Mfe Prog Guide 2009

7/25/2019 Mfe Prog Guide 2009

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The Berkeley MFELeading Through Innovation

Masters in Financia

Engineering


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Real-World Solutions for


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Financial engineers play an increasingly integral role in investment

banks, commercial banks, and other corporations. Anticipating thisneed has been the Masters in Financial Engineering (MFE) Programat the Haas School of Business, ranked #1 by Global Derivativesin2004. We are readying a new generation of professionals to applytheoretical finance knowledge, numerical techniques, and statisticaland computer modeling skills to structured financial products withcustomized risk/return profiles to control risks and make informedpricing, hedging, and portfolio management decisions.

Contents2 Program4 Services6 Careers8 Curriculum10 Faculty12 Admissions14 Fees & Costs16 Frequently Asked Questions

As a Berkeley MFE student, you learn to think like a financial economist and gain

market savvy and in-depth understanding of the mathematical framework that

underlies financial markets. You benefit from the application-oriented approach

of the curriculumthe only MFE curriculum developed completely by a business

school. Through the program, you will launch your career having gained experience

in dealing with exotic derivatives instruments and complex structured products

for all asset classes, such as fixed income, equities, credit, and commodities. That

experience comes not only from coursework, but from a hands-on applied finance

project and a ten- to twelve-week internship.

Studying at one of the nations top-ranked business schools also affords access to

top-notch research tools, career services, and corporate contacts. We will help you

hone your job-seeking skills and will work actively to connect you with employers

that can offer challenging and rewarding internships and full-time positions.

In choosing to pursue an MFE at the Haas School of Business, you choose a

rigorous course of study delivered by one of the best finance faculties in the world

with professors who are practitioners as well as dedicated researchers. The

programs small size encourages students to learn from each other and its topacademic standards allow for teaching at the highest level. Designed to keep you

ahead of industry innovations, the Berkeley MFE Program positions you to apply

quantitative rocket science to real-world financial problems.

M F E

Financial Problems


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The MFE Program at the Haas School of Business preparesstudents for technically sophisticated jobs in investment banks,insurance companies, money management firms, hedge funds,treasury departments, diversified financial services companies,asset-management firms, and equity/venture capital firms, aswell as other non-financial corporations. The program serves studentsseeking comprehensive technical knowledge of arbitrage, hedging, futures and

options pricing, portfolio management, trading, and dynamic investment strategies

in bond, currency, options, and other financial markets.

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

with strong quantitative skills and focused career interests. 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. The combination of skills understanding of complex financial strategies, financial modeling ability, and

computational proficiency is in high demand, and is difficult for employers to find

in graduates of standard MBA or engineering programs. As an MFE student, you

will learn how to combine modern portfolio theory and computational methods

with a practical knowledge of the forums in which you can employ these skills.

Quality Instruction

The MFE faculty is comprised of distinguished finance instructors from the

Haas School of Business at UC Berkeley, the Anderson Graduate School of

Management at UCLA, UC Irvines Paul Merage School of Business, and

UC San Diegos Rady School of Management. The MFE faculty performs

preeminent research in quantitative finance, research that feeds directly into

the MFE curriculum. Many of these scholars also have practical experience inthe creation of financial instruments and software and the implementation of

innovative financial strategies. Their expertise is widely recognized and respected.

Competitive Admissions

The MFE program office expects to receive a very large number of applications

for the 2009-2010 admissions cycle. The 60 students who are enrolled will have

a high level of intellectual curiosity, a strong interest in finance, and strong ana-

lytical skills. Though there is no specific degree requirement, most students will

have backgrounds in quantitative disciplines such as mathematics, statistics, the

physical sciences, engineering, operations research, computer science, finance,

or economics. It is also expected, though not required, that applicants have work

or research experience in which they have applied quantitative skills creatively.

In order to screen for candidates who have the ability to succeed in the program,the admissions committee carefully reviews all parts of an individuals application,

including grades, test scores, recommendations, and essays.

T H E M F E E X P E R I E N C E

The Leading Edge of Innovation

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Jim GillilandMFE 02Head of International Fixed Income InvestmentsBarclays Global InvestmentsSan Francisco, California

Previous degree:

BS, FinanceUniversity of British Columbia

Previous position:

Chief StrategistHSBC Asset Management Canada

I chose Haas for its worldwide reputation andfor the MFEs business-focused coursework inportfolio management, quantitative risk man-agement, and dynamic investment strategies,says Jim Gilliland. The Haas MFEs uniquebroad training in applying quantitative methodsenabled me to integrate and build upon mybackground in finance and mathematics.

Ranked #7 among the top 20 rising stars offixed income by Institutional Investor News,Gilliland is responsible for the North AmericanFixed Income investment activities that driveactive strategies across credit, securitizedcredit, sovereign and emerging markets. Since

joining BGI in 2002, he has been responsiblefor a variety of research and strategy relatedactivities. Gilliland has over 12 years of experi-ence managing institutional portfolios.

Prior to joining BGI, Gilliland was chief strate-gist for HSBC Asset Management Canada.While at HSBC, he was co-head of the invest-ment team and responsible for deriving andimplementing the firms asset allocation andfixed income strategy. In addition, he served onthe Global Investment Strategy Group and wasa member of the firms board of directors.


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Interns, Goldman Sachs

Alain GriveauMFE 08 (left)Volatility Strategies, Equity DivisionGoldman SachsTokyo, Japan

Previous degrees:

MS, Nuclear EngineeringUniversity of California, BerkeleyBS, EngineeringEcole Polytechnique (France)

Learning both advanced quantitativemethods used in finance and essentialbusiness insight was facilitated by theemphasis on teamwork and project-based learning. The MFE Program isa great complement to my engineeringbackground and has ideally prepared meto address real-world financial problems.

Delphine BouyssarieMFE 08 (second from left)Sales StrategistGoldman SachsNew York, New York

Previous degree:

BS, Applied MathematicsEcole Nationale des Ponts et Chausses (France)

With its strong practical focus, the

MFE Program has complemented mytheoretical background in financialmathematics. I chose this programbecause of its renowned faculty, itsbalanced curriculum, and the promiseof a challenging year. Not only has theprogram totally met my expectations,but it has also given me the opportunityto discover an incredibly dedicated staffsupporting the program. Furthermore,the MFE Programs ties to the industryhave offered me tremendous internshipopportunities in fact, its career place-ment is, in my mind, what really makesthis program stand out.

Andrew CowanMFE 08 (second from right)Strategist in the Special Situations GroupGoldman SachsNew York, New York

Previous degrees:

M.Eng, Artificial IntelligenceMcGill University (Canada)B.Eng, Electrical EngineeringMcGill University (Canada)

Haas simply has the best MFE prograThe faculty is very distinguished, drawing as it does from several of the UCcampuses. The caliber of the studentsis often intimidating. And perhaps moimportantly, the program is very careefocused with an impressive track recofor career placement. In addition, theprogram is very demanding the cur-riculum is designed to give the solidgrounding in the financial theory andmathematics necessary to understandthe complex products being traded intodays markets. The markets have beevolving extremely rapidly over the lafew decades, with credit derivatives,carbon emission trading, informationmarkets, etc. I hope to someday helpredefine the markets in a new way thawill add value to peoples lives.

