Frequently Asked Questions

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 Berkeley MFE program is also the only financial engineering program that includes mid-program, winter internship as part of the curriculum.

MBA

The differences between an MFE and MBA are numerous. Some of the differences are obvious, for example the MFE program is one year, while an MBA typically takes two years. 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 academia. 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.

The MFE And the PhD are separate degrees, and, therefore, the MFE does not "lead to" a PhD. If you are interested in a PhD, you should contact the PhD program directly to learn about their admissions requirements.

That said, a few of our students have pursued PhD degrees after completing the MFE and have been successful in doing so. To pursue the PhD at Haas, you must apply separately after you have completed the MFE. For more information about admission requirements for the PhD program, please see the Haas PhD Program website.

For help and information about immigration matters, financial aid, work permission, and advice, visit the Berkeley 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)

The application deadlines are the same as for the full-time option.

Since the two-year Berkeley MFE is a part-time program, we are unable to assist with or issue an F-1 student visa. Typically, our students work with their employers to assist with their visas, the most common of which are L1 and H1B.

We offer courses in Math, Python, and Statistics. Currently, the courses are taught in the months before the program begins. To view the list of classes and schedule, visit the pre-program courses page.

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.

No, the pre-program courses are open to everyone. 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 courses. They are strictly courses to prepare you for the MFE program.

You will receive grades and certificates of completion, but they will not be part of your UC Berkeley transcript.

No, however, if you are offered admission after you have registered for the pre-program courses, we will refund the difference between the student rate and the regular rate.

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.

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

Please also see our Prerequisite Course List for a list of the courses you should have taken before beginning the Berkeley MFE.

We recommend that you take 1 or 2 C++ courses. 

View a comprehensive list of approved courses.

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

We typically enroll around 80 students per class.

No, we do not. The MFE curriculum is designed so that each series of 8-week courses works in tandem.

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.

We evaluate resumes and provide advice on how to prepare for the program during our information sessions, which are held on campus, in various locations around the world, and online. Our online information sessions are accessible and toll free from any location in the world. You need only a telephone and computer to join.

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.

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, you can schedule an appointment with an admissions advisor. Please check the schedule on our website for info.

For those who are not able to visit us, we hold online sessions monthly. Please check the admissions events schedule on our website for registration information. 

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: 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++, Python) 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.)

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

Prerequisite Course List

No, but work experience is recommended. It is also a key component to finding a full-time job after graduation from the MFE. View the class profile to see the average years of work experience of our current class.

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. Please see our Prerequisite Course List for further information on preparation for the MFE.

Students who have completed most, but not all of the prerequisite courses are encouraged to apply as long as they have a plan in place to complete the courses prior to the start of the MFE program to which they are applying.

In fact, there is a question in the application that asks which courses the applicant plans to take prior to the MFE; this would be an appropriate place to list the plan of study.

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.

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.

Yes. The MBA and MFE are considered to be different and not duplicate degrees, and, therefore, there is no restriction against applying to the MFE if you hold an MBA. There are usually a handful of former MBAs in each MFE class.

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 4-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.

Because our admissions process is comprehensive, and we review all of the aspects of a candidate's background, including professional skills, test scores, coursework completed, recommendation letters, essays, interview results, etc., it is impossible to tell a candidate whether she or he will be successful without seeing the full application.

That said, although we typically select students who have impressive academic backgrounds, we also look for people with great professional skills and have, at times and in certain circumstances, admitted candidates with lower GPAs, but with valuable experience. Please note, however, that our process is extremely competitive.

Yes, as long as the degree will be complete before the start of the MFE program, you can apply. Simply send the most recent copy of your transcripts that is available, and we will use that for review.

If you start an application and do not submit it, then we will purge your application at the end of our admissions cycle. Therefore, we advise that you do not submit information pertaining to a future application to us through our website until we have opened the application for that term.

You can, however, submit paper documents to us (paper recommendations and transcripts) up to one year in advance of the application cycle for the term to which you wish to apply, and we will keep them on file for you. Please note that we request, as always, that you do not send us documents that you wish to have returned to you until such time as we request them.

