The Master of Science in Financial Engineering (MSFE) provides only part of the training experts will need as they work to analyze, price, and invent the innovative products that modern personal, corporate, and global finance will demand. Training in financial engineering that can lead to creation of new knowledge in the field is appropriately achieved through the depth and breadth of study undertaken in the pursuit of the doctoral degree (PhD).
Admission Requirements
Enrollment in the doctoral program is limited and highly selective. Students are not admitted directly into the PhD program, but must apply first to MSFE. Upon completion of at least 24 units toward the MSFE, the student may apply for admission to the PhD program.
Application decisions are based on the MSFE application file, evaluation by the admissions committee of the student’s performance in the MSFE Program, and a determination of the student’s potential for success in the PhD program. The program does not provide assessments of the likelihood of admission to the PhD in advance of the formal application. Students interested in a formal application to the PhD in Financial Engineering should complete and submit the Change of Degree Form as instructed on the registrar’s web page.
Degree Requirements
The PhD in Financial Engineering follows the general rules for the granting of PhDs at CGU as set forth in this Bulletin, and requires 72 units of coursework, directed research, and independent study. All financial engineering PhD students are required to first complete the 48 unit MSFE program at CGU with at least a 3.0 GPA.
Advanced Coursework and Exams. Additional requirements include the following.
- Enroll in two advanced (300 level) mathematics courses as part of the MSFE electives
- Pass a written, preliminary examinations in the mathematics of finance, based upon the four MSFE core courses in mathematics
- Pass a written, preliminary examination in advanced finance, based upon the four MSFE core courses in finance
Upon successfully completion of the two written examinations, students must enroll in an additional 24 units of advanced coursework, independent study, and directed research in mathematics and finance. In addition to the core courses from the MSFE program, the mathematics courses include the following.
- Advanced Numerical Analysis (MATH 368 ) or Numerical Partial Differential Equations (MATH 362 )
- Advanced Stochastic Calculus with Financial Applications (MATH 358B)
- Either Time Series Analysis (MATH 351 ) or Econometrics III (ECON 384 )
During completion of the final 24 units, students are required to pass their last two preliminary examinations–one based upon their advanced coursework in mathematics and the other based upon their advanced coursework in finance.
Dissertation. Upon completion of the last two written preliminary examinations and the 72 total units, students prepare for and take the oral qualifying examination. The oral qualifying examination is administered by the qualifying committee to examine the student’s preparation for research in his or her chosen area of financial engineering. Upon successful completion of the oral qualifying examination, the student is advanced to candidacy for the PhD. At this time, the student forms a dissertation committee and, under the direction of the committee, carries out the research outlined in the oral qualifying examination. The completed dissertation is defended before the dissertation committee.
Satisfactory Academic Progress. Students must maintain a minimum grade point average of 3.0 in all coursework to qualify for the degree. If a student’s grade point average falls below 3.0 and does not make satisfactory academic progress, the student may be placed on academic probation and is subject to dismissal from the program. Grades below B- are considered unsatisfactory, requiring of remedial action, academic probation, or dismissal from the program.
Transdisciplinary Course Requirement. All students who enter the doctoral program after the fall 2004 semester are required to complete the transdisciplinary course requirement within the first two years of their program. For details regarding this requirement, refer to the Doctor of Philosophy Degree section of the Registration and Degree Information in this Bulletin.
University Policies. University policies detailed in the Registration and Degree Information section of the Bulletin apply.