Financial -Engineering MSc
What will you learn?
A Master's degree in Financial Engineering is a continuation of the undergraduate programme in Financial Engineering.
To enter an MSc programme in a particular engineering field, a Bachelor's degree (BSc) in the same field is expected. If students have a BSc degree in another engineering field, they may need to take additional courses from the undergraduate level.
Engineering is a five-year programme in total. Students earn the legally accredited title of engineer after completing both the BSc and MSc degrees.
Engineering Methods in Finance
Financial Engineering is an interdisciplinary field that integrates finance with engineering methods, mathematical models, statistics, operations analysis and applied computer science. Studies in Financial Engineering are suited for those interested in tackling risk management, derivatives trading, or financial management in the markets or the corporate sector.
Financial Theory and Scientific Skills
In the programme, students tackle challenging and realistic projects where they learn to apply mathematical and computational methods. In addition to a solid understanding of finance, students need to understand the various characteristics of different systems and processes. A strong foundation in general engineering and natural sciences, particularly physics, is crucial.
Active Learning
Students in financial engineering receive a theoretical foundation and are required to apply this knowledge to solve various real-world problems. By engaging with practical projects and finding solutions to challenges, students gain excellent preparation for employment upon graduation.
The Difference Between Financial Engineering and Business Administration
Unlike business graduates, financial engineers use more technical and mathematical methods to solve problems, often involving writing algorithms and computer programs to analyse, model, and manage the risks of various investment opportunities. Most financial and investment firms are increasingly demanding strong skills in mathematics and computer science, which are key features of the education of financial engineers.
How do I learn?
In the Master's programme, students acquire specialised knowledge and practical technical expertise. Students create a personalised study plan in consultation with their supervisor, tailored to their areas of interest. The programme is research-oriented, and students can use it for significant specialisation in a chosen field.
MSc Thesis
Elective courses are designed to deepen the student's understanding and prepare them for their research topics. The Master's thesis is worth 30 ECTS credits and is completed during the final semester. It is possible to apply to work on a 60 credit Master's thesis, in which case the student would take fewer elective courses accordingly.
Master students can apply for an internship in the spring semester. The internship can be up to 12 credits.
Internships
The aim of internships is to enhance students' knowledge in their field of study and prepare them for employment after graduation. The Department of Engineering ensures that students who undertake internships work on challenging, interesting projects that align with their areas of interest. Internships have proven beneficial for students, and numerous final theses have been developed due to internships.
Compulsory Courses:
Data Mining and Machine Learning
One of the two compulsory courses required for all Master's students in engineering, regardless of their specialization, is Data Mining and Machine Learning. Topics covered include neural networks, decision trees, and pattern recognition. The Department of Engineering at RU believes that expertise in this field is essential for today's engineers, particularly future engineers.
Research Methodology
Society needs individuals who can think critically, analyse complex situations, and communicate their findings effectively. This may involve various tasks, including searching for and evaluating the value of scientific literature and other types of documents. Research methodology prepares students to tackle information gathering, analysis, and reporting, which is required for all other courses.
Exchange Programme
Studying at a university in another country is an adventure which broadens horizons and may help students confirm what they want to focus on in their careers after graduation. MSc students can apply for exchange programmes for one or two semesters, and the international office provides further information on where exchange opportunities are available.
Teaching assistance
Teaching assistant positions are advertised, and MSc students or third-year BSc students can apply. This may involve teaching in tutorial sessions, reviewing exercises, grading homework, or assisting with lab exercises. Students who have demonstrated good academic performance and are interested in gaining experience as teaching assistants are encouraged to apply. For further information, please contact the Department of Engineering office at vfd@ru.is.
What´s next?
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 and quantitative methods, combined with 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 workplaces for financial engineers. Financial engineers also often work on financial and operational planning and restructuring of companies across various industries, such as high-tech, innovation, fisheries, and the financial sector. Analyzing mergers and acquisitions is also a typical task for financial engineers.
Certification
The engineering programme consists of a 3-year (180 ECTS) undergraduate degree and a 2-year (120 ECTS) MSc degree. In order to obtain professional qualifications and the right to use the accredited title of engineer (verkfræðingur) in Iceland, one must complete the MSc degree in accordance with the requirements set by the Ministry of Industries and Innovation.
Structure
In the graduate programme, students acquire specialised knowledge and practical technical expertise. The programme is research-oriented, and students can choose to use it for significant specialisation.
An individualised study plan is developed in collaboration with an advisor.
Restricted elective courses
Students are given the opportunity to specialise in their area of interest through elective courses. A student in the MSc Engineering Management programme must complete at least three restricted elective courses (see list below). Other elective courses may be taken in engineering or related fields, or from other departments, in consultation with the advisor and in accordance with the regulations for master's studies at the Department of Engineering at RU.
*Note: electives must be cleared with the programme administrator in advance, for example V-784-REK5 and I-707-VGBI overlap significantly and can´t both be taken for credit.
Any questions?
Facilities
At RU, emphasis is placed on practical skills and training alongside a strong theoretical foundation. Therefore, the facilities for practical teaching are exemplary.
The University of Reykjavík's facilities offer excellent teaching, studying, and student collaboration conditions. The classrooms are well-equipped, and students can make use of group workrooms. General facilities are available to students 24/7.
Services
The university building provides easy access to academic and career counselling, the international office, and technical support. The library offers excellent and diverse workspaces. The library provides access to books and academic journals, and information specialists are available during open hours to offer advice and assistance with research work.
RU facilities include the Háskólabúðin (convenience store), a cafe, a World Class training facility, and the Málið canteen.
Why choose a Master's in Engineering at RU?
- Accessible teaching staff.
- Strong ties to industry.
- Master's theses are often carried out in collaboration with companies, and funding is sometimes available.
- A strong internship programme offers up to 12 ECTS credits.
- Students have the opportunity to participate in exchange programmes.
- According to the Times Higher Education list, Reykjavik University is ranked among the best smaller universities in the world.
- Reykjavik University is operated under one roof.