MFE Program Office

Haas School of Business, Room F514-518

University of California, Berkeley

545 Student Services Building, #1900

Berkeley, CA 94720-1900

Admissions Office

Phone: 510-642-4417

Fax: 510-643-4345

E-mail: mfe@haas.berkeley.edu

Web: mfe.haas.berkeley.edu

MFE Administration

mfe@haas.berkeley.edu

Linda Kreitzman, Executive Director

Dwight Jaffee, Faculty Director

John O’Brien, Adjunct Faculty

Christina Henri, Assistant Director, henri@haas.berkeley.edu

Diane Nguyen, Program Assistant, dnguyen@haas.berkeley.edu

Aaron Nebres, Laboratory Manager, nebres@haas.berkeley.edu

Nebil Gali, Account Manager, ngali@haas.berkeley.edu

Important Contacts

Haas Financial Aid Office 510-643-0183 finaid@haas.berkeley.edu

University Graduate Division Admissions 510-642-7405 gradadm@berkeley.edu

University Housing Services 510-642-3542 www.housing.berkeley.edu

Services for International Students 510-642-2818 www.ias.berkeley.edu/siss and Scholars

Visitor Services 510-642-5215 www.berkeley.edu/visitors/

Master of Financial Engineering

Leading Through Innovation

Leading Through Innovation

The Berkeley MFE

Printed on 100% recycled paperJan 2010

6,500

1

The Berkeley Master of Financial Engineering Program

provides you with the knowledge and skills to prepare you for

a career in the finance industry. In one year, you will be ready

to take a leading role in a fast-growing field that demands

individuals who can apply their education and skills at the

cutting edge of finance in investment banks, commercial

banks, and other firms around the world.

Benefits:A proven track record of successfully launching careers of its students in

the world’s top financial centers.

• Benefit from highly personalized career services provided by a program

team with the connections, reputation, and knowledge necessary to help

secure top jobs at the most selective firms.

• See immediate return on investment: 100 percent of graduates received

job offers in each of the previous four years at the highest average starting

salary of any similar program.

A rigorous one-year curriculum developed by a world-class business

school, and taught by some of the most distinguished names in finance.

• Gain an in-depth understanding of the underlying frameworks of financial

markets, and benefit from a rigorous application-oriented curriculum that

prepares you to work as a financial engineer after graduation, starting on

day one.

• Experience firsthand the ideas and practices shaping the financial

engineering industry during an intense 12-week internship at a major firm.

A collaborative, team-oriented, and powerful professional and personal

network for life.

• Immerse yourself in an intellectually stimulating environment where you

not only learn from faculty comprised of some of the best minds in finance,

but also from your fellow classmates who represent a wide range of

interesting backgrounds and experiences.

• Develop lifelong friendships and powerful, global connections as a member

of the Haas School’s vast alumni network.

Contents

2 Program

4 Careers

10 Curriculum

14 Faculty

18 Community

20 Location

22 Admissions

The Berkeley MFE

New Career

A Professional Programto Launch Your

The Berkeley MFE Program has been ranked #1 by Global Derivatives and named one of the top 10 quant schools by Advanced Trading magazine. Eight Berkeley MFE students were named to Advanced Trading’s most recent Quant Gold Book, which lists the nation’s top 18 rising stars in quantitative finance.

Your entire Berkeley MFE experience is designed to give you the knowledge, experience, and connections you’ll need to immediately launch a successful career in financial engineering.

The Berkeley MFE Program at the Haas School of Business provides a

depth of study in finance that is not available in traditional MBA programs,

reaching beyond basic business concepts to teach you how to combine

modern portfolio theory with computational methods. It also provides many

opportunities to learn firsthand how to apply these theories and methods

to real-world situations. You will also benefit from the quality of students,

breadth of activities, and network of impressive alumni contacts inherent to

a top-ranked business school and a world-class university.

An Unparalleled Career Advantage

Top employers continue to seek out Berkeley MFE graduates who

understand complex financial strategies, possess financial modeling ability,

and demonstrate computational proficiency. Berkeley MFE graduates have

a successful track record of applying the knowledge gained in the program

to launch new careers as quantitative finance experts at leading banking

institutions, insurance companies, money management firms, hedge funds,

treasury departments, diversified financial services companies, asset-

management firms, and equity/venture capital firms, as well as other

non-financial corporations.

The MFE may also be seen as an attractive alternative to a doctoral program in

finance for individuals interested in commercial rather than academic careers.

A Rigorous Curriculum

Designed and tailored exclusively for the MFE students, the program’s

curriculum challenges you to think of innovative ways to integrate quantitative

methods with the theoretical framework and institutional settings in which

they are applied. Taught by a renowned faculty comprised of prominent

scholars and industry luminaries, MFE courses are anchored in cutting-edge

research and best practices in financial engineering. A 10-12 week internship

midway through the program provides you the opportunity to apply what you

have learned in the classroom to real-world situations.

A Diverse, Talented Community

The Berkeley MFE Program has a history of attracting exceptionally talented

and innovative students who have high levels of intellectual curiosity, strong

interests in finance, and strong analytical skills. With only 60 students

per class, you benefit from the bonds formed with your diverse, tight-knit

community of peers. And as a member of the vast Haas Alumni Network,

you will have life-long access to a wealth of career resources, online

communities, and local alumni chapters and clubs.

Ian SwansonMFE 10Previous degrees:

Ph.D, PhysicsCalifornia Institute of Technology

BS, Physics College of William & Mary, Virginia

Internship:

CitigroupNew York, New York

“I want to do work where I can think deeply about complicated problems. Working in finance with an MFE from Haas will set me up to accomplish that goal.”

“The Haas curriculum exposes you to such a broad range of topics that, no matter what the subject, you always know where to start in a research or trading problem, and what steps to take next. Coming out of this program you can hit the ground running.”

“It was important to me that Haas offers the opportunity to conduct aca-demic research. As an example, I’m working with Marian Micu, who works at Blackrock, on an independent study project that examines certain effects of macro-announcements on exchange rates.”

T H E B E R K E L E Y M F E P R O G R A M

3

Sandra VedadiMFE 10Previous degrees:

MS, Engineering (Applied and Financial Mathematics)Ecole Centrale de Paris

BS, MathematicsUniversité de Paris VI, France

Internship:

Foreign Exchange Citigroup, New York

Sandra Vedadi received her internship offer only two months after starting the MFE Program. In addition to her stellar qualifications, she credits the MFE Program Office with helping her secure such an early offer: “They are dedicated to finding us internships.”

Leveraging the Network

“Since my background was so much more theoretical, I got in touch with a Berkeley MFE alum that had gone through the French university sys-tem, like me. He was able to explain and translate some of the finance fundamentals for me. That sort of camaraderie is typical of Haas students and alumni. And, before I started my internship, I used the Haas Alumni Network to connect with alumni who are already working at Citi. They were very helpful and open with their time and their insights.”

Diversity of Ideas

“There must be at least 15 coun-tries represented in my class, from Korea and China to Greece, Bulgaria and Colombia. We reflect the global economy that we will be working in during our careers. Because we all come to Haas with different back-grounds, needs and goals, you can really tailor the program to fit your needs. I feel that I am building a true business and personal expertise here at Haas.”

A Balanced Approach

“Originally, I saw my future in terms of the sell side, since I have a strong background in stochastic calculus. But at Haas, I discovered asset management and econometrics, which apply more to the buy side. I am feeling very confident now with both sides, which will give me more choices in my career.”