Xavier FixarisMFE 08 (right)Equity Exotics/Hybrids tradingGoldman SachsHong Kong

Previous degree:

BS, EngineeringEcole Centrale Paris (France)

The Haas MFE has provided me withthe practicality of a business programalong with a strong quantitative training. It has helped me develop a goodintuition about derivatives and financmarkets, and perfectly complementsmy engineering background.

Tailored CurriculumMFE 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 the 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 advancedderivatives courses where students can easily

understand their relation to similar products

insurance and option contracts.

The MFE program requires satisfactory comple-

tion of 28 units of coursework plus an internship or

on-site project. In addition to coursework, the MFE

educational experience includes the following:

Financial Practice Seminars: MFE students are

encouraged to attend weekly discussions held by

finance practitioners. In the first term, speakers

discuss jobs available to graduates of the MFE

Program and the skills needed to contribute to

a firms 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.

Applied Finance Project: 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.

Internship Program: The Internship/Special Topics

in Finance project is a required condition for gradu-

ation. The internship, approved on-site project, orfaculty-supervised applied finance project takes

place from mid-October to mid-January.


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Computing ServicesFirms employing financial engineers often operate in dynamic, computerized envi-

ronments, using the latest financial software and databases; employees work in

project teams both in-house and via international links. The Haas Schools MFE

labs provide students with the opportunity to learn in similar environments to

those they will use in the business world. Many MFE courses require the use of

complex software tools and analytical programs. Through many hours of hands-on

experience, students master the skills that will be required in their future careers.

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 development tools are also available. The

MFE Program provides students 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 projects and keep faculty and students abreast of advances in

financial tools and technology.

The Haas campus and classrooms are equipped with WiFi technology allowing

MFE students with wireless laptops easy access to Haas resources and the

Internet. Using wireless technology, students are ensured constant connectivity

when moving between different classrooms and labs. One such location is the

Fong Collaboratory, a lab designed for group projects, where students can also usecommunication tools such as Smartboards.

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 librarys CD-ROM network, Datastream, Compustat,

CRSP, Reuters Research on Demand (RRoD), Factiva, Global Financial Database,

JSTOR, Business Source Premier, and Lexis-Nexis Academic. For more informa-

tion, visit www.lib.berkeley.edu/BUSI.

S T U D E N T S E R V I C E S

Supporting Your Success

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Shannon ErdmannMFE 08MFE internship:

Associate, EquityLehman BrothersNew York, New York

Previous degree:

BS, Statistical ScienceUniversity of California, Santa Barbara

The MFE Program is unique in that it providesan outstanding education in both financialengineering and in interview preparedness.For this reason, I feel that I had a greatadvantage in interviewing for my ideal job.


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Career Planning and PursuitFrom Barclays Global Investors to

Lehman Brothers, Berkeley MFE gradu-

ates are in demand. A highly dedicated

MFE Program staff works to maximize

the job-seeking skills of students and

employs an extensive network of con-

tacts to secure both internships and

career positions.

The MFE program office provides pre-

sentation workshops, mock interviews,

resume and proposal writing assistance,

and career counseling. The office alsoarranges for recruiting events and on-

campus interviews.

MFE students may also take advantage

of services available at the Chetkovich

Career Center at Haas. Students are

able to attend corporate presenta-

tions and make full use of the career

centers online company research

databases. MFE students may also

participate in resume drops for on-

campus interviewing opportunities

posted on the career center website.

Last year, 100% of MFE students

secured a 10- to 12-week internship,

which took place over the winter

break. After completion of 75% of their

coursework, the students are ready to

have immediate impact in the areas

of valuation, pricing, trading, risk

management, project evaluation, and

portfolio management decisions. Firms

interested in hiring interns submit

a topic, short-term project, or skill

set they need fulfilled, and qualified

students reply with one-page work

proposals and resumes. The process

also introduces financial firms to those

graduates who will be available for

career positions post-graduation.

Stelios KasselakisMFE 08 (left)Market Analysis/Statistical ArbitrageMerrill LynchHouston, Texas

Previous degree:

BS, Mechanical EngineeringMassachusetts Institute of Technology

Students in the Berkeley MFE Programare prepared rigorously in this new financialera where the convergence of math, finance,and computer science is the norm. A finan-cial engineering degree is the inevitablerequirement in the current evolution ofWall Street. This is why I made the choice topursue my degree at Berkeley.

Su Jin LeeMFE 08 (second from left)AssociateMerrill LynchNew York, New York

Previous degree:

BA, Finance

Seoul National University (Korea)

The MFE has helped me apply myquantitative skills and finance knowledge tothe real problems in quantitative finance. Acombination of a well-organized curriculum,various internship opportunities and excellentcareer care makes the Berkeley MFEprogram distinguished in this area. Also Ilearned much from, and had fun studyingwith, my outstanding classmates with theirdiverse backgrounds

Bram KaplanMFE 08 (second from right)Fixed Income StructurerMerrill LynchLondon, England

Previous degree:

BS, Actuarial ScienceUniversity of Waterloo

The Haas MFEs strong reputation iswell deserved. The program combinestop-notch faculty who are prominent in fields of research with superlative careeplacement. Moreover, the skills andknowledge taught in the MFE Programare in high demand within the financialindustry. The rigorous courses in quantimethods and financial theory provide a underpinning for a career in finance.

Rejean DupuisMFE 08 (right)Equity Derivatives ResearchMerrill LynchLondon, England

Previous degrees:Ph.D., AstrophysicsUniversity of Glasgow (UK)BS Math and PhysicsMt. Allison University (Canada)

The Haas MFE Program offers an intentraining in quantitative finance. The courare taught by an impressive group ofacademics and professionals. One of thegreatest strengths of the program is theassistance provided to students, rangingorganizing interviewing skills workshopsone-on-one resum advice to helping seinternships leading to full-time positions

Interns, Merrill Lynch


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Full-time Employers ofMFE Graduates

AXA Rosenberg

Bank of Canada

Barclays Capital

Bear Stearns

Bear Stearns International Ltd

Barclays Global Investors

Bloomberg

BNP Paribas

BNP Paribas Japan

Calyon

Citigroup Global Markets

Countrywide FinancialCredit Derivatives Research LLC

CSFB

CSFB Asia

Drake Management

Ernst & Young

Fannie Mae

Fitch Ratings

Global Energy Decisions

Goldman Sachs

Goldman Sachs Japan Co. Ltd

JP Morgan

Lehman Brothers

Lehman Brothers Japan

LRG Capital Group LLC

Monetary Authority of Singapore

Mellon Capital Management

Merrill Lynch

Moody's KMV

Morgan Stanley

MSCI BARRA

ORIX Capital Markets

PIMCO

Royal Bank of Scotland ( RBS)

