Master of Financial Engineering Program

General Program Questions

How does the Haas MFE Program distinguish itself from similar programs?

The Haas MFE Program is one of only two degree programs in financial engineering offered solely under the auspices of a business school. Most financial engineering programs are taught in mathematics, engineering or operations research departments. As a result, MFE students learn about computational finance within the context of business and economic principles, and enjoy the additional advantages of the business school's career services, corporate contacts, and orientation towards business applications. The MFE program is also the only Financial Engineering program that includes a ten-week, mid-program, optional winter internship as part of the curriculum.

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How many people do you admit each year?

There are only 65 spots available, so we admit students until we have 65 who have committed attendance.

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Are MFE courses offered online or part time for working individuals?

There are currently no courses offered online or part-time. All courses are taught on the UC Berkeley campus during the 12-month, full-time program. Due to the intensive nature of the program it is not really feasible for students to work while in the program.

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What is the academic calendar for the MFE?

Please refer to our academic calendar page for information on the current and next term

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Do you accept credits and transfers from other universities?

No, we do not. The MFE curriculum is designed so that each series of 8 week courses work in tandem. Finally, MFE courses are taught by the finest faculty in the UC system; we could not maintain the level of difficulty and quality of the MFE education from Haas if we allowed people to transfer in with credits. For the same reasons, we cannot allow students to "test out" of courses.

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What is the difference between an MFE and other degrees?

MBA: The differences between an MFE and MBA are numerous. Some of the differences are obvious, for example the MFE program is 1 year, while an MBA typically takes 2 years. Many MBA programs can be taken part-time, while our program is full-time only. The MFE is a Master's degree in a specialized type of Finance, and an MBA is a more general, well-rounded business degree. Courses you might expect to take in an MBA program would be in Marketing, HR/Management, Accounting and Finance. In the MFE program, we only cover these topics as they relate to the specific field of Financial Engineering. Most MBA programs do not require the high-level of math, analytic ability, or computer programming experience required by the MFE program. The combination of skills obtained by MFE graduates (understanding of complex financial strategies, financial modeling ability and computational proficiency) are difficult for employers to find in graduates of standard MBA or Engineering programs.

PhD: A PhD can take 5 to 6 years and is recommended for students who want to pursue a career in academics. To some extent, the MFE may be seen as an attractive alternative to a doctoral program in finance for those interested in commercial rather than academic careers.

CFA (Chartered Financial Analyst): Many people in the Finance Industry get their CFA in addition to advanced degrees in Finance. The main difference is that a CFA is an independent certification process, not an academic distinction. For some jobs it is desirable to have both, but they are not interchangeable by definition.

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The Pre-Program Courses

When will the pre-program courses be offered?

We offer courses in Math, C++, and Statistics. Currently, the courses are taught in the months before the program begins. The next program will begin in January, 2010.

• Math Course Webpage
• C++ Course Webpage
• Statistics Course Webpage

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Are grades in the pre-program courses used in admissions decisions?

Yes. We would like to know the grades of any courses you take to prepare for the MFE, and we will look at grades you get in our pre-program courses as well.

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Do you have to be a UC Berkeley student to take the pre-program courses?

No, the pre-program courses are open to anyone. They are open enrollment courses, so you do not need to fill out any applications with the University. Because they are not part of the MFE degree program, you cannot get financial aid, student housing, or student visas related to your attendance in the course. They are strictly courses to prepare you for the MFE program. You will receive grade and certificates of completion, but they will not be part of your UC Berkeley transcript.

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How much do they cost?

• Math Foundations for Financial Engineers: The cost for the 2010 program was $1,590, with a $300 discount for students who have been admitted to the MFE Program.
• C++ Programming for Financial Engineers: The cost for the 2010 program was $1,325, with a $200 discount for students who have been admitted to the MFE Program.
• Statistics for Financial Engineers: The cost for the 2010 program was $1,325, with a $200 discount for students who have been admitted to the MFE Program.

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Financing an MFE degree

What is the tuition and fee schedule for the MFE?

The tuition is $50,402 for the MFE 2010-2011 school year. Students are expected to pay in 4 installments on December 15, May 15, August 15, and January 15.

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What financial aid is available for domestic students?

The MFE Program does not offer scholarships or grants. All assistance is in the form of loans which must be repaid after graduation or dropping below 6 units. Federal financial aid in the form of loans is available for students who are citizens or permanent residents of the United States.