Leading Innovation in Finance

2

C A R E E R L A U N C H

4 5

B U I L D I N G Y O U R C A R E E RWhen you join the Berkeley MFE Program, you are one

year away from turning your specialized training in trading, risk

management, derivatives, and commodities investments into a

successful career in finance, strategy, or risk assessment. Haas has

an unrivaled history of helping students secure top jobs—Berkeley

MFE alumni are well established members of premier firms in the

world’s top financial markets, such as New York, London, and Tokyo.

The Haas School’s resources, its deep ties to global firms, and

its highly personalized services will provide you with the tools

and connections you need to launch the next stage of your

career. Employers seek out Berkeley MFE students because they

demonstrate not only a mastery of powerful financial engineering

tools, but also a solid understanding of the best practices for the

changing technological, global, and human dimensions of finance.

Krishan Rattan MFE 03 (left)

DirectorDeutsche Bank London, U.K.

Internship:

Morgan Stanley, New York City, New York

“The fact that Haas was one of the first MFE programs attests to the innovation at Berkeley. There was a tremendous intellectual energy that breeds new ideas.

“Since I didn’t know just where my career would take me, I chose electives that were intellectually interesting. The balance of theoretical and market-facing coursework offered at Haas has served me well.”

Delphine Bouyssarie MFE 08 (center left)

Associate, Equity Derivatives Sales Strategies Goldman Sachs, London, U.K.

Internship:

Goldman Sachs, New York City, New York

“Because the Berkeley MFE is housed in the business school, it was better situated to give me the real-world, financial industry perspective I wanted.

“I came to Haas looking for a more practi-cal, hands-on education to complement my background in theoretical, financial math. The MFE program helped me understand how financial math works in the real world.”

Luca Barone MFE 05 (center right)

Partner, Sator SPA, Rome

Internship:

Goldman Sachs, London, U.K.

“The brightest people at Berkeley teach in the Berkeley MFE program. It means so much to listen to the people who wrote the textbooks, to hear the authors explain their work to you.

“When I started my internship, I felt my Haas courses had prepared me to start contrib-uting from day one.”

Thomas LaRowe MFE 04 (right)

Director, Product Development, Acumen Global Partners, London

Internship:

Electrabel, Brussels, Belgium

“The Berkeley MFE program exposes you to every aspect of the financial industry. It’s an unrivalled opportunity to explore and decide what interests you most.

“The return on investment on my degree was everything I could have hoped for, intellectually and practically.”

Opening Doors to Your FutureBerkeley MFE

Alumni in Europe

A highlight of the Berkeley MFE experience is your 12-week internship. This gives you hands-on experience and ongoing

connections with practitioners at firms such as Citi, Barclay’s Global

Investors, Goldman Sachs, and Morgan Stanley. These connections have

often led to careers at these firms. Your internship gives you immediate

opportunities to refine your skills and marketability and helps you build your

professional network.

The Internship Advantage

Beginning during orientation, the program office helps to focus you on the

internship phase of the program. Staff members work directly with you to

uncover and secure your placement at a top finance firm.

To prepare you for your internship search, an on-site consultant provides

large and small group sessions covering topics such as interview and résumé

writing skills. Both the consultant and program staff are continually available

for one-on-one appointments to help you address the career challenges

specific to your needs. The program director also frequently addresses the

class to give updates on the internship and job search processes.

Early in the program, you will have the opportunity to take advantage of

“Super Saturday,” a full day of mock interviews with alumni and field

professionals aimed at preparing you for your internship interviews. Actual

interviews with corporate representatives are held by appointment at Haas,

as well as via telephone or video conferencing.

B U I L D I N G Y O U R C A R E E R

Practical Experience for Real-World Success

6 7

Thomas Brunet MFE 06Assistant Vice President, Advanced Research and Quantitative Strategies, Deutsche Bank

Internship:

Deutsche Bank, New York City, New York

“All my life I had heard of Wall Street. Now, thanks to my Berkeley MFE, I am working here and it is exhilarating.

“My internship and my final class project formed a perfect circle—each informing the other and increasing their value. Better yet, the work produced a trading strategy that we are still using in my group.”

Matthieu Brunet MFE 09Sales and Trading, Citi Group London

Previous degrees:

Math and PhysicsLycée ChampollionGrenoble, France

MS, Computer ScienceEISTI, Paris, France

Internship:

Citigroup, New York City, New York

“My internship with the foreign exchange structuring desk at Citigroup was a 100 percent fit with my career goals. The Berkeley MFE Program office practically offered it to me on a silver platter. They are fantastic and relentless in securing internships. I was subsequently offered a full-time position within Citi right after my internship.

“The professors at Haas are all so passionate about their work and about passing their knowledge and enthusiasm on to us. They also made themselves very available to us, in class and outside. When Professor O’Brien taught his Innovation class, his passion for the subject was apparent. We explored not just the newest ideas, but where new ideas come from, what makes them succeed or fail.”

Finance in the FamilyBrothers Thomas and Matthieu Brunet

Citigroup is one of the top recruiters of Berkeley MFE

interns and graduates. Recent interns include: (top row

left to right) Jungjae Park, Junil Park, Ian Swanson,

(bottom row left to right) Dale Choi, Sandra Vedadi, and

Benjamin Nadal.

A Premier Internship Program2009 Internship Statistics

Exceptional Placement Results

98% of students sought MFE internships (62/63)

100% of students seeking internships held internships (62/62)

100% of internships were paid

Average Internship Salary: $7,394/mo

Median Internship Salary: $7,667/mo

Real-World Experience at Top Global Firms

AVM LTD

Bank of America, Merrill Lynch

Barclays Capital

Barclays Global Investors

BNP Paribas

BNP Paribas Securities (Japan) Limited

Bonddesk Group LLC

Citi

Citigroup

Citigroup HK - Capital Markets

Credit Suisse

Credit Suisse HK

Deutsche Bank

Diversified Credit Investments

Dodge & Cox

Duff & Phelps

Ernst and Young

Goldman Sachs

Goldman Sachs International

JP Morgan

JPMorgan Chase

Moody’s KMV

Morgan Stanley

Nicholas Applegate

Pacific Gas & Electric

Prisma Capital Partners LP

Putnam Investments

RenRe Energy Advisors Ltd

Risklab GmbH

Scotia Capital

Spot Trading LLC

Standard & Poor’s

State Street Global Advisors

Sun Trading, LLC

Swiss Re

UBS AG

Voleon Capital Management, LP

New Interns at Citigroup

The Berkeley MFE Program’s highly regarded reputation in the finance community and its well-established relationships with managers and executives at the most prestigious firms provide you with an ideal gateway to the job you want after graduation.

A Proven Track Record

Throughout the year, the MFE program staff is working hard behind the

scenes to uncover job opportunities at dozens of leading firms, and to work

with those companies and with you to determine the best possible career fit.

The Berkeley MFE Program is distinguished by its ability to help students

garner job offers from the most desirable companies. Despite the ever-

changing economic environment, the Haas School’s record is impeccable—

100 percent of MFE graduates seeking full-time employment received job

offers in each of the previous four years.

Continuous Personalized Career Services

From your first day as a Berkeley MFE student, the program office works to

prepare you to achieve your career goals. Orientation week gives you an initial

overview of job opportunities, market trends, and skill sets. Real-world

interaction with industry-leading companies starts immediately with a

trading-game simulation conducted with representatives from Wells Fargo.

Other introductory sessions cover various topics in depth, such as résumés,

ethics, and internship preparation.

