Discuss In Forums || Updated Apr 2007

Illinois Institute of Technology - Stuart School - MSc Financial Markets
Chicago, IL, United States
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The Summary:

Introduced in 1992, the Master of Science in Financial Markets is the nation's oldest and most prestigious graduate degree program focusing exclusively on modern capital markets. Designed at the request of and in collaboration with industry leaders, the program provides an intellectual framework for understanding how financial markets are structured, regulated, and interconnected in this country and around the world.

Course Structure:

Program Requirements: In order to earn a degree in Financial Markets, you will need to successfully complete 14 courses (16 if you choose Financial Engineering).You will typically complete the six core courses (shown below) first, then take the more advanced courses required by you concentration. For details on these courses, please review our course descriptions.

Core Courses:

* FM 502 Global Market Economics
* FM 503 Introduction to Investments
* FM 505 Futures and Futures Markets
* FM 506 Options and Options Theory
* FM 507 Quantitative Methods in Financial Markets
* FM 508 Statistical Methods in Financial Markets

Concentration Requirements: To gain a competitive advantage in the market place, you are strongly encouraged to pursue at least one concentration. The MS in Financial Markets program offers three concentrations:

* Financial Engineering & Programming
* Trading Strategies
* Investments

Financial Engineering & Programming Concentration

Financial Engineering and Programming (FEP) is an interdisciplinary program combining study in three areas--quantitative finance, computer programming and trading strategy. The resulting blend of theory and experience keeps the knowledge gained in the program up to date and forward looking.

In addition to the six core courses, you will be required to successfully complete the following:

Required:

* FM 492 Introduction to C/C++ Programming for Financial Markets
* FM 530 VB & Databases for Financial Markets
* FM 532 Equity & Equity Derivatives Modeling
* FM 533 Term Structure & Interest Rate Derivative Modeling
* FM 538 Advanced OOP for Financial Markets
* FM 545 Futures and Options Trading Strategies

Any 4 of the following courses from M.S. Program in Finance curriculum:

* MSF 521 Financial Modeling I
* MSF 522 Financial Modeling II
* MSF 523 Financial Modeling III
* MSF 552 Market Risk Management
* MSF 553 Enterprise Risk Management
* MSF 561 Financial Time Series Analysis
* MSF 562 Econometric Analysis
* MSF 563 Bayesian Inference in Econometrics
* MSF 571 Computational Finance I
* MSF 572 Computational Finance II
* MSF 573 Computational Finance III

Global Derivatives View:

A course not too dissimilar to the MS Finance offered by IIT, this program focuses more on the quantitative and computational aspects of practical finance applications. Significant focus on programming using various languages as well as an equal balance of finance applications make this one of the often overlooked programs. We particularly like the Financial Engineering & Programming concentration as well as the Financial Markets concentration - even as the latter is more suitable for those looking to enter trading roles.

You may not get the prestige which you would otherwise get from an FE program at a top 10 school in the US, but we are optimistic about this program and feel that there are significant strengths in both the program itself, as well as its linkages to the finance community in Chicago. The fact that many candidates are part time students suggests that the program is more applied than theoretical.

Key Stats:

Acceptance Rate:
Annual Intake: 150
Application Deadline: Summer quarter - May 1, Fall quarter - July 1 (for international students), August 15 (for domestic students), Winter quarter - November 1, Spring quarter- February 1
Average Age at Entry:
Average Years of Work Experience of Class:
Dissertation/Thesis:
Duration of Program: 1.5 Years
Entry Requirements:
--- GPA: 3.2
--- GMAT: 560
--- Completion of a diagnostic mathematics exam required prior to enrollment. Based upon performance on this examination as well as the applicant's academic and professional background, prerequisite mathematics and accounting courses may be required.
--- TOEFL: 250/600
GMAT: Average -
GPA: Average -
International Students: 50%
Male/Female Ratio: 65/35
Placement Rate:
Required Courses for Completion: 14 Courses (16 for Financial Engineering)
Student-Teacher Ratio: 18:1
Tuition (2007-08): $2,894 per course

Additional Information: