The Berkeley MFE.pdf - Master of Financial Engineering Program
The Berkeley MFE.pdf - Master of Financial Engineering Program
The Berkeley MFE.pdf - Master of Financial Engineering Program
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<strong>The</strong> <strong>Berkeley</strong> <strong>MFE</strong><br />
Leading Through Innovation<br />
<strong>Master</strong>s in <strong>Financial</strong><br />
<strong>Engineering</strong>
Real-World Solutions for
M F E<br />
<strong>Financial</strong> engineers play an increasingly integral role in investment<br />
banks, commercial banks, and other corporations. Anticipating this<br />
need has been the <strong>Master</strong>’s in <strong>Financial</strong> <strong>Engineering</strong> (<strong>MFE</strong>) <strong>Program</strong><br />
at the Haas School <strong>of</strong> Business, ranked #1 by Global Derivatives in<br />
2004. We are readying a new generation <strong>of</strong> pr<strong>of</strong>essionals to apply<br />
theoretical finance knowledge, numerical techniques, and statistical<br />
and computer modeling skills to structured financial products with<br />
customized risk/return pr<strong>of</strong>iles to control risks and make informed<br />
pricing, hedging, and portfolio management decisions.<br />
<strong>Financial</strong> Problems<br />
As a <strong>Berkeley</strong> <strong>MFE</strong> student, you learn to think like a financial economist and gain<br />
market savvy and in-depth understanding <strong>of</strong> the mathematical framework that<br />
underlies financial markets. You benefit from the application-oriented approach<br />
<strong>of</strong> the curriculum—the only <strong>MFE</strong> curriculum developed completely by a business<br />
school. Through the program, you will launch your career having gained experience<br />
in dealing with exotic derivatives instruments and complex structured products<br />
for all asset classes, such as fixed income, equities, credit, and commodities. That<br />
experience comes not only from coursework, but from a hands-on applied finance<br />
project and a ten- to twelve-week internship.<br />
Studying at one <strong>of</strong> the nation’s top-ranked business schools also affords access to<br />
top-notch research tools, career services, and corporate contacts. We will help you<br />
hone your job-seeking skills and will work actively to connect you with employers<br />
that can <strong>of</strong>fer challenging and rewarding internships and full-time positions.<br />
In choosing to pursue an <strong>MFE</strong> at the Haas School <strong>of</strong> Business, you choose a<br />
rigorous course <strong>of</strong> study delivered by one <strong>of</strong> the best finance faculties in the world<br />
with pr<strong>of</strong>essors who are practitioners as well as dedicated researchers. <strong>The</strong><br />
program’s small size encourages students to learn from each other and its top<br />
academic standards allow for teaching at the highest level. Designed to keep you<br />
ahead <strong>of</strong> industry innovations, the <strong>Berkeley</strong> <strong>MFE</strong> <strong>Program</strong> positions you to apply<br />
quantitative “rocket science” to real-world financial problems.<br />
Contents<br />
2 <strong>Program</strong><br />
4 Services<br />
6 Careers<br />
8 Curriculum<br />
10 Faculty<br />
12 Admissions<br />
14 Fees & Costs<br />
16 Frequently Asked Questions<br />
1
THE <strong>MFE</strong> EXPERIENCE<br />
<strong>The</strong> Leading Edge <strong>of</strong> Innovation<br />
<strong>The</strong> <strong>MFE</strong> <strong>Program</strong> at the Haas School <strong>of</strong> Business prepares<br />
students for technically sophisticated jobs in investment banks,<br />
insurance companies, money management firms, hedge funds,<br />
treasury departments, diversified financial services companies,<br />
asset-management firms, and equity/venture capital firms, as<br />
well as other non-financial corporations. <strong>The</strong> program serves students<br />
seeking comprehensive technical knowledge <strong>of</strong> arbitrage, hedging, futures and<br />
options pricing, portfolio management, trading, and dynamic investment strategies<br />
in bond, currency, options, and other financial markets.<br />
Jim Gilliland<br />
<strong>MFE</strong> 02<br />
Head <strong>of</strong> International Fixed Income Investments<br />
Barclay’s Global Investments<br />
San Francisco, California<br />
Previous degree:<br />
BS, Finance<br />
University <strong>of</strong> British Columbia<br />
Previous position:<br />
Chief Strategist<br />
HSBC Asset Management Canada<br />
“I chose Haas for its worldwide reputation and<br />
for the <strong>MFE</strong>’s business-focused coursework in<br />
portfolio management, quantitative risk management,<br />
and dynamic investment strategies,”<br />
says Jim Gilliland. “<strong>The</strong> Haas <strong>MFE</strong>’s unique<br />
broad training in applying quantitative methods<br />
enabled me to integrate and build upon my<br />
background in finance and mathematics.”<br />
Ranked #7 among the top 20 rising stars <strong>of</strong><br />
fixed income by Institutional Investor News,<br />
Gilliland is responsible for the North American<br />
Fixed Income investment activities that drive<br />
active strategies across credit, securitized<br />
credit, sovereign and emerging markets. Since<br />
joining BGI in 2002, he has been responsible<br />
for a variety <strong>of</strong> research and strategy related<br />
activities. Gilliland has over 12 years <strong>of</strong> experience<br />
managing institutional portfolios.<br />
Prior to joining BGI, Gilliland was chief strategist<br />
for HSBC Asset Management Canada.<br />
While at HSBC, he was co-head <strong>of</strong> the investment<br />
team and responsible for deriving and<br />
implementing the firm’s asset allocation and<br />
fixed income strategy. In addition, he served on<br />
the Global Investment Strategy Group and was<br />
a member <strong>of</strong> the firm’s board <strong>of</strong> directors.<br />
<strong>The</strong> <strong>MFE</strong> requires only one year <strong>of</strong> study, which makes it attractive to students<br />
with strong quantitative skills and focused career interests. <strong>The</strong> <strong>MFE</strong> may also be<br />
seen as an attractive alternative to a doctoral program in finance for individuals<br />
interested in commercial rather than academic careers. <strong>The</strong> combination <strong>of</strong> skills<br />
– understanding <strong>of</strong> complex financial strategies, financial modeling ability, and<br />
computational pr<strong>of</strong>iciency – is in high demand, and is difficult for employers to find<br />
in graduates <strong>of</strong> standard MBA or engineering programs. As an <strong>MFE</strong> student, you<br />
will learn how to combine modern portfolio theory and computational methods<br />
with a practical knowledge <strong>of</strong> the forums in which you can employ these skills.<br />
Quality Instruction<br />
<strong>The</strong> <strong>MFE</strong> faculty is comprised <strong>of</strong> distinguished finance instructors from the<br />
Haas School <strong>of</strong> Business at UC <strong>Berkeley</strong>, the Anderson Graduate School <strong>of</strong><br />
Management at UCLA, UC Irvine’s Paul Merage School <strong>of</strong> Business, and<br />
UC San Diego’s Rady School <strong>of</strong> Management. <strong>The</strong> <strong>MFE</strong> faculty performs<br />
preeminent research in quantitative finance, research that feeds directly into<br />
the <strong>MFE</strong> curriculum. Many <strong>of</strong> these scholars also have practical experience in<br />
the creation <strong>of</strong> financial instruments and s<strong>of</strong>tware and the implementation <strong>of</strong><br />
innovative financial strategies. <strong>The</strong>ir expertise is widely recognized and respected.<br />
Competitive Admissions<br />
<strong>The</strong> <strong>MFE</strong> program <strong>of</strong>fice expects to receive a very large number <strong>of</strong> applications<br />
for the 2009-2010 admissions cycle. <strong>The</strong> 60 students who are enrolled will have<br />
a high level <strong>of</strong> intellectual curiosity, a strong interest in finance, and strong analytical<br />
skills. Though there is no specific degree requirement, most students will<br />
have backgrounds in quantitative disciplines such as mathematics, statistics, the<br />
physical sciences, engineering, operations research, computer science, finance,<br />
or economics. It is also expected, though not required, that applicants have work<br />
or research experience in which they have applied quantitative skills creatively.<br />
In order to screen for candidates who have the ability to succeed in the program,<br />
the admissions committee carefully reviews all parts <strong>of</strong> an individual’s application,<br />
including grades, test scores, recommendations, and essays.<br />
2
Tailored Curriculum<br />
<strong>MFE</strong> courses are designed exclusively for <strong>MFE</strong><br />
students, and are seamlessly integrated with<br />
one another. This cooperation between course<br />
material allows the mathematical, statistical,<br />
and computer science methods to be integrated<br />
with the theoretical framework and institutional<br />
settings in which they are applied. For example,<br />
macroeconomics is taught in the relevant context<br />
– in the fixed income markets course, during<br />
the discussion <strong>of</strong> term structure, and during<br />
the equity and currency markets course, in the<br />
context <strong>of</strong> exchange rate determination. Similarly,<br />
insurance concepts are introduced in the advanced<br />
derivatives courses where students can easily<br />
understand their relation to similar products<br />
– insurance and option contracts.<br />
<strong>The</strong> <strong>MFE</strong> program requires satisfactory completion<br />
<strong>of</strong> 28 units <strong>of</strong> coursework plus an internship or<br />
on-site project. In addition to coursework, the <strong>MFE</strong><br />
educational experience includes the following:<br />
<strong>Financial</strong> Practice Seminars: <strong>MFE</strong> students are<br />
encouraged to attend weekly discussions held by<br />
finance practitioners. In the first term, speakers<br />
discuss jobs available to graduates <strong>of</strong> the <strong>MFE</strong><br />
<strong>Program</strong> and the skills needed to contribute to<br />
a firm’s mission. In the second term, speakers<br />
provide insights into the way the financial world is<br />
changing: new products and needs; evolving data<br />
and information systems; and similar topics.<br />
Applied Finance Project: <strong>MFE</strong> students are<br />
required to complete an applied finance project<br />
that develops or uses quantitative finance tools and<br />
