Baruch金融工程之项目主任Professor Dan Stefanica专访:中国学生申请和就业数据报告

发布日期:2013-09-11 03:48    来源:北京大学国家发展研究院

作为全美最早的金融工程项目之一,Professor Dan Stefanica在Baruch MFE Program担任项目主任已达十年之久,不仅拥有资深的就业指导经验,还与华尔街所有金融机构保持着长期深厚的合作。多年来,Professor Dan Stefanica做到了亲自为项目的每一位学生和已毕业校友提供就业服务,量身定制职业规划。

   在长期的就业指导中,Professor Dan Stefanica注意到Baruch MFE项目毕业的中国学生在就业市场上表现非常优异。经过对中国高校的考察,最终促成了与国发院的合作,希望能够吸引更多优秀的中国学生加入项目,帮助他们成功进入金融行业。为此,我们就中国学生在Baruch MFE项目中的申请情况和就业数据对Professor Dan Stefanica进行了特别专访。


As the director of Baruch MFE Program, Dr. Dan Stefanica is committed to help all students to build up a successful career in finance industry. Dan Stefanica is an applied mathematician specializing in numerical methods for financial applications. He studied methods for fitting smooth yield curves to market data and wrote the book “A Primer for the Mathematics of Financial Engineering” and its “Solutions Manual”, based on material taught in the Advanced Calculus with Financial Engineering Applications refresher seminar to incoming students of the Baruch MFE Program. In other NSF-funded research with application in finance, he designed fast algorithms for the numerical solution of PDEs and worked on geophysical fluid dynamic problems.


What is the acceptance rate for the program?

The admission rate for Fall 2013 admission was 7%, with 37 of 515 applicants admitted; 27 of those joined our program.

I would like to know what GRE or GMAT scores are you requiring or looking for?

The test scores and GPAs of the students admitted to the program in previous years can be found on the Admission Stats page. Note that we look at every application as a complete package, which includes not only the quantifiable parts, such as the GPA and the test scores, but also the personal essay, the letters of recommendation, and other general considerations, such as relevant work experience and the strength of the mathematical and C++ programming background of the applicant.

What prerequisites do you require for admission to your program?

Two semesters of Calculus, one semester of Probability, one semester of Linear Algebra, one semester of C++, and knowledge of finance, as demonstrated by one undergraduate class or work experience.

What is the academic calendar of the Baruch MFE program?

A full-time student begins the program in late August and will graduate the following December. Part-time students graduate once they complete 12 courses (36 credits), which usually happens in five or six semesters.

What are the academic backgrounds of the people admitted into the Baruch MFE program?

We do not look for specific undergraduate majors, rather for exceptional talents. The academic majors of the applicants admitted to the Baruch MFE Program are very diverse, with the hard sciences (engineering, mathematics, physics), computer science, and finance/economics being the most common majors.

What is the cost of the Baruch MFE Program?

The cost of the entire program (36 credits) is $35,040 for international students.

Which careers would a Master of Financial Engineering lead into? 

Our graduates work in a wide range of areas, such as

Hedge fund quantitative trading High frequency market making Quantitative portfolio management Desk strategy and hedging Quantitative research and modeling Market and credit risk arbitrage

Our graduates were offered the following positions upon graduation:

Associate Advisor AVP Risk Analytics & Modeling Commodities Trader / Quantitative Analyst Credit Risk Analyst Financial Engineer Financial Software Developer Global Equities Investment Banking Technology Analyst Market Data Specialist Quant Developer Quant Developer, Associate Quantitative Analyst Quantitative Support Analyst Risk Analyst

Complete details on the placement of our graduates are included in the 2010-2012 Baruch MFE Employment Report available on the Baruch MFE Employment Statistics webpage.

How is the placement of Chinese students from your program?

One thing should be made clear: our students are very well educated and trained while in our program. They make some of the strongest candidates on the job market, which is acknowledged by employers who are actively recruiting them. At that level of strength, the difference between international students and US citizens does not show. The salaries and employment rates on the website are very similar for Chinese students as for all the other students.

We understand that may be unusual, but it is a factor of the strength of our students and the very practical education they receive, together with our long-established track record of graduating students that make excellent hires, regardless of their background.

What is the employment data for Baruch MFE’s Chinese graduates?

All of our students from China have received offers from financial companies in New York or Boston in the past year. All but one of our students accepted them (one student accepted an offer from Goldman Scachs in Beijing).

What was the average salary for Baruch MFE’s Chinese graduates?

First year guaranteed compensation

Graduation          High/Low/Median/Average

Dec12-May13       145K/80K/95K/101K

Dec11-May12       120K/70K/90K/ 94K

Dec10-May11       125K/75K/90K/ 91K

The first year compensation represents the starting base salary plus the signing bonus plus any first year bonus guaranteed in the offer letter, if any.

How many Chinese students do summer internships?

100% of our students from China completed internships this summer at top firms in New York City (Morgan Stanley, JPMorgan, Barclays Capital).

What is the advantage/disadvantage of students from mainland China compared w/ other students?

There are no relevant disadvantages for our Chinese students compared to US-residents, but this is due to their strength as candidates when reaching the job market. In fact, some of our students from China do paid internships beginning in the Spring semester.

Can you compare the following programs: Baruch MFE, NYU MathFin and CMU MSCF? What is the characteristic of Baruch MFE?

We cannot compare different programs, since we do not have the same knowledge of the other programs as we do of the Baruch MFE Program. Candidates should identify the program that best suits their career goals, and that could be different programs for different people.

The Baruch MFE Program has a very strong and involved alumni community, who offers one-on-one mentoring to current students, and plays an important role in the placement process of our students. We also offer career placement and support to our alumni long after graduation.

Another special things about our students is that they are job-ready upon starting their internships, given their practical education, and they have renown for the vast knowledge of programming garnered in the program (C++, Python, R, SQL, Hadoop, among them).

I want to know more details about the career services from Baruch MFE.

100% of placement in internships and 90% placement in full-time jobs in 2012-2013 came through program resources. We developed a very strong network of contacts in industry who, based on the strength of students from our program that they hired or made offers to are interested in hiring them early.

Can you give us an introduction of the curriculum framework?

We have core courses in Numerical Methods for Finance, Stochastic Processes, Software Engineering for Finance. We are offering elective courses, taught either by renowned faculty (Jim Gatheral, Andrew Lesniewski) who are full-time professors in our program after a very successful career in the financial industry, as well as top practitioners from industry.

We have a flexible curriculum, with courses in hot topics such as Market Microstructure (Jim Gatheral’s course), Big Data in Finance, Algorithmic Trading, Machine Learning, Behavioral Finance, being introduced, while others are offered a lot less often; 13 new courses have been introduced since 2010.