinkers. They have fully completed a bachelor’s degree and are interested in a future in financial engineering.

Students come from a wide range of countries and have diverse backgrounds. They want to advance their career and seek life-changing education. They are persistent, resilient, and committed to meeting the demands of our rigorous program and to mastering advanced concepts. They understand the value of collaborative work and value sharing knowledge as much as acquiring it.

Students are expected to commit 25 hours per week between lecture videos, assignments, group projects, and individual study.

Online instruction is best supported by access to the following essentials:

  • Computer
  • Webcam
  • High-speed internet connection

Detailed information about WorldQuant University, the program, requirements for admission, academic policies, and other considerations are available in the WorldQuant University Catalog.

Download Catalog

When Do We Start?

There are four start dates every year.

2021 MScFE Start Dates

Start DateApplication Deadline
January 5December 22
April 6March 23
July 6June 22
October 5September 21

Get Started Today

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Applied Data Science Module

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