techniques learned in the program or internship.<br />
Internship <strong>Program</strong>: <strong>The</strong> Internship/Special Topics<br />
in Finance project is a required condition for graduation.<br />
<strong>The</strong> internship, approved on-site project, or<br />
faculty-supervised applied finance project takes<br />
place from mid-October to mid-January.<br />
Interns, Goldman Sachs<br />
Alain Griveau<br />
<strong>MFE</strong> 08 (left)<br />
Volatility Strategies, Equity Division<br />
Goldman Sachs<br />
Tokyo, Japan<br />
Previous degrees:<br />
MS, Nuclear <strong>Engineering</strong><br />
University <strong>of</strong> California, <strong>Berkeley</strong><br />
BS, <strong>Engineering</strong><br />
Ecole Polytechnique (France)<br />
“Learning both advanced quantitative<br />
methods used in finance and essential<br />
business insight was facilitated by the<br />
emphasis on teamwork and projectbased<br />
learning. <strong>The</strong> <strong>MFE</strong> <strong>Program</strong> is<br />
a great complement to my engineering<br />
background and has ideally prepared me<br />
to address real-world financial problems.”<br />
Delphine Bouyssarie<br />
<strong>MFE</strong> 08 (second from left)<br />
Sales Strategist<br />
Goldman Sachs<br />
New York, New York<br />
Previous degree:<br />
BS, Applied Mathematics<br />
Ecole Nationale des Ponts et Chausses (France)<br />
“With its strong practical focus, the<br />
<strong>MFE</strong> <strong>Program</strong> has complemented my<br />
theoretical background in financial<br />
mathematics. I chose this program<br />
because <strong>of</strong> its renowned faculty, its<br />
balanced curriculum, and the promise<br />
<strong>of</strong> a challenging year. Not only has the<br />
program totally met my expectations,<br />
but it has also given me the opportunity<br />
to discover an incredibly dedicated staff<br />
supporting the program. Furthermore,<br />
the <strong>MFE</strong> <strong>Program</strong>’s ties to the industry<br />
have <strong>of</strong>fered me tremendous internship<br />
opportunities – in fact, its career placement<br />
is, in my mind, what really makes<br />
this program stand out. “<br />
Andrew Cowan<br />
<strong>MFE</strong> 08 (second from right)<br />
Strategist in the Special Situations Group<br />
Goldman Sachs<br />
New York, New York<br />
Previous degrees:<br />
M.Eng, Artificial Intelligence<br />
McGill University (Canada)<br />
B.Eng, Electrical <strong>Engineering</strong><br />
McGill University (Canada)<br />
“Haas simply has the best <strong>MFE</strong> program.<br />
<strong>The</strong> faculty is very distinguished, drawing<br />
as it does from several <strong>of</strong> the UC<br />
campuses. <strong>The</strong> caliber <strong>of</strong> the students<br />
is <strong>of</strong>ten intimidating. And perhaps most<br />
importantly, the program is very careerfocused<br />
with an impressive track record<br />
for career placement. In addition, the<br />
program is very demanding – the curriculum<br />
is designed to give the solid<br />
grounding in the financial theory and<br />
mathematics necessary to understand<br />
the complex products being traded in<br />
today’s markets. <strong>The</strong> markets have been<br />
evolving extremely rapidly over the last<br />
few decades, with credit derivatives,<br />
carbon emission trading, information<br />
markets, etc. I hope to someday help<br />
redefine the markets in a new way that<br />
will add value to people’s lives.”<br />
Xavier Fixaris<br />
<strong>MFE</strong> 08 (right)<br />
Equity Exotics/Hybrids trading<br />
Goldman Sachs<br />
Hong Kong<br />
Previous degree:<br />
BS, <strong>Engineering</strong><br />
Ecole Centrale Paris (France)<br />
“<strong>The</strong> Haas <strong>MFE</strong> has provided me with<br />
the practicality <strong>of</strong> a business program<br />
along with a strong quantitative training.<br />
It has helped me develop a good<br />
intuition about derivatives and financial<br />
markets, and perfectly complements<br />
my engineering background.”<br />
3
STUDENT SERVICES<br />
Supporting Your Success<br />
Computing Services<br />
Firms employing financial engineers <strong>of</strong>ten operate in dynamic, computerized environments,<br />
using the latest financial s<strong>of</strong>tware and databases; employees work in<br />
project teams both in-house and via international links. <strong>The</strong> Haas School’s <strong>MFE</strong><br />
labs provide students with the opportunity to learn in similar environments to<br />
those they will use in the business world. Many <strong>MFE</strong> courses require the use <strong>of</strong><br />
complex s<strong>of</strong>tware tools and analytical programs. Through many hours <strong>of</strong> hands-on<br />
experience, students master the skills that will be required in their future careers.<br />
<strong>MFE</strong> Research Computing Laboratories are equipped with dual flat-panel<br />
display Dell Precision workstations. Each workstation has the latest s<strong>of</strong>tware<br />
and tools available for research and practice. <strong>Program</strong>s such as SAS, Matlab,<br />
SPSS, EViews, and Mathematica are available in the lab and remotely through the<br />
Haas Unix research server and the Haas Windows terminal servers. Visual C++,<br />
Visual Basic, Fortran, and other s<strong>of</strong>tware development tools are also available. <strong>The</strong><br />
<strong>MFE</strong> <strong>Program</strong> provides students exclusive access to Datastream and Bloomberg<br />
terminals located inside the main teaching laboratory.<br />
Shannon Erdmann<br />
<strong>MFE</strong> 08<br />
<strong>MFE</strong> internship:<br />
Associate, Equity<br />
Lehman Brothers<br />
New York, New York<br />
Previous degree:<br />
BS, Statistical Science<br />
University <strong>of</strong> California, Santa Barbara<br />
“<strong>The</strong> <strong>MFE</strong> <strong>Program</strong> is unique in that it provides<br />
an outstanding education in both financial<br />
engineering and in interview preparedness.<br />
For this reason, I feel that I had a great<br />
advantage in interviewing for my ideal job.”<br />
Throughout the year, the <strong>MFE</strong> <strong>Program</strong> <strong>of</strong>fers additional classroom sessions on<br />
the use <strong>of</strong> applications and data sources. <strong>The</strong>se sessions provide training and<br />
support for course projects and keep faculty and students abreast <strong>of</strong> advances in<br />
financial tools and technology.<br />
<strong>The</strong> Haas campus and classrooms are equipped with WiFi technology allowing<br />
<strong>MFE</strong> students with wireless laptops easy access to Haas resources and the<br />
Internet. Using wireless technology, students are ensured constant connectivity<br />
when moving between different classrooms and labs. One such location is the<br />
Fong Collaboratory, a lab designed for group projects, where students can also use<br />
communication tools such as Smartboards.<br />
Libraries<br />
<strong>The</strong> Long Business and Economics Library supports student course assignments<br />
and faculty research. <strong>The</strong> library provides access to business databases and<br />
journal archives such as the library’s CD-ROM network, Datastream, Compustat,<br />
CRSP, Reuters Research on Demand (RRoD), Factiva, Global <strong>Financial</strong> Database,<br />
JSTOR, Business Source Premier, and Lexis-Nexis Academic. For more information,<br />
visit www.lib.berkeley.edu/BUSI.<br />
4
Career Planning and Pursuit<br />
From Barclays Global Investors to<br />
Lehman Brothers, <strong>Berkeley</strong> <strong>MFE</strong> graduates<br />
are in demand. A highly dedicated<br />
<strong>MFE</strong> <strong>Program</strong> staff works to maximize<br />
the job-seeking skills <strong>of</strong> students and<br />
employs an extensive network <strong>of</strong> contacts<br />
to secure both internships and<br />
career positions.<br />
<strong>The</strong> <strong>MFE</strong> program <strong>of</strong>fice provides presentation<br />
workshops, mock interviews,<br />
resume and proposal writing assistance,<br />
and career counseling. <strong>The</strong> <strong>of</strong>fice also<br />
arranges for recruiting events and oncampus<br />
interviews.<br />
<strong>MFE</strong> students may also take advantage<br />
<strong>of</strong> services available at the Chetkovich<br />
Career Center at Haas. Students are<br />
able to attend corporate presentations<br />
and make full use <strong>of</strong> the career<br />
center’s online company research<br />
databases. <strong>MFE</strong> students may also<br />
participate in resume drops for oncampus<br />
interviewing opportunities<br />
posted on the career center website.<br />
Last year, 100% <strong>of</strong> <strong>MFE</strong> students<br />
secured a 10- to 12-week internship,<br />
which took place over the winter<br />
break. After completion <strong>of</strong> 75% <strong>of</strong> their<br />
coursework, the students are ready to<br />
have immediate impact in the areas<br />
<strong>of</strong> valuation, pricing, trading, risk<br />
management, project evaluation, and<br />
portfolio management decisions. Firms<br />
interested in hiring interns submit<br />
a topic, short-term project, or skill<br />
set they need fulfilled, and qualified<br />
students reply with one-page work<br />
proposals and resumes. <strong>The</strong> process<br />
also introduces financial firms to those<br />
graduates who will be available for<br />
career positions post-graduation.<br />
Interns, Merrill Lynch<br />
Stelios Kasselakis<br />
<strong>MFE</strong> 08 (left)<br />
Market Analysis/Statistical Arbitrage<br />
Merrill Lynch<br />
Houston, Texas<br />
Previous degree:<br />
BS, Mechanical <strong>Engineering</strong><br />
Massachusetts Institute <strong>of</strong> Technology<br />
“Students in the <strong>Berkeley</strong> <strong>MFE</strong> <strong>Program</strong><br />
are prepared rigorously in this new financial<br />
era where the convergence <strong>of</strong> math, finance,<br />
and computer science is the norm. A financial<br />
engineering degree is the inevitable<br />
requirement in the current evolution <strong>of</strong><br />
Wall Street. This is why I made the choice to<br />
pursue my degree at <strong>Berkeley</strong>.”<br />
Su Jin Lee<br />
<strong>MFE</strong> 08 (second from left)<br />
Associate<br />
Merrill Lynch<br />
New York, New York<br />
Previous degree:<br />
BA, Finance<br />
Seoul National University (Korea)<br />
“<strong>The</strong> <strong>MFE</strong> has helped me apply my<br />
quantitative skills and finance knowledge to<br />
the real problems in quantitative finance. A<br />
combination <strong>of</strong> a well-organized curriculum,<br />
various internship opportunities and excellent<br />
career care makes the <strong>Berkeley</strong> <strong>MFE</strong><br />