The program offers a wide range of continuous personalized services,

including help with individual career planning, résumé writing, and interview

preparation. Group workshops, panels, networking events, and receptions

offer valuable information specific to all phases of the career search. The

Haas School also hosts two career fairs specifically for MFE students. The

October career fair in New York, co-hosted by the International Association of

Financial Engineers and New York University, typically draws more than two

dozen top financial firms. A second fair, held in San Francisco, draws more

than 40 organizations.

Your Worldwide Network

Career support does not end after graduation. From your first day as a

Berkeley MFE student, you have access to one of the best professional

networks on the planet. More than 32,000 business school graduates are

connected by the robust Haas Alumni Network, with alumni chapters in

major cities around the globe. The Haas online alumni community, Haas@cal,

the focal point for alumni connections and services, facilitates keeping

up with friends from school and developing professional networks. The

online community offers Haas students and alumni a searchable alumni

directory, online job postings, lifelong e-mail forwarding options, and

various career resources.

B U I L D I N G Y O U R C A R E E R

A Clear Path to Your Ideal Job

8 9

The Berkeley MFE Program helps students find careers all

over the world, including Asia. Three of the program’s recent

alumni include (left to right) Nick Sonnenberg, MFE 07, with

BNP Paribas in Hong Kong; and Kunal Kanodia, MFE 05,

with Shinsei Bank in Tokyo; and Mu Li, MFE 07, with

Goldman Sachs in Tokyo.

A Record of Success2009 Full-time Employment Statistics

Industry-leading Results

Total Offers: 83

Total Students with Offers: 63

% of Students with Offers: 100% (63 of 64 looking for full-time employment)

Total Students Placed: 63

% of Students Placed: 100% (63 of 64 looking for full-time employment)

Average First-year Compensation: $127,279

Average First-year Bonus: $35,095

Average First-year Base Salary: $95,581

2009 Full-Time Companies

Allstate Insurance Company

Barclays Global Investors

Bloomberg

Citi

Clarivest Asset Management

CorpBanca

Deutsche Bank

Diversified Credit Investments

DRW Trading

Duff & Phelps

Ernst & Young, LP

Exis Capital Management

Fuzzy Logix, LLC

Gifford Fong Associates

Golden State Asset Management, LLC

Goldman Sachs

IMC Trading

Kasikorn Bank PCL.

Mellon Capital Management

Millennium Partners

Ministry of Economy, Trade, and Industry, Japan’s Government

Monetary Authority of Singapore

Moody’s

Nicholas Applegate

Novellus

Optiver

Pacific Gas and Electric

PEAK6

PricewaterhouseCoopers

Self Employed

Shinsei Bank

Singapore Exchange Limited

Soliton Ventures Limited

Spot Trading LLC

Sun Trading LLC

Thomson Reuters

Woori Investment Securities

Job Locations

Midwest US6%Latin

America2%

West US48%

Northeast US 20%

Europe 4%

Asia18%

South US 2%

Asset Management14%

Trading16%

Job Industries

Banking 6%

Consulting/Investment Research 22%

Advisory 2%

Entrepreneur 2%

Energy 2%Government

4%

Insurance 2%

Financial Software 2%

Hedge Fund 2%

Investment Banking 26%

Job FunctionsConsulting 5%

Structured ProductsDerivatives38%

Research23%

Sales & Trading13%

Strategy 5%

Entrepreneur 3%

Credit Risk 3%

Risk Management 10%

Serge Tchikanda MFE 07Quantitative Research & Development Team Bloomberg, New York City, New York

Previous degrees:

Ph.D., Mechanical EngineeringGeorgia Tech, Georgia

BS Math & EngineeringCUNY

“Being in the business school, the Berkeley MFE program offers a unique combination of theoretical and practical courses not seen in other programs. It gives you the kind of preparation you need for the workplace. The quality of the teaching and the rigor of courses such as Econometrics, Computational Finance, and Asset-Backed Securities gave me a big edge over graduates of other MFE programs.

“Thanks to the preparation I got in my first three quarters at Haas, I was ready to jump right in on the first day of my internship at Merrill Lynch. The same was true when I went to work at Bloomberg after graduation.”

The Berkeley MFE Program is a professional degree program with a curriculum intended to prepare you to work as a financial engineer immediately after graduating. Anchored in the latest theories and best practices in quantitative finance,

MFE courses are designed exclusively for MFE students, and are seamlessly

integrated with one another.

This cooperation between course material allows the mathematical,

statistical, and computer science methods to be integrated with the

theoretical framework and institutional settings in which they are applied.

For example, macroeconomics is taught in relevant context in the fixed

income markets course, during the discussion of term structure, and during

the equity and currency markets course, in the context of exchange rate

determination. Similarly, insurance concepts are introduced in the advanced

derivatives courses where students can easily understand their relation to

similar products.

Structured for Success

The MFE requires only one year of study, which makes it attractive to students

with strong quantitative skills and focused career interests. The program

kicks off with an informative and social week-long orientation. During the

week-long introduction to the program, you’ll get to know other new students

and gain a sense of what the classroom experience will hold. The orientation

features team-building exercises and lectures, and workshops on special

topics, including a thorough overview of the job market and career resources.

MFE students must successfully complete 28 units of coursework plus an

internship or on-site project. Because of the school’s reputation and close ties

to the best firms, Haas has an exceptional record of helping students secure

internships, consistently placing nearly 100 percent of students each year.

Applied Finance Project

In addition to the internship, MFE students are required to complete an applied

finance project that develops or uses quantitative finance tools and techniques

learned in the program or internship. Students have the option of completing

a one-credit project or three-credit project. Each year, the $5,000 Gifford Fong

Award is given to the best three-credit project.

Benefit from Industry Expertise

The curriculum also includes weekly Financial Practice Seminars featuring

a diverse slate of finance practitioners. In the first term, speakers discuss

jobs available to graduates of the MFE Program and the skills needed to

contribute to a firm’s mission. In the second term, speakers provide insights

into the way the financial world is changing: new products and needs;

evolving data and information systems; and similar topics.

Guido Marandella MFE 09Research Associate, Fixed Income DepartmentCitigroup, New York

Previous degrees:

BS, PhysicsUniversitá degli Studi di Milano, Italy

PhD, PhysicsScuola Normale Superiore, Pisa, Italy

Internship:

Fixed Income DepartmentCitigroup, New York

“Getting my Berkeley MFE was abso-lutely the right decision. It put me in the right place at the right time in my career.”

“We learned from the people who have made important contributions to the field, people like Francis Longstaff and Mark Rubinstein. We learned from the sources themselves. And, even though they are famous people, they are very friendly, always willing to answer questions and discuss.”

“I came to Haas with a strong quant background, so I really enjoyed the classes that gave me the financial fundamentals. Professor Rubinstein was brilliant; he gave us a really unique perspective on the market.”

T H E B E R K E L E Y M F E C U R R I C U L U M

10 11

Jianran LiMFE 10Previous degrees:

MS, Computer Science/Applied Math Ecole Polytechnique, Paris, France

BS, MS, Computer ScienceNational University of Singapore

Internship:

Credit Suisse, New York, New York

Jianran Li’s credentials and expertise in the theories of higher mathematics run deep. What attracted her to Haas was the MFE program’s focus on business training and the financial markets. She wanted, and found, an MFE in a business school, where she can “explore the math behind the financial markets.”

