Baruch MFE FAQ


General Questions


  1. What is the acceptance rate for the program?
  2. What amount of funds must I show on my financial statements to obtain my I-20 from Baruch International Student Service?
  3. Are any loans available to international students ?
  4. How many students do you admit in your program?
  5. I would like to know what GRE or GMAT scores are you requiring or looking for?
  6. What GPA is considered competitive for admission?
  7. Do you accept both GRE and GMAT scores?
  8. What are the Baruch code for GRE/GMAT tests?
  9. What prerequisites do you require for admission to your program?
  10. Can I still apply for admission, even if I do not fulfill all the prerequisites?
  11. What are the refresher courses?
  12. Do you have Spring admission into your program?
  13. Is there someone that I may speak to regarding this program?
  14. As a part-time student, how long do I have to complete the program?
  15. Is it possible to take courses without enrolling into the program?
  16. How can I obtain more information about the Baruch MFE program?
  17. I currently do not have the required mathematics background. What courses should I take in order to remedy this situation?
  18. How does the Baruch MFE Program rank among other programs?
  19. When was the Baruch MFE program established?
  20. In what time frame during the day are the classes offered?
  21. Is it possible to obtain an informal assessment of my chances for admission, based on curriculum vitae, GPA and GRE scores?
  22. What is the academic calendar of the MFE program?

Admission Questions


  1. When is the application deadline for Fall 2011 admission?
  2. How many students do you admit in your program?
  3. What are the academic backgrounds of the people admitted into the Baruch MFE program?
  4. What are the test scores of the applicants accepted into the program?
  5. What GPA is considered competitive for admission? Are there any minimum GRE scores or a minimum GPA required for admission?
  6. Are international students required to submit TOEFL scores?
  7. Do you accept both GRE and GMAT scores?
  8. Are the GRE scores required for someone with a prior Ph.D?
  9. What are the Baruch MFE codes for GRE/GMAT tests?
  10. What are the prerequisites for admission into your program?
  11. Can I still apply for admission, even if I do not fulfill all the prerequisites?
  12. How do I find out the status of my application?
  13. How can I check the status of my application?
  14. How soon is a decision made on my application?
  15. What is considered as “relevant work experience”?
  16. Is work experience necessary to be accepted into the program?
  17. Can I take the prerequisites courses at a community college?
  18. Do you have any specific requirement regarding who should write recommendation letters?
  19. Do I need to schedule an application interview?
  20. Is it possible to transfer into your program?
  21. Can I reapply for admission to the MFE Program?

Tuition and Financial Aid


  1. What is the cost of the Baruch MFE Program?
  2. What amount of funds do I need to show on my financial statements to obtain my I-20 from Baruch College?
  3. Do you offer financial aid?
  4. Are fellowships or assistantships available?

Refresher Seminars


  1. What are the refresher seminars?
  2. Are all the admitted students required to take the refresher seminars in the summer?

Employment Questions


  1. What is the employment data for MFE graduates?
  2. What was the average salary for the MFE graduates of Baruch College?
  3. How many MFE students do summer internships?
  4. Which careers would a Master of Financial Engineering lead into?

General Questions


1. What is the acceptance rate for the program? (Top)

The admission rate for Fall 2010 admission was 7%. For more information, see the Admission Statistics page.

2. What amount of funds must I show on my financial statements to obtain my I-20 from Baruch International Student Service? (Top)

As stated on its website, you will need to show available funds of at least $57,800. For more information, please see the ISSC website.

3. Are any loans available to international students ?

According to the ISSC website, there are several loans for which international students may apply. A detailed listing is available here

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4. How many students do you admit in your program?

We do not have a quota for admission, and we do not have a quota for enrolled students. We admit as many students as we believe have a good chance of being successful in the program, meaning that they will graduate from the program and find a job in the financial industry. The enrollment numbers might vary from year to year; see the Admission Stats page for more details.

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5. 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.

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6. What GPA is considered competitive for admission?

See the answer to the question above.

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7. Do you accept both GRE and GMAT scores?

Yes, we do. However, we prefer you take the GRE, if you did not take the GMAT just yet.

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8. What are the Baruch code for GRE/GMAT tests?

For GRE/GMAT, use 2012

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9. What prerequisites do you require for admission to your program?

