phd in financial engineering canada

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Addressing current issues confronting organizations and investors operating in today’s rapidly changing financial environment.

The PhD specialization in Finance at McGill prepares students for research-oriented academic careers. While students from all backgrounds are encouraged to apply, the typical student holds an undergraduate or a master's degree in economics, finance, mathematics, statistics, computer science, engineering or physics.

The program is normally completed in five years. The first two years in the program are devoted primarily to taking courses in finance, as well as supporting disciplines (economics, mathematics and econometrics/statistics). After the first two years, students enter the dissertation phase of the program. For details on the Finance Area, research domains, publications and working papers, visit the Desmarais Global Finance Research Centre website.

Numerous required and elective doctoral courses are offered by the McGill Finance Faculty, including:

• Financial Economics
• Corporate Finance
• Empirical Methods in Finance
• Continuous-Time Finance
• International Finance
• Fixed Income Securities Theory
• Corporate Governance

Faculty and Research

The McGill Finance area includes fourteen faculty members who regularly publish in the top finance journals. The moderate size of the program (currently we have 13 Ph.D. students in residence) make it possible for the students to closely interact with the faculty and to benefit from personalized attention and support. Because the faculty's interests span a wide spectrum of specialized fields in finance, students enjoy a lot of freedom in the choice of their dissertation topic.

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PhD programs

Take a deep dive into the topic you love with a phd, at the university of ottawa, you can:.

• Join a select community of researchers and work in state-of-the-art labs – uOttawa is ranked among the top 10 research universities in Canada.
• Study in the heart of the nation’s capital, a bilingual and multicultural setting where networks of senior stakeholders take action on major issues and influence decisions.
• Receive considerable financial support.

“One of the reasons I chose the University of Ottawa is for its multidisciplinary or multi-university thesis committees available to students in their first year of doctoral studies.”

Valérie Costanzo, LL.B., LL.M., lawyer, PhD candidate

Explore ways to finance your doctoral studies

The University of Ottawa has many scholarships or financial support options available to you. As a doctoral candidate, there is also the option to earn money while gaining valuable experience through teaching and research assistantships.

“Supervising doctoral students is a privilege: it allows for the discovery of new research challenges and for the development of sustainable relationships.”

Emmanuelle Bernheim, LL.D., PhD, Full professor, Faculty of Law, Civil Law Section

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Graduate Admissions

Financial engineering.

This program is of interest to students with strong quantitative backgrounds in economics, mathematics, statistics, computer science, science and engineering.

The Financial Engineering Program established by Faculty of Arts' Department of Mathematics.

Concurrent diploma – Department of Mathematics & Statistics

The Financial Engineering diploma (concurrent), is offered by the Department of Mathematics and Statistics. Students must first apply and be accepted to the regular Master of Arts or Doctoral program in Mathematics and Statistics. After being accepted to the program, students submit a separate application for the diploma.

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Graduate Admissions

Financial engineering.

This program is of interest to students with strong quantitative backgrounds in economics, mathematics, statistics, computer science, science and engineering.

The Financial Engineering Program established by Faculty of Arts' Department of Mathematics.

Concurrent diploma – Department of Mathematics & Statistics

The Financial Engineering diploma (concurrent), is offered by the Department of Mathematics and Statistics. Students must first apply and be accepted to the regular Master of Arts or Doctoral program in Mathematics and Statistics. After being accepted to the program, students submit a separate application for the diploma.

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PhD in Finance in Canada: Best Doctorate Degrees & Top Universities

• Updated On December 19, 2022
• Published In Courses 📖 , Study in Canada 🇨🇦

Finance is the base on which the business world rests. Pursuing a PhD in finance not only helps you study the subject in-depth, but it also enables you to teach finance as a professor in renowned universities all over the world. This blog will help you understand what pursuing a PhD in finance in Canada entails, which universities you can apply to and what is the growth prospect. You can also read about doctorates in other fields related to business such as management and administration among many others on our website.

Table of Contents

What is PhD in Finance?

A PhD in finance is a doctorate that can be pursued after completing your postgraduate studies and occasionally right after your undergraduate. PhD in finance aims at creating strong researchers who are capable of teaching the subject at various universities and solve larger economic problems of the countries. The program is generally four years long and includes 2 years of comprehensive studies followed by working under a supervisor to develop researching capabilities and preparing a thesis.

A doctorate in finance can be achieved through a PhD in finance as well as a DBA in finance. Both of these degrees provide students with theoretical as well as empirical knowledge about modern finance and global economics. 

PhD in Finance vs DBA in Finance

If you are looking to acquire a doctorate in finance, a PhD in finance and a DBA in finance are the most ideal options. Both of the degrees are similar in their coursework and structure. Both of them include exams and a doctoral dissertation. The span of both courses is between 4 to 5 years. However, the approach and objectives between the two differ from each other. 

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Doctor of Philosophy in Finance or PhD in Finance is an academic degree and follows a theoretical approach. Along with increasing your knowledge about business, a PhD in finance paves the way for you to be an academic researcher and university professor. If you pursue PhD in finance, you can also take up roles in organizations that require specialization.

A Doctorate of Business Administration or DBA in Finance is a professional degree that focuses on applying financial knowledge to real-world business problems. Rather than going for an academic approach, a DBA degree emphasizes using theory and research in solving business issues. This degree will enable you to take up a role in corporate leadership and management as the coursework of this degree is based around it.

It goes without saying that you should choose between these two courses based on your interest, career vision and future prospects.

Why pursue a PhD in Finance in Canada?

The decision of doing a PhD in Finance program will help you gain in-depth knowledge about statistics, financial markets and corporate finance. Being a program focused on empirical research, a PhD in finance polishes you as a researcher and makes you capable of conducting independent studies and writing research papers.

A doctorate from Canada has perks of its own. The country being an attractive destination for international students, studying a PhD in finance in Canada gives you the following advantages over studying in other countries:

• Financial aid : Universities in Canada offer a multitude of financial aid to students pursuing doctoral degrees. A high number of scholarships within the universities as well as from organisations outside the university make Canada an ideal destination for international students.
• Working while studying : Students enrolled in Canadian universities can work on campus for unlimited hours. In the case of off-campus work, students are allowed to work for up to 20 hours a week. This system can help you create an extra source of income and manage your expenses.
• World-Class Universities and Faculty : With universities like McGill University and the University of Toronto , among many others, Canada houses some of the highest-ranking business schools in the world that provide top-notch education to their students.
• Affordable tuition fees – Doctoral programs from Canadian Universities are available to students at very affordable fees and reasonable pricing. Along with an affordable fees structure, students get other benefits such as merit-based scholarships, teaching assistantships, and research assistantships which can further help reduce the financial burden.

