Curriculum
Everything about our program prepares you to make an impact on the job from day one, starting with the curriculum.
We carefully craft your course of study to integrate the mathematical, statistical, and computer science methods you learn with the theoretical frameworks and institutional settings in which they are applied. All of the classes, starting with the pre-program coursework, build upon the previous ones to provide a solid foundation that reinforces what you have already learned.
The Berkeley Haas MFE curriculum is as dynamic as the finance industry itself. Faculty members contribute to, and share, pioneering research. A committee of leading industry practitioners advises the program director on current trends and future needs.
Degree Requirements
MFE students must successfully complete 28 units of coursework (1 unit = 15 class hours), including the Applied Finance Project, plus an internship or industry/independent study project. The 10- to 12-week internship/industry project or independent study project is a required condition for graduation.
Schedule Options
The Berkeley Haas MFE Program is a one-year, full-time program.
We are now also offering a part-time option, which allows you to complete the program over two years instead of one.
Curriculum Overview (One-Year Program)
Orientation (March | 1 Week)
The program kicks off with an informative and social orientation. During this week-long introduction to the program, you'll get to know other new students and gain a sense of what the classroom experience will hold. The orientation features team-building exercises, lectures, and workshops on special topics, including a thorough overview of the job market and career resources.
Term One (March–May | 8 Weeks)
MFE 230A (2 units)
This course covers the basic theories of asset pricing. It begins with the standard discounted cash flow analysis and generalizes this approach to develop the No Arbitrage Pricing technique for security valuation. Applications including fixed income securities, derivatives and contingent claims will be considered. The course will then examine the basic principles of optimal portfolio theory and consider special models of equilibrium asset pricing, including the Capital Asset Pricing Model and related Factor Models. Applications to equity pricing and portfolio performance evaluation will be explored. Programming and analytical exercises will be assigned.
MFE 230E (3 units)
This course reviews probability and statistical techniques commonly used in quantitative finance. It includes a review of normal, log-normal, and CEV distributions. This course covers estimation and non-parametric techniques commonly used in finance (MLE, GMM, GARCH) and introduces students to financial databases and to estimation application software for exercises in estimating volatilities and correlations and their stability.
MFE 230Q (2 units)
This course introduces the concepts and tools of stochastic calculus as required for effective pricing of complex financial derivatives in continuous time. The course stresses the practical applications of stochastic differential equations, Ito integrals, and measure transformations as required in advanced financial engineering practice and for the understanding of asset pricing theory. The material discussed in this course is used extensively in the some of the more advanced classes.
MFE293 (1 - 3 units)
The Independent Study course is your opportunity to do research in an area of interest to you, in which there are no existing courses.
Our students work directly with financial institutions, hedge funds, Fintech firms, etc., on (unpaid) projects for which they receive academic credit.
MFE 230T (1 unit)
This course is exclusively designed for the Master of Financial Engineering (MFE) students or those interested in preparing for a career in finance. The goal of the course is to ensure your success as an MFE and beyond.
Individuals from financial services firms will describe the work of financial engineers in their firms and the kinds of skills and personal attributes they are seeking for this work.
Term Two (June–July | 8 Weeks)
MFE 230D (2 units)
This course emphasizes the pricing of derivatives in continuous time, from the formulation of the pricing problem to the implementation of computational and numerical solution techniques. The course consists of three parts. In the first part, asset pricing theory is used to set up the pricing problem for a wide range of instruments with features such as early exercise, jumps, and path dependencies. The second part focuses on simulation methods for pricing both European and early exercise derivatives. The third part shows how to effectively use advanced finite difference techniques for solving a wide array of pricing problems.
MFE 230I (3 units)
This course provides a quantitative approach to fixed income securities and bond portfolio management. The focus is on fixed income security markets, pricing and uses for portfolio management or for hedging interest rate risk. The course covers bond mathematics, term structure measurement and theory, immunization techniques and the modern theory of bond pricing, including the pricing of credit-risky bonds. It also covers derivative instruments (futures, swaps, options, exotic instruments). There will be extensive use of application and programming exercises.
MFE 230P (2 units)
Students will become familiar with theories and Python implementations of standard statistical and machine/deep learning methods with applications to finance. Students will also be exposed to an array of data sources, both standard and alternative in nature. Topics include: Financial data APIs, Data Manipulations, Machine Learning, Model selection, Trees, Bagging, Boosting, Random Forest, among other areas.
MFE293 (1 - 3 units)
The Independent Study course is your opportunity to do research in an area of interest to you, in which there are no existing courses.
Our students work directly with financial institutions, hedge funds, Fintech firms, etc., on (unpaid) projects for which they receive academic credit.
The MFE students are encouraged to attend weekly discussions held by finance practitioners. In the first term speakers discuss jobs available to graduates of the MFE and the skills needed to contribute to a firm's mission. In the second term, speakers provide insights into the way the financial world is changing: new products and needs; evolving data and information systems; and similar topics.
MFE 230T (1 unit)
Further preparation of the students for placement in internship and full-time positions is done throughout the seminar, both for finance and data science positions.
Term Three (August–October | 8 Weeks)
MFE 230H (2 units)
This is an applied finance and economics course that focuses on the economics of financial intermediation, financial system architecture. The course then examines financial risk measurement and management, including market risk, credit risk, liquidity risk, settlement risk, model risk, volatility risk, kurtosis risk and other types of financial risks. The course also includes the discussion of OTC markets, CCPs and counterparty risk in derivatives market. The course concludes with issues around the regulation of financial institutions and the new developments in Dodd-Frank act.
Elective offerings vary by year/term. See the list of current elective courses.
Internship (October–January | 10 to 12 Weeks)
The Internship/Special Topics in Finance project is a required condition for graduation. The internship or approved, on-site project takes place from mid-October to mid-January.
Because of the school's reputation and close ties to the best firms, Haas has an exceptional record of helping students secure internships and projects.
Term Four (January–March | 8 Weeks)
MFE 230O (3 units)
This is an applied project exploring an unresolved finance problem that is met in practice and involves the development or use of a quantitative financial technique. Participation requires prior approval of the supervising faculty member
MFE293 (1 - 3 units)
The Independent Study course is your opportunity to do research in an area of interest to you, in which there are no existing courses.
Our students work directly with financial institutions, hedge funds, Fintech firms, etc., on (unpaid) projects for which they receive academic credit.
Elective offerings vary by year/term. See the list of current elective courses.
Every course and hands-on learning experience in the Berkeley MFE program is calibrated to expand your knowledge. The group assignments reflect the real world and are intended to make your learning fast and efficient. The condensed one-year format meant I was out in the workforce that much faster.”
Pedro Zonari, MFE 18
Analyst, Schonfeld
New York, New York
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