Real-world Perspective

“It is very important to have practi-tioners as teachers. They bring the world into the classroom. Our class projects are just the sort of projects that we would be doing in a real job. I’ve already applied what I learned at Haas on my internship.”

Learning from Experts

“Haas gives you the amazing opportunity to learn about financial theories from their authors. Professor Rubinstein gave real meaning to the mathematical equa-tions in our Financial Derivatives class. It wasn’t just about the num-bers; he taught us the concepts and stories behind the numbers.”

A Collaborative Culture

“There are physicists, chemists, economists among my classmates. Our team projects bring together people with different backgrounds and ways of working. We almost always end up with a well-rounded mix of people who are detail-oriented—like me—and those who see the bigger picture.”

Preparing You to Make an Immediate Impact

12

T H E B E R K E L E Y M F E C U R R I C U L U M

Curriculum Overview

13

Real-World Technology EnvironmentThe Haas School’s MFE labs provide students with the opportunity to learn in similar state-of-the-art environments to those they will use in the business world, complete with the latest software and databases.

MFE research computing laboratories are equipped with dual flat-panel display Dell Precision workstations. Each workstation has the latest software and tools available for research and practice. Programs such as SAS, Matlab, SPSS, EViews, and Mathematica are available in the lab and remotely through the Haas Unix research server and the Haas Windows terminal servers. Visual C++, Visual Basic, Fortran, and other software develop-ment tools are also available. The Berkeley MFE Program provides you with exclusive access to Datastream and Bloomberg terminals located inside the main teaching laboratory.

Throughout the year, the MFE Program offers additional classroom sessions on the use of applications and data sources. These sessions provide training and support for course proj-ects and keep faculty and students abreast of advances in financial tools and technology.

Comprehensive Research Libraries

The Long Business and Economics Library supports student course assignments and faculty research. The library provides access to business databases and journal archives such as the library’s CD-ROM network, Datastream, Compustat, CRSP, Reuters Research on Demand (RRoD), Factiva, Global Financial Database, JSTOR, Business Source Premier, and Lexis-Nexis Academic.

Insights from Industry Experts The Financial Institution Seminars I and II series bring industry leaders to the MFE classroom to share their insights on building successful careers in the finance industry. Jean-Marc Orlando (above), head of e-commerce trading at BNP Paribas, addressed the MFE class last year.

Over the past two years, more than 50 industry leaders have shared their expertise as part of the Financial Practice Seminars series. Recent speakers have also included Arnold Miyamoto, managing director of Citigroup, and Joseph Langsam, managing director of Morgan Stanley.

Spring (8 weeks)

Fundamentals of Financial EconomicsMFE 230A (2 units)

Covers the basic theories of asset pricing, from standard discounted cash flow analysis to No Arbitrage Pricing technique for security valuation. Applications include fixed-income securities, derivatives, and contingent claims.

Empirical Methods in FinanceMFE 230E (3 units)

Covers the probability and statistical techniques commonly used in quantitative finance. Students use estimation application software in exercises to estimate volatility, correlations, and stability.

Introduction to Stochastic CalculusMFE 230Q (2 units)

Presents the concepts and tools of stochastic calculus as required for effective pricing of complex financial derivatives in continuous time, and introduces the fundamentals of elementary numerical analysis. The course stresses the practical applications of stochastic differential equations, Ito integrals, and measure transformations as required for advanced financial engineering practice and understanding of asset pricing theory.

Financial Institutions Seminar I

Practice Seminars I and II. Feature guest speakers from financial services firms discussing the work of financial engineers in their firms and the kinds of skills and personal attributes they are seeking for this work, trends in the provision of financial services, the information and computing systems being adopted, new product develop-ments, regulatory issues, and similar topics.

Summer (8 weeks)

Derivatives: Economic ConceptsMFE 230C (2 units)

Introduces the use and pricing of derivatives. Topics include basic features of futures and options, binomial and trinomial option pricing, the Black-Scholes formula, volatility measurement, dynamic trading strategies, and exotic options. Course emphasis is economic intuition rather than detailed quantitative analysis, with techniques and arguments developed using the simplest possible mathematics.

Derivatives: Quantitative MethodsMFE 230D (2 units)

Emphasizes the pricing of derivatives in continuous time, from the formulation of the pricing problem to the implementation of computational and numerical solution techniques.

Fixed Income Markets MFE 230I (2 units)

Provides a quantitative approach to fixed-income securities and bond portfolio manage-ment with a focus on fixed-income security markets, the pricing and uses for portfolio management, and hedging interest rate risk.

Accounting and Taxation of DerivativesMFE 230W (1 unit)

Helps financial engineers understand the implications of the innovative financial instruments that they construct on firms’ financial statements and tax liability.

Financial Institutions Seminar II

Practice Seminars I and II. Feature guest speakers from financial services firms discussing the work of financial engineers in their firms and the kinds of skills and personal attributes they are seeking for this work, trends in the provision of financial services, the information and computing systems being adopted, new product develop-ments, regulatory issues, and similar topics.

Fall (8 weeks)

Required Course:

Financial Risk Measurement and Management MFE 230H (2 units)

Examines financial risk measurement and management, including market risk, credit risk, liquidity risk, settlement risk, model risk, volatility risk, and kurtosis risk.

Choose 5 units of electives:

Advanced Computational FinanceMFE 230R (2 units)

Deeper analysis of numerical and computational issues in pricing and calibration, and builds on the techniques learned in Derivatives: Quantitative Methods. Emphasis is on hands-on case projects with heavy use of computational techniques.

Success and Failure in Financial Innovation MFE 230J (1 unit)

Students participate in a series of case studies including portfolio insurance, long-term capital management, mortgage-backed securitization, exchange traded funds, capital structure arbitrage, and corporate enterprise-wide risk control.

The Design of Securities for Corporate FinancingMFE 230F (1 unit)

Explores the role capital markets play in solving financial objectives of issuers of securities and investors. Case analysis and strategic decision-making are emphasized.

Credit Risk Modeling MFE 230V (2 units)

Provides exposure to the practical challenges associated with building and testing credit risk models for use by banks and asset managers. Emphasis is placed on model building, model valuation, and interpreting model output.

Equity & Currency MarketsMFE 230G (2 units)

Reviews equity and currency markets with an emphasis on modeling with historical evidence. Volatility, volume, high frequency dynamics, and dealer behavior in currency markets are considered. Practical considerations used in the implementation of various strategies are considered.

Internship Period (12 weeks)

The Internship/Special Topics in Finance project begins in mid October and ends in early January. Students must enroll in MFE230N, the Internship/Special Topics in Finance course for the fall term.

Winter (8 weeks)

Choose 7 units of coursework:

Asset-backed Security Markets MFE 230M (2 units)

Explores advanced topics in mortgage and other asset-backed securities. Students apply the latest tools in fixed-income analysis and classic economic and financial models to evaluate securitized bond markets.

Dynamic Asset Management MFE 230K (2 units)

Covers the strategies for achieving various investment objectives for portfolios/instruments (equity, fixed income, currency, mortgages, non-traded assets) and applications (investment funds, pension funds, insurance companies, bank investment portfolios).

Behavioral FinanceMFE 230S (2 units)

This course covers elements of behavioral decision theory and its implication in financial markets. Focus is on the psychological processes by which people make judgments and decisions, and the heuristics and biases associated with these decisions.

Applied Finance Project (Required)MFE 230N (1 - 3 units)

This is an applied project exploring an unresolved finance problem that is met in practice and involves the development or use of a quantitative financial technique.

