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Which is the Best Financial Engineering? NYU MSFE vs CMU MSCF: $200K+ Quant Careers Without TOEFL!
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A Comprehensive Comparison of NYU and CMU Financial Engineering Master's Programs
This article provides a detailed comparison and analysis of two highly regarded programs in financial engineering: NYU (New York University)'s MSFE (Master of Science in Financial Engineering) and CMU (Carnegie Mellon University)'s MSCF (Master of Science in Computational Finance).
Both schools consistently rank at the top, with Carnegie Mellon placing 3rd globally and NYU placing 9th in QuantNet's 2025 Best Financial Engineering Programs rankings.
Additionally, both schools accept the Duolingo English Test, which is relatively easier to score well on, providing a significant advantage for students from non-English speaking countries such as China, Korea, Taiwan, and India.
Let's compare and analyze the characteristics and features of both programs.
1. Program Features and Strengths
NYU MFE
- Emphasis on comprehensive understanding of financial markets
- Focus on risk management and quantitative methods
- Learning current market trends from industry practitioners
- Practical learning environment in New York's financial district
CMU MSCF
- Specialized curriculum in computational finance
- Strong focus on financial mathematics, programming, statistics, and machine learning
- Highly selective small classes (approximately 10 students per year)
- Well-balanced education between theory and practice
- Ranked 3rd by QuantNet
NYU's location in New York, the world's largest financial center, is one of its major strengths, offering options like post-class internships.
While CMU's main campus is in Pittsburgh, they also have a New York campus, making it optimal in terms of location as well.
2. Admission Requirements
Common Requirements
- Strong mathematical background
- Programming skills
- Basic knowledge of finance
Financial engineering graduate programs have prerequisites in mathematics and programming that must be completed before admission. These cannot be covered by online courses like Coursera or Udemy and must be officially credited.
For example, NYU offers the Tandon Bridge program, an online program for non-STEM students to prepare for Computer Science and Financial Engineering master's programs. It's advisable to make effective use of such courses.
Test Scores
(1) GRE/GMAT:
Math scores are generally prioritized.
Alpha Advisors recommends taking the GRE as it's easier to achieve target scores in a shorter time compared to GMAT!
(2) TOEFL/IELTS/Duolingo:
A major feature of both CMU and NYU is their acceptance of the Duolingo English Test.
For non-native English speakers, achieving English test scores can be challenging. However, Duolingo is a very simple and cost-effective test. At Alpha Advisors, using Duolingo to achieve score requirements is common practice for quickest admission.
Some students worry that using Duolingo instead of TOEFL might lower their evaluation, but this isn't true at all. Aim for early admission by achieving required scores through this simpler test!
3. Career Prospects and Employment
Example Employers
- Investment banks (Goldman Sachs, JP Morgan, etc.)
- Hedge funds (Citadel, etc.)
- Asset management companies
- FinTech companies
- Technology companies
Employment Rate
Most graduates from both schools enter high-paying positions at investment banks and hedge funds. Many work as quants, making these programs ideal for combining finance and technology expertise.
For example, average annual salaries start at $150,000, exceeding $200,000 with bonuses. This is very high even considering American living costs.
Employment is virtually guaranteed at either school. However, competition for New York hedge funds and investment banks is extremely fierce, with top students competing against each other. Getting into a prestigious school isn't enough - putting maximum effort into recruitment is what truly matters.
4. School Differences
NYU Characteristics
- Direct access to Wall Street
- Abundant networking opportunities with industry professionals
- Plentiful internship opportunities
- Learning experience in the heart of financial markets
- Located in world's largest financial center
- Rich networking opportunities
- High living costs
- Diverse cultural experience
CMU Characteristics
- Deep specialization in computational finance
- High-quality education in small classes
- Strong theoretical foundation
- Focus on technology and finance integration
- Relatively calm environment
- Lower living costs
- Technology company presence
- Conducive study environment
5. Conclusion
Both programs offer top-tier education in financial engineering. When choosing between them, consider:
- Career goals
- Preferred work location
- Living environment preference (big city vs. smaller city)
- Budget and financial considerations
- Learning style preference (practical vs. theoretical focus)
Both programs provide a strong foundation for a career in financial engineering. The key is selecting the program that best matches your personal goals and circumstances.
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