Financial -Engineering BSc
What will you learn?
Taught in Icelandic. Proficiency in Icelandic is a requirement.
Financial engineering is an interdisciplinary field that combines finance with engineering methods, mathematical models, statistics, operations research, and practical computer science. It is a programme for students interested in risk management, derivatives trading, or financial management, whether in the financial or corporate sectors.
In the programme, students work on challenging and realistic projects, learning to apply mathematics and computational methods. In addition to a solid understanding of finance, students must also have an understanding of the various characteristics of different systems and processes. A strong foundation in general engineering and the natural sciences, particularly physics, is crucial in this context. By working on realistic projects and developing solutions to problems, students are excellently prepared for their careers after graduation.
Five-year programme
Engineering is a five-year programme, totalling 300 ECTS credits. Students obtain an accredited professional title in Iceland as engineers upon completing the BSc and MSc degrees.
I've always really enjoyed planning games and creating rules. So I went and explored what RU offered. There, this popped up for me: Financial Engineering.
Árni Steinn Viggósson
How do I learn?
Fundamental courses
In all the engineering programmes, the first semesters of study are dedicated to fundamental courses that benefit engineers throughout their careers. Upon completing these courses, students will have a strong understanding of:
- Mathematics
- Physics
- Programming
- Project management
- Sustainability
Specialised courses
After the first year, the programme becomes increasingly tailored to each specific track. Specialised courses within the programme further develop the area of expertise.
Specialised courses in financial engineering include:
- Operations research
- Securities
- Corporate finance
- Probability and stochastic processes
- Databases
- Economics
- Derivatives
- Risk management
Engineering X
In the sixth semester of the BSc programme, all engineering students complete an extensive final project. In this course, students work on projects in groups, taking them from concept to final product. The topics are either tailored to individual programmes or interdisciplinary projects. This course provides excellent preparation for professional life.
Focus on sustainability
Sustainability and environmental issues are becoming increasingly important in our world. In the engineering programme, this is addressed through three mandatory courses. In the first semester, all engineering students take a course on energy efficiency, and the course Introduction to Engineering focuses on sustainability and the environment. In the fifth semester, there is a dedicated course on sustainability. Additionally, environmental issues are integrated into the topics of other courses throughout the programme.
Electives
Students can choose courses based on their areas of interest, such as internships, courses from other engineering tracks, or courses from other departments at RU.
12+3 system
Each semester is divided into two parts. Four courses are taught over 12 weeks, followed by exams. After the exams, a three-week course follows, where the course material is applied in a practical context through project work, group work, and/or collaboration with companies.
Internship
Students can apply for a 6 ECTS internship in the final year of their BSc studies. The process simulates a job search, where students submit a CV and cover letter, and companies select candidates for interviews.
The internship aims to strengthen the connection between students from the Department of Engineering at RU and industry, enhance students' insight and understanding of the challenges in their field, and prepare them for employment after graduation by solving real-world problems in a professional setting.
Exchange studies
Students can apply for exchange programmes at universities abroad. BSc students must have an average grade of 7 or higher and have completed 60 credits before participating in the exchange programme. The International Office provides further information.
At RU, engineering students have many opportunities to solve real-world problems and learn the entire design process, from concept and design to implementation and operation.
Club activities
Students can participate in various engineering-related activities, such as joining the university's Formula team (RU Racing) or the robotics club, or taking part in innovation or management competitions.
Any questions?
What´s next?
A part of the programme is to provide students with practical experience in solving real-world financial problems. Upon graduation, students should be able to apply solution-oriented engineering, quantitative methods, and sound judgment to develop cost-effective new financial solutions. These solutions could even change how consumers and businesses approach financial risk assessment.
Career
Investment banks, hedge funds, pension funds, and investment funds are common employers of financial engineers. Additionally, financial engineers often work on the financial and operational structuring and restructuring of companies across various industries, such as high-tech, innovation, fisheries, and the financial sector. Analyzing mergers and acquisitions is also a frequent task for financial engineers.
Engineers from RU
A BSc and MSc degree in engineering from RU provides students with excellent preparation to take the next step towards their future goals, whether it be further education, starting a business, or pursuing a domestic or international career.
Upon graduation, students are expected to be capable of teamwork and have developed good, disciplined work habits that align with the best and most up-to-date methods, alongside solid theoretical knowledge and expertise in their field.
Accredited title
The engineering programme comprises a 3-year (180 credits) undergraduate degree and a 2-year (120 credits) MSc programme. To obtain professional qualifications and the right to use the accredited title of engineer, students must complete the MSc degree per the Ministry of Industry and Innovation requirements.
When exploring options on the RU website, I stumbled across financed engineering and instantly knew his would suit me well. I encourage everybody to do what they enjoy and seize opportunities when they arise.
The internship options are great and give you a better view of future possibilities upon graduation. RU has good connections to the industry, which is a great advantage since the possibilities are endless when you have finished an engineering degree!
Structure
In the three-year Bachelor’s programme leading to a BSc degree, students are introduced to the fundamental fields of financial engineering. In order to gain specialisation and accredited title as an engineer, one must complete a two-year MSc programme after finishing the BSc.
The Engineering BSc (180 ECTS) and MSc (120 ECTS) credits make up a 5-year study path (a total of 300 ECTS credits) that meets the requirements for the accredited title of engineer.
Elective courses
Elective courses can be specialised courses in the field of financial engineering or courses from other study programmes at the Faculty of Engineering at HR, or from other faculties at HR, such as the Department of Computer Science or the Business School. For more details, see the course catalogue.
Three-week courses
Facilities
Everything in one place
At Reykjavik University, all teaching and operations take place under one roof. Emphasis is placed on ensuring that everyone has easy access to the services within the building.
Further information: Campus | Háskólinn í Reykjavík
Living in Iceland
Many things must be considered before arriving in Iceland and during the first few weeks of your stay. Find everything you need about living, studying, and thriving in Iceland here:
Why choose engineering at RU?
- Teaching is conducted over 12 weeks, followed by a three-week practical module.
- Targeted project work with real-world issues.
- Replicating the business world: students complete the extensive Engineering X course.
- Excellent facilities for both practical and theoretical study.
- Good support for students from academic and career counsellors, library staff, department offices, and lecturers.
- All study programmes are available as a continuous five-year path (BSc & MSc).
- Students gain knowledge in the natural sciences and training in methodologies and practices that will be useful in the future.
- Opportunity for internships.
- Students can apply to rent a room or apartment in the RU Háskólagarðar, located at the base of Öskjuhlíð.
- All studies are under one roof.