PhD Program Requirements

The following eligibility criteria need to be fulfilled for successful admission into a PhD in finance degree in Canada:

• A postgraduate degree in finance, economics, engineering, physics, mathematics or a similar field of study with solid grades and research experience. Some universities also offer admission based on an excellent undergraduate degree.
• Two or more letters of recommendation.
• A research proposal.
• IELTS or TOEFL test scores for students belonging to non-English speaking countries. This exam acts as a measure of your proficiency in the English language. 
• GRE or GMAT test scores.
• After passing the required eligibility criteria, universities might invite you for a personal interview as a final round for selection.

Documents Required

The documents required for applying to a PhD in Finance are similar to the ones required for applying to PhD courses in other fields. They are as follows:

• Online application form and fees : Forms have to be filled out online by students through the university’s official website. Fees for the form needs to be paid accordingly.
• CV/Resume : Creating an impressive CV can increase your chances of selection. Make sure the CV includes all your achievements and work experience in the field of finance.
• Academic or Professional References : References can go a long way in making your application gain more credibility. An academic or professional reference is a prerequisite for applying to PhD programs.
• Personal Statement : A personal statement is a brief overview of yourself. It explains to the committee what your strengths, achievements and level of education is.
• Transcripts : Transcripts of your mark sheets and competitive exams need to be submitted to the university. In some cases, the university might ask you to submit transcripts certified by the institute you completed your previous education from.
• Statement of Intent : A statement of intent is an essay that aligns you with the degree you are applying for. It explains to the committee why you are applying for the program and what ambitions you aim to achieve through the program.

Colleges in Canada that offer PhD in Finance

A PhD in Finance is a wide umbrella that includes many doctoral programs based around finance. The following universities offer degrees in fields related to finance:

University of Toronto (Rank 18)

• Fields of Specialization : Finance theory, economics and empirical methods
• Eligibility Criteria : A master’s degree or equivalent from a recognized university with excellent marks; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding : Year 1 – $32,000 plus the tuition fee, Years 2-5 – $32,000 plus the tuition fee, Ontario Graduate Scholarship Program (OGS), University of Toronto Fellowship (UTF)

The University of British Columbia (Rank 37)

• Fields of Specialization : Theory of Finance, Theoretical Asset Pricing, Empirical Asset Pricing, Empirical Corporate Finance, Accounting, Management Science, Economics, and Mathematics
• Eligibility Criteria : Completion of a Bachelor’s degree + Master’s degree or M.Phil. Degree with First Class/Division 1 (65%) or Very Good (8 on a 10-point scale); English proficiency test scores; GMAT or GRE Scores
• Funding : Killam Doctoral Scholarships, SERB-UBC Scholarship, Vanier Scholarship, International Tuition Award, President’s Academic Excellence Initiative PhD Award, PhD Minimum Funding

McGill University (Rank 40)

• Fields of Specialization : Financial Economics, Corporate Finance, Empirical Methods in Finance, Continuous-Time Finance, International Finance, Fixed Income Securities Theory, Corporate Governance
• Eligibility Criteria : Master’s-level degree, with a strong academic record; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding : Guaranteed funding will be $32,622 per year for the first four years, Fifth-year funding will be $20,000+, Doctoral Fellowships, Ontario Trillium Scholarship program

University of Alberta (Rank 131)

• Fields of Specialization : Corporate finance, corporate control, asset pricing, portfolio theory, derivatives, market microstructure, behavioural finance, financial institutions, international finance, and valuation
• Eligibility Criteria : Grade point average (GPA) of 3 on most 4-point grading systems or B on most letter grading systems, based on your most recent two years of full-time study; GMAT or GRE Scores; IELTS/TOEFL Scores
• Funding : Vanier Canada Graduate Scholarship, Izaak Walton Killam Memorial Scholarship, Andrew Stewart Prize

University of Calgary (Rank 200)

• Fields of Specialization : Corporate finance, asset pricing, behavioural finance, valuation, derivatives, corporate governance, financial economics
• Eligibility Criteria : First Class Division, or 8/10 (or 7.5/10 for IIT’s only); GMAT or GRE Scores; IELTS/ TOEFL Scores
• Funding : Full tuition for all admitted students for the first four years. Funding comes in the form of Graduate Assistantships, Alberta Innovates Graduate Student Scholarships program, Alberta Graduate Excellence Scholarship (AGES), Delta Kappa Gama, Entrance Awards, Graduate Award Competition, International Graduate Tuition Award, Mackenzie King, Mitacs, Vanier Canada Graduate Scholarships (CGS)

University of Waterloo (Rank 201)

• Fields of Specialization : Actuarial Science, Biostatistics, Data Science, Quantitative Finance, Statistics, & Statistics-Computing
• Eligibility Criteria : A Master’s degree in statistics or actuarial science with marks equivalent to 78% in Canadian Universities; IELTS 7.0/TOEFL 90; GMAT or GRE Scores
• Funding : Statistics & Actuarial Science Doctoral Entrance Award,  University of Waterloo President’s Graduate Scholarship, President’s Graduate Scholarship (PGS), Fraser Award

Queen’s University (Rank 251)

• Fields of Specialization : Asset pricing, corporate finance, corporate governance market microstructure, financial technologies and innovation and sustainable finance
• Eligibility Criteria : A B+ (77%) average grade for the last 2 years of study; TOEFL 100/ IELTS 7.5; GMAT or GRE Scores
• Funding : Annual funding of $34,000, conditional on satisfactory performance in the program, $6,500 to assist with research expenses and support conference travel, McCall MacBain Sustainable Finance Fellow

University of Manitoba (Rank 351)

• Fields of Specialization : Corporate Finance, International Finance, Investments 
• Eligibility Criteria : An earned Master’s degree from a recognized institution in a management or business discipline with a minimum 3.0 GPA; English proficiency test scores; GMAT 600 or GRE equivalent
• Funding : University of Manitoba Graduate Fellowship Program and the Social Sciences and Humanities Research Council (SSHRC), Banting Fellows and Vanier Scholarship, Pierre Elliott Trudeau Foundation Scholarship, University of Manitoba Graduate Fellowships (UMGF)

Concordia University (Rank 601)

• Fields of Specialization : Corporate finance, investments, derivatives, risk management, international finance, portfolio management, real estate finance, banking, and family firms
• Eligibility Criteria : Master’s degree in any discipline, with minimum cumulative GPA of 3.5 out of 4.3; GMAT 640 or GRE equivalent; IELTS 7.0/TOEFL 95
• Funding : A guaranteed funding of $ 100,000 for 5 years, Out of Province Award, Concordia University Doctoral Graduate Fellowships, Concordia International Tuition Award of Excellence, Concordia Merit Scholarship

How to Apply?