Topics in High-Frequency FinanceMFE230T (2 units)

This course covers topics in high-frequency finance and discusses recent developments in market microstructure, electronic trading and data modeling. The course is aimed at students who are considering careers in financial engineering or quantitative trading at institutions involved in automated securities trading on electronic platforms.

Independent Study(1 - 3 units)

* Not all electives are offered each term.

Berkeley MFE faculty members are renowned groundbreakers and thought leaders in the field of quantitative finance. In addition to undertaking preeminent research

that feeds directly into the curriculum, many of these scholars also have

practical experience in the creation of financial instruments and software,

as well as the implementation of innovative financial strategies.

Pioneers of Financial Engineering

Many Haas School faculty members have long stood at the forefront of the

quantitative finance industry. For example, Professor Mark Rubinstein is

renowned for his work on the binomial options pricing model (also known

as the Cox-Ross-Rubinstein model), as well as his early work on asset

pricing. He is currently an associate editor of eight journals in these areas.

In 1993, he served as President of the American Finance Association. Many

of Rubinstein’s papers are frequently reprinted in survey publications, and

he has won numerous prizes and awards for his research and writing on

derivatives including International Financial Engineer of the Year for 1995.

Like Rubinstein, Faculty Director John O’Brien was an early innovator in

the investment consulting space. Before joining Haas, O’Brien served as

Chairman of the Capital Market Fund, and the S&P 500 SuperTrust, the first

exchange-traded fund. He later co-developed the O’Brien 5000 common stock

index, later renamed the Wilshire 5000 index, currently the nation’s broadest-

based index, considered by many to be the most accurate reflection of the

overall market. In 1987, O’Brien was named one of Fortune Magazine’s Men

of the Year.

Professional Faculty Drawn From Business

In addition to having early innovators and scholars, the Berkeley MFE faculty

also draws from some of the most successful minds in today’s business

community. For example, Lecturer Jeffrey Bohn leads the Financial Strategies

group at Shinsei Bank in Tokyo, following his role as head of Moody’s KMV’s

Global Research group. The faculty also includes Barclay’s Global Investors

executives Ronald Kahn, managing director and global head of equity

research; Michael Melvin, managing director and head of currency research;

and John Martinez, former director of the firm’s iShares, Inc.

Berkeley MFE faculty have also played important roles in the national and

international business communities, serving as consultants, board members,

and speakers at major business conferences and seminars. Professor Dwight

M. Jaffee has been an advisor to the World Bank, the Federal Reserve System,

the Office of Federal Housing Enterprise Oversight, and the US Department of

Housing and Urban Development.

Haas Professor Wins 2009 Nobel Prize

Haas Professor Emeritus Oliver E. Williamson was awarded the 2009 Nobel Prize in Economic Sciences for his work in the area of economic governance. The Edgar F. Kaiser Professor Emeritus at the Haas School of Business and Professor Emeritus of Economics and Law at the University of California, Berkeley, is a pioneer in the multi-disciplinary field of transaction cost economics, and one of the world’s most cited economists.

B E R K E L E Y M F E F A C U L T Y

Thought Leaders, Innovators, and Practitioners14 15

Nancy WallaceCalifornia Chair of Real Estate and Urban Economics

Ph.D., University of Michigan

Long before the meltdown of the subprime mortgage market and subsequent collapse of staple investment banks, Professor Nancy Wallace’s research determined that Wall Street banks and bond-rating agencies were underestimating the risk of many new mortgage- and asset-backed securities.

MFE students benefit from Wallace’s experience and insight as they examine and evaluate the structure and operation of the securitized bond markets in her Asset-backed Security Markets course. A central project has them work together to invent structures for new securities. In the past, these projects have tackled a wide range of interest areas, from traffic flow issues to energy efficiency and environmental challenges.

“We have had wonderful success with these projects because the students are amazingly creative and innovative,” says Wallace. “It’s excit-ing to see what they come up with.”

Wallace believes the Berkeley MFE curriculum is successful because it is the most balanced quantitative finance program of any university. “Haas offers the best mix of tech-nology taught in the context of its business and economic applica-tions,” she says. “We’re not just training people to sit in a back room and crunch numbers—Haas develops highly sophisticated prob-lem-solvers who become managers of firms and leaders of industries.”

Despite today’s volatility, Wallace believes the need for highly skilled finance experts remains strong. “There will always be a need to transform unsuitable investment classes into more securable entities.” In fact, says Wallace, the demand for risk managers is going to grow substantially for organiza-tions such as the Federal Reserve, the Securities and Exchange Commission, and the Treasury Department.

“Highly trained people are going to have plenty of opportunities. The importance of innovation is not going to go away.”

The cornerstone of the entire Berkeley MFE program is its distinguished faculty and the high quality of their courses. At Haas, effective teaching is the top priority. MFE faculty members have

regularly earned a median score of “Club 6” in their student evaluations—

that is, their median ratings are 6 or higher on a 7-point scale.

In the Berkeley MFE classroom, faculty members emphasize both theory

and practice by using a variety of teaching methods. Case studies, seminars,

simulations, guest speakers, and group projects all facilitate the learning

process. Classroom learning is enhanced by numerous opportunities to apply

the lessons to real-world situations.

Professors regularly integrate their research findings into new course

offerings and reassess the MFE curriculum to ensure its relevance in

presenting current issues. In their courses, students benefit by being among

the first to learn of faculty discoveries and by studying directly with the

inventors of yesterday’s and tomorrow’s innovative theories and principles.

B E R K E L E Y M F E F A C U L T Y

Passionate Scholars and Teachers

16 17

Mukesh Bajaj, Managing Director of Finance and Damages Practice and Board of Directors, LECG, LLC. Ph.D. (finance), University of California, Berkeley. Corporate finance and financial strategy, dividend policy, capital and ownership structure, determinants of stock returns, design and pricing of securities.

Julia Belford, Head of Electronic Trading Strategies, Infinium Capital. Former Head of Trading Strategies at Barclays Global Investors. Ph.D. (physics), Stanford University. High frequency finance, market microstructure, algorithmic trading, trade cost analysis and quantitative portfolio management.

Nicolae Gârleanu, Assistant Professor. Ph.D. (finance), Stanford University. Liquidity and risk management, valuation, debt covenants, and securities.

Mark Garman, Professor Emeritus. Ph.D. (systems and communications sciences), Carnegie Mellon University. Arbitrage, options, volatility measures, duration-related risk measures. President and Chief Scientist of Financial Engineering Associates, Inc., a provider of software for derivatives and value-at-risk analysis.

Dwight M. Jaffee, Willis H. Booth Professor of Banking & Finance. Ph.D. (economics), Massachusetts Institute of Technology. Loan activities of financial institutions, commercial loan and mortgage markets, credit rationing, asset-backed security markets, catastrophe insurance financing. Board of Directors Barr Rosenberg Mutual Funds; Visiting Scholar, Federal Reserve Bank of San Francisco.

Ronald N. Kahn, Managing Director and Global Head of Equity Research, Barclays Global Investors. Ph.D. (physics), Harvard University. Portfolio management, risk modeling, and quantitative analysis. Author (with Richard Grinold), Active Portfolio Management: Quantitative Theory and Applications.

Gregory LaBlanc, Lecturer in Finance, Strategy, and Law. B.A. (history; politics, philosophy, and economics), University of Pennsylvania. BS (economics), Wharton School. JD (corporate and securities law) George Mason University, LLM program, UC Berkeley.