To apply for need-based and non-need-based federal loans, complete the Free Application for Federal Student Aid (FAFSA). The data will be electronically transmitted to Berkeley's Financial Aid Office. The UC Berkeley educational code for the FAFSA is 001312. You must be officially admitted to the MFE program before financial aid can be processed. Due to the nontraditional academic calendar of the MFE Program, two FAFSAs (Free Application for Federal Student Aid) must be filed per MFE year.

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What financial aid is available for international students?

The MFE Program does not offer scholarships or grants. All assistance is in the form of loans which must be repaid after graduation or dropping below 6 units. International students can only apply for private loans. For more details, please refer to the financial aid section of the MFE brochure or contact the Haas Financial Aid Office, at 510-643-0183, or email finaid@haas.berkeley.edu

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Are fellowships or assistantships available?

Currently there are no fellowships or assistantships associated with the MFE Program. Click Here for information about UC Berkeley Graduate Division awards and fellowships.

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Admissions Questions

What type of students do you look for?

The MFE program looks for candidates with a background in finance, economics, statistics, mathematics, engineering, computer science or other similar quantitative fields.

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What are the admissions requirements?

Graduate Division Admissions Requirements:
Valid degree from an accredited institution, comparable to the 4-year Bachelor's Degree from Berkeley. Sufficient training to undertake graduate study in the chosen field. A satisfactory scholastic average, usually a minimum of 3.0 in upper division work. International applicants: Please refer to the application packet for full requirements.

MFE Admissions Requirements:
Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE) General Test. A strong quantitative background including linear algebra, multivariate calculus, differential equations, numerical analysis and advanced statistics and probability. Prior experience in computer programming (C, C++) and familiarity with computers as a computational and management tool. Excellent writing, speaking and presentation skills (in English).

MFE Admissions Recommendations:
Experience with statistical and econometric applications. (Examples: Sas, Gauss, RATS, S-Plus, and Garch.) Experience with mathematical tools. (Examples: MatLab, Mathematica, or MathCad.)

In some cases, applicants may be admitted conditional on the successful completion of one or more recommended courses before enrollment in the program.

Prerequisite Course Chart

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Is work experience required?

No, but work experience is recommended. It is also a key component to finding a full time job after graduation from the MFE. Our 2008- 2009 class has an average of 4 years of work experience.

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Do you require an undergraduate degree in finance or business?

Formal training in economics and finance is not required, but preferred. Though there is no specific degree requirement, most students will have undergraduate or graduate degrees in finance, economics, statistics, mathematics, engineering, computer science or other similar quantitative fields. The common requirement for all students in the program is that they enter it with a high level of intellectual curiosity and a strong interest in finance.

Prerequisite Course Chart

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Do you recommend preparatory math classes?

For students who have not taken a math course in more than 5 years, we do recommend some type of refresher course in order to excel in the program. If you are required to take a math course as part of conditional acceptance to the program, we will accept the grades from any accredited college or university. There are some high quality courses offered online through the following programs (please note that these are the ones that we are familiar with and that courses can be taken at any accredited institution):

Columbia Video Network

Johns Hopkins University

University of Washington

We also offer the 30-hour foundation math course at Haas, which can be taken in the classroom or online.

For people who have taken the prerequisite courses some years ago, self-study is advised in addition to the foundation math course. One very good resource for self-study guidelines is offered through MIT's Open Courseware Program.

Prerequisite Course Chart

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Do you recommend preparatory finance courses or certifications?

Preference will be given to candidates with a finance background. We recommend that you take coursework in corporate finance, macroeconomics, and similar topics and strongly recommend that you begin preparation for the CFA exam and/or the FRM exam.

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What is your minimum TOEFL requirement?

The Berkeley campus requires a score of at least 570 for the paper-and-pencil version of the TOEFL, at least 230 for the computer-based TOEFL, and at least 68 for the internet based TOEFL. The test scores may not be more than 2 years old. (For the 2010-2011 application, scores may not be older than April 1, 2008)

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Can I waive the TOEFL requirement?

You may be able to waive the TOEFL if you have been studying for more than one year toward a degree at an accredited institution in the United States.

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What is your minimum GMAT/GRE requirement?

