MSc in Financial Engineering
Frequently Asked Questions
General
What is the difference between MFE and MBA?
The MFE is a graduate degree in a highly specialized area of finance. It emphasizes math and programming skills,
and offers a combination of finance, math and computing. An MBA is a more general business degree,
offering courses in areas such as marketing, HR/management, strategy, accounting and finance.
Most MBA programs do not require the high level of math, analytic ability, or computer programming experience
required by the MFE program. The combination of skills obtained by MFE graduates (understanding of complex
financial strategies, financial modeling ability and computational proficiency) are difficult for employers
to find in graduates of general MBA or Engineering programs.
How successful are MFE students in finding employment after graduation?
Our MFE program is well recognized by the finance industry. Our graduates have made a significant impact in
this area locally and internationally. Based on recent years’ records, the majority of our students can find
relevant jobs even before their graduation.
Does the university provide placement services to the students of Distance Learning Program?
The distance learning students will enjoy the same service as the on-campus students. Job openings are
circulated on an internal website and by email, and at your request your profile and CVs will be available
in a database to recruiters and human resource officers.
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Admission Requirements
Do you require the Graduate Management Admissions Test (GMAT)?
All applicants must submit results from the Graduate Management Admissions Test (GMAT) or Graduate Record
Examinations (GRE) with their application for admission. Applicants may schedule to take the test at computer
testing sites in most countries. As soon as the GMAT is completed, an "unofficial" score will be provided.
Applicants may send a copy of this score with their application first. The official score from ETS must be sent
to NUS RMI within one month after the closing date. Information about the GMAT is available online at
www.gmat.org.
Information about the GRE is available at www.gre.org.
Can I waive the GMAT if I already have a MBA degree?
The GMAT or GRE score is still required.
Can I waive the GMAT if I already have over 8 years of work experience in finance and banking industry?
You may apply for a waiver but the final decision will only be made by the Board of Selections.
Do I have to submit GMAT/GRE test scores even if I hold a PhD?
If you hold a PhD in a related discipline and are able to submit a photocopy of the GMAT/GRE that was part of
your original PhD application, you may then request a waiver of the GMAT/GRE test requirement. Such requests
will be considered on a case-by-case basis by the Board of Selections.
Is the TOEFL required?
If English is not the medium of instruction in your undergraduate studies, a TOEFL score is required.
Can I waive the TOEFL if I have an MBA degree from an English-speaking country although English was not the medium of instruction in my undergraduate studies?
Yes. You may apply for a waiver but the final decision will only be made by the Board of Selections.
What are the average scores of the GMAT and GRE?
From the 2007 and 2008 intake, the average scores are:
Do you interview candidates?
In certain cases, a phone interview may be required to ascertain the suitability of candidates.
Applicants will be given a notice of one week before the interview.
Can I speak to an admissions counselor? How do I find out if I am qualified?
We cannot evaluate your qualifications before you apply. The evaluation process looks at an individual
candidate's entire application, and compares that profile against the larger applicant pool in each round.
Therefore, it is impossible for us to tell you in advance your chances of admission.
Do I need to have work experience to be considered for admission?
We welcome applications from candidates with several years of work experience. However, work experience
is not a requirement.
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Completing Your Application
I can't get an official transcript by the deadline. What should I do?
You may submit an unofficial transcript with your application package and request that your school send an
official transcript to us as soon as possible.
When is the application deadline?
We have only one intake in July for each year. The application for the July 2009 intake will be closed on 27 Feb 2009.
Can I apply on-line?
On-line application is not available. You can download the application form from our website and send
the completed form with the required documents to us before the closing date.
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Program Modes
Do you offer a full-time program?
Yes. From 2009 onwards, we will offer a full-time MSc in Financial Engineering program besides the part-time
on-campus program (for local students) and the distance learning program (for overseas students).
I’m based in Singapore. Can I do the distance learning MFE program?
No. DL program is available only for those who are based overseas. However, to accommodate those with
busy work travel schedules we will make the online videos of the lectures available to you. But students
based in Singapore still must take the exam in Singapore at the appointed time.
Can I attend the part-time on-campus program if I’m a foreigner?
If you are an international applicant and based overseas, in order to get a visa to stay in Singapore you
will need to apply for the full-time program. If you stay in your home country then you can take the distance
learning program.
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After selections have been made
How does the university communicate the admission decisions to applicants?
Your admission decision will be sent to your home address sometime in May.
What is your policy on deferred admission?
We encourage candidates to apply for the year in which they wish to enroll. We realize, however,
that unforeseen circumstances may prevent an admitted candidate from enrolling in that year.
If, after being accepted to the MFE program, you have compelling reasons for deferring admission,
you may request a deferral by writing to the Program Director.
Do I need to prepare by taking courses before the academic year begins?
The required core curriculum assumes no prior knowledge of Finance. However, the core courses do require a
comfort with, and facility for, quantitative concepts as well as basic skills using a computer spreadsheet
program. If you do not have a strong quantitative background and basic computer facility, you may wish to
take a calculus or statistics course before you enroll. For the first time in 2009, we are planning to have
an optional pre-program module in July to ensure that all entering students have the required background.
If I apply for this year but am not accepted for this intake, will I stand a better chance of getting in next year than those who apply then?
You will have to compete with the rest of the candidates who apply next year on an equal basis.
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Tuition fees, scholarships and loans
Are there additional fees for foreigners?
Beginning with the 2009 intake, foreigners do not need to pay an additional fee as compared to Singaporeans
and Singapore permanent residents.
Are there scholarships available?
- Finance Scholarship Program by the Monetary Authority of Singapore
The NUS MFE is an approved program under the Finance Scholarship Program (FSP) administered by the Monetary
Authority of Singapore. Singaporeans and Singapore Permanent Residents are eligible for the FSP scholarships.
Interested applicants should submit their applications to the FSDF Secretariat directly before program
commencement. For more details, please contact the FSDF Secretariat at (65)6229-9396 or via email at
fsdf@mas.gov.sg.
- CapitaLand International Scholarships
International students for the MFE program are eligible for the CapitaLand International Scholarships.
The scholarship will cover all tuition and compulsory fees. Recipients will be given return airfare and
allowances for their housing, living expenses, family subsistence and settling-in as part of the scholarships.
They will also receive a one-time book and computer subsidy. The recipient will be required to work for
CapitaLand Group for a consecutive period of 24 to 36 months from the completion date of study. More details
will be announced on our website.
- RMI Scholarships
Selected outstanding students in the MFE may have their whole tuition waived by RMI. These students will also
have the opportunity to conduct research on a part time basis with the research team at RMI.
Are their education loans available to students?
Several Singapore based banks have granted education loans to students in the MFE.
Our preferred partner is Citibank. You can access information about their education loans
here.
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