To apply for a PhD program in Finance in Canada, the following steps have to be taken:

• Research about the university that suits your needs.
• Prepare the required documents before applying.
• Apply for the program of the specific university through their online portal from their official website.
• Apply and pay the application fees.
• After successful submission of application and admission into the university, apply for the student visa.

Job Prospects

Doctorate programs generally focus on creating academically sound students with excellent research capabilities. These skills open up new avenues in career paths based around finance. The average salary of a PhD in Finance graduate from a Canadian university can grab the following roles as their career choice:

• Senior Economist
• Business Analyst
• Financial Analyst
• Hedging and Risk Management
• Portfolio Management
• Fixed Income Analysis
• Head of Research
• Economic Staff
• Strategic ICT Specialist

Finance is an ever-growing aspect in the field of business. The requirement of graduates in finance is constant and is bound to increase in the upcoming years. Completing a doctoral degree in finance is the highest academic degree you can achieve in the field. It can help you understand the field better as well as help you grab job opportunities that can only be given to specialists.

Frequently Asked Questions

What fields are explored and studied in a phd in finance degree.

A PhD in Finance explores the following aspects of finance and teaches you about them:

Asset pricing Market microstructure Business analytics Econometrics Capital markets Corporate governance

What is the academic structure of a PhD in Finance degree in Canada?

The span of a doctoral degree in finance in Canada is around 4 to 5 years. The general structure of it is as follows:

1. In the first 1 or 2 years, you will be prepared and taught various specializations in Finance. 2. After this, a comprehensive examination will be done to examine your academic skills. 3. Post-completion of exams, you will be required to work under a supervisor. 4. During this period, you will be asked to prepare research papers, deliver seminars, and write dissertations.

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FinTech and Financial Engineering

Futures, options, and disruptive innovation.

The demand for professionals who have both quantitative skills and an understanding of the risk management environment in which decisions are made has never been higher. Get access to a wealth of career opportunities in this exciting field.

The global financial system is evolving. Develop your understanding of derivatives markets, emerging financial technologies, and how instruments such as futures and options can be used for risk management.

Topics covered

Learn about risk management from the perspective of a) a corporate treasurer who is interested in hedging his or her exposure to interest rates, exchange rates, commodity prices, and so on, b) a fund manager who wants to change the nature of his or her exposure to financial markets, and c) a financial institution that trades derivatives and is faced with an increasingly complex regulatory environment. 

You will also learn how to price a wide range of derivatives instruments and explore the tools needed to successfully understand financial markets, evaluate new ideas, and assess conjectures about the future of finance.

"Stocks that enjoy big unexplained jumps in value do considerably worse in the long term."

- Hai Lu , an associate professor of accounting at Rotman, in an online article

Courses that support studies in FinTech and Financial Engineering

It is recommended that students choose electives that are broadly relevant to FinTech and Financial Engineering from the following courses:

• Risk Modelling & Financial Trading Strategies
• Options and Futures Markets
• Advanced Derivatives
• Financial Risk Management
• Machine Learning and Financial Innovation
• Security Analysis & Portfolio Management
• Financial Institutions and Capital Markets
• Analysis & Management of Fixed Income Securities
• How Banks Work: Management in a New Technological Age 

For detailed information on each elective course, please see our  MBA electives guide .

Career paths for FinTech and Financial Engineering

Many banks have recruited large numbers of "quants" in recent years, but have not developed the managerial infrastructure to use those quants effectively. A deep understanding of FinTech and Financial Engineering will prepare you well to excel in this role. It will also give you the tools necessary to join groups concerned with structuring complex products that meet the needs of particular clients.  Opportunities for MBA graduates are being created to become involved in the sales and trading of derivatives products in new financial markets. Regulators are requiring banks to use increasingly complex models to evaluate market risk, credit risk and operational risk. , necessitating key roles for understanding inthe development of a bank’s strategy for minimizing its regulatory capital requirements.  More generally, it is true that derivatives markets (particularly the over-the-counter derivatives markets) are becoming increasingly important to everyone who works in finance. Even if you do not plan to work in a risk management or derivatives function, you will find the courses recommended in this pathway useful.

Example roles in FinTech and Financial Engineering

• Analyst, Capital Markets Risk Management
• Content Development Specialist
• Quantitative Risk Manager
• Credit Risk Analyst
• Financial Engineer
• Research Associate
• Regulatory Operations Analyst
• Corporate Investment Bank Advisor  

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Read a thought piece on risk management and financial engineering  →

Explore other career directions learn more ».

Financial Engineering (Concurrent Diploma Only)

Programs & Courses › Specializations

The concurrent Graduate Diploma in Financial Engineering is offered by the Schulich School of Business in collaboration with the Department of Mathematics and Statistics. It provides a rigorous education in financial theory, methods of engineering, tools of mathematics and practice of programming.

This highly technical program is well suited for individuals with strong quantitative backgrounds in economics, mathematics, statistics, computer science, science and engineering. Graduates will be equipped with the skills to develop and value new financial instruments and implement risk management schemes.

Diploma Details by Category

Eligibility & application.

MBA students will be invited to apply for this diploma in the Winter term. Contact your Student Success Coordinator for questions regarding the application process and your study timeline.

• undergraduate degree
• Calculus 1 and 2 – single and several variables
• Linear Algebra
• Foundations of Computer Science
• Statistics and Probability
• Microeconomics

Graduate Diploma in Financial Engineering Requirements

Must be taken concurrently with a Schulich MBA*

• The Graduate Diploma must be completed within one term of completing all MBA program requirements
• 21.00 credits of required courses below
• An internship in a financial institution or an additional research paper
• Enrolment in Financial Engineering courses is with the permission of the director
• Students working towards the Diploma in Financial Engineering may take a maximum of 9.00 credits outside Schulich

* Students must satisfy both Graduate Diploma and MBA requirements.

View MBA Program details

Required courses.

Probability models and discrete time stochastic processes; Brownian motion; Filtrations, conditional expectations, martingales; Stochastic integrals, Ito's formula; Stochastic differential equations; Diffusions, Kolmogorov equation; Girsanov Formula; Black Scholes.

This introductory course on machine learning is aimed at graduate students who are going to work with data scientists in the finance industry. The course explains the most popular machine learning algorithms used by data scientists, which enables the students to assess their strength and weakness for a particular application and work productively with data scientists. Algorithms are illustrated with different data sets from the finance industry and others in EXCEL and Python.