program distinguished in this area. Also I<br />
learned much from, and had fun studying<br />
with, my outstanding classmates with their<br />
diverse backgrounds”<br />
Bram Kaplan<br />
<strong>MFE</strong> 08 (second from right)<br />
Fixed Income Structurer<br />
Merrill Lynch<br />
London, England<br />
Previous degree:<br />
BS, Actuarial Science<br />
University <strong>of</strong> Waterloo<br />
“<strong>The</strong> Haas <strong>MFE</strong>’s strong reputation is<br />
well deserved. <strong>The</strong> program combines<br />
top-notch faculty who are prominent in their<br />
fields <strong>of</strong> research with superlative career<br />
placement. Moreover, the skills and<br />
knowledge taught in the <strong>MFE</strong> <strong>Program</strong><br />
are in high demand within the financial<br />
industry. <strong>The</strong> rigorous courses in quantitative<br />
methods and financial theory provide a solid<br />
underpinning for a career in finance.”<br />
Rejean Dupuis<br />
<strong>MFE</strong> 08 (right)<br />
Equity Derivatives Research<br />
Merrill Lynch<br />
London, England<br />
Previous degrees:<br />
Ph.D., Astrophysics<br />
University <strong>of</strong> Glasgow (UK)<br />
BS Math and Physics<br />
Mt. Allison University (Canada)<br />
“<strong>The</strong> Haas <strong>MFE</strong> <strong>Program</strong> <strong>of</strong>fers an intensive<br />
training in quantitative finance. <strong>The</strong> courses<br />
are taught by an impressive group <strong>of</strong><br />
academics and pr<strong>of</strong>essionals. One <strong>of</strong> the<br />
greatest strengths <strong>of</strong> the program is the<br />
assistance provided to students, ranging from<br />
organizing interviewing skills workshops and<br />
one-on-one resumé advice to helping secure<br />
internships leading to full-time positions.“<br />
5
CAREER LAUNCH<br />
Employment Report<br />
2007 <strong>MFE</strong> Statistics<br />
Total Offers: 100<br />
Total Students with Offers: 59<br />
% <strong>of</strong> Students with Offers: 100% (59/59)<br />
Total Students Placed: 59<br />
% <strong>of</strong> Students Placed: 100% (59/59)<br />
Average First-year Compensation: $153,934<br />
Median First-year Compensation: $148,500<br />
Average First-year Bonus*: $54,829<br />
Median First-year Bonus*: $51,000<br />
Average First-year Base Salary: $98,447<br />
Median First-year Base Salary: $95,000<br />
*Bonus includes sign-on, Un-guaranteed,<br />
Guaranteed, and Relocation<br />
Job Market<br />
Foreign<br />
Exchange<br />
4%<br />
Fixed<br />
Income<br />
28%<br />
Equity<br />
19%<br />
Job Functions<br />
Risk<br />
Management<br />
8%<br />
Structured<br />
Products<br />
Derivative<br />
22%<br />
Job Industries<br />
Investment<br />
Banking<br />
63%<br />
Private<br />
Equity<br />
2%<br />
Trading<br />
10%<br />
Credit<br />
30%<br />
Consulting<br />
2%<br />
Research<br />
26%<br />
Sales &<br />
Trading<br />
18%<br />
Strategy<br />
10%<br />
Asset-backed<br />
Securities<br />
9%<br />
Commodities<br />
4%<br />
Corporate<br />
Finance<br />
4%<br />
Credit<br />
Risk<br />
4%<br />
Asset<br />
Management<br />
13%<br />
Consulting<br />
Investment<br />
Research<br />
9%<br />
<strong>Financial</strong><br />
S<strong>of</strong>tware<br />
4%<br />
Full-time Employers <strong>of</strong><br />
<strong>MFE</strong> Graduates<br />
AXA Rosenberg<br />
Bank <strong>of</strong> Canada<br />
Barclays Capital<br />
Bear Stearns<br />
Bear Stearns International Ltd<br />
Barclays Global Investors<br />
Bloomberg<br />
BNP Paribas<br />
BNP Paribas Japan<br />
Calyon<br />
Citigroup Global Markets<br />
Countrywide <strong>Financial</strong><br />
Credit Derivatives Research LLC<br />
CSFB<br />
CSFB Asia<br />
Drake Management<br />
Ernst & Young<br />
Fannie Mae<br />
Fitch Ratings<br />
Global Energy Decisions<br />
Goldman Sachs<br />
Goldman Sachs Japan Co. Ltd<br />
JP Morgan<br />
Lehman Brothers<br />
Lehman Brothers Japan<br />
LRG Capital Group LLC<br />
Monetary Authority <strong>of</strong> Singapore<br />
Mellon Capital Management<br />
Merrill Lynch<br />
Moody's KMV<br />
Morgan Stanley<br />
MSCI BARRA<br />
ORIX Capital Markets<br />
PIMCO<br />
Royal Bank <strong>of</strong> Scotland ( RBS)<br />
Shinsei Bank Japan<br />
UBS Hong Kong<br />
United Overseas Bank<br />
Wachovia Securities<br />
Wells Fargo<br />
Credit<br />
Reporting<br />
2%<br />
Commercial<br />
Banking<br />
9%<br />
6
Internships<br />
<strong>The</strong> Haas School’s <strong>MFE</strong> internship<br />
program runs in the fall from mid-<br />
October to mid-January. During this<br />
10-12 week period, students are<br />
required to complete a challenging<br />
project in quantitative finance at a<br />
leading financial organization, or at<br />
<strong>Berkeley</strong> under faculty supervision.<br />
Primary Internship Locations,<br />
<strong>MFE</strong> 08<br />
New York - 30<br />
San Francisco Bay Area - 18<br />
Tokyo - 5<br />
Hong Kong - 3<br />
London - 4<br />
Internship Companies, <strong>MFE</strong> 08<br />
Barclays Global Investors<br />
BNP Paribas<br />
BNP Paribas HK<br />
Cedarview Capital<br />
Citigroup Global Markets, Inc.<br />
Citigroup Markets and Banking<br />
Duff & Phelps<br />
<strong>Financial</strong> Mechanics LLC<br />
Goldman Sachs & Co.<br />
Goldman Sachs Asia<br />
Goldman Sachs Japan Holdings<br />
JP Morgan<br />
Lehman Brothers<br />
Mellon Capital Management<br />
Merrill Lynch<br />
Merrill Lynch Commodities<br />
Merrill Lynch, Pierce, Fenner & Smith<br />
Limited<br />
Moody's KMV<br />
Morgan Stanley<br />
Morgan Stanley, London<br />
MSCI BARRA<br />
PMI Mortgage Insurance Co.<br />
Shinsei Bank<br />
Spot Trading<br />
Standard & Poor’s<br />
UBS Securities Asia Limited<br />
WR Hambrecht<br />
Select Internship Titles<br />
Active Equity Research Intern<br />
Analytics Intern, MBS Modeling<br />
Associate, Algorithm Trading<br />
Associate, FX Option Desk<br />
Associate, Global Research<br />
Associate Intern<br />
Associate Intern, Quantitative Research,<br />
Market Derived Rating (MDR)<br />
Associate Intern, Research<br />
Associate, Quantitative Strategies for<br />
Equity Based Investment<br />
Associate, Strategist<br />
AVP Portfolio Manager & Trader,<br />
Fixed Income<br />
Credit Analyst, Credit Modeling<br />
Credit Derivatives Intern<br />
Credit Modeling Intern<br />
Credit Risk Research Intern<br />
Fixed Income Strategist<br />
Hybrid Analyst Intern<br />
Intern Associate, ABS Structurer<br />
Intern Associate, <strong>Financial</strong> Engineer<br />
Intern Associate, Fixed Income<br />
Structurer<br />
Intern, Credit Derivatives Research<br />
Intern, Equities - Desk-based<br />
Intern, Hedging Strategis<br />
Intern, Portfolio Management &<br />
Pricing<br />
Intern, Rotational <strong>Program</strong>,<br />
Equity Derivatives<br />
Research Analyst<br />
Research Analyst, Equity Research<br />
Senior Analyst, Fixed Income<br />
Derivatives Trading<br />
Trading Assistant<br />
VP Fixed Income, Mortgage Backed<br />
Securities<br />
Terry Benzschawel<br />
Director<br />
Quantitative Credit Modeling & Analytics Group<br />
Citigroup Global Markets<br />
New York, New York<br />
“I have been recruiting from the UC <strong>Berkeley</strong><br />
<strong>MFE</strong> <strong>Program</strong> since early in its inception.<br />
Over the years, the <strong>Berkeley</strong> <strong>MFE</strong> <strong>Program</strong><br />
has become an increasingly important source<br />
<strong>of</strong> new talent for our firm. In my role as<br />
recruiter, I interview applicants from nearly<br />
all the major financial engineering programs<br />
worldwide. I consistently find <strong>Berkeley</strong>’s to<br />
be the top program on an overall basis.”<br />
“<strong>The</strong> program design is outstanding, starting<br />
with the faculty, who are first-rate in<br />
nearly every area <strong>of</strong> financial engineering.<br />
Furthermore, the program’s curriculum is<br />
the most wide-ranging <strong>of</strong> those I am aware<br />
<strong>of</strong>, and the students accepted are <strong>of</strong> the<br />
highest quality. Finally, the willingness <strong>of</strong><br />
the program designers to reach out to Wall<br />
Street practitioners for ideas on candidate<br />
qualifications and curriculum has ensured<br />
the program evolves to meet the ever-changing<br />
needs <strong>of</strong> the financial community. I have<br />
seen those needs continue to increase over<br />
the years and expect that trend to continue.”<br />
2008 Internship Statistics<br />
98% <strong>of</strong> students sought <strong>MFE</strong> internships (64/65)<br />
100% <strong>of</strong> students seeking internships held<br />
internships (64/64)<br />
100% <strong>of</strong> internships were paid (64/64)<br />
Internship Salary (domestic)<br />
Average Monthly Salary $8,157<br />
Median Monthly Salary $8,083<br />
7
<strong>The</strong> <strong>MFE</strong> Curriculum<br />
Tentative schedule: Please visit mfe.haas.<br />
berkeley.edu/curriculum.html for the most<br />
up-to-date information.<br />
Spring 2008<br />
March 24 - May 23 (8 weeks)<br />
THE <strong>MFE</strong> CURRICULUM<br />
A Solid Foundation<br />
Fundamentals <strong>of</strong> <strong>Financial</strong> Economics (2 units)<br />
Rubinstein<br />
Empirical Methods in Finance (3 units)<br />
Valkanov<br />
Introduction to Stochastic Calculus (2 units)<br />
Goldstein<br />
<strong>Financial</strong> Institutions Seminar I<br />
Summer 2008<br />
June 2 - July 31 (8 weeks)<br />
Derivatives: Economic Concepts (2 units)<br />
Rubinstein<br />
Derivatives: Quantitative Methods (2 units)<br />
Tavella<br />
Fixed Income Markets (2 units)<br />
Longstaff<br />
Accounting and Taxation <strong>of</strong> Derivatives (1 unit)<br />
Udpa<br />
<strong>Financial</strong> Institutions Seminar II<br />
Fall 2008<br />
August 11– October 10 (8 weeks)<br />
Required Course:<br />
<strong>Financial</strong> Risk Measurement and Management (2 units)<br />
Jorion<br />
Choose 5 units <strong>of</strong> electives:<br />
Advanced Computational Finance (2 units)<br />
Tavella<br />
Success and Failure in <strong>Financial</strong> Innovation (1 unit)<br />
O’Brien<br />
<strong>The</strong> Design <strong>of</strong> Securities for Corporate Financing (1 unit)<br />
Bajaj<br />
Credit Risk Modeling (2 units)<br />
Jeffrey Bohn<br />
Equity & Currency Markets (2 units)<br />
Meese, Kahn<br />
Internship Period 2008-2009<br />
October 13 - January 9 (12 weeks)<br />
<strong>The</strong> Internship/Special Topics in Finance project<br />
begins October 13, 2008 and ends on January 9, 2009.<br />
Students must enroll in <strong>MFE</strong>230N, the Internship/<br />
Special Topics in Finance course for the fall term.<br />
Winter 2009<br />
January 20 - March 20 (8 weeks)<br />
Choose 7 units <strong>of</strong> coursework:<br />
Asset-backed Security Markets (2 units)<br />
Wallace, Jaffee<br />
Dynamic Asset Management (2 units)<br />