We anticipate that the most successful applicants will have GMAT or GRE Quantitative scores in the 90th percentile. Verbal and Analytical scores should also be strong. The test scores may not be more than 5 years old, counted from the date of entry to the program. For example, for the class which begins in 2010, the test needs to have been taken after April 1, 2005; for the class beginning in 2011, the test needs to have been taken after April 1, 2006.

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Can I waive the GMAT/GRE requirement?

The results of these tests, particularly your quantitative score, are essential to our evaluation of your application and are a university-wide requirement. They may not be waived. The only exception to this rule is that PhD holders may not have to retake the test provided they are able to provide a photocopy of their original GMAT/GRE scores. These decisions are made on a case by case basis.

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How can I order my official test score reports?

When ordering GRE Score reports, applicants should use institution code 4833 and department code 4399. For GMAT, use institution code N2V-PT-87. For TOEFL, use institution code 4833 and department code 82.

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Can I come in for an interview?

You will be contacted by the MFE office if an interview is needed to make a decision on your application.

If you live in the San Francisco Bay Area, we encourage you to come to one of our information sessions, which are held on the first Monday of every month in the MFE lab from 12:00-1:30. To attend, please meet us outside the MFE Lab (Room S270, within the Haas Library) just before 12:00.

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Who should write recommendation letters?

Recommendation letters should be written by someone in a position to evaluate you either professionally or academically. A supervisor, project leader, or instructor would make a good reference. It is imperative to have a reference from someone who knows you well enough to make specific comments about you. Form letters and stock letters are to be avoided.

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If I am admitted, can I defer enrollment?

If for some reason you cannot attend, we will keep your application active for one year, and can consider you for the next year's admissions. However, we do not defer acceptances, so we cannot guarantee that if you are admitted one year that you will be admitted the next. We evaluate all available students each year for the next class.

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Do you have a waitlist?

Yes, however there is no official ranking of students on the waitlist. Once a spot is available, the admissions committee meets and decides which candidate on the waitlist will be offered admission. The number of students on the waiting list is not released, but the list is short. Since we keep admissions open until the program begins in March, you could receive an updated status at any time between the time you re placed on the waitlist and the time the program begins. Of course, we will always notify you on the website with any status change as soon as it is available.

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Do I need to take all of the courses listed in the prerequisite course chart to be considered "eligible" for the MFE program?

You will need to have taken, or have a plan in place to take, the courses listed in the prerequisite course chart before the program you are applying to is scheduled to begin. You should also plan to take all of the pre-program courses in addition to the prerequisites as they will help to fill in any "gaps" you may have and to reinforce your understanding of the basic concepts.  All courses should be taken for a grade and grades should be "B" or higher.

Please note that you do not necessarily need to complete all of the coursework prior to submitting your application, but you do need to have a clear plan in place to complete the coursework between the time of application and the time the program begins.

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Am I eligible to apply if I have an MBA degree?

Yes. The MBA and MFE are considered to be different, and not duplicate degrees.

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Am I eligible to apply to the MFE program if I received a bachelor's degree from India?

Minimum academic requirements for international applicants are a 4-year bachelor's degree or a master's degree (2 years after your bachelor's degree). Recognized basic or first degrees from India include B. Engineering (in Engineering only), B.Sc in Engineering, B. Tech, B. Architecture, B. Veterinary Medicine, B. Agriculture, B. Pharmacy or a Master's degree in a non-engineering field. Associate of the Institute of Chartered Accountants, Institute of Cost Works Accountants, Associate of Business Management, and Associate of Institute of Engineers are NOT acceptable as substitutes for a four-year degree. You are ineligible to apply with only a 3-year bachelor's degree; therefore, you would need to complete a master's degree (2 years after your bachelor's degree) in order to apply. A Postgraduate Diploma (PGDM) awarded by the Indian Institutes of Management at Ahmedabad, Bangalore, Calcutta, and Lucknow (2 years beyond bachelor's) can be counted towards the 4-year requirement for a basic or first degree. For specific details, contact the UC Berkeley Graduate Division at gradadm@berkeley.edu.

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My status is "Hold". What exactly is a "Hold" status?

A "hold" status means that we are unable to make a decision on your file at this time and would like to re-review your file at a later point. We will re-review all of the hold files periodically through the admissions cycle and will provide updated statuses when they are available. Since we keep admissions open until the program begins in March, you could receive an updated status at any time between now and then. Of course, we will always notify you on the website with any status change as soon as it is available.

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Application Questions

What is the application fee?