Shinsei Bank Japan

UBS Hong KongUnited Overseas Bank

Wachovia Securities

Wells Fargo

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

Employment Report

CreditReporting2%

CommercialBanking9%

InvestmentBanking63%

Job Market

Job Functions

Job Industries

Asset-backedSecurities9%

Commodities4%

CorporateFinance4%

Credit30%

Equity19%

FixedIncome28%

ForeignExchange4%

PrivateEquity2%

Consulting2%

Sales &Trading18%

CreditRisk4%

Strategy

10%

Research26%Risk

Management8%

StructuredProductsDerivative22%

Trading10%

AssetManagement13%

ConsultingInvestmentResearch9%

FinancialSoftware4%

007 MFE Statistics

tal Offers: 100

tal Students with Offers: 59

of Students with Offers: 100% (59/59)

tal Students Placed: 59

of Students Placed: 100% (59/59)

erage First-year Compensation: $153,934

edian First-year Compensation: $148,500

erage First-year Bonus*: $54,829

edian First-year Bonus*: $51,000

erage First-year Base Salary: $98,447

edian First-year Base Salary: $95,000

onus includes sign-on, Un-guaranteed,aranteed, and Relocation


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Terry BenzschawelDirectorQuantitative Credit Modeling & Analytics GroupCitigroup Global MarketsNew York, New York

I have been recruiting from the UC BerkeMFE Program since early in its inception.Over the years, the Berkeley MFE Program

has become an increasingly important souof new talent for our firm. In my role asrecruiter, I interview applicants from nearlall the major financial engineering programworldwide. I consistently find Berkeleys tobe the top program on an overall basis.

The program design is outstanding, start-ing with the faculty, who are first-rate innearly every area of financial engineering.Furthermore, the programs curriculum isthe most wide-ranging of those I am awareof, and the students accepted are of thehighest quality. Finally, the willingness ofthe program designers to reach out to WalStreet practitioners for ideas on candidatequalifications and curriculum has ensured

the program evolves to meet the ever-chaning needs of the financial community. I havseen those needs continue to increase ovethe years and expect that trend to continue

2008 Internship Statistics98%of students sought MFE internships (64

100%of students seeking internships heldinternships (64/64)

100%of internships were paid (64/64)

Internship Salary (domestic)Average Monthly Salary $8,157

Median Monthly Salary $8,083

InternshipsThe Haas Schools MFE internship

program runs in the fall from mid-

October to mid-January. During this

10-12 week period, students are

required to complete a challenging

project in quantitative finance at a

leading financial organization, or at

Berkeley under faculty supervision.

Primary Internship Locations,MFE 08

New York - 30

San Francisco Bay Area - 18Tokyo - 5

Hong Kong - 3

London - 4

Internship Companies, MFE 08


BNP Paribas

BNP Paribas HK

Cedarview Capital

Citigroup Global Markets, Inc.

Citigroup Markets and Banking

Duff & Phelps

Financial Mechanics LLCGoldman Sachs & Co.

Goldman Sachs Asia

Goldman Sachs Japan Holdings

JP Morgan

Lehman Brothers

Mellon Capital Management

Merrill Lynch

Merrill Lynch Commodities

Merrill Lynch, Pierce, Fenner & Smith

Limited

Moody's KMV

Morgan Stanley

Morgan Stanley, LondonMSCI BARRA

PMI Mortgage Insurance Co.

Shinsei Bank

Spot Trading

Standard & Poors

UBS Securities Asia Limited

WR Hambrecht

Select Internship TitlesActive Equity Research Intern

Analytics Intern, MBS Modeling

Associate, Algorithm Trading

Associate, FX Option Desk

Associate, Global Research

Associate Intern

Associate Intern, Quantitative Research,Market Derived Rating (MDR)

Associate Intern, Research

Associate, Quantitative Strategies forEquity Based Investment

Associate, Strategist

AVP Portfolio Manager & Trader,Fixed Income

Credit Analyst, Credit Modeling

Credit Derivatives Intern

Credit Modeling Intern

Credit Risk Research Intern

Fixed Income Strategist

Hybrid Analyst Intern

Intern Associate, ABS Structurer

Intern Associate, Financial Engineer

Intern Associate, Fixed IncomeStructurer

Intern, Credit Derivatives Research

Intern, Equities - Desk-based

Intern, Hedging Strategis

Intern, Portfolio Management &Pricing

Intern, Rotational Program,Equity Derivatives

Research Analyst

Research Analyst, Equity Research

Senior Analyst, Fixed Income

Derivatives Trading

Trading Assistant

VP Fixed Income, Mortgage BackedSecurities


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T H E M F E C U R R I C U L U M

A Solid Foundation

MFE 230A Fundamentals of FinancialEconomics. This course covers the basictheories of asset pricing, from standarddiscounted cash flow analysis to NoArbitrage Pricing technique for securityvaluation. Applications include fixed-income securities, derivatives, andcontingent claims.

MFE230B Advanced Corporate Financeand Real Options.This course discusseshow financial innovation has been usedin order to make better investmentdecisions, mitigate agency problems,reduce costs of financial distress, andalleviate asymmetric information and on

the valuation of real options commonlyembedded in investment projects, e.g.the option to expand, contract, and shutdown operations temporarily.

MFE 230C Derivatives: EconomicConcepts.This course introduces the useand pricing of derivatives. Topics includebasic features of futures and options,binomial and trinomial option pricing, theBlack-Scholes formula, volatility mea-surement, dynamic trading strategies,and exotic options. Course emphasis iseconomic intuition rather than detailedquantitative analysis, with techniques andarguments developed using the simplest

possible mathematics.MFE 230D Derivatives: QuantitativeMethods. This course emphasizes thepricing of derivatives in continuoustime, from the formulation of the pricingproblem to the implementation ofcomputational and numerical solutiontechniques.

MFE 230E Empirical Methods inFinance.This course covers the proba-bility and statistical techniques commonlyused in quantitative finance. Students useestimation application software in exer-cises to estimate volatility, correlations,and stability.

MFE 230F The Design of Securitiesfor Corporate Financing.This courseexplores the role capital markets play insolving financial objectives of issuers ofsecurities and investors. Case analysisand strategic decision-making areemphasized.

MFE 230G Equity and CurrencyMarkets.This course reviews equityand currency markets with an emphasison modeling with historical evidence.Volatility, volume, high frequencydynamics, and dealer behavior in cur-rency markets are considered. Practicalconsiderations used in the implementa-tion of various strategies are considered.

MFE 230H Financial RiskMeasurement and Management.Thiscourse examines financial risk measure-ment and management, including marketrisk, credit risk, liquidity risk, settlementrisk, model risk, volatility risk, and kur-

tosis risk.MFE 230I Fixed Income Markets.Thiscourse provides a quantitative approach tofixed-income securities and bond portfoliomanagement with a focus on fixed-incomesecurity markets, the pricing and usesfor portfolio management, and hedginginterest rate risk.

MFE 230J Success and Failurein Financial Innovation.Studentsparticipate in a series of case studiesincluding portfolio insurance, long-termcapital management, mortgage-backedsecuritization, exchange traded funds,capital structure arbitrage, and corporateenterprise-wide risk control.

MFE 230K Dynamic AssetManagement.This course covers thestrategies for achieving various invest-ment objectives for portfolios/instru-ments (equity, fixed income, currency,mortgages, non-traded assets) and appli-cations (investment funds, pension funds,insurance companies, bank investmentportfolios).