Leland<br />
Behavioral Finance (2 units)<br />
Odean<br />
Applied Finance Project (Required) (1 - 3 units)<br />
Independent Study (1 - 3 units)<br />
R. Stanton, Wallace<br />
* Not all electives are <strong>of</strong>fered each term.<br />
<strong>MFE</strong> 230A – Fundamentals <strong>of</strong> <strong>Financial</strong><br />
Economics. This course covers the basic<br />
theories <strong>of</strong> asset pricing, from standard<br />
discounted cash flow analysis to No<br />
Arbitrage Pricing technique for security<br />
valuation. Applications include fixedincome<br />
securities, derivatives, and<br />
contingent claims.<br />
<strong>MFE</strong>230B – Advanced Corporate Finance<br />
and Real Options. This course discusses<br />
how financial innovation has been used<br />
in order to make better investment<br />
decisions, mitigate agency problems,<br />
reduce costs <strong>of</strong> financial distress, and<br />
alleviate asymmetric information and on<br />
the valuation <strong>of</strong> real options commonly<br />
embedded in investment projects, e.g.<br />
the option to expand, contract, and shut<br />
down operations temporarily.<br />
<strong>MFE</strong> 230C – Derivatives: Economic<br />
Concepts. This course introduces the use<br />
and pricing <strong>of</strong> derivatives. Topics include<br />
basic features <strong>of</strong> futures and options,<br />
binomial and trinomial option pricing, the<br />
Black-Scholes formula, volatility measurement,<br />
dynamic trading strategies,<br />
and exotic options. Course emphasis is<br />
economic intuition rather than detailed<br />
quantitative analysis, with techniques and<br />
arguments developed using the simplest<br />
possible mathematics.<br />
<strong>MFE</strong> 230D – Derivatives: Quantitative<br />
Methods. This course emphasizes the<br />
pricing <strong>of</strong> derivatives in continuous<br />
time, from the formulation <strong>of</strong> the pricing<br />
problem to the implementation <strong>of</strong><br />
computational and numerical solution<br />
techniques.<br />
<strong>MFE</strong> 230E – Empirical Methods in<br />
Finance. This course covers the probability<br />
and statistical techniques commonly<br />
used in quantitative finance. Students use<br />
estimation application s<strong>of</strong>tware in exercises<br />
to estimate volatility, correlations,<br />
and stability.<br />
<strong>MFE</strong> 230F – <strong>The</strong> Design <strong>of</strong> Securities<br />
for Corporate Financing. This course<br />
explores the role capital markets play in<br />
solving financial objectives <strong>of</strong> issuers <strong>of</strong><br />
securities and investors. Case analysis<br />
and strategic decision-making are<br />
emphasized.<br />
<strong>MFE</strong> 230G – Equity and Currency<br />
Markets. This course reviews equity<br />
and currency markets with an emphasis<br />
on modeling with historical evidence.<br />
Volatility, volume, high frequency<br />
dynamics, and dealer behavior in currency<br />
markets are considered. Practical<br />
considerations used in the implementation<br />
<strong>of</strong> various strategies are considered.<br />
<strong>MFE</strong> 230H – <strong>Financial</strong> Risk<br />
Measurement and Management. This<br />
course examines financial risk measurement<br />
and management, including market<br />
risk, credit risk, liquidity risk, settlement<br />
risk, model risk, volatility risk, and kurtosis<br />
risk.<br />
<strong>MFE</strong> 230I – Fixed Income Markets. This<br />
course provides a quantitative approach to<br />
fixed-income securities and bond portfolio<br />
management with a focus on fixed-income<br />
security markets, the pricing and uses<br />
for portfolio management, and hedging<br />
interest rate risk.<br />
<strong>MFE</strong> 230J – Success and Failure<br />
in <strong>Financial</strong> Innovation. Students<br />
participate in a series <strong>of</strong> case studies<br />
including portfolio insurance, long-term<br />
capital management, mortgage-backed<br />
securitization, exchange traded funds,<br />
capital structure arbitrage, and corporate<br />
enterprise-wide risk control.<br />
<strong>MFE</strong> 230K – Dynamic Asset<br />
Management. This course covers the<br />
strategies for achieving various investment<br />
objectives for portfolios/instruments<br />
(equity, fixed income, currency,<br />
mortgages, non-traded assets) and applications<br />
(investment funds, pension funds,<br />
insurance companies, bank investment<br />
portfolios).<br />
<strong>MFE</strong> 230M – Asset-backed Security<br />
Markets. This course explores advanced<br />
topics in mortgage and other assetbacked<br />
securities. Students apply the<br />
latest tools in fixed-income analysis and<br />
classic economic and financial models to<br />
evaluate securitized bond markets.<br />
<strong>MFE</strong> 230N – Applied Finance Project.<br />
This is an applied project exploring an<br />
unresolved finance problem that is met in<br />
practice and involves the development or<br />
use <strong>of</strong> a quantitative financial technique.<br />
8
<strong>MFE</strong> 230Q – Introduction to Stochastic<br />
Calculus (and Numerical Methods in<br />
Finance). This course presents the concepts<br />
and tools <strong>of</strong> stochastic calculus<br />
as required for effective pricing <strong>of</strong> complex<br />
financial derivatives in continuous<br />
time, and introduces the fundamentals<br />
<strong>of</strong> elementary numerical analysis. <strong>The</strong><br />
course stresses the practical applications<br />
<strong>of</strong> stochastic differential equations, Ito<br />
integrals, and measure transformations<br />
as required for advanced financial engineering<br />
practice and understanding <strong>of</strong><br />
asset pricing theory.<br />
<strong>MFE</strong> 230R – Advanced Computational<br />
Finance. This course is a deeper analysis<br />
<strong>of</strong> numerical and computational issues<br />
in pricing and calibration, and builds on<br />
the techniques learned in Derivatives:<br />
Quantitative Methods. Emphasis is on<br />
hands-on case projects with heavy use <strong>of</strong><br />
computational techniques.<br />
<strong>MFE</strong> 230S – Behavioral Finance. This<br />
course covers elements <strong>of</strong> behavioral<br />
decision theory and its implication in<br />
financial markets. Focus is on the psychological<br />
processes by which people make<br />
judgments and decisions, and the heuristics<br />
and biases associated with these<br />
decisions.<br />
<strong>MFE</strong> 230V – Credit Risk Modeling. <strong>The</strong><br />
course provides exposure to the practical<br />
challenges associated with building<br />
and testing credit risk models for use by<br />
banks and asset managers. Emphasis is<br />
placed on model building, model valuation,<br />
and interpreting model output.<br />
<strong>MFE</strong> 230W – Accounting and Taxation<br />
<strong>of</strong> Derivatives. <strong>The</strong> broad purpose <strong>of</strong><br />
this course is to help financial engineers<br />
understand the implications <strong>of</strong> the innovative<br />
financial instruments that they construct<br />
on firms’ financial statements and<br />
tax liability.<br />
Practice Seminars I and II. <strong>The</strong>se weekly<br />
seminars feature guest speakers from<br />
financial services firms discussing the<br />
work <strong>of</strong> financial engineers in their firms<br />
and the kinds <strong>of</strong> skills and personal<br />
attributes they are seeking for this work,<br />
trends in the provision <strong>of</strong> financial services,<br />
the information and computing<br />
systems being adopted, new product<br />
developments, regulatory issues, and<br />
similar topics.<br />
Interns, Morgan Stanley<br />
Ariel Pavlicevich<br />
<strong>MFE</strong> 08 (left)<br />
Morgan Stanley<br />
New York, New York<br />
Previous degree:<br />
BS, Computer Science and <strong>Engineering</strong><br />
University <strong>of</strong> California, Los Angeles<br />
“<strong>The</strong> Haas <strong>MFE</strong> <strong>Program</strong> utilizes the entire<br />
UC community as well as leading practitioners<br />
to assemble a first-class faculty focused<br />
on teaching the tools and intuition essential<br />
for a successful future in financial engineering.<br />
<strong>The</strong> education process extends beyond<br />
the classroom where group work encourages<br />
students analyze problems, assimilate ideas,<br />
and to effectively collaborate, ensuring a<br />
seamless transition into the workforce.”<br />
June Lin<br />
<strong>MFE</strong> 08 (second from left)<br />
Morgan Stanley<br />
New York, New York<br />
Previous degrees:<br />
MS, Computer Science<br />
College <strong>of</strong> William and Mary<br />
MS, Electrical <strong>Engineering</strong><br />
Shanghai Jiao Tong University, China<br />
BA, Electrical <strong>Engineering</strong> and Applied Mathematics<br />
Shanghai Jiao Tong University, China<br />
“<strong>The</strong> <strong>Berkeley</strong> one-year intense <strong>MFE</strong><br />
<strong>Program</strong> provides an excellent option for<br />
pr<strong>of</strong>essionals looking to break into the competitive<br />
quantitative finance field.”<br />
Atanas Vanchev<br />
<strong>MFE</strong> 08 (second from right)<br />
Morgan Stanley<br />
London, England<br />
Previous degree:<br />
BS, Mathematics<br />
Purdue University<br />
“I found the Haas <strong>MFE</strong> <strong>Program</strong> to be<br />
extremely challenging and rewarding. <strong>The</strong><br />
assigned projects and homework assignments<br />
have given me the opportunity to<br />
interact and collaborate with very bright<br />
students and pr<strong>of</strong>essors and to develop<br />
lasting relationships. If I had to choose a<br />
financial engineering program again, it<br />
would be the Haas <strong>MFE</strong> without a doubt.”<br />
Feng Ning<br />
<strong>MFE</strong> 08 (right)<br />
Morgan Stanley<br />
London, England<br />
Previous degree:<br />
BS, Electrical <strong>Engineering</strong> and Computer Science<br />
University <strong>of</strong> California, <strong>Berkeley</strong><br />
“<strong>The</strong> <strong>MFE</strong> <strong>Program</strong>’s emphasis on financial<br />
intuition, econometric rigor, and practical<br />
business application was a perfect complement<br />
to my quantitative electrical engineering<br />
background.”<br />
9
THE HAAS <strong>MFE</strong> FACULTY<br />
Passionate Scholars and Teachers<br />
Philippe Jorion<br />
Pr<strong>of</strong>essor<br />
<strong>Financial</strong> Risk Measurement and Management<br />
“It is a pleasure to teach in what has become the<br />
premier financial engineering program in the<br />
world. <strong>The</strong> quality <strong>of</strong> the student body is simply<br />
outstanding.”<br />