Hayne Leland, Arno A. Rayner Professor of Finance and Management. Ph.D. (mathematical economics), Harvard University. Dynamic investment strategies and portfolio insurance, informational asymmetries, structure, and inter-mediation in financial markets, regulation of insider trading, risky debt valuation. Director and founding principal of the investment firm Leland O’Brien Rubinstein Associates Inc. Past president of the American Finance Association.

Richard K. Lyons, Bank of America Dean and Professor. Ph.D. (economics), Massachusetts Institute of Technology. Foreign exchange markets: volatility, volume, high frequency dynamics, and dealer behavior; micro-institutional approach to foreign exchange; transparency in dealership markets. Trustee for Matthews International Funds.

Michael Melvin, Managing Director and Head of Currency Research, Barclays Global Investors. Ph.D. (economics), UCLA. International finance and exchange rate modeling. Co-Editor Journal of International Money & Finance.

John O’Brien, Adjunct Professor. MS. (operations research), University of California, Los Angeles. Faculty Director, Master’s in Financial Engineering Program. Managing Director at Credit Suisse Asset Management (CSAM).

Cofounder, chairman, and CEO of the investment firm Leland O’Brien Rubinstein. Cofounder and original chairman & CEO of Wilshire Associates (originally named O’Brien Associates).

Terrance Odean, Willis H. Booth Chair in Banking and Finance. Ph.D. (finance), University of California, Berkeley. Behavioral finance.

Eric S. Reiner, Managing Director, Group Risk Control, UBS AG, New York and Zurich. Ph.D. (chemical engineering), University of California, Berkeley.

Mark Rubinstein, Paul Stephens Professor of Applied Investment Analysis. Ph.D. (finance), University of California, Los Angeles. Options markets, dynamic investment strategies, option pricing theory, exotic options, implied binomial trees, portfolio management software. Winner of nine prizes for papers in financial economics; 1995 Financial Engineer of the Year. Co-author of Options Markets and author of the innovative and comprehensive text, Derivatives: A PowerPlus Picture Book. Founding principal of the investment management firm Leland O’Brien Rubinstein Associates. Past president of the American Finance Association. Advisor on derivatives to the SEC, the CBOE and other exchanges, and numerous financial firms.

Leonid Sagalovsky, Former Head of Financial Engineering, Sun Trading LLC. Ph.D. (physics), University of Illinois at Urbana-Champaign. M.S. (financial mathematics), University of Chicago. High-frequency trading, electronic market microstructure, trading models and algorithms.

Jeff (Yuqing) Shen, Managing Director, Head of Asia Equity, Barclays Global Investors (BGI). Ph.D. (finance), Stern School of Business, NYU.

Richard Stanton, Professor of Finance and Barbara and Gerson Bakar Faculty Fellow. Ph.D. (finance), Stanford University. Mortgage and lease markets,

term structure modeling, mutual funds and risk management, employee stock options.

Domingo Tavella, Principal of Octanti Associates, Inc. Ph.D. (engineering), Stanford University. Computational methods in financial pricing, stochastic simulation in finance and insurance, financial software development strategies and methods, risk management strategies in finance and insurance, hybrid insurance structures.

Alexei Tchistyi, Assistant Professor of Finance and Real Estate. Ph.D. (business), Stanford. M.S. (applied mathematics and physics), Moscow Institute of Physics and Technology. Financial innovations, mortgages, mortgage-backed securities, moral hazard, contact theory.

Suneel Udpa, Lecturer. Ph.D. (accounting), Washington University, St. Louis. Evaluating ASPs and reducing costs through outsourcing.

Rossen Valkanov, Assistant Professor. Ph.D. (economics), Princeton University. Empirical asset pricing, econometrics, macroeconomics, term structure modeling, properties of long-horizon returns.

Johan Walden, Assistant Professor. Ph.D. (financial economics), Yale University. Ph.D. (applied mathematics), Uppsala University. Bubbles and crashes in economies with long horizons, heavy-tailed distributions in financial markets, human capital and capital markets, and numerical option pricing.

Nancy E. Wallace, Professor and Real Estate Group Chair. Ph.D. (urban and regional planning), University of Michigan. Mortgage contract design, mortgage prepayment and valuation models, asset-backed securitization and pricing, real estate price dynamics, real options in real estate.

Finance Professor Hayne Leland won the first-ever Stephen A. Ross Prize in 2008 from the Foundation for the Advancement of Research in Financial Economics (FARFE) for his research in corporate debt pricing and capital structure. A consortium of finance academics and practitioners from around the world, the foundation cre-ated the $100,000 prize last year to recognize and encourage research in financial economics – a field that explains the underpinnings of cor-porate finance and capital markets. Leland won the award for his 1994 Journal of Finance paper, “Corporate Debt Value, Bond Covenants, and Optimal Capital Structure.” The paper analyzed how firms determine the optimal mix of debt and equity to acquire funding at the lowest cost.

The Center for Teaching Excellence

The Center for

Teaching Excellence

(CTE) promotes best

practices in teaching

and learning inside

and outside the classroom.

Leveraging the experience and

insights of veteran instructors,

as well as a wide variety of instruc-

tional tools and training resources,

the CTE manages a full and

continuous spectrum of activities

and services to continually improve

the way education is delivered

throughout the Haas School.

As a student in the MFE program, you join a small, tight-knit community of peers. Teamwork and collaboration are staples of

the program, and with only about 60 students in each entering class, you will

form close bonds with your fellow classmates as you work together on class

projects and activities.

You will also benefit from the larger Haas School community, which is

distinguished by a unique and engaged student population that is actively

involved in planning world-class events, conferences, and networking

functions. While Haas students represent a broad spectrum of programs,

backgrounds, and experiences, they all possess the confidence without

attitude that Berkeley graduates are known for.

A Wealth of Diversity

Resourceful, intelligent, energetic, and, above all, highly motivated: all of

these are hallmarks of Berkeley MFE students. Many students have already

achieved significant success in their careers, as well as in their prior academic

lives—over half have already earned post-graduate and doctoral degrees

in other, related areas of expertise. Most MFE students have backgrounds in

quantitative disciplines upon entering the program.

Because they are diverse and unique as individuals, Berkeley MFE students

contribute to the wealth of their classmates’ experience while in school, and

add great value to one another as fellow alumni in future endeavors around

the world. The relatively small size of the MFE program permits students

to get to know most members of their class—strong connections develop

between faculty and students, and among students.

A Close-knit Peer Network

As a complement to their coursework, students also have the opportunity to

get involved in clubs and extracurricular activities. The student-run Financial

Engineering Student Association (FESA) represents student interests to the

MFE and Haas administrations and coordinates events specifically tailored

to MFE program students. In the past, FESA has sponsored activities as

diverse as barbecues, bowling, karaoke, dinners, bar nights, and trips to local

attractions such as Napa Valley and Lake Tahoe. Many of the events allow

students to bring their families.

Coming to Haas means joining the vibrant, thriving community of a top-

ten business school at a premier university. From networking mixers to

annual conferences, guest speakers to school-wide events, there’s always

something happening at Haas. And, as a member of our highly active student

community, you will have the opportunity not only to attend these stimulating

and exciting activities, but also to participate in creating and planning them.