MFE 230M Asset-backed SecurityMarkets.This course explores advancedtopics in mortgage and other asset-backed securities. Students apply the

latest tools in fixed-income analysis andclassic economic and financial models toevaluate securitized bond markets.

MFE 230N Applied Finance Project.This is an applied project exploring anunresolved finance problem that is met inpractice and involves the development oruse of a quantitative financial technique.

The MFE CurriculumTentative schedule: Please visit mfe.haas.berkeley.edu/curriculum.html for the mostup-to-date information.

Spring 2008March 24 - May 23 (8 weeks)

Fundamentals of Financial Economics(2 units)Rubinstein

Empirical Methods in Finance(3 units)

ValkanovIntroduction to Stochastic Calculus(2 units)Goldstein

Financial Institutions Seminar I

Summer 2008June 2 - July 31 (8 weeks)

Derivatives: Economic Concepts (2 units)Rubinstein

Derivatives: Quantitative Methods (2 units)Tavella

Fixed Income Markets(2 units)Longstaff

Accounting and Taxation of Derivatives(1 unit)

UdpaFinancial Institutions Seminar II

Fall 2008August 11 October 10 (8 weeks)

Required Course:

Financial Risk Measurement and Management(2 units)Jorion

Choose 5 units of electives:

Advanced Computational Finance(2 units)Tavella

Success and Failure in Financial Innovation(1 unit)OBrien

The Design of Securities for Corporate Financing(1 unit)

BajajCredit Risk Modeling(2 units)Jeffrey Bohn

Equity & Currency Markets(2 units)Meese, Kahn

Internship Period 2008-2009October 13 - January 9 (12 weeks)

The Internship/Special Topics in Finance projectbegins October 13, 2008 and ends on January 9, 2009.Students must enroll in MFE230N, the Internship/Special Topics in Finance course for the fall term.

Winter 2009January 20 - March 20 (8 weeks)

Choose 7 units of coursework:

Asset-backed Security Markets(2 units)Wallace, Jaffee

Dynamic Asset Management(2 units)Leland

Behavioral Finance(2 units)Odean

Applied Finance Project (Required)(1 - 3 units)

Independent Study(1 - 3 units)R. Stanton, Wallace

* Not all electives are offered each term.


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Ariel PavlicevichMFE 08 (left)Morgan StanleyNew York, New York

Previous degree:

BS, Computer Science and EngineeringUniversity of California, Los Angeles

The Haas MFE Program utilizes the entire

UC community as well as leading practitio-ners to assemble a first-class faculty focusedon teaching the tools and intuition essentialfor a successful future in financial engineer-ing. The education process extends beyondthe classroom where group work encouragesstudents analyze problems, assimilate ideas,and to effectively collaborate, ensuring aseamless transition into the workforce.

June LinMFE 08 (second from left)Morgan StanleyNew York, New York

Previous degrees:

MS, Computer ScienceCollege of William and Mary

MS, Electrical EngineeringShanghai Jiao Tong University, China

BA, Electrical Engineering and Applied MathematicsShanghai Jiao Tong University, China

The Berkeley one-year intense MFEProgram provides an excellent option forprofessionals looking to break into the com-petitive quantitative finance field.

Atanas VanchevMFE 08 (second from right)Morgan StanleyLondon, England

Previous degree:

BS, MathematicsPurdue University

I found the Haas MFE Program to be

extremely challenging and rewarding. Theassigned projects and homework assign-ments have given me the opportunity tointeract and collaborate with very brightstudents and professors and to developlasting relationships. If I had to choose afinancial engineering program again, itwould be the Haas MFE without a doubt.

Feng NingMFE 08 (right)Morgan StanleyLondon, England

Previous degree:

BS, Electrical Engineering and Computer ScienceUniversity of California, Berkeley

The MFE Programs emphasis on financialintuition, econometric rigor, and practicalbusiness application was a perfect comple-ment to my quantitative electrical engineerbackground.

MFE 230Q Introduction to StochasticCalculus (and Numerical Methods inFinance). This course presents the con-cepts and tools of stochastic calculusas required for effective pricing of com-plex financial derivatives in continuoustime, and introduces the fundamentalsof elementary numerical analysis. Thecourse stresses the practical applicationsof stochastic differential equations, Itointegrals, and measure transformationsas required for advanced financial engi-neering practice and understanding ofasset pricing theory.

MFE 230R Advanced Computational

Finance. This course is a deeper analysisof numerical and computational issuesin pricing and calibration, and builds onthe techniques learned in Derivatives:Quantitative Methods. Emphasis is onhands-on case projects with heavy use ofcomputational techniques.

MFE 230S Behavioral Finance.Thiscourse covers elements of behavioraldecision theory and its implication infinancial markets. Focus is on the psycho-logical processes by which people makejudgments and decisions, and the heu-ristics and biases associated with thesedecisions.

MFE 230V Credit Risk Modeling.Thecourse provides exposure to the prac-tical challenges associated with buildingand testing credit risk models for use bybanks and asset managers. Emphasis isplaced on model building, model valua-tion, and interpreting model output.

MFE 230W Accounting and Taxationof Derivatives.The broad purpose ofthis course is to help financial engineersunderstand the implications of the innova-tive financial instruments that they con-struct on firms financial statements andtax liability.

Practice Seminars I and II.These weeklyseminars feature guest speakers fromfinancial services firms discussing thework of financial engineers in their firmsand the kinds of skills and personalattributes they are seeking for this work,trends in the provision of financial ser-vices, the information and computingsystems being adopted, new productdevelopments, regulatory issues, andsimilar topics.

Interns, Morgan Stanley


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Mukesh Bajaj, Managing Director ofFinance and Damages Practice andBoard of Directors, LECG, LLC. Ph.D.(finance),University of California,Berkeley. Corporate finance and financialstrategy, dividend policy, capital and own-ership structure, determinants of stockreturns, design and pricing of securities.

Jonathan Berk, Harold Furst AssociateProfessor of Management Philosophyand Values and Finance Group Chair.Ph.D. (finance),Yale University. Assetpricing, firm valuation, the size effect,real investment, and valuing startups.Associate at Goldman Sachs from 1985

to 1987.Jeffrey Bohn, Managing Director,Financial Strategies Division, ShinseiBank. Ph.D. (finance),University ofCalifornia, Berkeley. Risky debt valuation,credit derivatives, banking, risk manage-ment, and global portfolio management.

Gregory Duffee, Assistant Professor.Ph.D. (economics),Harvard University.pricing and trading credit risk (theoreticaland empirical), term-structure modeling,risk management of financial institutions.Formerly a member of the TradingRisk Analysis group at the FederalReserve Board.

Mark Garman, Professor Emeritus.Ph.D. (systems and communicationssciences), Carnegie Mellon University.Arbitrage, options, volatility mea-sures, duration-related risk measures.President and Chief Scientist of FinancialEngineering Associates, Inc., a providerof software for derivatives and value-at-risk analysis.

Robert Goldstein, Visiting AssistantProfessor. Ph.D. (finance),University ofCalifornia, Berkeley. Term structure ofinterest rates, credit risk, capital struc-ture theory.