In addition to teaching in the <strong>MFE</strong> <strong>Program</strong> at<br />
UC <strong>Berkeley</strong>, Jorion is Chancellor’s Pr<strong>of</strong>essor <strong>of</strong><br />
Finance at the Paul Merage School <strong>of</strong> Business at<br />
the University <strong>of</strong> California at Irvine. He holds an<br />
MBA and a Ph.D. from the University <strong>of</strong> Chicago,<br />
and a degree in engineering from the Université<br />
Libre de Bruxelles. Jorion has done extensive<br />
work in the area <strong>of</strong> international finance and<br />
financial risk management, and has received<br />
numerous prizes and awards for his research.<br />
He has also written a number <strong>of</strong> books, including<br />
Value at Risk: <strong>The</strong> New Benchmark for Managing<br />
<strong>Financial</strong> Risk. He is a managing director at<br />
Pacific Alternative Asset Management Company<br />
(PAAMCO), a global fund <strong>of</strong> hedge funds.<br />
Mukesh Bajaj, Managing Director <strong>of</strong><br />
Finance and Damages Practice and<br />
Board <strong>of</strong> Directors, LECG, LLC. Ph.D.<br />
(finance), University <strong>of</strong> California,<br />
<strong>Berkeley</strong>. Corporate finance and financial<br />
strategy, dividend policy, capital and ownership<br />
structure, determinants <strong>of</strong> stock<br />
returns, design and pricing <strong>of</strong> securities.<br />
Jonathan Berk, Harold Furst Associate<br />
Pr<strong>of</strong>essor <strong>of</strong> Management Philosophy<br />
and Values and Finance Group Chair.<br />
Ph.D. (finance), Yale University. Asset<br />
pricing, firm valuation, the size effect,<br />
real investment, and valuing startups.<br />
Associate at Goldman Sachs from 1985<br />
to 1987.<br />
Jeffrey Bohn, Managing Director,<br />
<strong>Financial</strong> Strategies Division, Shinsei<br />
Bank. Ph.D. (finance), University <strong>of</strong><br />
California, <strong>Berkeley</strong>. Risky debt valuation,<br />
credit derivatives, banking, risk management,<br />
and global portfolio management.<br />
Gregory Duffee, Assistant Pr<strong>of</strong>essor.<br />
Ph.D. (economics), Harvard University.<br />
pricing and trading credit risk (theoretical<br />
and empirical), term-structure modeling,<br />
risk management <strong>of</strong> financial institutions.<br />
Formerly a member <strong>of</strong> the Trading<br />
Risk Analysis group at the Federal<br />
Reserve Board.<br />
Mark Garman, Pr<strong>of</strong>essor Emeritus.<br />
Ph.D. (systems and communications<br />
sciences), Carnegie Mellon University.<br />
Arbitrage, options, volatility measures,<br />
duration-related risk measures.<br />
President and Chief Scientist <strong>of</strong> <strong>Financial</strong><br />
<strong>Engineering</strong> Associates, Inc., a provider<br />
<strong>of</strong> s<strong>of</strong>tware for derivatives and value-atrisk<br />
analysis.<br />
Robert Goldstein, Visiting Assistant<br />
Pr<strong>of</strong>essor. Ph.D. (finance), University <strong>of</strong><br />
California, <strong>Berkeley</strong>. Term structure <strong>of</strong><br />
interest rates, credit risk, capital structure<br />
theory.<br />
Christopher A. Hennessy, Assistant<br />
Pr<strong>of</strong>essor. Ph.D. (economics), Princeton<br />
University. Agency costs <strong>of</strong> debt finance,<br />
taxes and corporate risk management,<br />
contract theory, and investment distortions.<br />
Dwight M. Jaffee, Willis H. Booth<br />
Pr<strong>of</strong>essor <strong>of</strong> Banking & Finance. Ph.D.<br />
(economics), Massachusetts Institute <strong>of</strong><br />
Technology. Loan activities <strong>of</strong> financial<br />
institutions, commercial loan and mortgage<br />
markets, credit rationing, assetbacked<br />
security markets, catastrophe<br />
insurance financing. Board <strong>of</strong> Directors<br />
Barr Rosenberg Mutual Funds; Visiting<br />
Scholar, Federal Reserve Bank <strong>of</strong> San<br />
Francisco.<br />
Philippe Jorion, Pr<strong>of</strong>essor <strong>of</strong> Finance<br />
and Vice Dean, University <strong>of</strong> California,<br />
Irvine. Ph.D. (finance), University <strong>of</strong><br />
Chicago. Risk management, international<br />
finance, global asset allocation. Author,<br />
Value at Risk: <strong>The</strong> New Benchmark for<br />
Managing <strong>Financial</strong> Risk. Editor, Journal<br />
<strong>of</strong> RISK.<br />
Ronald N. Kahn, Managing Director<br />
and Global Head <strong>of</strong> Equity Research,<br />
Barclays Global Investors. Ph.D.<br />
(physics), Harvard University. Portfolio<br />
management, risk modeling, and quantitative<br />
analysis. Author (with Richard<br />
Grinold), Active Portfolio Management:<br />
Quantitative <strong>The</strong>ory and Applications.<br />
Hayne Leland, Arno A. Rayner Pr<strong>of</strong>essor<br />
<strong>of</strong> Finance and Management. Ph.D.<br />
(mathematical economics), Harvard<br />
University. Dynamic investment strategies<br />
and portfolio insurance, informational<br />
asymmetries, structure, and<br />
inter-mediation in financial markets,<br />
regulation <strong>of</strong> insider trading, risky debt<br />
valuation. Director and founding principal<br />
<strong>of</strong> the investment firm Leland O’Brien<br />
Rubinstein Associates Inc. Past president<br />
<strong>of</strong> the American Finance Association.<br />
Francis Longstaff, Pr<strong>of</strong>essor, University<br />
<strong>of</strong> California, Los Angeles. Ph.D.<br />
(finance), University <strong>of</strong> Chicago. C.P.A.,<br />
C.F.A. Term structure theory, fixed<br />
income derivative valuation and risk<br />
management, the impact <strong>of</strong> liquidity on<br />
the valuation <strong>of</strong> securities. Head <strong>of</strong> Fixed<br />
Income Derivative Research, Salomon<br />
Brothers Inc. from 1995 to 1998. Board <strong>of</strong><br />
Directors, Simplex Risk Management.<br />
10
Richard K. Lyons, Pr<strong>of</strong>essor <strong>of</strong> Finance.<br />
Ph.D. (economics), Massachusetts<br />
Institute <strong>of</strong> Technology. Foreign exchange<br />
markets: volatility, volume, high frequency<br />
dynamics, and dealer behavior;<br />
micro-institutional approach to foreign<br />
exchange; transparency in dealership<br />
markets. Trustee for Matthews<br />
International Funds.<br />
Richard A. Meese, Managing Director,<br />
Global Market Strategies Group,<br />
Barclays Global Investors. Ph.D.<br />
(economics), University <strong>of</strong> Wisconsin,<br />
Madison. Economic analysis and policy,<br />
exchange rate economics, time series<br />
econometrics, and real estate finance.<br />
John O’Brien, Adjunct Pr<strong>of</strong>essor. MS.<br />
(operations research), University <strong>of</strong><br />
California, Los Angeles. Faculty Director,<br />
<strong>Master</strong>’s in <strong>Financial</strong> <strong>Engineering</strong><br />
<strong>Program</strong>. Managing Director at Credit<br />
Suisse Asset Management (CSAM).<br />
C<strong>of</strong>ounder, chairman, and CEO <strong>of</strong><br />
the investment firm Leland O’Brien<br />
Rubinstein. C<strong>of</strong>ounder and original<br />
chairman & CEO <strong>of</strong> Wilshire Associates<br />
(originally named O’Brien Associates).<br />
Terrance Odean, Associate Pr<strong>of</strong>essor.<br />
Ph.D. (finance), University <strong>of</strong> California,<br />
<strong>Berkeley</strong>. Behavioral finance.<br />
Mark Rubinstein, Paul Stephens<br />
Pr<strong>of</strong>essor <strong>of</strong> Applied Investment<br />
Analysis. Ph.D. (finance), University <strong>of</strong><br />
California, Los Angeles. Options markets,<br />
dynamic investment strategies, option<br />
pricing theory, exotic options, implied<br />
binomial trees, portfolio management<br />
s<strong>of</strong>tware. Winner <strong>of</strong> nine prizes for papers<br />
in financial economics; 1995 <strong>Financial</strong><br />
Engineer <strong>of</strong> the Year. Co-author <strong>of</strong> Options<br />
Markets and author <strong>of</strong> the innovative<br />
and comprehensive text, Derivatives: A<br />
PowerPlus Picture Book. Founding principal<br />
<strong>of</strong> the investment management firm<br />
Leland O’Brien Rubinstein Associates.<br />
Past president <strong>of</strong> the American Finance<br />
Association. Advisor on derivatives to the<br />
SEC, the CBOE and other exchanges, and<br />
numerous financial firms.<br />
Richard Stanton, Associate Pr<strong>of</strong>essor.<br />
Ph.D. (finance), Stanford University.<br />
Mortgage markets—prepayment modeling,<br />
valuation and hedging, term structure<br />
modeling and valuation <strong>of</strong> derivative<br />
securities, application <strong>of</strong> nonparametric<br />
estimation techniques to the hedging and<br />
pricing <strong>of</strong> derivatives.<br />
Domingo Tavella, Principal <strong>of</strong> Octanti<br />
Associates, Inc. Ph.D. (engineering),<br />
Stanford University. Computational<br />
methods in financial pricing, stochastic<br />
simulation in finance and insurance,<br />
financial s<strong>of</strong>tware development strategies<br />
and methods, risk management strategies<br />
in finance and insurance, hybrid<br />
insurance structures.<br />
Suneel Udpa, Lecturer. Ph.D.<br />
(accounting), Washington University,<br />
St. Louis. Evaluating ASPs and reducing<br />
costs through outsourcing.<br />
Rossen Valkanov, Assistant Pr<strong>of</strong>essor.<br />
Ph.D. UC San Diego’s Rady School <strong>of</strong><br />
Management (economics), Princeton<br />
University. Empirical asset pricing, econometrics,<br />
macroeconomics, term structure<br />
modeling, properties <strong>of</strong> long-horizon<br />
returns.<br />
Nancy E. Wallace, Pr<strong>of</strong>essor and Real<br />
Estate Group Chair. Ph.D. (urban<br />
and regional planning), University <strong>of</strong><br />
Michigan. Mortgage contract design,<br />
mortgage prepayment and valuation<br />
models, asset-backed securitization and<br />
pricing, real estate price dynamics, real<br />
options in real estate.<br />
Ronald N. Kahn<br />
Adjunct Pr<strong>of</strong>essor<br />
Managing Director<br />
Global Head <strong>of</strong> Advanced Equity Strategies<br />
Barclays Global Investors<br />
San Francisco, California<br />
“When I switched careers from physics to<br />
finance in the mid-1980s, there were no<br />
established paths,” says Kahn. “Success<br />
required a combination <strong>of</strong> hard work,<br />
connections, and luck. Now there is an<br />
established path: the <strong>MFE</strong> <strong>Program</strong>. I tell<br />
every physicist seeking career advice that an<br />
<strong>MFE</strong> program should be at least their Plan B.<br />
It requires an upfront cost in both time and<br />
money, but a program like the <strong>Berkeley</strong> <strong>MFE</strong><br />
is highly likely to lead to a job in finance.”<br />