The course begins with an overview of the investment environment in developed markets, followed by a more in-depth analysis of key investment topics. These topics include modern portfolio theory, asset pricing models, term structure of interest rates, stock and bond portfolio management, evaluation of portfolio performance, and behavioural finance. This course serves as a useful introduction to the Chartered Financial Analyst (CFA) curriculum. Prerequisite: FINE 5200 3.00

This course explains the way in which derivative securities such as options, futures contracts, forward contracts, swaps and interest rate caps can be valued. It discusses arbitrage relationships, risk neutral valuation, the creation of options synthetically, numerical procedures and the evaluation of credit risk.

Prerequisite: MFIN 5600 3.00 (MF students) Co-requisite: FINE 6200 3.00 (MBA and IMBA students) Course credit exclusion: SB/FNEN 6810.030 (either SB/FINE 6800 3.00 or SB/FNEN 6810 3.00, but not both, may be taken for credit)

This course covers a list of advanced topics in derivative securities with a focus on pricing and hedging. Students are assumed to have taken an introductory course in derivatives. The objective of this course is to develop modelling skills needed to value the full range of derivative securities: from exchange-traded options to over-the-counter products including exotic options, embedded options and credit derivatives. The fundamental theory is the Equivalent Martingale Pricing Principle or the Risk-neutral valuation by no-arbitrage. Analytical models and various numerical methods will be discussed in detail. It is assumed that students are familiar with the Black-Scholes and binomial pricing models.

This course provides a comprehensive introduction to the discipline of financial risk management. It covers the market and regulatory trends that have motivated the need for financial institutions and corporations to evolve from traditional desk level risk management to an enterprise-wide function spanning all sources of risk in a consistent manner. Students will learn the basic fundamentals required to support a general risk management process in addition to gaining an understanding of industry best-practice methodologies. The course will cover in depth the analytics of standard risk assessment techniques for market risk, credit risk and operational risk as well as introducing the leading edge tools used to manage the overall business process. MFIN Prerequisite: MFIN 5600 MFIN Corequisite: FINE 6800 3.00

Provides an opportunity to learn the various features and unique characteristics of fixed income securities and markets, analyze and evaluate fixed income securities, and develop tools for managing interest rate risk and other applications. Computer assisted (e.g., Excel and VBA) applications are used throughout the course to enhance student learning experience, with both hands-on in-class exercises and assigned homework problems.

MFIN Prerequisite: SB/MFIN 5600, MFIN Corequisite: SB/FINE 6800 3.00. Former prerequisite: SB/FNEN 6810 3.00.

Career Opportunities

After completing the program, students will be equipped with the theoretical knowledge and specialized skills to develop and value new financial instruments and implement risk management schemes. Possible career paths include:

• derivatives trading and valuation
• risk management
• investment banking
• financial analysis in brokerage houses, financial institutions and consulting firms

Students also have access to the Career Development Centre (CDC). As Schulich’s in-house team of certified Career Coaches and Industry Advisors, the CDC offers a wealth of innovative programs, resources and individualized mentoring and coaching to help you launch your career. Meet alumni, recruiters and industry leaders at corporate information sessions and other CDC events, and receive online access to the very best career tools available.

“The Schulich MBA takes you beyond the comfort of a traditional classroom with innovative, real-world learning.” Chance Moran (MBA '11) Director, Equity Derivatives Trading CIBC Capital Markets Inc.

The Schulich Centre for Career Design

Your career is top priority at Schulich. To make career decisions that are right for you, the CCD will help you identify strengths, determine career objectives, develop career plans, hone skills for career management and put your professional development plan into action.

- Our highly experienced CCD Advisors bring a unique combination of first-hand knowledge, experience and diverse perspectives in a wide variety of businesses and industry sectors.

- Take advantage of a series of proven career-building modules, including up-to-date Job Search Techniques, Self-Assessment, Resume and Cover Letter Writing, and Interview Skills to help you stand out from the competition.

- Corporate Information Sessions offer you an opportunity to meet top level recruiters, alumni and executives.

The teaching, research and consulting activities of faculty members cover the fields of investments, financial engineering, financial services and corporate finance.

The work of the faculty brings theoretical rigour to practical applications. For example, faculty members have developed a unique approach to personal investment management over the human lifecycle. Our faculty have won numerous awards for their work and are in high demand by practitioners and the media. They interact with the private sector as consultants and Board members, amongst other roles.

Other research areas include investor biases, investor mood and the markets, the effect of thin trading on stock prices, the management of financial institutions, financial innovation and international financial management.

Selected faculty members

Professor of Finance

University Professor Emeritus of Operations Management and Information Systems; Gordon Charlton Shaw Professor of Management Science

Program Partners

The increasing globalization and application of high technology in the financial sector have created the need for recognized qualifications for finance professionals. The Schulich master’s degree in finance is a “must-have” degree for people pursuing a career in asset management, capital markets and risk management. It not only provides the intensive industry grounding, but also offers curriculum for the accelerated CFA and FRM pathway to launch a successful career in modern financial industry.

Contact Financial Engineering (Concurrent Diploma Only)

The University of Manitoba campuses are located on original lands of Anishinaabeg, Ininew, Anisininew, Dakota and Dene peoples, and on the National Homeland of the Red River Métis. More

University of Manitoba

University of Manitoba Winnipeg, Manitoba Canada, R3T 2N2

Mechanical Engineering (PhD)

The University of Manitoba's graduate program in mechanical engineering is well-recognized across Canada and internationally. We are proud to deliver a world-class graduate experience leading to a Doctor of Philosophy (PhD) degree.

Program details

Admission requirements.

• Price Faculty of Engineering • Faculty of Graduate Studies

• PhD in Mechanical Engineering

Expected duration

The mechanical engineering department is home to several exceptionally equipped research laboratories, including: applied mechanics and design laboratories, materials science and engineering laboratories, manufacturing and production laboratories, robotics laboratories, thermo-fluids and energy laboratories.

Our graduate students have access to various state-of-the-art research facilities with strong connections to the industry and the research programs are led by well-established professors and adjunct professors.

Opportunities

Graduate studies and research are full of excitement, challenges, and rewards. The experience of being the first to observe, create or understand something is wonderful.

Aside from excellent research experience, we offer a program that engages our graduate students as members of national and international professional societies including the Canadian Society of Mechanical Engineering (CSME) and the American Society of Mechanical Engineering (ASME). We are proud of our long history of graduate programs and the fact that our past graduate students are in high demand by industry, research laboratories and universities.

As a graduate student, you will have opportunities to apply for a variety of financial supports, including the University of Manitoba Graduate Fellowship (UMGF), Natural Sciences and Engineering Research Council (NSERC) Postgraduate Fellowships, various Faculty of Graduate Studies Scholarships and research assistantships. There are also teaching assistant positions budgeted and available in the department to accommodate those students wishing to assist academics in teaching. Partial travel awards are available from various sources for graduate students to attend conferences.