Two semesters of Calculus, one semester of Probability, one semester of Linear Algebra, programming knowledge (preferably C++), as demonstrated by one undergraduate class, having a certificate degree, or work experience, and knowledge of finance, as demonstrated by one undergraduate class or work experience.

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10. Can I still apply for admission, even if I do not fulfill all the prerequisites?

Yes. When evaluating the applications, we look for candidates who are able to successfully complete the program. If you lack some of the prerequisites, but we believe that you are otherwise a good candidate for admission, several options are available to you before starting the program in September: you can take undergraduate level courses in these areas (either at Baruch, or at other schools) during the academic year before the target enrollment date, or you can take some of the refresher courses offered by our department during summer. For more details, see the Refresher Courses page.

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11. What are the refresher courses?

Some applicants are admitted to the program because they are deemed to have the potential to succeed in the program but lack some prerequisites. To bring them up to speed in all areas, they will be required to take some refresher courses before the start of the program. This year, we will offer refresher courses in C++, Advanced Calculus, Probability, and Linear Algebra. These courses will focus on topics to be examined in greater detail in the program, and will cover a number of challenging financial applications. The refresher courses are taught by faculty who teach the graduate courses in our program. For more details, see the Refresher Courses page.

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12. Do you have Spring admission into your program?

No, for the following reason: every incoming student must take at least one of the following two core math courses in the first semester of study: either MTH 9821 Numerical Linear Algebra or MTH 9831 Real Analysis and Probability. But these two courses are each the first in a sequence and are only offered in the Fall.

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13. Is there someone that I may speak to regarding this program?

Your first point contact is Ms. Cathy Levkulic, from the Graduate Admissions Office;
phone: (646) 312-4493;
email: Cathy_Levkulic@baruch.cuny.edu.
If need be, Ms. Levkulic will refer you to a faculty member to answer your questions.

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14. As a part-time student, how long do I have to complete the program?

The average time that Part-Time students have taken to complete the program is between five to six semesters. The maximum time available to a student to finish the program is five academic years from the start within the CUNY system.

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15. Is it possible to take courses without enrolling into the program?

Non-degree students are not permitted to enrol in the MFE courses. They are exclusively for Masters in Financial Engineering students of Baruch ONLY.

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16. How can I obtain more information about the Baruch MFE program?

a) The most up-to-date information about the Baruch MFE program can be found at http://mfe.baruch.cuny.edu
b) For academic information, send an email with questions to baruch.mfe at gmail.com
c) For admission information, contact the Graduate Admissions Office via email at
wsas.graduate.studies at baruch.cuny.edu
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17. I currently do not have the required mathematics background. What courses should I take in order to remedy this situation?

The pre-MFE Program which will be offered at Baruch College beginning in Fall 2010 is designed for people who intend to prepare for graduate studies in financial engineering. Seminars in Advanced Calculus for Financial Applications, Numerical Linear Algebra, and Probability will be offered as part of the pre-MFE Program.
More information can be found at http://mfe.baruch.cuny.edu/pre-mfe-program

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18. How does the Baruch MFE Program rank among other programs?

The Baruch MFE Program ranked 5th in the 2011 QuantNet Ranking of Financial Engineering Programs from United States and Canada.

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19. When was the Baruch MFE program established?

We enrolled the first cohort in Fall 2002.

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20. In what time frame during the day are the classes offered?

All the classes are offered in the evening, beginning at 6pm or later.

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21. Is it possible to obtain an informal assessment of my chances for admission, based on curriculum vitae, GPA and GRE scores?

As a matter of policy, we do not comment on admission chances until the application is completed and submitted to the Admissions Committee. There are no exceptions to this rule.

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22. What is the academic calendar of the MFE program?

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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.

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Admission Questions


1. When is the application deadline for Fall 2011 admission?

The application deadline for Fall 2011 admission is April 1, 2011.

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2. How many students do you admit in your program?

We do not have a quota for admission. We admit all applicants who we expect to be able to successfully complete the program and obtain a job in the financial industry. ,
The enrollment numbers might vary from year to year; we enrolled 35 students in Fall 2007, 40 students in Fall 2008, and 24 students in Fall 2009, and 31 students in Fall 2010.
More information can be found at Admission Stats

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

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.
About a third of our students hold graduate degrees when entering the Baruch MFE Program.
Detailed information can be found at Admission Stats

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4. What are the test scores of the applicants accepted into the program?