Kahn is a well-known expert on portfolio<br />
management, risk modeling, and quantitative<br />
analysis. He has published numerous articles<br />
on investment management, and has written<br />
(with Richard Grinold) the influential book<br />
Active Portfolio Management: Quantitative<br />
<strong>The</strong>ory and Applications. He is a 2007 winner<br />
<strong>of</strong> the Bernstein Fabozzi/Jacobs Levy award<br />
for best article in the Journal <strong>of</strong> Portfolio<br />
Management. <strong>The</strong> 2007 book How I Became<br />
a Quant, includes his essay describing his<br />
transition from physics to finance.<br />
At Haas, Kahn teaches the equities half <strong>of</strong> the<br />
<strong>MFE</strong> course, Equities and Currency Markets<br />
(<strong>MFE</strong> 230G). He has also developed and taught<br />
the course How to Research Active Strategies<br />
to hundreds <strong>of</strong> investment practitioners<br />
around the world.<br />
“In our (BGI’s) experience, the <strong>Berkeley</strong> <strong>MFE</strong><br />
graduates have all the training necessary<br />
to contribute starting on Day 1,” says Kahn.<br />
“<strong>The</strong> students are remarkably well-qualified,<br />
motivated, and mature. <strong>The</strong>y are also a<br />
pleasure to teach.”<br />
11
THE BERKELEY <strong>MFE</strong> PROGRAM<br />
Admissions Guidelines<br />
Pr<strong>of</strong>ile <strong>of</strong><br />
<strong>MFE</strong> Students<br />
Class <strong>of</strong> 2008<br />
Admissions<br />
Applications Received: 367<br />
Enrolled Students: 65<br />
Enrollment Pr<strong>of</strong>ile<br />
Countries Represented: 16<br />
Average Age: 28<br />
Average Years <strong>of</strong> Post-university Experience: 3.46<br />
Undergraduate Institutions Represented: 48<br />
Average Undergraduate GPA: 3.49<br />
Graduate Institutions Represented: 39<br />
Degrees Held<br />
Bachelor’s: 42%<br />
<strong>Master</strong>’s: 35%<br />
Ph.D.: 23%<br />
Prior Majors<br />
<strong>Engineering</strong>: 37%<br />
Business: 14%<br />
Mathematics: 14%<br />
Natural Sciences: 14%<br />
Computer Science: 12%<br />
Finance: 6%<br />
Economics: 3%<br />
Prior Employment<br />
Research & Development: 18%<br />
Other: 18%<br />
Finance: 17%<br />
Information Systems: 15%<br />
Consulting/Management Services: 9%<br />
<strong>Engineering</strong>: 8%<br />
Education: 8%<br />
General Management: 3%<br />
Project Management: 2%<br />
<strong>The</strong> <strong>MFE</strong> degree at the Haas School can<br />
be completed in 12 months <strong>of</strong> full-time<br />
coursework. Applications are accepted<br />
year-round, and 60 students are enrolled<br />
each year. <strong>The</strong> program begins and ends<br />
only in the spring, and is not available<br />
part-time.<br />
<strong>The</strong> <strong>MFE</strong> <strong>Program</strong> no longer sends paper<br />
applications through the mail.<br />
For the <strong>MFE</strong> application and detailed<br />
instructions, visit mfe.haas.berkeley.edu.<br />
Admissions Requirements<br />
• Valid degree from an accredited<br />
institution, comparable to the<br />
four-year bachelor’s degree<br />
from <strong>Berkeley</strong><br />
• Sufficient training to undertake<br />
graduate study in the chosen field<br />
• A satisfactory scholastic average,<br />
usually a minimum <strong>of</strong> 3.0 in<br />
upper-division work<br />
International applicants: Please refer to<br />
the website for full requirements.<br />
<strong>MFE</strong> Admissions Requirements<br />
• Graduate Management Admission Test<br />
(GMAT) or the Graduate Record<br />
Examinations (GRE) General Test<br />
• A strong quantitative background<br />
including linear algebra, multivariate<br />
calculus, differential equations,<br />
numerical analysis, and advanced<br />
statistics and probability<br />
• Prior experience in computer<br />
programming (examples: Visual<br />
Basic, Matlab, C++) and familiarity<br />
with computers as a computational<br />
and management tool<br />
• Excellent writing, speaking, and<br />
presentation ability in English<br />
Admissions Recommendations<br />
• Work or research experience in a<br />
quantitative discipline<br />
• Experience with statistical and<br />
econometric applications (examples:<br />
SAS, Gauss, RATS, S-Plus, Garch)<br />
• Experience with mathematical tools<br />
(examples: Matlab, Mathematica,<br />
or MathCad)<br />
In some cases, applicants may be admitted<br />
conditionally on the successful completion <strong>of</strong><br />
one or more recommended courses before<br />
enrollment in the program.<br />
Application Deadlines & Review<br />
Schedule for the Academic Year<br />
Beginning March 2009<br />
Completed Application will<br />
application be reviewed by:<br />
received by:<br />
January 17, 2008 March 7, 2008<br />
March 25, 2008 May 30, 2008<br />
June 22, 2008 September 26, 2008<br />
October 1, 2008 December 5, 2008<br />
GMAT or GRE: We require that applicants<br />
take either the GMAT or GRE. All GMAT<br />
and GRE scores are valid for five years<br />
and should not be older than April 1,<br />
2004. When ordering GRE reports, use<br />
institution code 4833 and department<br />
code 4399. For GMAT, use institution<br />
code 4769. Please note that beginning<br />
January 4, 2006, GMAT began using a<br />
new program code: N2V-PT-87.<br />
Letters <strong>of</strong> Recommendation: We require<br />
two letters <strong>of</strong> recommendation. Letters<br />
should come from individuals who are<br />
familiar with your training in quantitative<br />
methods, and their remarks should<br />
address your ability to apply your<br />
quantitative skills. Recommendation<br />
letters should be written by an individual<br />
in a position to evaluate you either<br />
pr<strong>of</strong>essionally or academically (e.g., a<br />
supervisor, project leader, or instructor).<br />
Recommendations from co-workers,<br />
friends, or family members are<br />
inadmissible and can be detrimental<br />
to your application.<br />
12
Personal Interviews: Interviews are<br />
conducted on an invitation-only basis.<br />
Please do not call the <strong>of</strong>fice to request<br />
an interview. You will be contacted by<br />
the <strong>MFE</strong> program <strong>of</strong>fice if an interview<br />
is necessary to make a decision on<br />
your application.<br />
We invite you to come to one <strong>of</strong> our group<br />
information sessions. On-campus sessions<br />
are held from 12:00 to 1:00 p.m. on<br />
the first business Monday <strong>of</strong> every month.<br />
You will be able to tour the <strong>MFE</strong> lab and<br />
ask questions <strong>of</strong> the program director and<br />
admissions <strong>of</strong>ficers. In addition, we hold<br />
information sessions in major cities around<br />
the world throughout the year. Please<br />
check our information session calendar<br />
at mfe.haas.berkeley.edu. To participate,<br />
register online at ssl.haas.berkeley.edu/<br />
<strong>MFE</strong>Admissions/events/.<br />
Credits and Transfers: <strong>The</strong> <strong>MFE</strong> <strong>Program</strong><br />
does not accept any credits or transfers<br />
from other universities.<br />
Work Experience: Although work<br />
experience is not a requirement, it is<br />
strongly recommended. Our 2007-2008<br />
class had an average <strong>of</strong> four years <strong>of</strong><br />
work experience upon enrollment.<br />
International Applicants: You are<br />
considered an international applicant if<br />
you are not a United States citizen or US<br />
permanent resident at the time you apply<br />
to the <strong>MFE</strong> <strong>Program</strong>. Applicants from<br />
outside the United States should submit<br />
their application materials early, and<br />
take their tests no later than August 1,<br />
2008. <strong>The</strong> Test <strong>of</strong> English as a Foreign<br />
Language (TOEFL) should also be taken<br />
no later than August 1, 2008. TOEFL<br />
scores are valid for two years and should<br />
not be older than April 1, 2007. When<br />
ordering reports, use institutional 4833<br />
and department code 82.<br />
As an international applicant, you should<br />
be aware that you are not eligible for<br />
financial aid and should be prepared to<br />
provide your own financial support and<br />
healthcare coverage. After being admitted<br />
to the <strong>MFE</strong> <strong>Program</strong>, you will need to<br />
submit pro<strong>of</strong> <strong>of</strong> adequate funding for your<br />
studies. US embassies will not grant a<br />
visa without this information. Aside from<br />
the 10-12 week internship, opportunities<br />
for employment are severely limited for<br />
international students. Spouses on F-2<br />
visas are not permitted to accept employment.<br />
If your accompanying spouse<br />
wishes to work, both <strong>of</strong> you should<br />
consider entering the country on J visas.<br />
For more information, please contact:<br />
Services for International Students and<br />
Scholars, International House, #2321,<br />
2299 Piedmont Avenue, University <strong>of</strong><br />
California, <strong>Berkeley</strong>, CA 94720-2321,<br />
phone: 510-642-2818;<br />
e-mail: siss@berkeley.edu;<br />
web: ias.berkeley.edu/siss/.<br />
Please Note: All admission decisions are<br />
final, and there is no appeals process.<br />
Application Deadline: <strong>The</strong> final<br />
application deadline is October 1,<br />
2008. Applications for which we have<br />
not received all materials, including<br />
test scores, recommendation letters,<br />
transcripts, etc. will not be reviewed<br />
after November 1, 2008.<br />
Christian Zambrana-Rojas<br />
<strong>MFE</strong> 08<br />
Associate, Credit Derivatives Research<br />
Lehman Brothers<br />
New York, New York<br />
Previous degrees:<br />
MS, Structural <strong>Engineering</strong><br />
University <strong>of</strong> California, <strong>Berkeley</strong><br />
MS, Applied Mathematics<br />
University <strong>of</strong> California, <strong>Berkeley</strong><br />
B.Eng, Civil <strong>Engineering</strong><br />
Universidad Autonoma Metropolitana (Mexico)<br />
“This program not only provides students<br />
with the fundamentals to understand<br />
financial markets and derivative securities,<br />
but also prepares students to understand<br />
and further develop state-<strong>of</strong>-the-art<br />
quantitative methods for the design and<br />
implementation <strong>of</strong> new financial products,<br />
as well as sophisticated trading and<br />
hedging strategies.”<br />
13
THE BERKELEY <strong>MFE</strong> PROGRAM<br />
Fees & Costs<br />
Luca Barone<br />
<strong>MFE</strong> 05<br />
Exotic Credit Derivatives Sales Strategist<br />
F.I.C.C.<br />
Previous degree:<br />
<strong>Master</strong>s in Economics and Finance<br />
Luiss Guido Carli University, Rome<br />
“<strong>The</strong> theory we learned from Pr<strong>of</strong>essor<br />