Christopher A. Hennessy, AssistantProfessor. Ph.D. (economics),PrincetonUniversity. Agency costs of debt finance,taxes and corporate risk management,contract theory, and investment distortions.

T H E H A A S M F E F A C U LT Y

Passionate Scholars and Teachers

Dwight M. Jaffee, Willis H. BoothProfessor of Banking & Finance. Ph.D.(economics),Massachusetts Institute ofTechnology. Loan activities of financialinstitutions, commercial loan and mort-gage markets, credit rationing, asset-backed security markets, catastropheinsurance financing. Board of DirectorsBarr Rosenberg Mutual Funds; VisitingScholar, Federal Reserve Bank of SanFrancisco.

Philippe Jorion, Professor of Financeand Vice Dean, University of California,Irvine. Ph.D. (finance),University ofChicago. Risk management, internationa

finance, global asset allocation. Author,Value at Risk: The New Benchmark forManaging Financial Risk. Editor, Journalof RISK.

Ronald N. Kahn, Managing Directorand Global Head of Equity Research,Barclays Global Investors. Ph.D.(physics),Harvard University. Portfoliomanagement, risk modeling, and quan-titative analysis. Author (with RichardGrinold), Active Portfolio Management:Quantitative Theory and Applications.

Hayne Leland, Arno A. Rayner Professorof Finance and Management. Ph.D.(mathematical economics), HarvardUniversity. Dynamic investment strate-gies and portfolio insurance, infor-mational asymmetries, structure, andinter-mediation in financial markets,regulation of insider trading, risky debtvaluation. Director and founding principalof the investment firm Leland OBrienRubinstein Associates Inc. Past presidentof the American Finance Association.

Francis Longstaff, Professor, Universityof California, Los Angeles. Ph.D.(finance),University of Chicago. C.P.A.,C.F.A. Term structure theory, fixedincome derivative valuation and riskmanagement, the impact of liquidity onthe valuation of securities. Head of FixedIncome Derivative Research, SalomonBrothers Inc. from 1995 to 1998. Board ofDirectors, Simplex Risk Management.

Philippe JorionProfessorFinancial Risk Measurement and Management

It is a pleasure to teach in what has become thepremier financial engineering program in theworld. The quality of the student body is simplyoutstanding.

In addition to teaching in the MFE Program atUC Berkeley, Jorion is Chancellors Professor of

Finance at the Paul Merage School of Business atthe University of California at Irvine. He holds anMBA and a Ph.D. from the University of Chicago,and a degree in engineering from the UniversitLibre de Bruxelles. Jorion has done extensivework in the area of international finance andfinancial risk management, and has receivednumerous prizes and awards for his research.He has also written a number of books, includingValue at Risk: The New Benchmark for ManagingFinancial Risk. He is a managing director atPacific Alternative Asset Management Company(PAAMCO), a global fund of hedge funds.


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Ronald N. KahnAdjunct ProfessorManaging DirectorGlobal Head of Advanced Equity StrategiesBarclays Global InvestorsSan Francisco, California

When I switched careers from physics tofinance in the mid-1980s, there were noestablished paths, says Kahn. Successrequired a combination of hard work,

connections, and luck. Now there is anestablished path: the MFE Program. I tellevery physicist seeking career advice that anMFE program should be at least their Plan BIt requires an upfront cost in both time andmoney, but a program like the Berkeley MFEis highly likely to lead to a job in finance.

Kahn is a well-known expert on portfoliomanagement, risk modeling, and quantitativanalysis. He has published numerous articleon investment management, and has written(with Richard Grinold) the influential bookActive Portfolio Management: QuantitativeTheory and Applications. He is a 2007 winneof the Bernstein Fabozzi/Jacobs Levy awardfor best article in the Journal of PortfolioManagement. The 2007 book How I Became

a Quant, includes his essay describing histransition from physics to finance.

At Haas, Kahn teaches the equities half of thMFE course, Equities and Currency Markets(MFE 230G). He has also developed and taugthe course How to Research Active Strategieto hundreds of investment practitionersaround the world.

In our (BGIs) experience, the Berkeley MFEgraduates have all the training necessaryto contribute starting on Day 1, says Kahn.The students are remarkably well-qualifiedmotivated, and mature. They are also apleasure to teach.

Richard K. Lyons, Professor of Finance.Ph.D. (economics),MassachusettsInstitute of Technology. Foreign exchangemarkets: volatility, volume, high fre-quency dynamics, and dealer behavior;micro-institutional approach to foreignexchange; transparency in dealer-ship markets. Trustee for MatthewsInternational Funds.

Richard A. Meese, Managing Director,Global Market Strategies Group,

Barclays Global Investors. Ph.D.(economics),University of Wisconsin,Madison. Economic analysis and policy,exchange rate economics, time serieseconometrics, and real estate finance.

John OBrien, Adjunct Professor. MS.(operations research),University ofCalifornia, Los Angeles. Faculty Director,Masters in Financial EngineeringProgram. Managing Director at CreditSuisse Asset Management (CSAM).Cofounder, chairman, and CEO ofthe investment firm Leland OBrienRubinstein. Cofounder and originalchairman & CEO of Wilshire Associates

(originally named OBrien Associates).

Terrance Odean, Associate Professor.Ph.D. (finance),University of California,Berkeley. Behavioral finance.

Mark Rubinstein, Paul StephensProfessor of Applied InvestmentAnalysis. Ph.D. (finance),University ofCalifornia, Los Angeles. Options markets,dynamic investment strategies, optionpricing theory, exotic options, impliedbinomial trees, portfolio managementsoftware. Winner of nine prizes for papersin financial economics; 1995 FinancialEngineer of the Year. Co-author of Options

Marketsand author of the innovativeand comprehensive text, Derivatives: APowerPlus Picture Book. Founding prin-cipal of the investment management firmLeland OBrien Rubinstein Associates.Past president of the American FinanceAssociation. Advisor on derivatives to theSEC, the CBOE and other exchanges, andnumerous financial firms.

Richard Stanton, Associate Professor.Ph.D. (finance),Stanford University.Mortgage marketsprepayment mod-eling, valuation and hedging, term struc-ture modeling and valuation of derivativesecurities, application of nonparametricestimation techniques to the hedging andpricing of derivatives.

Domingo Tavella, Principal of OctantiAssociates, Inc. Ph.D. (engineering),Stanford University. Computational

methods in financial pricing, stochasticsimulation in finance and insurance,financial software development strategiesand methods, risk management strate-gies in finance and insurance, hybridinsurance structures.

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

Rossen Valkanov, Assistant Professor.Ph.D. UC San Diegos Rady School ofManagement (economics),PrincetonUniversity. Empirical asset pricing, econo-

metrics, macroeconomics, term structuremodeling, properties of long-horizonreturns.

Nancy E. Wallace, Professor and RealEstate Group Chair. Ph.D. (urbanand regional planning),University ofMichigan. Mortgage contract design,mortgage prepayment and valuationmodels, asset-backed securitization andpricing, real estate price dynamics, realoptions in real estate.


