Nov 25, 2024  
Rensselaer Catalog 2011-2012 
    
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Rensselaer Catalog 2011-2012 [Archived Catalog]

Master of Science in Financial Engineering and Risk Analytics

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The purpose of this degree is to provide students with the knowledge and essential skills to respond to the changes and new challenges that characterize the fast changing world of Financial Engineering and Risk Analysis. The goal of the program is for students to master cutting-edge financial theory as well as advanced analytical and quantitative techniques that have become key to the success of the new breed of financial experts. Students will be exposed to emerging concepts, practices and techniques in the finance industry through rigorous training in empirical research and modeling, using a variety of professional databases and computer software packages.

The degree offers three tracks - a general track and tracks in quantitative finance and financial analysis. Within these three tracks students will be able to develop expertise in areas such as quantitative financial analysis and financial risk assessment and management.

The program requires three basic foundation courses, three core courses in the broader fields of finance, and four courses in the area of concentration. The FERA Program is designed to allow for maximum flexibility for students from a variety of backgrounds wishing to pursue rigorous study in financial engineering and risk analytics. Thirty credit hours for students with Finance or Technical undergraduate background.

Prerequisites: Basic foundation of mathematics and statistics. Students may take a suitable prerequisite course within Lally if such a course is offered and is approved by the FERA Program Director. Students with college-level calculus and statistics courses (the equivilent of 6 credit hours) will normally have fulfilled this prerequisite, as will students with undergraduate backgrounds in finance, management, business, economics, and technical fields. Mathematical and Statistical Foundations (or substitute) courses will not count towards the thirty-credit-hour FERA degree requirement. Courses fulfilling this Math and Statistics foundation course requirement include MATH 1520, MATH 4100, ISYE 4140.

 

Foundation Courses - Three Required

Foundation courses are basic courses in business that contain concepts that are prerequisite to understanding the principles of investments and business finance. These foundation courses are required for all students without undergraduate business degrees and are suggested for all students who may require updating or review. Students in Financial Engineering and Risk Analytics with business undergraduate degrees may waive the Foundation Courses with the consent of the Program Adviser(s) if they have sufficient relevant undergraduate work. A student can waive any or all three of the three foundation courses if he or she got a B or better in an introductory course in that area as well as a B or better in one higher level course in the same area. For example, a student can waive Accounting for Reporting and Control if he or she got a B or better in a basic undergraduate accounting course and a B or better in an upper level Accounting course. If a course is waived, it must be replaced with some other course from the courses listed below. Therefore, waivers of MGMT 7730, MGMT 7740, and/or MGMT 6020 will require substitutions from the field and track courses lists.

Field Courses - Three Required:

All FERA students should take at least three courses from the Field Courses list. Courses taken in addition to the three can also serve as track courses. Students should select these courses with the assistance of their Program Adviser(s). Field courses provide a broad overview to finance and investments, and are intended to ensure that students are able to grasp and apply the concepts and tools offered in their track and elective courses.

Choose from:

Concentration Courses - Four Required

FERA students are permitted to declare a Concentration in either General Track, Quantitative Finance or Financial Analysis. Students should select four courses from the following lists to fulfill their concentration requirements.

General Track

 Choose four:

  • CSCI 4962 Computational Finance Credit Hours: 4
  • CSCI 6963 Computational Finance Credit Hours: 3
    (See * below)
  • MGMT 4963 Financial Simulation Credit Hours: 3
  • MGMT 6xxx Forcasting and Simulation Credit Hours: 3
  • MGMT 69xx Data Analysis Credit Hours: 3
  • MGMT 6964 Financial Simulation Credit Hours: 3
    (See * below)

 

Quantitative Finance Track

Choose four:

  • CSCI 4962 Computational Finance Credit Hours: 4
  • CSCI 6963 Computational Finance Credit Hours: 3
    (See * below)
  • MGMT 4963 Financial Simulation Credit Hours: 4
  • MGMT 6964 Financial Simulation Credit Hours: 3
    (See * below)

Financial Risk Analysis Track

Choose four:

Footnotes

* The Graduate level offering of this course will normally require additional and/or more rigorous assignments from students. The extra work will be specified in the syllabus of the course.

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