Frequently Asked Questions
The MSE in Financial Mathematics is a new program at Johns Hopkins; please say a little about the origin of this program and the history of financial Mathematics at the University.
The Financial Mathematics Master of Science in Engineering (MSE) is indeed a new program; hosted by the Applied Mathematics and Statistics (AMS) Department in the Whiting School of Engineering. The first class entered to start in the Fall term of 2008. However, Financial Mathematics at Johns Hopkins goes back many years. The MSE program has been created as a professional degree to complement undergraduate interest in the subject and the Ph. D. program which has been awarded to a number of graduates who have specialized in Financial Mathematics.
Most of the courses in the MSE FM curriculum have been offered for many years and the alumni office reports that more than 15% of Hopkins graduates go on to careers in financial services. The MSE in FM is intended to give its graduates a sharper competitive position in competing for careers in the financial services – especially on Wall Street and among investment firms. To do this, a number of additional components have been incorporated; for example, in computing, communications and the internship.
The MSE in FM program appears to start in the Fall term and complete after the Fall term of the next year. Is there a possibility to enter the program mid-year, before the Spring term?
The MSE in FM program is a rigorously structured program, organized to provide the best competitive opportunity for the summer internship. Entry in mid-cycle does not conform to this objective and is therefore not allowed. Variance to the program structure will be reviewed on an individual basis.
Can a student pursue the MSE in Financial Mathematics on a part-time basis?
Every student must register for a minimum of two semesters as a full-time, resident graduate student. While we do not necessarily recommend that students pursue the remainder of this program as a part-time student, requests to complete the remainder of the program through part-time studies will be reviewed on an individual basis.
How many students are in a typical class?
The FM MSE program will be small. In 2008 we had 8 in the class. We expect this to grow toward 20 in a class, but we will keep the program from becoming too large as we continue to develop additional resources, fellowships, and placement support. It should be noted that there are an additional 10-15 students who are in Ph. D. programs, dual BS/MS, or in other degree programs at the Homewood campus. Beyond all of this, however, individualized education, in a small class setting, is a hallmark of Johns Hopkins University.
What is the extent of the faculty involvement in this program and how many have “Wall Street” experience?
Many faculty are involved with the Financial Mathematics program, we have five who actively advise the MSE students. There are additional faculty who have been/are advisors of Financial Mathematics Ph. D. students. Most of the faculty who advise MSE students have “Wall Street” experience and/or are currently active in financial mathematics projects/research with firms. In addition, a sizable number of practitioners in industry come to the program as part of the seminar series and give council to students on subjects related to careers and the industry.
What is the availability/opportunity for financial aid?
Candidates for programs in Financial Mathematics should recognize that positions in the financial industry, for which this program prepares its graduates, are among some of the most highly compensated employment opportunities anywhere. It is common that the bonus paid to successful new employees in their first year of employment can more than offset the cost of their education. This reality should be incorporated in the analysis of education costs when it comes to a graduate degree in Financial Mathematics. In addition, at many financial mathematics programs, there is an expectation that students will pay full tuition.
At Johns Hopkins, we plan on offering financial aid to some of the most distinguished enrollees. Each candidate will be considered individually. However, as resources are always in short supply, we cannot guarantee financial aid to all candidates. To this date, we have been fortunate to be able to provide financial aid of varying degree to many of our students.
Financial aid in the form of Teaching Assistantships is rare for students in the program, and are not available to students in their first semester. The program involves three intense semesters of study, and our desire is for students to be focused on their coursework, rather than be distracted with teaching responsibilities.
What is the placement situation like for graduates finding jobs?
Johns Hopkins is extremely well regarded in the financial industry and many graduates of the University have gone on to senior positions of leadership. Accordingly, we find encouragement and welcome for students in financial mathematics to compete for some of the best jobs. More importantly, the internship program provides and important experience leading to placement.
Beyond the workplace experience many expect from the summer internship, there are two other critical aspects. First, we encourage our students to compete for the most prestigious and competitive internship opportunities. As part of this, there is extensive preparation for students to ensure their success in competing for an internship. This experience is invaluable in competing for jobs throughout their career. Second, a high number of interns receive job offers from the firms where they intern. We counsel student on the alternatives available to them so they devote this key experience toward their ultimate career goals.
If I am an international student with a bachelor’s degree from an accredited U. S. college or university, cam I exempted from the TOEFL?
Such students can be given an exemption from the TOEFL exam. Usually, a brief interview is sufficient to confirm language competency sufficient to enter the FM MSE program without taking the exam.
In light of the current crisis on Wall Street, is this not a difficult time to be entering into the financial industry?
There are always opportunities and this time is no different. In fact this might be an especially good time. There is considerable dislocation and firms are keen to groom a new generation of leaders, ready to face the new credit/liquidity –influenced landscape.
We have seen continued demand and inquiry for graduates at a pace that has not changed. (For our recent graduates, there were more jobs than graduates.) There has been a slight shift of the demand-profile in that the broker-dealer demand is down slightly, but we see increased demand from asset managers. There will undoubtedly be a continuing revision in the makeup of demand as new institutions scramble to capture market share and competitive advantage from institutions who have faltered. There is also the growing prospect that regulatory/statutory changes will foster new sources of demand for graduates.