<p>For those interested in studying or already studying operations research/financial engineering-- why? (Same for finance/etc. other majors that end up in the same career path).
Other than the big $$$.</p>
<p>It’s only big money if you’re a good student at a top school. Financial engineers go to work in investment banking, private equity, consulting, etc. All of these are extremely competitive.</p>
<p>It’s pretty ignorant to think that every career path that pays well and doesn’t involve racing cars or playing with animals must only be for the greedy. A lot of people love math, and love being actuaries. A lot of people love economics, they love business, and would love being investment bankers. Maybe these people like knowing that their sector is what makes the world go 'round. Maybe they like knowing that their services are the cornerstone for innovation.</p>
<p>Either way, I don’t know if this question is best for the engineering majors section. Financial engineering is hardly engineering (it’s math applied to finance, with a little industrial engineering modeling methodology) and is not usually offered at the undergrad level.</p>
<p>Assuming you are talking about quantitative finance positions.
It’s interesting
Higher level math than most engineering disciplines (bulk of jobs require masters degrees at a bare minimum, most people in the field are math/physics phds)
It’s a relatively new field, lots of room for improvements and research.
Work environment is more social (think being at a trading desk vs. stuck in a lab or in a cubicle).
Fast paced, very demanding.
Very competitive.</p>
<p>If you’re talking about finance in general or operations research at the undergrad level, research and high level math obviously do not apply. The rest applies.</p>
<p>At some level, though this obviously isn’t the main reason, it’s nice being in a field that 99% of college grads don’t have a shot at getting into.</p>
<p>I remember financial engineering being one of the hottest graduate majors back in 2007. Then “things” happened in the economy and job prospects fell quite a bit. If you want more details about the field of quantitative finance, there is an entire forum you can browse (it used to be very active, but has been rather dead the past few years) :
[Global</a> Derivatives - Index](<a href=“global-derivatives.com”>global-derivatives.com)</p>
<p>I’m curious - what sort of math is typically used? And is knowing how to program useful at all?</p>
<p>^^ Mostly calculus-based probability and stochastic calculus. From what I heard, a high level of proficiency in various programming languages is required, since all of the modeling is done via computer. Check out different schools to see what their requirements are. UCLA, for example, has their FE program as part of their business school (so it might not be as “math-y” as a place like Stanford who runs it out of the math department). Here are UCLA’s requirements:</p>
<p>Strong quantitative background including coursework in:</p>
<pre><code>linear algebra
multivariate calculus
differential equations
numerical methods
advanced statistics and probability, which includes the following topics: discrete distributions, continuous distributions, density functions, sampling theory, statistical inference, hypothesis testing, ordinary least squares, t-statistics, sampling vs. population moments, chi-square goodness of fit tests, etc.
</code></pre>
<p>Experience in computational programming (for example, C++) and familiarity with computers as a computational and management tool
Excellent writing, speaking, and presentation ability in English
Experience with mathematical tools (for example, Matlab)
Work or research experience in a quantitative discipline is recommended
Experience with statistical and econometric applications (for example, SAS) is recommended</p>
<p>Well i know for a fact that not only is there big money but these businesses are very accomadating to polyphasic sleepers so if you feel tired and decide to take a nap and miss a big time opportunity your boss will pat you on the back and say “good job you need your sleep in order to perform but it seems that everytime something important happens you are napping… So you deserve a promotion” no joke ive seen this 1st hand… Actually i was that boss in that situation</p>
<p>Which mid sized universities are known for their undergraduate programs in Financial Engineering? I’d like to learn more about this and share the information with my daughter.</p>
<p>
</p>
<p>None to my knowledge. It’s typically a graduate program and probably not worth going into unless you’re going to an Ivy League or similarly ranked school.</p>
<p>
</p>
<p>Columbia is basically the only one.
Princeton has some sort of undergraduate program as well. Don’t know any details behind it.
I doubt it means anything or you, but I’d seriously advise against doing it at the undergrad level. The coursework is not at all the same and it will not prepare you for any type of job that an operations research major would not. Ultimately, it restrict your options more than it will help.
If you’re interested in the subject, applied math/statistics or a computer science major would probably best prepare you for a masters or phd program.</p>