Detailed test scores statistics of the students admitted to our program can be found at Admission Stats

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5. What GPA is considered competitive for admission? Are there any minimum GRE scores or a minimum GPA required for admission?

All applications are evaluated in their entirety without a minimum requirement for GRE or GPA scores. This includes not only the quantifiable parts, such as GPA and standardized test scores, but also the personal statement of purpose essay, and the letters of recommendation. Other general considerations, such as relevant work experience,the strength of the mathematical and C++ programming background of the applicant are also looked at while evaluating the application
Detailed GPA and GRE scores statistics of the students admitted to our program and all applicants can be found at Admission Stats

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6. Are international students required to submit TOEFL scores?

No. An interview (in-person or over the phone) is part of the admission process before an admission offer to the Baruch MFE Program is made. The ability to communicate in English is assessed at that time.

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7. Do you accept both GRE and GMAT scores?

Yes. However, we prefer that you take the GRE, if you have not taken the GMAT already.

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8. Are the GRE scores required for someone with a prior Ph.D?

A doctoral degree holder can apply for a GRE score waiver upon submitting the application by sending an email to baruch.mfe at gmail.com

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9. What are the Baruch MFE codes for GRE/GMAT tests?

The GRE/GMAT code is 2012.

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10. What are the prerequisites for admission into your program?

  • Two semesters of Calculus
  • One semester of Probability
  • One semester of Linear Algebra
  • C++ programming knowledge, as demonstrated by an undergraduate class, a certificate, or work experience
  • Knowledge of finance as demonstrated by one undergraduate class or work experience

Grades of B or better are required in order for a course pre-requisite to be met.

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11. Can I still apply for admission, even if I do not fulfill all the prerequisites?

Yes. When evaluating the applications, we look for candidates who are able to successfully complete the program. The Admissions Committee will evaluate each case and recommend one or more of several options to students who lack the required prerequisites. Some of these options include:


     

  • Taking courses in the pre-MFE Program at Baruch College. More information can be found at Pre-MFE Program
  • Taking undergraduate level courses in these areas (either at Baruch College, or at an equivalent, accredited school)

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12. How do I find out the status of my application?

Once you submit your application, you will receive an instant electronic notification regarding the receipt of your application. All appropriate documents will then be matched to your online submission. If your application is incomplete, you will receive an email regarding completion within two weeks of submitting your application online. Please do not contact the admissions office about the status of your application unless the above time frames have passed and you have not received any notification.

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13. How can I check the status of my application?

You can check your application online once the application is submitted. The link to the online application status is posted at Baruch MFE every January through May.
The Application Tracker can be utilized to see an estimation of previous candidates turn-around time and to monitor the progress of other candidates for admission.

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14. How soon is a decision made on my application?

Once your application is complete, the Admissions Committee evaluates your application promptly. The status of your application should change within one month of your application being complete. If you want to find out the current status of your application log on to the online application system with your user name and password.
The Application Tracker can be utilized to see an estimation of previous candidates turn-around time.

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15. What is considered as “relevant work experience”?

All work experience (including internships) should be listed on the resume. Work experience in finance could, generally speaking, be more relevant than in other areas. The relevance of work experience is given by how it improved the skills of the applicant in light of a future career in quantitative finance.

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16. Is work experience necessary to be accepted into the program?

Relevant work experience would strengthen an application, but it is not a requirement for admission. About 25-30% of our students do not have previous full-time work experience. Some of our most successful graduates did not have any previous work experience when they joined the program.

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17. Can I take the prerequisites courses at a community college?

Yes, but it is important to make sure that the academic standard and the accreditation of the course, regardless of where it is taken, conforms with the academic standards of similar courses at Baruch College.

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18. Do you have any specific requirement regarding who should write recommendation letters?

No. The recommendation letters should be written by someone who can evaluate you either professionally or academically. Also, there is no specific requirement on how many of the letters should come either from academic instructors or from managers.

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19. Do I need to schedule an application interview?

Interviews are part of the admission process. Selected applicants will be contacted by the Admissions Committee by email to arrange an office or phone interview. All admitted students will be interviewed.
Requests from applicants for interviews will NOT be granted.