Expected duration: 4 years

Tuition and fees:  Tuition fees are charged for terms one and two and terms four and five. A continuing fee is paid for term three, term six and each subsequent term. (Refer to Graduate tuition and fees .)

The PhD in Mechanical Engineering consists of coursework and a substantial research component. A minimum of 12 credit hours at the 7000- level or higher is required, and students must present, submit and defend a comprehensive thesis that constitutes a distinct contribution to knowledge in the field of study.

Research areas

Fluid mechanics.

Active research in this area is performed in turbulence, computational fluid dynamics, multiphase flow with droplets and engineering calculations of fluid flow. Droplets vaporization and burning under turbulent atmospheric as well as high-pressure and temperature flow conditions, premixed and non-premixed swirling and non-swirling turbulent flames, liquid jet break-up and automizaton turbulent measurement and modelling, underwater kinetic turbines.

Thermal Sciences

Concerned with the application of heat and work to engineering problems. Active research is performed in two phase flow, pool boiling simulation, enhanced heat transfer, solid-liquid phase change, entropy analysis/optimization, combined heat transfer and heat transfer in porous media, acoustic wave propagation and supercritical flow stability, ocean hydrothermal energy and minerals research, super-critical properties of ocean hydrothermal fluids, runout table cooling in the steel processing industries.  

Material Science and Engineering

Concerned with the behaviour of engineering materials. Active research is focused on deformation studies, joining of aerospace materials, acoustic emission, solidification and diffusion in microgravity, phase transformation in solids, wear and wear protection, processing of polymer composites, durability and interfaces in polymer composites.

Applied Mechanics and Design

Concerned with the analysis and conception of machine and structural components. Active research is performed in biomechanics, solid mechanics, fracture mechanics, fatigue analysis, experimental stress analysis, vibrations and acoustics, kinematics and dynamics of linkage and mechanisms and computer aided design.

Manufacturing and Production

Concerned with analysis, design and operation of automated and feedback control systems. Active research is conducted in robotics, sensor technology, system integration, automatic controls, information systems, human-machine control systems, fluid power systems, teleoperation, virtual design and manufacturing, web-based manufacturing systems. Planning, design and operation of production using queuing theory, networks, scheduling, facilities planning and inventory planning models are also other areas of research.

To qualify for admission to the PhD in Mechanical Engineering program, you must normally have completed a master's-level degree in Engineering.

Master’s students making exceptional progress while enrolled in their program may be transferred to the PhD program upon the consent of the department head based on recommendations from the student’s advisor and an appointed selection committee who investigate the student’s qualifications and suitability for PhD study.

In addition to the admission requirements described here, all applicants must meet the minimum admission and English language proficiency requirements of the Faculty of Graduate Studies .

How to apply

The mechanical engineering PhD program accepts applications for Fall, Winter and Summer admission. Applications are submitted online and must include the following before they will be reviewed by the admissions committee:

• $100 application fee (non-refundable)
• Uploaded copies of transcripts from all post-secondary institutions attended
• Two letters of recommendation
• Proof of English language proficiency , if required
• The name of your confirmed advisor

To find an advisor, explore the department of mechanical engineering's faculty and staff page and contact a faculty member whose research interests align with your own. Please note that your proposed advisor must hold a PhD or equivalent and be a member of the Faculty of Graduate Studies (typically includes academic staff holding a rank of assistant professor or above).

Please read the Faculty of Graduate Studies online application instructions before beginning your application.

Application deadlines

Applications are reviewed on a committee basis . The Admissions committee for Architecture reviews applications in March.

Applications open up to 18 months prior to start term.

Applicants must submit their online application with supporting documentation and application fee by the deadline date indicated.

Start or continue your application

Applications are reviewed on a committee basis . The Admissions committee for City Planning reviews applications in March.

Winter applications are accepted on a case-by-case basis.

Applications are reviewed on a committee basis . The Admissions committee for Design and Planning reviews applications in March.

Applications are reviewed on a committee basis . The Admissions committee for Interior Design reviews applications in March.

Applications are reviewed on a committee basis . The Admissions committee for Landscape Architecture reviews applications in March.

Applications are reviewed on a committee basis . The Admissions committee for Anthropology reviews applications in March/April.

Applications are reviewed on a  committee basis . Please contact the department for admission committee review timelines.

Applications open September 1 of year prior to start term.

Applications open   up to 18 months prior  to start term.

Applications are reviewed on a  committee basis . The Admissions committee for History reviews applications in February.

Applications are reviewed on a  rolling basis .

Applications open July 1 of year prior to start term.

Applications are reviewed on a  Committee basis . The Committee for German and Slavic Studies reviews applications in February/March.

Applications are reviewed on a rolling basis .

Applications are reviewed on a committee basis . The Admissions committee for Management reviews applications in February / March.

Applications are reviewed on a committee basis . The Admissions committee for Physical Therapy reviews applications in April / May.

Applications open  August 1 of the year prior to start term.

Applications are reviewed on a committee basis . Please contact the department for admission committee review timelines.

Program currently undergoing review, applications will not be opening at this time.

Select Preventive Dental Science in the Program drop-down on the application form.

Applications are reviewed on a  committee basis . The Admissions committee for Educational Administration, Foundations and Psychology reviews applications in March / April.

Applications are reviewed on a  committee basis . The Admissions committee for Education reviews applications in February / March.

Applications are reviewed after the deadline, with decisions issued in March - April.

Currently not accepting applications to this program.

Applications are reviewed on a  committee basis . Please contact the department for admission committee review timelines.

Applicants must submit their online application with supporting documentation and application fee by the deadline date indicated. Applications received by the March 1 deadline for a September start-date will receive first consideration for any available funding. Late applications will be considered on a case-by-case basis for any available funding, please contact the department for further information.

Applications are reviewed on a  committee basis . The Admissions committee for Human Rights reviews applications in January - March.

Applications are reviewed on a  committee basis . The Admissions committee for Law reviews applications in January - March.

Applications are reviewed on a  committee basis . The Admissions committee for Nursing (MN) reviews applications in April / May.

Applications are reviewed on a  committee basis . The Admissions committee for Nursing PhD reviews applications in February / March.

Applications are reviewed on a  committee basis . The Admissions committee reviews applications as per the timelines noted below each table.

Winter applications reviewed in October Summer applications reviewed in February Fall applications reviewed in June

Winter applications reviewed in June Summer applications reviewed in October Fall applications reviewed in February

Applicants must submit their online application with supporting documentation and application fee by the deadline date indicated. This includes having the support of a faculty supervisor before you apply.

Applications are reviewed on a  committee basis . The Admissions committee for Natural Resources Management reviews applications in March - June.

After the annual application deadline (see below), applications are reviewed on a committee basis by the Faculty of Social Work internal admissions committee. Once this process is complete, decisions are sent to all applicants in March / April. 

