<p>Can anyone tell me what this field is about and what are some of the schools that have this major?</p>
<p>Look up the post by MoneyDad where he described it better then the P'ton ORFE website does. Princeton is the only school I know of that offers the FE undergrad major.</p>
<p><a href="http://www.orfe.princeton.edu/%5B/url%5D">http://www.orfe.princeton.edu/</a></p>
<p>a bunch of the college search sites can help with this one ... twenty years ago Cornell, Stanford, Berkley, MIT (interdisciplinary program), and Michigan were at the top of this field ... while lots of other schools like Georgia Tech also had excellent programs.</p>
<p>BTW - I think this is a great field for people drawn to an applied math field and not pulled towards a traditional engineering field. For OR a classic program is developing the schedule for an airline ... which planes should fly which routes using which crews ... if you can save one jet you've saved the company millions of dollars. This is a HS linear algebra problem on SERIOUS steroids ... thousands of variables and thousands of equations ... a touch too big to solve by guessing at answers in Excel. My "financial engineering" class project involved researching the economic value of expanding the Cornell hockey rink (which always sold out). Fun stuff .... I PLAYED 12 hours a day once I got into my major. I said PLAYED, and not worked, on purpose ... I was lucky I found a major which I loved doing for fun and the challenge ... never mind the grades and jobs that were to follow.</p>
<p>3togo that sounds awesome. Is that the cornell AEM program or what?</p>
<p>MIT's sloan school of management offers OR</p>
<p>invictus ... I was thinking of the program now called "operations research and engineering" ... here is the link ... </p>
<p>I am not sure amout the AEM program ... I did not see an engineering major that fits that acronym.</p>
<p>So what is the difference between operations research and financial engineering? And what school is this done thru (business school or engineering school?) Do you know any other schools besided princeton that offers these majors?</p>
<p>one word: MIT...well technically that's three but yeah. MIT's Sloan School of Management offer a SB (MIT's equivalent to a Bachelor's of Science) in oneo f four areas of management: 1. Operations Research 2. Finance 3. Marketing 4. Innovation Management. Overall there Business school is ranked number 1-3 (depending on who's rankings you trust, if you trust any)... <a href="http://mitsloan.mit.edu/indexflash.php%5B/url%5D">http://mitsloan.mit.edu/indexflash.php</a></p>
<p>The University of Virginia offers a Financial Systems Engineering application sequence of Systems Engineering</p>
<p><a href="http://www.sys.virginia.edu/undergrad/%5B/url%5D">http://www.sys.virginia.edu/undergrad/</a></p>
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<p>So what is the difference between operations research and financial engineering? And what school is this done thru (business school or engineering school?) Do you know any other schools besided princeton that offers these majors?</p>
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<p>Hi ... sorry about the delay on my end ... this is a little too simplistic but ...</p>
<p>Operations Research tends to focus on problems that have mathematical solutions but which are way-way too big to solve in a spreadsheet. I have a budget how many of "X" or "Y" should I buy ... or what is the best schedule for this airline etc. This involves a lot of creativitity to figure out how to model huge problems in a way that can be solved mathematically and insight in how to interpret the results and skill in communicating this complicated models and results to a world that overwhelmingly hates math!</p>
<p>Industrial Engineering tends to focus on similar types of problems but usually on a smaller scale and using more ad hoc solution techniques. So what is the schedule for this assembly line (as opposed to the master schedule of the whole firm which is more of a OR type problem) ... IEs will use a lot of spreadsheets and simulations to solve problems. IEs work with line folks a lot and are very pragmatic analytically problem solvers ... lots of fun front line improvement work.</p>
<p>Financial Engineering ... is sort of like the industrial engineering version of a finance major ... getting into projects/situtations and determing if the a "go" of a "no-go" decision makes more sense ... again analytical but also pretty pragmatic. Stanford used to have a program called EES (which I think is "Engineering Economic Systems") which did this stuff ... also a lot of fun. </p>
<p>All three of these majors get called a lot of different things ... if you look up school web sites read all the majors that <em>are not</em> the traditioanal ones (EE, Mechanical, Civil, etc) then you'll find these guys. </p>
<p>I was a math/science geek in high school but when I got into engineering courses I realized I didn't get excited by the fields that involved the physical transformation of material ... however I did get excited about using my analytical skills on real world pragmatic problems ... those interests will brought me right to IE, OR, and financial engineering.</p>
<p>Thats sounds very interesting. So I assume all this is done through the engineenering school (or is finacial engineering in the business school?) I'm a senioer in h.s.and applied to many undergrad business schools as a finance major. But now that you mention these, they sound much more interesting. Will i have to transfer to an engineering school to get involved with these majors or should i just wait until graduate school?</p>
<p>you could look into penn/wharton's program called M&T. Where you get an engineering degree from Penn's SEAS and also another bachelor degree from wharton in any concentration. One of wharton's concentrations is Operation & Information Management.</p>
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<p>Thats sounds very interesting. So I assume all this is done through the engineenering school (or is finacial engineering in the business school?)</p>
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<p>The OR and IE majors would tend to be engineering majors. The financial systems (or whatever it is called at a particular school) could probably be either in the engineering school or associated with an undergraduate business program at places that have them.</p>
<p>Is operation & Information management kind of like what you were talking about? Or is it completely different? If so, this major does fall in the business school.</p>
<p>bump.....,,,,,,,,,</p>
<p>Financial engineering or FE is also called Math Finance, Operations Research, etc. etc.</p>
<p>Princeton has ORFE dept
Cornell has OR & IE
Columbia has a very strong FE dept (derman is the prof over there)
MIT has a very strong FE program (but mainly for grads...however some jr/sr get involved and also Prof. andrew ... is now p-t running hedge funds..)
Caltech's BEM could be a good launching pad</p>
<p>ne1 interested in FE - try to read 'My life as a quant" by derman - its pretty good...</p>
<p>Industrial Engineering and Operations Research at UC Berkeley is simply top class. With the global prestige of Berkeley’s College of Engineering, IEOR students can study everything from supply chain management to stochastic analysis. Provided that Berkeley’s fame is partly based on its outstanding faculty, students can go outside the classroom for extra research projects to gain more expertise in their desired concentrations.</p>
<p>Does Harvard have anything related to operations research or financial engineering?</p>