Frequently Asked Questions
- Ranking
- Q
- How does this program rank among other schools?
- A
- The University of Michigan Financial Engineering program ranks
among the top ten financial engineering programs in the country.
See The TOP Ten Quant Schools, According to the Street
- History
- Q
- When was this program established?
- A
- The Financial Engineering program was established in 1997
- Applying
- Q
- Is there Winter or Spring admission for this program?
- A
- The Financial Engineering program admits students in Summer term only. All newly admitted first-year students must attend the mandatory FE Summer Program that begins in mid-July.
- Q
- What are the application deadlines?
- A
- November 1 and February 15.
- Q
- Why are there two different deadlines?
- A
- All applications completed by the November 1 deadline will be processed as quickly as possible, preferably by February 1. The final application deadline is February 15.
- Q
- If I transfer from another institution, how many credits will transfer?
- A
- A student may transfer up to 6 credit hours of relevant courses from another institution after admission to our program.
- Q
- What if I have not taken all the prerequisite courses listed?
- A
- The FE Summer Program addresses all the prerequisite courses in concentrated review sessions.
- Q
- What if I do not have all the prerequisites listed for this
program, am I disqualified?
- A
- Many applicants do not have all the prerequisites when they submit
their application. Our mandatory FE Summer Program addresses the
prerequisite issues for all admitted students.
- Q
- Considering my background, am I suitable for this program?
- A
- It is not our policy to evaluate credentials until an application
and all supplemental materials have been received.
- Q
- What is the academic background of your admitted students?
- A
- Students in the program come from varied backgrounds including
mathematics, engineering, computer science, economics, statistics,
finance, business administration, and accounting.
- Q
- How long is my GRE score valid?
- A
- Your GRE score is valid for 5 years. For the Financial
Engineering program we require that the GRE score be dated after
October 2002.
- Q
- I have been working in industry for many years. My GRE scores
have expired. I will not have time to study for or take the GRE.
What can I do?
- A
- You may apply as a Non-Candidate for Degree pending your
completion of the GRE test. We do not waive the GRE requirement. In
NCFD status, you may only register for a maximum of 6 credit hours.
Being in NCFD status does not guarantee automatic admission to the
program. After the 6 credit hours of course work you may apply for
degree-seeking status upon submission of all application
requirements including the GRE.
- Q
- Do you accept the GMAT scores?
- A
- We will not accept the GMAT scores. We accept only the GRE
(general portion) and the test date must be after October 2002.
- Q
- Do you accept IELTS or TOEFL?
- A
- Yes, we accept both the IELTS and the TOEFL. Please visit our
Website and click on "English Proficiency Test" link for more information.
- Q
- Can I send in a paper application?
- A
- Applications to the Financial Engineering program must be done
online. Please see this website for the on-line application:
https://apply.embark.com/grad/umich/rackham.
- Q
- When will I find out if my application has been received?
- A
- Information regarding the status of your submitted application
and supplemental materials will be available online. An email will
be sent to you from the Rackham Graduate School 1–2 days after
your application has been entered into the University of Michigan
system. The email will also explain how to access the Web
Application Status site. A decision on your admission is usually
available 4–6 weeks after the application deadline.
- Q
- Do I need a health exam for admission to the university?
- A
- There is no health exam requirement for the University of
Michigan, however, certain international students must be screened
for tuberculosis. This screening is offered free on campus. See
http://www.uhs.umich.edu/tbscreen for more information.
- Q
- Who should I use for my recommenders?
- A
- A recommender is a person who can provide information on your
academic performance or a supervisor from your industry experience.
- Q
- Is the DVD or YouTube Presentation a requirement or optional?
- A
- In addition to the Statement of Purpose, all Financial Engineering Applicants are required to submit a 2–3 minute YouTube or DVD presentation introducing yourself and why you want to pursue this degree. To facilitate the review of your application, we prefer that you submit your presentation through YouTube. If YouTube is not available, we will accept a DVD. Email your YouTube link to
fep@umich.edu. (To keep your presentation confidential, please do not release the link to anyone but fep@umich.edu). If sending a DVD,
mail the DVD to the Financial Engineering office:
- InterPro Financial Engineering Program
University of Michigan
2633 CSE Building
1160 Hayward Street
Ann Arbor, MI 48109-2121
- Tuition and Financial Aid
- Q
- What is the cost (tuition and expenses) for the full term of the program?
- A
- Please visit the Registrar's Office website at
http://www.umich.edu/~regoff/tuition/.
- Q
- What is the likelihood of receiving financial aid?
- A
- This program does not offer financial aid. Get more Information about financial aid
from these sources:
- University of Michigan Office of Financial Aid
- Rackham Graduate School Financial Assistance
- University of Michigan Work-Study
- Unique Name
- Q
- What is a "uniqname" and why do I need it?
- A
- After you indicate that you will be attending the University of Michigan as a student, you will receive an email from the University that will provide instructions on how to create your U-M uniqname and establish your computer access. Computer access is needed for registration.
- Internships
- Q
- Is an internship a required part of this program?
- A
- The internship is not a requirement of coursework. An internship
is usually done during the Spring/Summer term (May-August) for those
who are interested in obtaining one. Students are highly encouraged
to undertake a summer internship as a good way of making connections.
- Q
- Do you have any internship statistics?
- A
- You can find internship statistics on the attached pdf document:
Internship Statistics
- Courses
- Q
- How will the courses be structured? Will I have to take all the
core courses before I take any electives?
- A
- A Plan of Study is prepared to select the terms in which you
will take your courses. Core courses and electives may be taken at
the same time.
- Q
- Can I get the list of textbooks that are referred/recommended
for the Financial Engineering courses?
- A
- Lists of textbooks are provided on the first day of class by the
faculty.
- Career Services
- Q
- What career service are available to Financial Engineering
students?
- A
- The Financial Engineering program has access to several career
opportunity sources. FE students can access the Engineering Career
Resource Center "HireME" program; the Ross School of Business
"iMpact" program; and our own "Financial Engineering Career
Opportunities" website. Students should proactively seek their own
internships. The Financial Engineering program office sends information
about job/internship opportunities via email to the students as soon as it is
received.
- Q
- What is the average salaries of graduates from this program?
- A
- The average starting salaries in the U.S. was $88,062 according to a survey in Fall 2007.
- Q
- What is the industry placement for graduates of this program?
- A
- Approximately 75% find employment in the US. Some international students return to their home country.
- Housing
- Q
- Where can I find housing information?
- A
- Information about housing is offered at the following websites:
- http://www.housing.umich.edu/graduate
- http://www.housing.umich.edu/international/index.html
- http://www.offcampus.housing.umich.edu
- Salary Information
- Q
- Do you have any salary statistics?
- A
- You can find some salary statistics on the attached pdf.
About the Program