A C O L L A B O R A T I V E C O M M U N I T Y

18

Peter Chromiak MFE 09Associate Financial EngineerSpot Trading LLC, Chicago

Previous degree:

BA, EconomicsColumbia University, New York City, New York

Previous job:

Trading AssistantMBF Clearing Corporation, New York City, New York

Internship:

Spot Trading, Chicago, Illinois

Pete describes himself as a “planner” so it’s no surprise that he organized his search for an MFE program around what he needed to move his career forward: a well-structured program with a top reputation and a strong focus on job placement. He also liked the sense of community at Haas, among both students and alumni. Serving as president of the Financial Engineering Student Association gave him the opportunity to strengthen that community.

An Active Student Community

“It was fun to help organize events for the entire class: a trip to Tahoe, and tickets and a tailgate party for the Cal-Colorado football game.

Diversity with a Shared Direction

“My classmates were incredibly diverse in their backgrounds, but we were homogeneous in our goals for the future. When we worked together on projects, a classmate with a Ph.D. in physics could have helped me with the math, and I could have helped him with the market intuitions and lessons I learned working as a trader.”

Gaining Confidence and Knowledge

“I can’t tell you how much I learned in my courses, from my professors and my classmates—and I came to the program with practical, trading floor experiences. I gained confidence in myself and my understanding of the industry. I can hold my own in a conversation with seasoned professionals.”

MFE Class of 2010 Admissions

Students Applications Received: 401

Enrolled Students: 65

Enrollment Profile

Countries Represented: 21

Average Age: 28

Average Years of Post-University Experience: 4.22

Undergraduate Institutions Represented: 43

Average Undergraduate GPA: 3.66

Graduate Institutions Represented: 32

Degrees Held

Bachelor’s: 49%

Master’s: 38%

Ph.D: 13%

JD: 2%

MD: 2%

Prior Majors

Engineering: 40%

Mathematics: 17%

Business: 9%

Natural Sciences: 8%

Computer Science: 6%

Humanities: 6%

Economics: 5%

Finance: 3%

MBA: 3%

Other: 3%

Selected Prior Employment

Finance: 48%

Engineering: 14%

Other: 9%

Research & Development: 9%

Information Systems: 5%

Consulting/Management Services: 3%

Education: 3%

Accounting/Auditing: 2%

Operations: 2%

Confidence Without Attitude

19

20

T H E U N I V E R S I T Y O F C A L I F O R N I A , B E R K E L E Y

21

The Haas School Experience

20

Consistently ranked one of the top business schools in the country, the Haas School of Business has a solid reputation for quality and leadership. The business school at

The University of California, Berkeley, was founded in 1898, making it the

second oldest collegiate business school in the United States, and the first

at a public university. Rank, reputation, and experience combine to offer Haas

students a rich spectrum of quality resources, noteworthy events, and high-

profile speakers.

A University Second to None

In addition to attending a premier business school, Haas students join the

larger community at one of the most esteemed universities in the world. The

mission of the University of California is to excel in research, teaching, and

public service. Over the decades, this mission has developed a culture at

UC Berkeley that stimulates greatness.

With the Berkeley MFE program, you earn a degree from a university

whose name and reputation open doors around the globe. The proof is in

the university’s distinguished record of Nobel-level scholarship, constant

innovation, concern for the betterment of our world, and consistently high

rankings of its schools and departments.

Since its founding in 1868, UC Berkeley has grown with the rapidly expanding

population of California and responded to the educational needs of the

developing state. By the 1930’s, research at UC Berkeley burgeoned in

nuclear physics, chemistry, and biology, leading to the development of the

first cyclotron, the isolation of the human poliovirus, and the discovery

of all the artificial elements heavier than uranium, including Berkelium

and Californium. Twenty members of the UC Berkeley faculty have been

awarded Nobel prizes for these and subsequent achievements in science,

literature, and economics. Today, according to the National Research

Council, UC Berkeley ranks first nationally in the number of graduate

programs in the top ten in their fields. In fact, 97% of the university’s

programs made the top-ten list.

The Perfect Location

Additionally, few geographical areas in the world can meet, let alone

beat, the university’s location. The San Francisco Bay Area boasts

stunning natural beauty, seductively benign weather, an atmosphere

charged with a worldly sophistication, and a distinctive openness to

new ways of thinking. It is home to an innovation ecosystem unequaled

anywhere in the world, with venture capital firms, established technology

powerhouses, and thriving biotech and digital media industries. Many of

the most dynamic names in business, from Charles Schwab to Google,

call the region home. Innovation is a part of the ethos in the area, and

you feel it every day at Haas.

Arthur Cunha MFE 10Previous degrees:

PhD, Engineering University of Illinois at Urbana/Champaign

MS, Engineering Pontifical Catholic University, Rio di Janeiro, Brazil

Internship:

BNP Paribas, New York, New York

“The business school aspect of the Haas program is important to me. Other programs offer a more mathematical or analytic perspective. I already had that. At Haas, I am gaining more expertise in the soft skills that you need to succeed in the front office.”

“The Haas Alumni Network is a great advantage. Getting to know others and getting to be known is how you make a career. I’ve already been involved in alumni events here in New York City.”

Founded in 1868

Flagship campus of the University of California

33,933 students from 101 countries

23,863 undergraduate students

10,070 graduate students

1,953 faculty members

Nearly 340 degree programs

Over 436,000 alumni worldwide

1,232 acre campus

UC Berkeley

UC BerkeleyAcademic and Faculty Distinctions • Ranks first nationally in the number of graduate programs in the top ten in their fields (National Research Council)

• The only university with Ph.D. programs ranked in the top five across all 15 categories in the 2006 edition of US News and World Report’s listing of top graduate schools

• Ranked #2 in the nation in the 2006 Washington Monthly College Rankings based on three main criteria: performance as an engine of social mobility, research output, and promotion of a service ethic

• The leading institution in awarding doctoral degrees to minorities and women

• 21 Nobel Prize laureates (including Haas’ 2009 recipient Oliver Williamson, and the late Haas Professor John Harsanyi)

• 201 American Association for the Advancement of Science Awards

• 229 American Academy of Arts and Sciences Awards

• 76 Fulbright Scholars

• 383 Guggenheim Fellows

• 28 MacArthur Fellows

• 85 National Academy of Engineering Awards

• 131 National Academy of Sciences Awards

• 14 National Medal of Science Awards

• 92 Sloan Fellows

• 5 Wolf Prizes

• 3 Pulitzer Prizes

• 1 National Poet Laureate

22 23

Apply to the Berkeley MFE Program

Every year, the Berkeley MFE Program enrolls approximately 60 bright and diverse students from a variety of backgrounds. We encourage you to explore the Berkeley

MFE program further, and we invite you to apply for admission.

The MFE degree at the Haas School can be completed in 12 months of full-

time coursework. Applications are accepted year-round. The program begins

and ends only in the spring, and is not available part-time. The MFE Program

does not accept any credits or transfers from other universities.

GMAT or GRE

We require that all applicants take either the GMAT or GRE. All GMAT and

GRE scores are valid for five years and should not be older than April 1, 2006.

When ordering GRE reports, use institution code 4833 and department code

4399. For the GMAT, use institution code 4769 and program code N2V-PT-87.

Letters of Recommendation

We require two letters of recommendation. Letters should come from

individuals who are familiar with your training in quantitative methods,

and their remarks should address your ability to apply your quantitative

skills. Letters should be written by individuals in a position to evaluate you

professionally or academically. Recommendations from co-workers, friends, or

family members are inadmissible and can be detrimental to your application.

Interviews

Admissions interviews are conducted on an invitation-only basis. Please do not

call the office to request an interview. You will be contacted by the MFE program

office if an interview is necessary to make a decision on your application.