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20. Is it possible to transfer into your program?

You cannot transfer into the Baruch MFE Program. If you currently attend another program, you may apply to Baruch for regular admission. If admitted, you will be able to transfer up to 12 credits (four courses), depending on approval from your program advisor.

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21. Can I reapply for admission to the MFE Program?

Yes. To do so, please send an email to baruch.mfe at gmail.com
If you reapply for admission the year following your initial application, you will not have to pay the application fee again.
All the previously submitted documents are kept in your file for two years, so there is no need to resubmit original documents and test scores, unless expired or retaken. You can update your CV, statement of purpose, add letters of recommendation and transcripts, if you took more classes since initially applying to the program, as well as other materials to support your application.

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Tuition and Financial Aid


1. What is the cost of the Baruch MFE Program?

The cost of the entire program (36 credits) is $21,315 for NY state residents. The tuition for out-of-state students and international students is$32,040 for the entire program.

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2. What amount of funds do I need to show on my financial statements to obtain my I-20 from Baruch College?

You will need to show available funds of at least $57,800. For more information, please see the International Student Service Center (ISSC) website at ISSC

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3. Do you offer financial aid?

The Salih Neftci Memorial Scholarship was endowed by alumni and students of the Baruch MFE Program in 2009, in memory of their late professor, Dr. Salih Neftci. It is awarded every February to a current student in the program.
The Ercolano Prize is awarded every September to the best student of the graduating cohort.
No financial aid is offered at the time of admission. After arriving on campus, some students, including international students, may find employment as research assistants or in other positions within the college. Our students are encouraged to do internships in the financial industry as early as suitable opportunities arise and if time permits.

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4. Are fellowships or assistantships available?

There are currently no fellowships or assistantships associated with the MFE Program.

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Refresher Seminars




1. What are the refresher seminars?

Some applicants are admitted to the program because they are deemed to have the potential to succeed in the program but lack some prerequisites. To bring them up to speed in these areas, they will be required to take some refresher seminars before the start of the program.
Refresher seminars in C++, Advanced Calculus, Probability, and Linear Algebra are offered to students already admitted to the Baruch MFE Program the summer prior to the first semester of study. The refresher seminars focus on mathematical and programming topics required for the courses in the program, and their financial applications.
The refresher seminars are taught by faculty who teach the graduate courses in our program.
For more details, see the Refresher seminars page at Refresher Seminars

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2. Are all the admitted students required to take the refresher seminars in the summer?

The refresher seminars are mandatory for majority of the students. Exceptions can be made depending on your background. Some students are required to take the refresher seminars as part of their admissions package. You cannot apply to take the refresher seminars individually, as they are exclusively offered to students admitted into the Baruch MFE Program.

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Employment Questions


1. What is the employment data for MFE graduates?

27 of 29 December 2009 – May 2010 Baruch MFE graduates were employed in the financial industry within three months of graduation, 24 of them in the New York area.
First Year Guaranteed Compensation: High: 120K; Low: 75K; Average: 96K; Median: 97.5K
Employers (selected): Bank of America Merrill Lynch, Bloomberg, Deutsche Bank, JPMorgan, KPMG, Morgan Stanley, Numerix, NuWave Investment Management, Quantitative Brokers, RBC, RBS, Standish Mellon, SuperDerivatives
More information can be found at Employment Stats

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2. What was the average salary for the MFE graduates of Baruch College?

First Year Guaranteed Compensation: High: 120K; Low: 75K; Average: 96K; Median: 97.5K
First Year Starting Salary: High: 110K; Low: 75K; Average: 90K; Median: 90K
Starting Salary (no work experience): High: 97K; Low: 75K; Average: 88K; Median: 90K

Employment Stats

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3. How many MFE students do summer internships?

In 2010, 15 of 15 students did summer internships in the financial industry, all of them in the New York area.
Companies (selected): Barclays, JPMorgan, Ernst & Young, Hartford Investment Management, Morgan Stanley, Numerix, Quantitative Brokers, R&R Consulting, RBC, Susquehanna
Monthly Compensation: High: $8,000; Low: $2,500; Average: $5,300; Median: $5,500
More information can be found at Internship Stats

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4. Which careers would a Master of Financial Engineering lead into? (Top)

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 December 2009-May 2010 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