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The MFE degree at the Haas School canbe completed in 12 months of full-timecoursework. Applications are acceptedyear-round, and 60 students are enrolledeach year. The program begins and endsonly in the spring, and is not availablepart-time.

The MFE Program no longer sends paperapplications through the mail.

For the MFE application and detailedinstructions, visit mfe.haas.berkeley.edu.

Admissions Requirements Valid degree from an accredited

institution, comparable to thefour-year bachelors degreefrom Berkeley

Sufficient training to undertakegraduate study in the chosen field

A satisfactory scholastic average,usually a minimum of 3.0 inupper-division work

International applicants: Please refer tothe website for full requirements.

MFE Admissions Requirements Graduate Management Admission Test

(GMAT) or the Graduate Record

Examinations (GRE) General Test

A strong quantitative backgroundincluding linear algebra, multivariatecalculus, differential equations,numerical analysis, and advancedstatistics and probability

Prior experience in computerprogramming (examples: VisualBasic, Matlab, C++) and familiaritywith computers as a computationaland management tool

Excellent writing, speaking, andpresentation ability in English

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

Admissions Guidelines

Profile ofMFE StudentsClass of 2008

AdmissionsApplications Received: 367

Enrolled Students: 65

Enrollment ProfileCountries Represented: 16

Average Age: 28

Average Years of Post-university Experience: 3.46Undergraduate Institutions Represented: 48

Average Undergraduate GPA: 3.49

Graduate Institutions Represented: 39

Degrees HeldBachelors: 42%

Masters: 35%

Ph.D.: 23%

Prior MajorsEngineering: 37%

Business: 14%

Mathematics: 14%

Natural Sciences: 14%

Computer Science: 12%

Finance: 6%

Economics: 3%

Prior EmploymentResearch & Development: 18%

Other: 18%

Finance: 17%

Information Systems: 15%

Consulting/Management Services: 9%

Engineering: 8%

Education: 8%General Management: 3%

Project Management: 2%

Admissions Recommendations Work or research experience in aquantitative discipline

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

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

In some cases, applicants may be admittedconditionally on the successful completion ofone or more recommended courses beforeenrollment in the program.

Application Deadlines & ReviewSchedule for the Academic YearBeginning March 2009Completed Application willapplication be reviewed by:received by:

January 17, 2008 March 7, 2008

March 25, 2008 May 30, 2008

June 22, 2008 September 26, 2008

October 1, 2008 December 5, 2008

GMAT or GRE: We require that applicantstake eitherthe GMAT or GRE. All GMATand GRE scores are valid for five years

and should not be older than April 1,2004. When ordering GRE reports, useinstitution code 4833 and departmentcode 4399. For GMAT, use institutioncode 4769. Please note that beginningJanuary 4, 2006, GMAT began using anew program code: N2V-PT-87.

Letters of Recommendation: We requiretwo letters of recommendation. Lettersshould come from individuals who arefamiliar with your training in quantitativemethods, and their remarks shouldaddress your ability to apply yourquantitative skills. Recommendationletters should be written by an individual

in a position to evaluate you eitherprofessionally or academically (e.g., asupervisor, project leader, or instructor).Recommendations from co-workers,friends, or family members areinadmissible and can be detrimentalto your application.


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Christian Zambrana-RojasMFE 08Associate, Credit Derivatives ResearchLehman BrothersNew York, New York

Previous degrees:

MS, Structural EngineeringUniversity of California, Berkeley

MS, Applied MathematicsUniversity of California, Berkeley

B.Eng, Civil EngineeringUniversidad Autonoma Metropolitana (Mexico)

This program not only provides studentswith the fundamentals to understandfinancial markets and derivative securities,but also prepares students to understandand further develop state-of-the-artquantitative methods for the design andimplementation of new financial products,as well as sophisticated trading andhedging strategies.

Personal Interviews: Interviews areconducted on an invitation-only basis.Please do not call the office to requestan interview. You will be contacted bythe MFE program office if an interviewis necessary to make a decision onyour application.

We invite you to come to one of our groupinformation sessions. On-campus ses-sions are held from 12:00 to 1:00 p.m. onthe first business Monday of every month.You will be able to tour the MFE lab andask questions of the program director andadmissions officers. In addition, we holdinformation sessions in major cities aroundthe world throughout the year. Pleasecheck our information session calendarat mfe.haas.berkeley.edu. To participate,register online at ssl.haas.berkeley.edu/MFEAdmissions/events/.

Credits and Transfers: The MFE Programdoes not accept any credits or transfersfrom other universities.

Work Experience: Although workexperience is not a requirement, it is

strongly recommended. Our 2007-2008class had an average of four years ofwork experience upon enrollment.

International Applicants: You areconsidered an international applicant ifyou are not a United States citizen or USpermanent resident at the time you applyto the MFE Program. Applicants fromoutside the United States should submittheir application materials early, andtake their tests no later than August 1,2008. The Test of English as a ForeignLanguage (TOEFL) should also be takenno later than August 1, 2008. TOEFLscores are valid for two years and should

not be older than April 1, 2007. Whenordering reports, use institutional 4833and department code 82.

As an international applicant, you shouldbe aware that you are not eligible forfinancial aid and should be prepared toprovide your own financial support andhealthcare coverage. After being admittedto the MFE Program, you will need tosubmit proof of adequate funding for yourstudies. US embassies will not grant avisa without this information. Aside fromthe 10-12 week internship, opportunitiesfor employment are severely limited for

international students. Spouses on F-2visas are not permitted to accept employ-ment. If your accompanying spousewishes to work, both of you shouldconsider entering the country on J visas.For more information, please contact:Services for International Students andScholars, International House, #2321,2299 Piedmont Avenue, University ofCalifornia, Berkeley, CA 94720-2321,phone: 510-642-2818;e-mail: [email protected];web: ias.berkeley.edu/siss/.

Please Note:All admission decisions arefinal, and there is no appeals process.

Application Deadline:The finalapplication deadline is October 1,2008. Applications for which we havenot received all materials, includingtest scores, recommendation letters,transcripts, etc. will not be reviewedafter November 1, 2008.


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Each year UC Berkeleys Financial AidOffice estimates the average cost for agraduate student during the academicyear. This budget is the basis for deter-mining financial aid eligibility. You mayuse the chart below (adjusted for a12-month program) to estimate the costof attending the MFE Program. As theseofficial figures are averaged for all UCBerkeley students, actual costs, espe-cially housing costs, may be higher.

Tuition $49,725*

University Health Insurance $2,415*

Living Expenses $27,500*

Books, Supplies $3,750*

Total Estimated Expenses $83,390(12 months)

*all costs are subject to change

Computer CostsMFE students are required to have theirown powerful laptop computer. Variousmanufacturers offer students discountsat the Scholars Workstation, the campuscomputer store. To contact the ScholarsWorkstation, call 510-642-8424 or visitwww.tsw.berkeley.edu.

Financial AidThe MFE Program does not offer scholar-ships or grants. All assistance is in theform of loans which must be repaidbeginning six months after graduation.Due to the nontraditional academiccalendar of the MFE Program, studentsmust file two loan applications for thefull MFE Program.