International Applicants

If you are not a United States citizen or US permanent resident at the time

you apply to the MFE Program, you are considered an international applicant.

Applicants from outside the United States should complete their application

materials and requisite tests early. As an international applicant, you should

also be aware that you are not eligible for financial aid and should be prepared

to provide your own financial support and healthcare coverage. For more

information on applying as an international student, visit the Services for

International Students and Scholars website at ias.berkeley.edu/siss/.

For the MFE application and detailed admissions instructions, visit

mfe.haas.berkeley.edu.

22 23

Financial Aid

The MFE Program does not offer scholarships or grants. All assistance is in

the form of loans which must be repaid beginning six months after graduation.

The different types of assistance available include Federal Direct Student

Loans, private loans, and private scholarships. US citizens and permanent

residents are eligible to apply for Federal Direct Student Loans, and both

US residents and international students are eligible for supplemental loans.

Graduate students. Due to the nontraditional academic calendar of the MFE

Program, students must file two loan applications for the full MFE program.

For complete information

on financial aid options and

applications, please visit haas.

berkeley.edu/MBA/finaid/index.html.

Computer Costs

MFE students are required to have

their own powerful laptop computer.

Various manufacturers offer

students discounts at the Scholar’s

Workstation, the campus computer

store. Visit tsw.berkeley.edu.

Housing

Berkeley graduate students live

in both university and off-campus

housing. Housing in the Berkeley

area is expensive and often in short supply, so you should plan ahead to

ensure that you will have a place to live before classes begin. There are

several different housing options are available, including single-occupant

apartments, family housing, and on-campus residences. If you are interested

in applying for university housing, do not wait for notice of admission to seek

information. For more information, visit housing.berkeley.edu/housing.

Alexandre Jacquet MFE 10Previous degree:

BS, EngineeringEcole Centrale de Paris, France

Internship:

Emerging MarketsJ.P. Morgan, London

“Haas is giving me the applied approach to mathematics in the financial area that my previous education, which was highly theoretical, lacked. Here, my professors emphasize the intuition behind the models we study.”

“Professor Michael Melvin, who works at Blackrock (previously known as Barclays Global Investors), presented an amazing class about Foreign Exchange Markets. It was probably the best course I have ever taken anywhere. Classes like this are why I came to Haas.”

MFE Admissions

Application Deadlines & Review Schedule for the Academic Year Beginning March 2010

Completed application received by:

January 21, 2010

April 1, 2010

June 22, 2010

September 1, 2010

Application will be reviewed by:

March 20, 2010

June 1, 2010

August 21, 2010

November 1, 2010

The Berkeley MFE Program has one of the most reasonable tuition and fee structures of any top program. The program and financial aid offices will work with you help determine the best approach to financing your eduction.

Below are the estimated costs of attending the MFE program. As these official figures are averaged for all UC Berkeley students, actual costs may be higher.

Tuition $50,402*

University Health Insurance $2,547*

Living Expenses $29,235*

Books, Supplies $2,500*

Total Estimated Expenses $84,684*(12 months)

*all costs are subject to change

A D M I S S I O N S A N D F I N A N C I A L A I D

23

Requirements

• Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE) General Test.

• A strong quantitative background includ-ing linear algebra, multivariate calculus, differential equations, numerical analysis, and advanced statistics and probability

• Prior experience in computer program-ming (examples: Visual Basic, Matlab, C++) and familiarity with computers as a computational and management tool

• Excellent writing, speaking, and presentation ability in English

• Valid degree from an accredited institution, comparable to the four-year bachelor’s degree from Berkeley

• Sufficient training to undertake graduate study in the chosen field

• A satisfactory scholastic average, usually a minimum of 3.0 in upper-division work

Recommendations

• Work or research experience in a quantitative discipline

• Experience with statistical and econometric applications (examples: SAS, Gauss, RATS, S-Plus, Garch)

• Experience with mathematical tools (examples: Matlab, Mathematica, or MathCad)

In some cases, applicants may be admitted conditionally on the successful comple-tion of one or more recommended courses before enrollment in the program.

Heather Russell MFE 08Assistant Director, Single Obligor GroupMoody’s KMVSan Francisco, California

Previous degree:

Ph.D., MathHarvard University

BS, MathCalifornia Institute of Technology

Internship:

Moody’s KMV, San Francisco, California

“As soon as I was admitted, the program office started giving me advice on preparing for success. Their support continued throughout the year, especially in finding an internship, which turned into a full-time job.

“Companies want to hire people who can be immediately productive. My Berkeley MFE helped me make a strong, smooth transition. The Haas professors don’t teach things just because they are theoretically interesting, but because they are what will give you an edge on the job.”

*Late applications will be accepted through November 15, 2010

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From the DeanI welcome your interest in the Berkeley MFE

Program at the Haas School of Business. The

first program of its kind at a business school,

the top-ranked MFE program here at Haas

continues to offer a rigorous and innovative

curriculum, as well as the most successful

career services record of any similar

program.

The Berkeley MFE Program’s emphasis on

excellence and innovation defines the Haas

and UC Berkeley environment and culture. Like all Haas students,

Berkeley MFE students are intelligent, independent minded,

forward thinkers who want to do great things in their lives. Haas

faculty members are characterized by their pioneering work

that brings new knowledge, insights, and best practices to the

world of business, while their outstanding teaching transmits this

knowledge to our MFE students. Our professional staff supports

the MFE program through their fresh ideas and hard work. And

the strong, deep Haas alumni network enables MFE alumni to take

full advantage of this powerful coalition of talented, successful

individuals. This is a program and a school that sets minds alight,

and sets lives on a brighter course.

I encourage you to learn more about our innovative program and

invite you to come to the Haas School in person and meet with our

faculty, staff, and students.

Sincerely Yours,

Richard Lyons

Bank of America Dean and Professor

Walter A. Haas School of Business

The best way to know what it’s really like to be a Berkeley

MFE student is to come visit and meet some students

and faculty. Visiting gives you a chance to learn more

about the Haas culture and community, and to check out

the facilities.

Information Sessions

We invite you to come to one of our group information

sessions. On-campus sessions are held from 12:00 to 1:00

p.m. on the first business Monday of every month. You

will be able to tour the MFE lab and ask questions of the

program director and admissions officers. In addition, we

hold information sessions in major cities around the world

throughout the year. Please check our information session

calendar at mfe.haas.berkeley.edu. To participate, register

online at ssl.haas.berkeley.edu/MFEAdmissions/events/.

Pre-program Courses

The MFE program also offers pre-program courses to

help prospective students review the concepts necessary

to be successful in the MFE program. Current courses

run from January to March each year and include Math

Foundations for Financial Engineers, C++ Programming for

Financial Engineers, and Statistics for Financial Engineers.

Enrollment is open to the public, and we strongly

encourage individuals who are thinking of applying to the

program to enroll.

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T H E B E R K E L E Y M F E P R O G R A M

Visit to Learn More

As executive director, my role—among other things—is to develop and maintain

contacts with firms to find opportunities for the students and place them in internships

and full-time positions.

Establishing strong relationships with the industry has given me a thorough

understanding of the needs and requirements of the marketplace, including potential

employers. This is an active and ongoing process that started long before the MFE

program was actually launched, and these relationships have been very valuable to the

program in many respects. They have helped us to quickly establish a reputation, and

we’re able to identify the skills that are most likely to be in demand.

Linda Kreitzman

Executive Director of the Berkeley MFE Program