Financial engineering is an area of applied mathematics that uses concepts in computer science, economic theory, and statistics to solve problems in the world of finance. This field of study may also be known as financial mathematics. Master's programs in the D.C. Metro area are more commonly available in finance than in financial engineering or mathematics, though they may offer coursework in financial engineering. Another option is pursuing a master's degree in finance along with a graduate certificate in financial mathematics. Find out more about D.C. school options below.
Washington, D.C. Schools Offering Master's Programs Related to Financial Engineering
At the McDonough Schools of Business within Georgetown University, you can earn a Master of Science in Finance. You can choose a part-time or full-time schedule; the latter is meant for those who plan to go right into graduate study after completing their undergraduate degree. Either schedule will allow you to take your classes online, but you will need to attend a residency on campus for a week. For two days in the summer, you'll go through an orientation session. Other opportunities exist on campus in the form of seminars and conferences. A total of 21 months are required to complete the degree, which consists of six core courses and another six elective classes.
University of Maryland
Located just thirty minutes from the D.C. Metro area, the Robert H. Smith School of Business at the University of Maryland is home to two master's degrees in the subject. The Master of Finance degree equips you with the necessary tools to take on a career in risk management or corporate finance. There are also chances for you to take part in learning projects with faculty members or other students. You'll choose a total of 18 elective credits after picking a specialization area. A course in financial engineering is one of the options in the asset management specialization.
The same university also has a Master of Quantitative Finance. This degree is more focused on STEM, and it allows students to pursue internships while finishing the degree in a total of one or two years. Elective choices exist outside of finance, and you could study topics like decisions analytics or big data. This program includes courses in financial mathematics and financial engineering.
George Washington University
GWU offers a Master of Science in Finance, also known as the M.S.F. degree. Two scheduling options are available at this school: 12 months of four classes per semester, with an included summer; or 24 months at a lighter pace. The program is highly customizable, and no majors exist within the name of the degree. If you have previous exposure to any particular subject that you might want to build on, such as business administration or a related field, you can seek the program director's approval to adjust any required courses. You will be learning about quantitative methods and financial theory as you work your way toward the degree.
GWU also offers a Graduate Certificate in Financial Mathematics that includes courses such as real analysis, stochastic calculus methods for finance and applied math. This is a 2-year program that requires 12 credits of coursework and prepares students for analytic and quantitative careers in a variety of financial institutions.
Scheduled to launch in Fall 2019, the brand-new Master of Finance program at the Carey Business School of Johns Hopkins University lasts for 36 credits. Although the program has a part-time option, only the full-time schedule devotes courses to STEM subjects. Once you finish the required courses in the program, you will be eligible to take the CFA Institute's exam for the necessary certification. Some of the course topics you'll explore while in the program can include fixed incomes, cryptocurrency, and statistical analysis.
Howard University's Master of Science in Finance program begins in July and concludes the following May. The entire program consists of 30 credits, taken through ten courses of three credits each. A financial engineering seminar is included in the program. If you are a CFA charterholder, you'll be able to skip one course and graduate after taking the remaining nine. Other topics you'll explore during your studies are financial statements, financial policy, and macroeconomics.
Admissions Requirements for Finance Master's Programs Near Washington, D.C.
Anyone planning on applying to a master's program in finance should submit their transcripts from all previously attended academic institutions. One of two standardized test scores are typically required: the GRE or the GMAT. In some cases, you might be able to skip taking these exams if you have enough previous work experience. Make sure that your resume is up to date with all of your academic and professional accomplishments. Letters of recommendation should also be included, although the number of letters required will vary from school to school.
A master's degree in financial engineering can cover the same areas as a master's in finance, so be sure to check into each school's program to determine which courses will suit your needs. In the D.C. area, students can find many Master of Science in Finance programs, as well as a graduate certificate in financial mathematics.