Where will the next generation of quantitative engineers come from? According to Wall Street pros, these are the elite quant programs.
Degrees: Rutgers offers two quant degrees: an M.S. in Quantitative Finance via the Business School and an M.S. in Mathematics with an Option in Mathematical Finance via the School of Arts and Sciences.
Program Descriptions: Since its inception, the M.S.Q.F. program has grown along with the Rutgers Business School, which was named the No. 1 public business school in the Northeast by U.S. News & World Report in 2011. Last year the program sponsored the first annual Quant Summit in the Nasdaq Tower in Times Square. M.S.M.F. graduates typically go on to careers in investment banks, hedge funds, asset management firms, financial software and data companies, and insurance companies, with roles in financial modeling and software development, risk management, asset valuation, trading, and portfolio management. The program accepts full-time and part-time students.
Location: Newark and New Brunswick, N.J.
Program Established: M.S.Q.F.: 2001; M.S.M.F.: 2006.
Number of Applicants/Acceptances: M.S.Q.F.: 103 enrolled; M.S.M.F.: 65 students admitted from among 626 applications.
Program Term: The M.S.Q.F. program requires 15 courses and can be completed in three to six semesters. The M.S.M.F. program requires 10 courses, practical training experience and a master's degree project. It typically is completed in 1.5 years.
Class Size: M.S.Q.F.: 30 students; M.S.M.F.: maximum of 50.
Professional Placement: Firms hiring M.S.Q.F. graduates include ABN, Barclays, Citi and J.P. Morgan. Eighty-seven percent of 2011 graduates from the M.S.M.F. program were employed with firms including Barclays, BofA, BNY Mellon, Bloomberg, Credit Suisse, Deutsche Bank, Fidelity, Goldman Sachs, ING, JPMorgan Chase, Morgan Stanley, State Street and Wachovia.
Websites: business.rutgers.edu; finmath.rutgers.edu.
Program Directors: Yangru Wu is the director of the M.S.Q.F. program. He received a Ph.D. from Ohio State University in 1993. He has held assistant professor positions at the Chinese University of Hong Kong and West Virginia University. Wu's research areas are international finance and empirical asset pricing. Associate professor of mathematics Paul Feehan is the founder and director of the M.S.M.F. program. He was awarded in 2004 a grant by the division of mathematical sciences at the National Science Foundation to encourage collaborative academic-industry research in mathematical finance and graduate-level education.
Program Highlights: The M.S.Q.F. program offers a dedicated Master in Quantitative Finance Fellowship. The M.S.M.F. program offers Bloomberg terminals. Students participated for the first time this year in the Rotman Trading Competition in Toronto, which is dedicated to job placement. Students also receive individual support from a full-time director of career services.