Applications open  July 1 of year prior to start term.

Applications are reviewed on a  committee basis . The Admissions committee for Social Work reviews applications in March / April.

Applications are reviewed on a  committee basis . The Admissions committee for Music reviews Fall term applications in December / January, and Winter term applications in July.

Applications are reviewed on a committee basis . The Admissions committee for Occupational Therapy reviews applications in May / June.

Master of Occupational Therapy regular program  applications open September 15 of the year prior to deadline .

Master of Occupational Therapy accelerated program  applications open October 1  of the year prior to deadline .

The name of your confirmed supervisor is required at the time of application. To identify a prospective thesis research supervisor on your application, please  contact Immunology Faculty members .

Applications are reviewed on a  committee basis . The Admissions committee for Community Health Sciences reviews applications in March / April.

The name of your preferred supervisor is required at time of application.

Applications are reviewed on a  committee basis . Students selected for in-person interview will be notified in February.

Applications are reviewed on a  committee basis . The Admissions committee for Physician Assistant Studies reviews applications in April.

Offers of admission will be released to successful applicants on May 17, 2024 from the University of Manitoba Master of Physician Assistant Studies, the same day as the University of Toronto BScPA Program and McMaster University Physician Assistant Education Program. The three institutions are pleased to provide applicants their offers on the same day to help with the decision-making process.

Applications are reviewed on a  committee basis . The Admissions committee for Pharmacology and Therapeutics reviews applications one month after the application deadline.

Applications for Pathology MSc are reviewed on a  rolling basis .

Applications for Pathologist Assistant are reviewed on a  committee basis . The Admissions committee for Pathologist Assistant reviews applications in April / May. 

The Pathologist Assistant program only admits Canadian and US students every two years. The Fall 2023 intake has been suspended. The next intake is tentatively scheduled for Fall 2025.

Applications are reviewed on a  committee basis . The Admissions committee for Statistics reviews applications in March / April.

Applications are reviewed on a  committee basis . The Admissions committee for Biological Sciences reviews applications one month after deadline.

Applications are reviewed on a committee basis . The Admissions committee for Indigenous Studies reviews applications in February and June.

Applicants must submit their online application with supporting documentation and application fee by the deadline date indicated. For those who wish to be considered for scholarships, applications must be received by January 15 of the year in which you're seeking admission.

Applications are reviewed on a committee basis . The Admissions Committee for Applied Human Nutrition reviews applications in February.

Les demandes d’admission sont évaluées par un comité . Le comité d’admission évalu les demandes durant les mois de Mars et Avril.  

Les demandes peut être surmise jusqu’à concurrence de 18 mois avant le début de premier trimestre.

Toute demande d’admission en ligne doit être déposée, avec documents à l’appui, au plus tard aux dates indiquées.

Soumettre ou continuer votre application

Engineering research

Learn about the key areas of research in the department of mechanical engineering and across the Price Faculty of Engineering.

Tuition and fees

Learn about tuition and fee requirements for graduate studies at UM.

Scholarships and awards

Engineering graduate students are eligible for department- and faculty-specific as well as university-wide funding opportunities.

Academic Calendar

Explore program requirements and detailed descriptions for required and elective courses throughout the mechanical engineering graduate programs.

Explore the Price Faculty of Engineering

As the oldest engineering school in Western Canada and home to nearly 20 unique programs of study across multiple engineering disciplines, the University of Manitoba's Price Faculty of Engineering is a premier centre of engineering research and education in the prairies.

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Explore the Faculty of Graduate Studies

Discovery happens here. Join the graduate students and researchers who come here from every corner of the world. They are drawn to the University of Manitoba because it offers the opportunity to do transformational research.

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With over 140 graduate programs across multiple faculties, schools and colleges, the University of Manitoba offers more learning, teaching and research opportunities than any other post-secondary institution in the province.

• Bachelor of Science in Mechanical Engineering (BSc)
• Master of Science/Engineering in Mechanical Engineering (MSc/MEng)

Join the students and researchers who come here from every corner of the world.

What it's like to be a UM student

Be adventurous, challenge yourself and make a difference.

Opportunities for Indigenous students

Experience a world-class education in the heart of Canada.

Why international students study with us

We offer state of the art facilities with 140 years of history.

Our campuses

Admission and application inquiries.

Faculty of Graduate Studies Room 500 UMSU University Centre 65 Chancellors Circle University of Manitoba (Fort Garry campus) Winnipeg, MB R3T 2N2 Canada

[email protected] Phone: 204-474-9377

Monday to Friday 8:30 a.m. to 4:30 p.m.

Program inquiries

Department of Mechanical Engineering Room E2-327 Engineering & Information Technology Complex 75 Chancellor Circle University of Manitoba (Fort Garry campus) Winnipeg, MB R3T 5V6

[email protected] Phone: 204-474-7358 Fax: 204-275-7507

Financement

• Tuition fees and Funding
• Students wanted

In-program funding

During the first four years of studies, you receive funding of at least $30,000 per year.

This amount may include various sources of funding (scholarships, remuneration for teaching contracts, research activities).

Financial support from the Research and Knowledge Transfer Office

In accordance with the available funding, the Research and Knowledge Transfer Office can grant funding of up to $5,000 over the duration of studies to support your research and scientific publishing efforts, and to assist you in your job search. Find out more about funded activities .

Tuition fees (tuition + institutional fees)

You benefit from a tuition waiver for the first four years of studies. During this period, you must pay institutional fees and health insurance fees , if applicable. You can find more details, according to your status, on the tuition page or in the tables below.

Estimated costs and resources for a Canadian, French or French Belgian student

Fees are subject to change without notice.

Estimated costs and resources for an international student

Definition of student status.

Tuition fees depend on your student status.  

Quebec students

• Canadian citizen or Aboriginal born in Québec
• Permanent resident deemed Quebec resident
• Recipient of a scholarship covering differential tuition fees, from your government

Canadian students, non-residents of Quebec

• Canadian citizen or Aboriginal born in Canada, but not in Québec
• Canadian citizen or Aboriginal born outsite of Canada
• Permanent resident deemed “non-Quebec resident” 1

1 If you believe you qualify as a “Quebec resident”:

• Complete the Attestation of Quebec resident status .
• Attach the documents required by the MES, depending on your situation.
• Submit the documents through HEC en ligne > Documents > Documents Upload.

The change in status applies only to the current term.

French and French belgian students

Under the agreements concerning university student mobility between the Government of Québec and the Government of the French Republic and the Government of Québec and the French community of Belgium, your tuition fees depend on your status. Your bill is subject to change without notice.