Mark Rubinstein and his colleagues<br />
deals with state-contingent claims, the<br />
elementary particles <strong>of</strong> ‘nuclear financial<br />
economics.’ This theory is especially<br />
useful for practitioners because it provides<br />
a production technology for duplicating the<br />
pay<strong>of</strong>fs <strong>of</strong> any contingent claim by using<br />
an appropriate dynamic strategy. It can<br />
also be used to solve the inverse problem<br />
<strong>of</strong> inferring risk-neutral probabilities from<br />
the simultaneously observed prices <strong>of</strong><br />
options and other derivatives.”<br />
Each year UC <strong>Berkeley</strong>’s <strong>Financial</strong> Aid<br />
Office estimates the average cost for a<br />
graduate student during the academic<br />
year. This budget is the basis for determining<br />
financial aid eligibility. You may<br />
use the chart below (adjusted for a<br />
12-month program) to estimate the cost<br />
<strong>of</strong> attending the <strong>MFE</strong> <strong>Program</strong>. As these<br />
<strong>of</strong>ficial figures are averaged for all UC<br />
<strong>Berkeley</strong> students, actual costs, especially<br />
housing costs, may be higher.<br />
Tuition $49,725*<br />
University Health Insurance $2,415*<br />
Living Expenses $27,500*<br />
Books, Supplies $3,750*<br />
Total Estimated Expenses $83,390<br />
(12 months)<br />
*all costs are subject to change<br />
Computer Costs<br />
<strong>MFE</strong> students are required to have their<br />
own powerful laptop computer. Various<br />
manufacturers <strong>of</strong>fer students discounts<br />
at the Scholar’s Workstation, the campus<br />
computer store. To contact the Scholar’s<br />
Workstation, call 510-642-8424 or visit<br />
www.tsw.berkeley.edu.<br />
<strong>Financial</strong> Aid<br />
<strong>The</strong> <strong>MFE</strong> <strong>Program</strong> does not <strong>of</strong>fer scholarships<br />
or grants. All assistance is in the<br />
form <strong>of</strong> loans which must be repaid<br />
beginning six months after graduation.<br />
Due to the nontraditional academic<br />
calendar <strong>of</strong> the <strong>MFE</strong> <strong>Program</strong>, students<br />
must file two loan applications for the<br />
full <strong>MFE</strong> <strong>Program</strong>.<br />
<strong>MFE</strong> Spring Term 2008 and<br />
<strong>MFE</strong> Winter Term 2009<br />
• Students who are US citizens or<br />
permanent residents apply for<br />
federal loans using the Federal<br />
Application for Federal Student<br />
Aid (FAFSA). <strong>The</strong> FAFSA is available<br />
at www.fafsa.ed.gov. For the spring<br />
and summer 2008 terms, students<br />
should complete the 2007-08 FAFSA<br />
at their earliest convenience.<br />
For the fall 2008 and winter 2009<br />
terms, students should file the<br />
2008-09 Renewal FSFSA, beginning<br />
January 1, 2008.<br />
• International students can apply for<br />
a private loan to cover the entire 12-<br />
month academic period. Applications<br />
for private loans can be filed at any<br />
point within the academic year; however<br />
you must first accept admission<br />
to the Haas School before applying for<br />
a private loan. Information and application<br />
instructions are available at<br />
www.haas.berkeley.edu/mba/finaid/<br />
prvtmba.htm.<br />
Federal Direct Loans<br />
US citizens and US permanent residents<br />
can finance their education through the<br />
Federal Direct Loan <strong>Program</strong>. Up to<br />
$20,500 for every semester (equal to two<br />
<strong>MFE</strong> terms) may be borrowed. Students<br />
demonstrating financial need can borrow<br />
$8,500 <strong>of</strong> this amount as a subsidized<br />
loan (no interest is charged while the<br />
student is in school) and $12,000 in an<br />
unsubsidized loan (interest is charged<br />
while the student is in school). Those who<br />
do not demonstrate financial need can<br />
borrow the full $20,500 in an unsubsidized<br />
loan.<br />
Eligibility is based on student status and<br />
cost <strong>of</strong> education as determined through<br />
the FAFSA process, not credit history. <strong>The</strong><br />
interest rate on direct subsidized loans<br />
is fixed at 6.8% for the life <strong>of</strong> the loan.<br />
Repayment is made over a 10- to 25-year<br />
term with no prepayment penalty.<br />
Visit www.ed.gov/DirectLoan/about.html<br />
for updates.<br />
Private Loans<br />
Students may apply for private loans,<br />
which are <strong>of</strong>fered based on creditworthiness,<br />
not financial need. You<br />
should obtain copies and verify accuracy<br />
<strong>of</strong> your credit reports before applying<br />
for a private loan. <strong>The</strong> interest rates on<br />
these loans are usually higher, so<br />
students typically pursue this option last.<br />
International students may qualify for<br />
private loans if they meet the requirements<br />
listed at www.haas.berkeley.edu/MBA/<br />
finaid/International%20Chart.<strong>pdf</strong>. Through<br />
private loans, a student can borrow up to<br />
the annual cost <strong>of</strong> education for two<br />
terms <strong>of</strong> the <strong>MFE</strong> calendar, which<br />
includes living expenses and registration<br />
fees. Repayment <strong>of</strong> private loans typically<br />
begins six months after graduation or<br />
dropping below half-time enrollment.<br />
Applications for private loans are<br />
available at the Haas <strong>Financial</strong> Aid Office<br />
(www.haas.berkeley.edu/MBA/finaid/<br />
prvtmba.htm).<br />
14
Private Scholarships<br />
Students may apply for private<br />
scholarships <strong>of</strong>fered through various<br />
organizations. <strong>The</strong> Haas School <strong>of</strong><br />
Business has created a scholarship<br />
database that can be searched to find<br />
appropriate sources <strong>of</strong> funding. That<br />
database is available at groups.haas.<br />
berkeley.edu/mba_program/scholarship/<br />
default.aspx. Please note that there is<br />
no guarantee that a scholarship will<br />
be available to any student, and that<br />
although we make every effort to provide<br />
a complete listing <strong>of</strong> available options,<br />
we cannot guarantee that every possible<br />
option is listed in our database. For<br />
further information, contact the Haas<br />
<strong>Financial</strong> Aid Office (www.haas.berkeley.<br />
edu/MBA/finaid/index.html).<br />
Haas <strong>Financial</strong> Aid Office<br />
<strong>The</strong> <strong>Financial</strong> Aid Office provides assistance<br />
in resolving financial aid & billing<br />
problems, and obtaining private student<br />
loan information and applications. <strong>The</strong><br />
<strong>of</strong>fice is in room S420K <strong>of</strong> the Student<br />
Services Building. To get help from a Haas<br />
financial aid counselor, call 510-643-0183<br />
or e-mail finaid@haas.berkeley.edu.<br />
<strong>The</strong> Haas <strong>Financial</strong> Aid staff is your point<br />
<strong>of</strong> contact, rather than the central financial<br />
aid <strong>of</strong>fice.<br />
Housing<br />
<strong>Berkeley</strong> graduate students live in both<br />
university and <strong>of</strong>f-campus housing.<br />
Housing in the <strong>Berkeley</strong> area is expensive<br />
and <strong>of</strong>ten in short supply, so you should<br />
plan ahead to ensure that you will have a<br />
place to live before classes begin. If you<br />
are interested in applying for university<br />
housing, do not wait for notice <strong>of</strong><br />
admission to seek information. For more<br />
information, visit www.housing.berkeley.<br />
edu/housing.<br />
<strong>The</strong> Community Living Office This <strong>of</strong>fice<br />
provides rental listings and counseling<br />
for students seeking <strong>of</strong>f-campus<br />
housing. For more information, visit www.<br />
housing.berkeley.edu/housing or go to<br />
the Community Living Office at 2535<br />
Channing Way. Bring your letter <strong>of</strong><br />
admission and photo identification.<br />
International House (I-House) This<br />
residence and program center houses<br />
more than 600 students, many <strong>of</strong> whom<br />
are at the graduate level. You do not<br />
have to be an international student to<br />
live at the I-House, which is less than<br />
a five-minute walk to Haas. For more<br />
information, visit the International House<br />
Residence Office at 2299 Piedmont<br />
Avenue, #2320, <strong>Berkeley</strong>, CA 94720-2320<br />
or call 510-642-9490.<br />
University Family Student Housing This<br />
housing is available for students who are<br />
married and/or have children. Rent for<br />
family student housing is less expensive<br />
than for comparable <strong>of</strong>f-campus housing,<br />
so there is a waiting list. For more<br />
information, visit www.housing.berkeley.<br />
edu/livingatcal/studentsfamilies.html.<br />
<strong>The</strong> University Child Care <strong>Program</strong> Child<br />
care accredited by the National Academy<br />
<strong>of</strong> Early Childhood <strong>Program</strong>s, is available<br />
for children ages 3 months to 7 years<br />
old, and payment is on a sliding scale. At<br />
least one parent must be a registered UC<br />
<strong>Berkeley</strong> student. For more information,<br />
visit www.housing.berkeley.edu/child/<br />
families/.<br />
Wanling Xu<br />
<strong>MFE</strong> 08<br />
Strategist, Fixed Income<br />
Citigroup<br />
New York, New York<br />
Previous degrees:<br />
Ph.D., Physics<br />
Northwestern University<br />
BS, Physics<br />
Nanjing University (China)<br />
“I have enjoyed the unique academic<br />
community that has made the <strong>MFE</strong><br />
<strong>Program</strong> at Haas one <strong>of</strong> the best in the<br />
world. Haas is a wonderful place to learn<br />
because <strong>of</strong> the distinguished faculty and<br />
rich collaborative culture. <strong>The</strong> academic<br />
experience one gets from a rigorous and<br />
practical curriculum is truly unparalleled.<br />
In addition, the program’s strong ties to<br />
the financial community at large provides<br />
the graduates unique employment<br />
opportunities.”<br />
15
THE BERKELEY <strong>MFE</strong> PROGRAM<br />
Frequently Asked Questions<br />
16<br />
<strong>MFE</strong> Steering Committee<br />
<strong>The</strong> active participation <strong>of</strong> members from industry<br />
is essential to ensuring that graduates <strong>of</strong> the<br />
<strong>MFE</strong> <strong>Program</strong> have the requisite skills to be successful<br />
in their future careers. <strong>The</strong> <strong>MFE</strong> Steering<br />
Committee is composed <strong>of</strong> finance faculty and<br />
prominent members <strong>of</strong> the financial risk management<br />
community. <strong>The</strong> committee acts in a<br />
