Jun 17, 2024  
Rensselaer Catalog 2015-2016 
Rensselaer Catalog 2015-2016 [Archived Catalog]

Master of Science in Quantitative Finance 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 Quantitative Finance 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 four basic foundation courses and six courses in the area of concentration. The QFRA 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 equivalent 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 30-credit-hour FERA degree requirement. Courses fulfilling this Math and Statistics foundation course requirement include MATH 1520, MATH 4100, ISYE 4140.

Foundation Courses (Four Required)

Foundation courses are basic courses in finance and quantitative methods that contain concepts that are prerequisite to understanding the principles of Financial Engineering and Risk Analytics. These foundation courses are required for all students without undergraduate business degrees and for students whose backgrounds did not include coverage of comparable material. Students in Financial Engineering and Risk Analytics with business undergraduate degrees may waive the Financial Management I course with the consent of the Program Adviser(s) if they have sufficient relevant undergraduate work.  A student can waive this foundation course if he or she got a B or better in an introductory finance course  as well as a B or better in one higher level finance course. If this or any other course is waived, it must be replaced with some other course from the courses listed below. Therefore, waivers of any of these Foundation Courses will require substitutions from the Track Courses lists.


Foundation Course 2

Required Professional Development & Career Workshops

  • MGMT 6960-1 Prof. Development Workshop 1/Career Workshops  Credit Hours: 0
  • MGMT 6971-1 Prof. Development Workshop 2/Career Workshops  Credit Hours: 0

Concentration Courses (Six Required)

QFRA students are permitted to declare a Concentration in either the General Track, Quantitative Finance, or Financial Analysis. Students should select six (6) courses from the following lists to fulfill their concentration requirements.

General Track: Choose Six


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

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