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, click on the "Reapplicant" button. You will only be required to submit the fifth essay question 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. You will also be required to submit the application fee.

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.

The fee is $275 and is non-refundable.

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

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.

See the application deadlines.

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.

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 see a list of missing items in the status page after you have submitted your application online. We recommend you check your application status before contacting the MFE admissions office.

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

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

Via Email: 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
S545 Haas School of Business, #1900
Berkeley, CA 94720-1900

Yes, however, please note that your file will not be complete until you have submitted these documents, and we will not begin to review your file until it is complete.  The team will review applications if GRE/GMAT and/or TOEFL/IELTS are unavailable. However, we strongly advise you to register to take them as soon as possible. 

Please send scans of official transcripts only. In addition, we need to have you scan the back of each page, as it often contains information that is important to us.

When we have offered you admission or offered you a place on our waitlist, we ask that you send official copies of your transcripts and degree certificates (where necessary) ASAP. The Graduate Division will not be able to finalize your admission until these documents have been received.

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 90 for the internet based TOEFL. The test scores may not be more than 2 years old.

You may waive the TOEFL if you have been studying for more than one year toward a degree at an accredited institution in the United States or hold an undergraduate degree from a country where the primary language is English, such as the UK, Singapore, Australia, New Zealand, Canada (except Quebec, although students from McGill and Concordia Universities do not need to take the TOEFL), and some African countries; students from Hong Kong who have attended the City University of Hong Kong, Hong Kong Baptist College, Hong Kong Polytechnic University, Hong Kong University of Science and Technology, and the University of Hong Kong do not need to take the TOEFL.

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.

The results of these tests, particularly your quantitative score, are essential to our evaluation of your application. They may not be waived. There are two exceptions to this rule. See full details on our Application Process page.

Yes. Our admissions process is comprehensive, and we consider a number of factors when reviewing candidates for admission. That said, if your scores fall significantly lower than our averages, we strongly suggest that you retake the exams to try for higher scores.

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.

When ordering TOEFL reports, use institution code 4833, select "Graduate School" (not "Graduate School of Management") and department code 82.

We require either the GMAT or GRE. All GMAT and GRE scores are valid for five years from the start date of the program to which you are applying. When ordering GRE scores, use institution code 4833 and department code 4399. For GMAT scores, use program code N2V-PT-87. For Spring 2025, applicants who will hold a PhD degree before December 31, 2024 can waive the GRE requirement.

Recommendation letters should be written by someone in a position to evaluate you either professionally or academically. A supervisor, project leader, or instructor/professor 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. Please note that letters from friends, colleagues, family friends, tutors, etc. are inadmissible.

If you wish to change or add a recommender after you have submitted your application, please send that person our recommendation form (available within the application instructions), and have that person fill it out and send it to us via mail or email.

First, please make sure the recommender has checked her or his spam folder or junk email box. It is likely that our email was sent there. If this is not the case, then we are happy to resend the email to the recommender.

Yes, although we will not be able to review your file until we have received two recommendation letters.

Please see our blog post on The Internship Experience: An MFE 2023 Journey for the latest internship statistics.

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 her/his 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.

MFE students have access to a dedicated career services office. In addition, MFE students also have access the same Haas Career Center facilities as MBA students and to the UC Berkeley Career Services office, which serves all UC Berkeley students.

In addition to programs offered by the Career Center, the MFE office schedules mock-interviewing and résumé workshops, dedicated 1:1 career advising, and resume and cover letter writing assistance, as well as MFE-specific recruiting events.

Job employment data can be found on the Employment Report page.

Job employment data can be found on the Employment Report page.

Our graduates are offered positions as risk managers, investment bankers, derivative traders, designers of specialized securities, data scientists and financial engineers.

Employers include investment banks, commercial banks, financial consultants, financial and database software suppliers, technology firms, financial regulators, and exchanges.

Unfortunately, we are unable to assist individuals who are not registered students or alumni of the MFE Program with their search for internships or full-time positions. Our career placement resources are available only to MFE students.