similar capacity as a board <strong>of</strong> trustees, focusing<br />
on the curriculum and strategic goals <strong>of</strong> the <strong>MFE</strong><br />
<strong>Program</strong>.<br />
Members<br />
John O’Brien, <strong>MFE</strong> Faculty Director<br />
Linda Kreitzman, <strong>MFE</strong> Executive Director<br />
Armen Avanessians, Goldman Sachs<br />
Terry Benzschawel, Citigroup<br />
Gifford Fong, Gifford Fong Associates<br />
Jim Gilliland, Barclays Global Investors<br />
Joseph Langsam, Morgan Stanley<br />
Chuck Lucas, AIG<br />
David Modest, JPMorgan<br />
Scott Pinkus<br />
Mark Rubinstein, Pr<strong>of</strong>essor, UC <strong>Berkeley</strong><br />
Aamir Sheikh, Merrill Lynch<br />
Erol Hakanoglu, Lehman Brothers<br />
Richard Lyons, Pr<strong>of</strong>essor, UC <strong>Berkeley</strong><br />
Victor Masch, AIG<br />
<strong>MFE</strong> <strong>Program</strong> Sponsors<br />
Special thanks to these firms whose donations<br />
have helped build the <strong>MFE</strong> laboratories.<br />
Founding Sponsors<br />
AIG Inc.<br />
Barclays Global Investors<br />
BARRA Inc.<br />
Gifford Fong Associates<br />
Goldman Sachs<br />
Moody’s KMV<br />
MBIA Inc.<br />
Morgan Stanley<br />
Quantal International Inc.<br />
<strong>The</strong> Dean Witter Foundation<br />
Wachovia Securities<br />
WR Hambrecht + Co, LLC<br />
Sponsors<br />
AXA Rosenberg Investment<br />
Management LLC<br />
Bank <strong>of</strong> America Corp.<br />
Bloomberg LP<br />
Fair, Isaac and Company, Inc.<br />
GW Miller Foundation<br />
<strong>The</strong> Pinkus Foundation<br />
For the full list, visit mfe.haas.berkeley.edu/faqs.html.<br />
What careers has the <strong>MFE</strong> led to?<br />
Recent graduates have found employment in risk management, fixed income, structured<br />
products derivatives, credit risk, market risk, consulting, corporate finance and<br />
financial programming. For more detailed information, visit mfe.haas.berkeley.edu/<br />
faq39.html.<br />
What are the differences between the MBA <strong>Program</strong> or Ph.D. <strong>Program</strong> and the <strong>MFE</strong><br />
<strong>Program</strong>?<br />
Please visit mfe.haas.berkeley.edu/faq6.html.<br />
Is work experience required?<br />
Work or research experience in a quantitative field is recommended, but not required.<br />
Students in our 2006-2007 class had an average <strong>of</strong> almost four years <strong>of</strong> work experience<br />
before joining the program.<br />
What is the academic calendar?<br />
<strong>The</strong> <strong>of</strong>ficial schedule for 2008-2009 is not finalized. Please visit mfe.haas.berkeley.edu/<br />
curriculum.html for the most up-to-date information.<br />
When are the application deadlines for the program year 2008-2009?<br />
<strong>The</strong> program admits students over four deadlines: January 17, 2008; March 17, 2008;<br />
June 22, 2008; and October 1, 2008. Applications received after October 1, 2008 will be<br />
reviewed on a space-available basis. Classes begin in March 2009.<br />
How many people do you admit at each deadline?<br />
We only admit the best candidates at each deadline. Students may be placed on hold<br />
or wait-listed at any time during the admissions process, whether or not there is still<br />
space available in the class. Because there are only 60 spots available, we admit students<br />
until we have 60 who have committed to attend.<br />
Do you recommend preparatory classes?<br />
For students who have not taken math, statistics, or financial programming courses<br />
in more than three years, we do recommend our refresher courses in order to excel in<br />
the program. If you are required to take a pre-program course as part <strong>of</strong> conditional<br />
acceptance to the program, we will accept grades from any accredited college or<br />
university. We <strong>of</strong>fer courses in foundation math, statistics, and financial programming at<br />
UC <strong>Berkeley</strong> and online. For details visit mfe.haas.berkeley.edu/preprogram.html.<br />
Where do I order GMAT/GRE reports?<br />
Visit www.ets.org for information on taking the GRE and www.mba.com/MBA /<br />
TaketheGMAT for information on taking the GMAT test and ordering reports.<br />
Is the <strong>MFE</strong> <strong>Program</strong> <strong>of</strong>fered part-time?<br />
No.<br />
Are fellowships, scholarships, or assistantships available?<br />
<strong>The</strong>re are no fellowships, scholarships, or assistantships associated with the <strong>MFE</strong><br />
<strong>Program</strong>. For information on UC <strong>Berkeley</strong> Graduate Division awards and fellowships<br />
visit www.grad.berkeley.edu/admissions/<strong>pdf</strong>/guide_support.<strong>pdf</strong>. For updated information<br />
on financial aid, visit mfe.haas.berkeley.edu/faid.<br />
Do you <strong>of</strong>fer financial aid?<br />
Federal financial aid in the form <strong>of</strong> loans is available for most students. See page 12<br />
for details, or visit mfe.haas.berkeley.edu/faid.html.
Other Educational<br />
<strong>Program</strong>s at the<br />
Haas School<br />
Full-time MBA <strong>Program</strong><br />
<strong>The</strong> Full-time MBA <strong>Program</strong> is a<br />
two-year program during the day<br />
with approximately 480 students.<br />
Although different application<br />
materials are required, the Fulltime<br />
and Evening & Weekend MBA<br />
programs share the same curriculum,<br />
faculty, and admission<br />
standards.<br />
Evening & Weekend<br />
MBA <strong>Program</strong><br />
Three-year, part-time program<br />
for working pr<strong>of</strong>essionals. Offered<br />
on campus and in Silicon Valley.<br />
Ranked in the top three in the US.<br />
<strong>Berkeley</strong>-Columbia<br />
Executive MBA <strong>Program</strong><br />
Earn two MBA degrees simultaneously<br />
over 19 months from<br />
the Haas School <strong>of</strong> Business and<br />
Columbia Business School. For<br />
experienced executives.<br />
Ph.D. <strong>Program</strong><br />
For students who desire an academic<br />
career by preparing them to<br />
advance theory and knowledge<br />
in the disciplines underlying the<br />
practice <strong>of</strong> business.<br />
Undergraduate <strong>Program</strong><br />
Two-year bachelor’s program<br />
for juniors and seniors. Ranked<br />
among the top three US programs.<br />
Executive Education<br />
Helps individuals, teams, and<br />
entire organizations achieve<br />
their goals through customized<br />
programs and open enrollment<br />
courses taught by <strong>Berkeley</strong> faculty<br />
at the workplace or on campus.<br />
Because the faculty and administration <strong>of</strong> the Haas School <strong>of</strong> Business are continually reviewing the <strong>MFE</strong><br />
<strong>Program</strong> to give its students the best possible educational experience, the school reserves the right to<br />
change at any time any <strong>of</strong> its provisions, statements, policies, curricula, procedures, regulations, or fees.<br />
NONDISCRIMINATION POLICY STATEMENT<br />
<strong>The</strong> University <strong>of</strong> California, in accordance with applicable federal and state law and University policy, prohibits discrimination, including<br />
harassment, on the basis <strong>of</strong> race, color, national origin, religion, sex, physical or mental disability, medical condition (cancer-related or<br />
genetic characteristics), ancestry, marital status, age, sexual orientation, citizenship, or status as a covered veteran (special disabled veteran,<br />
Vietnam-era veteran or any other veteran who served on active duty during a war or in a campaign or expedition for which a campaign badge<br />
has been authorized). This nondiscrimination policy covers admission, access, and treatment in University programs and activities.<br />
Inquiries may be directed as follows: Sex discrimination and sexual harassment: Nancy Chu, Title IX Compliance Officer, 1-510-643-7985.<br />
Disability discrimination and access: Ed Rogers, A.D.A./504 Compliance Officer, 1-510-643-5116 (voice) or 1-510-642-3172 (TTY).<br />
Other inquiries may be directed to the Academic Compliance Office, 200 California Hall, #1500, 1-510-642-2795.<br />
CAMPUS SAFETY<br />
In accordance with the Jeanne Clery Act, the University maintains a reference guide <strong>of</strong> safety information and procedures, annual campus<br />
crime statistics, and emergency-disaster preparedness information. For a copy <strong>of</strong> this report, Safety Counts, call (510) 643-6442, e-mail<br />
ucpolice@uclink.berkeley.edu, or write the Police Department Campus Safety <strong>Program</strong>s, University <strong>of</strong> California, <strong>Berkeley</strong>, Police Department,<br />
1 Sproul Hall #1199, <strong>Berkeley</strong>, CA 94720-1199. <strong>The</strong> report is also posted on the UC <strong>Berkeley</strong> Police Department web site.<br />
Marketing and<br />
Communications<br />
Craig Kaufman<br />
Rich Kurovsky<br />
Design<br />
Cuttriss & Hambleton<br />
Photography<br />
Jim Block<br />
Ed Caldwell<br />
Printer<br />
Dome Printing<br />
Copyright© 2007,<br />
UC Regents.<br />
All rights reserved.<br />
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Oakland<br />
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Pleasanton<br />
Fremont<br />
Milpitas<br />
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C O<br />
University<br />
<strong>of</strong> California,<br />
<strong>Berkeley</strong><br />
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(Bay Area<br />
Rapid Transit)<br />
680<br />
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<strong>MFE</strong> <strong>Program</strong> Office<br />
Haas School <strong>of</strong> Business, Room F514-518<br />
University <strong>of</strong> California, <strong>Berkeley</strong><br />
545 Student Services Building, #1900<br />
<strong>Berkeley</strong>, CA 94720-1900<br />
Admissions Office<br />
Phone: 510-642-4417<br />
Fax: 510-643-4345<br />
E-mail: mfe@haas.berkeley.edu<br />
Web: mfe.haas.berkeley.edu<br />
<strong>MFE</strong> Administration<br />
mfe@haas.berkeley.edu<br />
Linda Kreitzman, Executive Director<br />
John O’Brien, Faculty Director<br />
Christina Henri, Assistant Director, henri@haas.berkeley.edu<br />
Diane Nguyen, <strong>Program</strong> Assistant, dnguyen@haas.berkeley.edu<br />
Aaron Nebres, Laboratory Manager, nebres@haas.berkeley.edu<br />
Michael Chung, Laboratory Manager<br />
Nebil Gali, Account Manager, ngali@haas.berkeley.edu<br />
Important Contacts<br />
Haas <strong>Financial</strong> Aid Office 510-643-0183 finaid@haas.berkeley.edu<br />
University Graduate Division Admissions 510-642-7405 gradadm@berkeley.edu<br />
University Housing Services 510-642-3542 www.housing.berkeley.edu<br />
Services for International Students 510-642-2818 www.ias.berkeley.edu/siss<br />
and Scholars<br />
Visitor Services 510-642-5215 www.berkeley.edu/visitors/