MFE Spring Term 2008 andMFE Winter Term 2009 Students who are US citizens or

permanent residents apply forfederal loans using the Federal

Application for Federal StudentAid (FAFSA). The FAFSA is available

at www.fafsa.ed.gov. For the springand summer 2008 terms, studentsshould complete the 2007-08 FAFSAat their earliest convenience.For the fall 2008 and winter 2009terms, students should file the2008-09 Renewal FSFSA, beginningJanuary 1, 2008.


Fees & Costs

International students can apply fora private loan to cover the entire 12-month academic period. Applicationsfor private loans can be filed at any

point within the academic year; how-ever you must first accept admissionto the Haas School before applying fora private loan. Information and applica-tion instructions are available atwww.haas.berkeley.edu/mba/finaid/prvtmba.htm.

Federal Direct LoansUS citizens and US permanent residentscan finance their education through theFederal Direct Loan Program. Up to

$20,500 for every semester (equal to twoMFE terms) may be borrowed. Studentsdemonstrating financial need can borrow$8,500 of this amount as a subsidizedloan (no interest is charged while thestudent is in school) and $12,000 in anunsubsidized loan (interest is chargedwhile the student is in school). Those whodo not demonstrate financial need canborrow the full $20,500 in an unsubsi-dized loan.

Eligibility is based on student status andcost of education as determined throughthe FAFSA process, not credit history. Theinterest rate on direct subsidized loans

is fixed at 6.8% for the life of the loan.Repayment is made over a 10- to 25-yearterm with no prepayment penalty.Visit www.ed.gov/DirectLoan/about.htmlfor updates.

Private LoansStudents may apply for private loans,which are offered based on credit-worthiness, not financial need. Youshould obtain copies and verify accuracyof your credit reports before applyingfor a private loan. The interest rates onthese loans are usually higher, sostudents typically pursue this option last.

International students may qualify forprivate loans if they meet the requirementslisted at www.haas.berkeley.edu/MBA/finaid/International%20Chart.pdf. Throughprivate loans, a student can borrow up tothe annual cost of education for twoterms of the MFE calendar, whichincludes living expenses and registrationfees. Repayment of private loans typicallybegins six months after graduation ordropping below half-time enrollment.Applications for private loans areavailable at the Haas Financial Aid Office(www.haas.berkeley.edu/MBA/finaid/prvtmba.htm).

Luca BaroneMFE 05Exotic Credit Derivatives Sales StrategistF.I.C.C.

Previous degree:Masters in Economics and FinanceLuiss Guido Carli University, Rome

The theory we learned from ProfessorMark Rubinstein and his colleaguesdeals with state-contingent claims, theelementary particles of nuclear financialeconomics. This theory is especiallyuseful for practitioners because it providesa production technology for duplicating thepayoffs of any contingent claim by usingan appropriate dynamic strategy. It canalso be used to solve the inverse problemof inferring risk-neutral probabilities fromthe simultaneously observed prices ofoptions and other derivatives.


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Wanling Xu

MFE 08Strategist, Fixed IncomeCitigroupNew York, New York

Previous degrees:

Ph.D., PhysicsNorthwestern University

BS, PhysicsNanjing University (China)

I have enjoyed the unique academiccommunity that has made the MFEProgram at Haas one of the best in theworld. Haas is a wonderful place to learnbecause of the distinguished faculty andrich collaborative culture. The academicexperience one gets from a rigorous and

practical curriculum is truly unparalleled.In addition, the programs strong ties tothe financial community at large providesthe graduates unique employmentopportunities.

Private ScholarshipsStudents may apply for privatescholarships offered through variousorganizations. The Haas School ofBusiness has created a scholarshipdatabase that can be searched to findappropriate sources of funding. Thatdatabase is available at groups.haas.berkeley.edu/mba_program/scholarship/default.aspx. Please note that there isno guarantee that a scholarship willbe available to any student, and thatalthough we make every effort to providea complete listing of available options,we cannot guarantee that every possibleoption is listed in our database. For

further information, contact the HaasFinancial Aid Office (www.haas.berkeley.edu/MBA/finaid/index.html).

Haas Financial Aid OfficeThe Financial Aid Office provides assis-tance in resolving financial aid & billingproblems, and obtaining private studentloan information and applications. Theoffice is in room S420K of the StudentServices Building. To get help from a Haasfinancial aid counselor, call 510-643-0183or e-mail [email protected].

The Haas Financial Aid staff is your pointof contact, rather than the central finan-cial aid office.

HousingBerkeley graduate students live in bothuniversity and off-campus housing.Housing in the Berkeley area is expensiveand often in short supply, so you shouldplan ahead to ensure that you will have aplace to live before classes begin. If youare interested in applying for universityhousing, do not wait for notice ofadmission to seek information. For moreinformation, visit www.housing.berkeley.edu/housing.

The Community Living Office This officeprovides rental listings and coun-seling for students seeking off-campushousing. For more information, visit www.housing.berkeley.edu/housing or go tothe Community Living Office at 2535Channing Way. Bring your letter ofadmission and photo identification.

International House (I-House) Thisresidence and program center housesmore than 600 students, many of whomare at the graduate level. You do nothave to be an international student tolive at the I-House, which is less thana five-minute walk to Haas. For more

information, visit the International HouseResidence Office at 2299 PiedmontAvenue, #2320, Berkeley, CA 94720-2320or call 510-642-9490.

University Family Student HousingThishousing is available for students who aremarried and/or have children. Rent forfamily student housing is less expensivethan for comparable off-campus housing,so there is a waiting list. For moreinformation, visit www.housing.berkeley.edu/livingatcal/studentsfamilies.html.

The University Child Care ProgramChildcare accredited by the National Academyof Early Childhood Programs, is available

for children ages 3 months to 7 yearsold, and payment is on a sliding scale. Atleast one parent must be a registered UCBerkeley student. For more information,visit www.housing.berkeley.edu/child/families/.


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What careers has the MFE led to?

Recent graduates have found employment in risk management, fixed income, struc-tured products derivatives, credit risk, market risk, consulting, corporate finance andfinancial programming. For more detailed information, visit mfe.haas.berkeley.edu/faq39.html.

What are the differences between the MBA Program or Ph.D. Program and the MFEProgram?

Please visit mfe.haas.berkeley.edu/faq6.html.

Is work experience required?

Work or research experience in a quantitative field is recommended, but not required.Students in our 2006-2007 class had an average of almost four years of work experi-ence before joining the program.

What is the academic calendar?

The official schedule for 2008-2009 is not finalized. Please visit mfe.haas.berkeley.edu/curriculum.html for the most up-to-date information.

When are the application deadlines for the program year 2008-2009?

The program admits students over four deadlines: January 17, 2008; March 17, 2008;June 22, 2008; and October 1, 2008. Applications received after October 1, 2008 will bereviewed on a space-available basis. Classes begin in March 2009.

How many people do you admit at each deadline?

We only admit the best candidates at each deadline. Students may be placed on holdor wait-listed at any time during the admissions process, whether or not there is stillspace available in the class. Because there are only 60 spots available, we admit stu-dents until we have 60 who have committed to attend.