Undergraduate programs

• If you are enrolled in an undergraduate program or in an independent studies program , you will be charged the same tuition fees as Canadian non-Quebec resident students.
• If you are a French student who has resided permanently for over five years in Saint-Pierre-et-Miquelon , you will be charged the same tuition fees as Quebec students.

Graduate programs

• If you are enrolled in a graduate program , you will be charged the same tuition fees as Quebec students.
• If you are enrolled in an independent studies program or taking a course that does not belong to your program structure , you will be charged the same tuition fees as Canadian non-Quebec resident students.

International students

The tuition fees required by the Ministère de l'Enseignement supérieur (MES) for international students are the same as the tuition fees paid by Quebec students, along with a variable lump-sum differential fee.

The tuition fees will remain the same for the duration of your program of studies as long as you are registered or you do not change program.

You will be charged the same tuition fees as Quebec students if you hold a scholarship for differential fees granted under fee remission agreements between the Quebec government and foreign governments.

To estimate your essential expenditures, please refer to our  sample budget .

Additional financial resources

HEC Montréal encourages students to apply for scholarships from Quebec and other Canadian granting agencies (annual competitions). The Student Services provides support for the preparation of students' grant applications.

Fonds de recherche du Québec – Société et culture (FRQSC)

Fonds de recherche du Québec – Nature et technologies (FRQNT)

Fonds de recherche du Québec – Santé (FRQS)

Conseil de recherche en sciences humaines du Canada (CRSH)

Conseil de recherche en sciences naturelles et génie du Canada (CRSNG)

Instituts de recherche en santé du Canada (IRSC)

Funding my studies – Workshops and information sessions

Questions? Contact  [email protected] .

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MSc in Financial Engineering

Our mscfe offering is where programming and data science meet the .css-8mrw1d{position:relative;display:inline-block;}.css-8mrw1d:after{content:'';position:absolute;top:calc(100% - 6px);left:0;right:0;height:0.5em;width:100%;background:url(/_next/static/media/underline.2495bd54.svg) no-repeat;z-index:2;} .css-169zhyd{position:relative;z-index:3;} future of finance..

• Completely Online
• 100% Free of Cost
• Rigorous Focus on Applied Learning

Interest in Financial Engineering is on the rise as innovation across the globe drives demand for analytics and data science training.

From evaluating statistics to econometric modeling, WQU educators teach advanced skills that can be applied to most industries. Graduates are prepared for sought-after positions in securities, banking, and financial management and can also apply their skills at general manufacturing and service firms including consultancies, insurance companies and more, as quantitative analysts. Building on this foundation, the comprehensive Program also provides students with the skills needed to succeed in presenting ideas and concepts in a professional business setting. Applicants who complete the University’s application requirements can complete their MSCFE entirely free of cost.

Learn more about the field of Financial Engineering in this post .

June 25, 2024

July 2, 2024

Entirely Free

• Bachelor’s Degree
• Proof of English proficiency
• Passing score on Quantitative Proficiency Test (75% or higher)

20-25 Hours a Week

• Master of Science in Financial Engineering Degree
• Sharable Credly Certification

Designed by industry experts, WorldQuant University’s accredited Program integrates mathematical, statistical, and computer science tools with finance theory and professional business skills in a completely online and collaborative setting. Graduates are positioned to excel in today’s highly collaborative, fast-paced, professional environments.

The two-year Program consists of nine graduate-level courses and a Capstone Course during which students complete a culminating project. The courses are sequentially taught and build on one another. Taking one course at a time allows you to earn your degree without disrupting your life. All students accepted into the MScFE Program will complete the Program free of cost.

All courses are delivered in an online group setting and focus on applied projects.

Along with their diploma, students who successfully complete the MSc in Financial Engineering Program receive a sharable, verified version of their WQU degree issued by Credly .

WQU offerings are completely free for prospective students who successfully complete the Program application and entrance requirements as a commitment to the belief that talent is equally distributed globally, but opportunity is not. This allows qualified, admitted students to build their skills and advance their careers within a supportive global community, without the common barrier of financial commitments.

Course Descriptions

The MSc in Financial Engineering Program comprises nine graduate-level courses and a culminating Capstone course. Students take one course at a time in a prescribed sequence.

There is a two-week break between courses: one week for the grading process and one week for subsequent course registration.

In this pilot course for the MScFE Program, students are introduced to the world of professional finance: markets, products, participants, and regulation.

The activities within financial markets will be discussed, including trading, financing, brokering, pricing, hedging, optimizing, and managing risk. Throughout the course, students identify a list of significant factors that affect the financial industry. Students will be able to interact with web apps that illustrate these concepts. Understanding the asset classes, activities, and influential aspects of the financial landscape will provide a solid foundation on which students will build mathematical and computational tools to develop models for financial engineering. No background in finance is required.

This course introduces students to financial data: the source of energy for financial models. Students will learn how to apply Python to properly select, import, filter, structure, visualize, summarize, and analyze financial data for interest rates, equities, cryptocurrencies, ETFs, securitized products, and other asset classes.

Students will also learn how to prepare data to be used in models for financial markets, from which decisions can be made, and how to accomplish fundamental analysis with accounting data, technical analysis with trading data, statistical analysis with transformed data, and sentiment analysis with textual data. Software engineering, visualization techniques, probability and statistics, linear algebra, and presentation skills will be developed throughout the course.

The ultimate goal of this course is to build foundational skills that enable students to understand the type of data needed depending on their goals, how to source it, structure it, shape it, build with it, and discover what it tells. At their best, financial engineers turn data into empirically based, well-calibrated financial models whose output provides investors and risk managers with sound decisions in the uncertain world of finance.

This course provides a comprehensive introduction to financial econometrics. Students will learn how to model probability distributions of returns, including graphical, Bayesian, and non-parametrical methods. They will also learn how to model univariate time series, focusing on their moving average, autocorrelations, and volatilities, including GARCH models.

Students will build additional tools to see how two financial series can relate to each other, using correlation, vector autoregressions, and cointegration. Further, they will build the statistical foundation and Python coding skills to run econometric models to apply in financial decision making. Finally, they will see how the ideas of bias, variance, and overfitting apply to machine learning.

Derivative Pricing is a hands-on course focused on pricing options. Students will build a conceptual background that deepens their understanding of why classical calculus is not sufficient for detecting rates of change in stochastic processes. Course content focuses on the concept of no-arbitrage and perfect replication using the world of stochastic calculus, including the Black-Scholes Model.

Students will be able to construct pricing models such as binomial trees and finite difference methods to price an array of vanilla and exotic options. They will also measure sensitivities of the price to variables, such as the underlying price, volatility, time, interest rates, and carry costs. Finally, some extensions to classical models, such as the Heston Model and jump models will be addressed. Much of the course will include Python illustrations to build practical skills.