The fee is $225 and is non-refundable.

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Can I pay the application fee by credit card?

The MFE Program accepts both credit card and check though using a credit card is strongly encouraged.

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What is a rolling deadline?

A rolling deadline means that we accept students year-round, as the applications come in. Spots fill up as the year progresses and each application deadline passes.

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What are the application deadlines for Spring 2011?

Application Postmark Date

• January 21, 2010
• April 1, 2010
• June 22, 2010
• September 1, 2010

* Slots are held open until applications from the September 1, 2010 deadline are considered and processed.

Some applicants may be offered a conditional admittance with the requirement that they successfully complete a prescribed course of study at a fully accredited educational institution prior to enrollment.

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How do I find out the status of my application?

Once you submit your application, you will receive an immediate electronic notification that your application has been received. All appropriate documents will then be matched to your online submission. If your application is incomplete, you will be notified by email within 3-5 weeks after you have submitted your application online. Please do not contact the MFE admissions office about the status of your application unless the above time frames have passed and you have not received notification.

You can also check the status of your application by logging on to the application website with your user name and password.

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How soon can I get a decision on my application?

The applications are processed thoroughly. If no items are missing from your file, you will be able to get an answer within the time frames listed below. If you need to find out the current status of your application, log on to the application website with your user name and password.

Rolling Application Deadlines	Reviewed By
January 21, 2010	March 31, 2010
April 1, 2010	June 21, 2010
June 22, 2010	August 31, 2010
September 1, 2010	November 1, 2010

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How do I make a change or addition to my application once it has been submitted?

Please be careful and check your application before submitting it online. If you found an error or want to make an addition, you can notify us of the changes or additions in one of two ways:

Via Email: Please indicate your first and last name in the title of the email and send it to mfe@haas.berkeley.edu.

Mail the change/addition to:
Admissions
Master of Financial Engineering Program
University of California, Berkeley
Haas School of Business, #1900
Berkeley, CA 94720-1900

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I would like to reapply to the MFE program. What is the reapplication procedure?

If you would like to reapply to the MFE program, we will keep your file for up to one year after your most recent application. You will need to open a new application account and fill out the information pages. When you come to the essay section, please click on the "Reapplicant" button. You will only be required to submit the first essay, although you may submit any of the other essays if you feel that you want to inform the admissions committee of any aspect of your profile that might have changed.

We will keep test scores (as long as they are valid), recommendation letters, transcripts, and other materials from your previous application. There is no need to resubmit these unless you would like to update your information or provide us with additional information unless we specifically ask you to do so.

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Internship & Full Time Employment

How many students were able to get internships?

In the 2009-2010 class, 100% secured paid internships.

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Are the internships guaranteed?

Each student is expected to be actively involved with the MFE staff in obtaining an internship that assists her/him to gain exposure to the real world application of their degree. Although it is not possible to guarantee each student an internship, every effort is made to help you secure an internship. All students must complete an internship or an on-site project approved by the MFE program in order to graduate.

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What is the employment data for MFE graduates?

Job employment data can be found here:
Job Employment Report

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What was the average salary for MFE graduates?

Salary data can be found here:
Student Profiles

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Which careers would a Master of Financial Engineering feed into?

Our graduates are offered positions as risk managers, investment bankers, derivative traders, designers of specialized securities, and financial engineers. Employers include investment banks, commercial banks, financial consultants, financial and database software suppliers, financial regulators, and exchanges.

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UC Berkeley Resources

Where do I get help as an international student?

For help and information about immigration matters, financial aid, work permission, and advice, visit the International Office Website. [Note: The Berkeley International Office cannot assist with admissions questions. The International Office only works with students who have already been admitted to UC Berkeley.]

The Berkeley International Office
2299 Piedmont Avenue (at the International House)
UC Berkeley
Berkeley CA 94720-2321
(510) 642-2818
(510) 643-7289 (fax)

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What Career resources are available to MFE students?

MFE students have access to the same Haas Career Center facilities as MBA students. In addition to programs offered by the Career Center, the MFE office schedules mock-interviewing and résumé workshops, as well as MFE-specific recruiting events.

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I do not have a background in C++. What course could I take prior to entering the MFE Program?

We recommend that you take the MFE Pre-program course, "C++ Programming for Financial Engineers".

You can register for the course here.

For more information, please see our course description: C++ Programming for Financial Engineers Course Description

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