Universities / University of Illinois Urbana-Champaign
MS in Financial Engineering (MSFE)
A three-semester professional master's built on financial computing, statistical methods, machine learning and derivatives, with an optional practicum project for industry partners. Concentrations such as automated trading give it a trading and quant development lean alongside risk and quant research outcomes.
What you’ll study
Core
- FIN 500 Introduction to Finance
- FIN 553 Machine Learning
- IE 522 Statistical Methods in Finance
- IE 523 Financial Computing
- FIN 512 Financial Derivatives
- IE 525 Stochastic Calculus & Numerical Models in Finance
- IE 583 MSFE Practicum Project
- FIN 516 Term Structure Models
- IE 524 Optimization in Finance
Electives
- Concentration/approved electives (4–8 credits per semester; list on Concentrations page, e.g. Automated Trading Practices, IE421 High Frequency Trading, FIN556 Algorithmic Market Microstructure per alumni testimonial)
Source: msfe.illinois.edu ↗
Before you apply
- Background
- Bachelor's degree, typically in engineering, maths, physics, computer science or economics; min GPA 3.25/4.0 (last 60 hours)
- Maths
- Calculus I & II (one year); linear algebra (one semester); probability & statistics (one semester)
- Programming
- One semester in any language
- Tests
- GRE/GMAT not required (optional)
- English
- TOEFL iBT 103 (full status; 5.0 on new scale), IELTS 7.5, Duolingo 135
- Other
- Finance knowledge helpful but not required
Source: msfe.illinois.edu ↗
After graduation
- Salary
- Average salary and bonus, U.S. positions: $106,150 (2022), $101,071 (2023), $115,167 (2024)
- Typical first roles
- Quantitative Researcher, Quantitative Analyst, Quantitative Strategist, Risk Analyst, Model Validation, Junior Trader, Consultant (Quantitative Advisory)
- Employers
- JPMorgan Chase, Morgan Stanley, Goldman Sachs, Capital One, CME Group, Ernst & Young, Federal Home Loan Bank, Prudential Financial, Russell Investments, Houlihan Lokey
Source: msfe.illinois.edu ↗
Want to see what employers ask for? Browse open quant roles.
Checked 6 November 2026 against the sources linked on this page. Fees, units and requirements change each year, so confirm them on the programme’s website before applying.
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