In this course, students increase their knowledge of modeling stochastic processes. Students will investigate advanced volatility models that upgrade Black Scholes parameters to variables, increasing their stochastic modeling skills to address heteroskedasticity and variable costs as well as jump diffusions.Students will dive into Markov processes, including hidden Markov process and Markov decision process to financial applications, and will build a mathematical foundation for deep learnings, a tool they will use for machine learnings. Overall, students will be able to evaluate the assumptions, benefits, and difficulties associated with stochastic models.

This course addresses the fundamentals of machine learning. It continues the topics from the Financial Econometrics course whereby students will be able to apply algorithms to learn from data. Students will cover the mathematical and computational foundations of both the supervised and unsupervised machine learning problems, and they will use Python modules and a Tensorflow framework to predict, explain, or compare outcomes across different financial series. Students will apply machine learning techniques to determine if financial models are overfit, and use methods of regularization, cross-validation, and resampling techniques to mitigate it. In addition, students will develop a theoretical and practical background in deep learning models to improve the power of their financial model predictions.

Directly building on their skills from Machine Learning, students will further explore neural networks in Deep Learning for Finance. Students will build mastery in Python with TensorFlow to build and train neural networks and apply them to real life financial examples. They will expand their toolkits to perform regularization. During this course, students will use various algorithms to tune hyperparameters, including classical, Bayesian, and stochastic methods.

Different neural network architectures will be addressed, particularly CNNs (Convolutional Neural Networks), RNNs (Recurrent Neural Networks), LSTMs (Long Short-Term Memory), and GRUs (Gated Recurring Units). These neural networks will be built from scratch, then illustrated in financial examples such as predicting stock prices, discovering investment factors, and back-testing trading strategies. Students will apply state-of-the-art techniques such as transfer learning and data augmentation. These methods will be used to improve the learning capability and performance of the networks, resulting in better predictions. In addition, students will learn the theory behind these tools, as well as richly exploring how to combine architectures with optimization techniques applied to real world data for comprehensive intraday trading strategy development.

This course provides students with methodologies and skills to perform portfolio optimization. From the previous coursework, students will have a solid foundation on which to engage in the portfolio management process.

In the first two modules, students will review classical methods of portfolio theory, including Markowitz portfolio optimization. Subsequent modules address more modern versions of the portfolio optimization process, including Black-Litterman, probabilistic scenario optimization, prospect theory, Kelly criterion, and risk parity. In addition, advanced econometrics and machine learning methods will be applied to the classical techniques, including the use of neural networks, genetic algorithms, information theory, and reinforcement learning.

The course requires students to engage with the mathematical foundations, code implementation, and practical applications of portfolio management across many asset classes.

This course provides students with both classical and modern methods of modeling and managing risk. The course begins by reviewing metrics and models for market, credit, and systemic risk, and applying these ideas to multiple asset classes, including derivatives.

Machine learning methods will be integrated with both classical methods like VaR and GARCH and with robust methods like Extreme Value Theory. Then a comprehensive review of Bayesian methods will be given that builds towards a Bayesian network of modeling systemic risk. By taking the course, students will be able to synthesize a complex network and scenario analysis for both portfolio risk and systemic risk.

The Capstone Course is designed to put the students’ knowledge of financial engineering to the test. Students practically apply their understanding of the Program content by accomplishing project milestones from developing a problem statement, identifying the required technology to find a solution to the problem, submitting multiple drafts for peer review and instructor feedback, and finalizing and presenting their fully developed project.

The goal of the Capstone Course is to ensure that students have met the Program outcomes and are able to apply their knowledge and skills to real-world scenarios.

Program Outcomes

Computational skills.

Build proficiency with Python modules, data structures, and machine learning algorithms as applied to financial engineering.

Mathematical Skills

Apply probability, linear algebra, and stochastic calculus techniques to solve pricing, hedging, prediction, and optimization problems.

Statistical Skills

Build hands-on skills summarizing and modeling structured and unstructured financial data and using the data for modeling in econometrics, machine learning, and deep learning.

Financial Skills

Develop a quantitative and computational toolkit of methodologies to address financial challenges of credit risk, volatility, liquidity, leverage, regulation, and model breakdown with ethical principles in mind.

Collaborative & Critical Thinking Skills

Analyze and solve financial problems by engaging in practitioner-oriented group work assignments and project-oriented problems, applying collaborative and critical thinking skills.

Communication Skills

Create clear and concise technical and non-technical reports that explain and interpret model results and recommend courses of action using various physical and digital media.

How can I use my degree?

Financial engineers pursue professional roles such as quantitative researchers, quantitative developers, quantitative traders, algorithmic traders, and portfolio managers for financial institutions and in related service industries.

Many WQU graduates focus on public policy, working for governments, developing state and federal financial policies, or conducting research at think tanks. Others focus on industries such as agriculture, healthcare, and emerging technology.

There is tremendous fluidity between different financial engineering careers and transferable skills that allow professionals to move between these opportunities easily.

Learn more about the field of Financial Engineering in this post.

Frequently Asked Questions

What is financial engineering.

Financial Engineering is a field where mathematical techniques are used to solve financial problems. It is an interdisciplinary specialty that leverages skills and tools from computer science, statistics, economics, and applied mathematics, enabling practitioners to address financial challenges and opportunities, and in some cases, develop new products and services. As more businesses and organizations become data-driven, there are growing opportunities for financial engineers outside of the financial industry, including healthcare, the supply chain, agriculture, and more.

For a more detailed breakdown of how this field emerged, what it takes to become a financial engineer, and what kinds of jobs financial engineering graduates pursue, head over to the WQU blog and check out the Guide to Financial Engineering.

How can I prepare for the Quantitative Proficiency Test?

The Quantitative Proficiency Test consists of 60 questions covering advanced algebra, linear algebra, differential calculus, integral calculus, differential equations, discrete mathematics, probability, and statistics. A portion of the test is dedicated to measuring fundamental knowledge of Python programming and Python data structures. Make sure you prepare thoroughly for the test and for the successful completion of the Program. You can find a document with sample questions here . Use this list of (free!) online resources to strengthen your mathematical, statistical, and programming skills.

The minimum passing grade for the test is 75% . It must be completed in one sitting with up to a total of two (2) hours to finish. You have a maximum of two (2) attempts to complete the test.

How can I use my MSc in Financial Engineering?

Financial engineers pursue professional roles such as quantitative researchers, quantitative developers, quantitative traders, algorithmic traders, and portfolio managers for financial institutions. Some focus on public policy, working for governments developing state and federal financial policies, or conducting research at think tanks. There is a tremendous amount of fluidity between different financial-engineering careers, as well as transferable skills that allow professionals to easily move between these opportunities.

Inspired to apply?