Do you recommend preparatory classes?

For students who have not taken math, statistics, or financial programming coursesin more than three years, we do recommend our refresher courses in order to excel inthe program. If you are required to take a pre-program course as part of conditionalacceptance to the program, we will accept grades from any accredited college oruniversity. We offer courses in foundation math, statistics, and financial programming atUC Berkeley and online. For details visit mfe.haas.berkeley.edu/preprogram.html.

Where do I order GMAT/GRE reports?

Visit www.ets.org for information on taking the GRE and www.mba.com/MBA /TaketheGMAT for information on taking the GMAT test and ordering reports.

Is the MFE Program offered part-time?

No.

Are fellowships, scholarships, or assistantships available?

There are no fellowships, scholarships, or assistantships associated with the MFEProgram. For information on UC Berkeley Graduate Division awards and fellowshipsvisit www.grad.berkeley.edu/admissions/pdf/guide_support.pdf. For updated informa-tion on financial aid, visit mfe.haas.berkeley.edu/faid.

Do you offer financial aid?

Federal financial aid in the form of loans is available for most students. See page 12for details, or visit mfe.haas.berkeley.edu/faid.html.


Frequently Asked Questions

MFE Steering CommitteeThe active participation of members from indus-try is essential to ensuring that graduates of theMFE Program have the requisite skills to be suc-cessful in their future careers. The MFE SteeringCommittee is composed of finance faculty andprominent members of the financial risk man-agement community. The committee acts in asimilar capacity as a board of trustees, focusingon the curriculum and strategic goals of the MFEProgram.

MembersJohn OBrien, MFE Faculty Director

Linda Kreitzman, MFE Executive Director

Armen Avanessians, Goldman SachsTerry Benzschawel, Citigroup

Gifford Fong, Gifford Fong Associates

Jim Gilliland, Barclays Global Investors

Joseph Langsam, Morgan Stanley

Chuck Lucas, AIG

David Modest, JPMorgan

Scott Pinkus

Mark Rubinstein, Professor, UC Berkeley

Aamir Sheikh, Merrill Lynch

Erol Hakanoglu, Lehman Brothers

Richard Lyons, Professor, UC Berkeley

Victor Masch, AIG

MFE Program SponsorsSpecial thanks to these firms whose donationshave helped build the MFE laboratories.

Founding SponsorsAIG Inc.


BARRA Inc.

Gifford Fong Associates

Goldman Sachs

Moodys KMV

MBIA Inc.

Morgan Stanley

Quantal International Inc.

The Dean Witter Foundation

Wachovia Securities

WR Hambrecht + Co, LLC

SponsorsAXA Rosenberg InvestmentManagement LLC

Bank of America Corp.

Bloomberg LP

Fair, Isaac and Company, Inc.

GW Miller Foundation

The Pinkus Foundation

For the full list, visit mfe.haas.berkeley.edu/faqs.html.

6


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NONDISCRIMINATION POLICY STATEMENT

he University of California, in accordance with applicable federal and state law and University policy, prohibits discrimination, includingarassment, on the basis of race, color, national origin, religion, sex, physical or mental disability, medical condition (cancer-related orenetic characteristics), ancestry, marital status, age, sexual orientation, citizenship, or status as a covered veteran (special disabled veteran,ietnam-era veteran or any other veteran who served on active duty during a war or in a campaign or expedition for which a campaign badgeas been authorized). This nondiscrimination policy covers admission, access, and treatment in University programs and activities.

nquiries may be directed as follows: Sex discrimination and sexual harassment: Nancy Chu, Title IX Compliance Officer, 1-510-643-7985.Disability discrimination and access: Ed Rogers, A.D.A./504 Compliance Officer, 1-510-643-5116 (voice) or 1-510-642-3172 (TTY).

ther inquiries may be directed to the Academic Compliance Office, 200 California Hall, #1500, 1-510-642-2795.

AMPUS SAFETY

n accordance with the Jeanne Clery Act, the University maintains a reference guide of safety information and procedures, annual campusrime statistics, and emergency-disaster preparedness information. For a copy of this report, Safety Counts, call (510) 643-6442, e-mail

[email protected], or write the Police Department Campus Safety Programs, University of California, Berkeley, Police Department,Sproul Hall #1199, Berkeley, CA 94720-1199. The report is also posted on the UC Berkeley Police Department web site.

Because the faculty and administration of the Haas School of Business are continually reviewing the MFErogram to give its students the best possible educational experience, the school reserves the right to

hange at any time any of its provisions, statements, policies, curricula, procedures, regulations, or fees.

Other EducationalPrograms at theHaas School

Full-time MBA Program

The Full-time MBA Program istwo-year program during the dwith approximately 480 studenAlthough different applicationmaterials are required, the Fultime and Evening & Weekend Mprograms share the same cur-riculum, faculty, and admissiostandards.

Evening & WeekendMBA ProgramThree-year, part-time programfor working professionals. Offeon campus and in Silicon ValleRanked in the top three in the

Berkeley-ColumbiaExecutive MBA ProgramEarn two MBA degrees simul-taneously over 19 months fromthe Haas School of Business aColumbia Business School. Foexperienced executives.

Ph.D. ProgramFor students who desire an acdemic career by preparing theadvance theory and knowledgein the disciplines underlying thpractice of business.

Undergraduate ProgramTwo-year bachelors program

for juniors and seniors. Rankeamong the top three US progra

Executive EducationHelps individuals, teams, andentire organizations achievetheir goals through customizedprograms and open enrollmencourses taught by Berkeley facat the workplace or on campus

Marketing andCommunicationsCraig KaufmanRich Kurovsky

Design

Cuttriss & Hambleton

PhotographyJim BlockEd Caldwell

PrinterDome Printing

Copyright 2007,UC Regents.

All rights reserved.


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MFE Program OfficeHaas School of Business, Room F514-518

University of California, Berkeley

545 Student Services Building, #1900

Berkeley, CA 94720-1900

Admissions OfficePhone: 510-642-4417

Fax: 510-643-4345

E-mail: [email protected]

Web: mfe.haas.berkeley.edu

MFE [email protected]

Linda Kreitzman, Executive Director

John OBrien, Faculty Director

Christina Henri, Assistant Director, [email protected]

Diane Nguyen, Program Assistant, [email protected]

Aaron Nebres, Laboratory Manager, [email protected]

Michael Chung, Laboratory Manager

Nebil Gali, Account Manager, [email protected]

Important ContactsHaas Financial Aid Office 510-643-0183 [email protected]

University Graduate Division Admissions 510-642-7405 [email protected]

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

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

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

SanFranciscoInternationalAirport Oakland

InternationalAirport

SanJoseInternationalAirport

DalyCity

SouthSanFrancisco

SanMateo

RedwoodCity

MountainView

PaloAlto

SantaClara

Sunnyvale

Livermore

Pleasanton

Fremont

Milpitas

Berkeley

Richmond

WalnutCreek

Concord

Pittsburg

SanRamon

Hayward

SanLeandro

Alameda

Vallejo

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SanRafael

SanFrancisco

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Oakland

SanFranciscoBay

SanPabloBay

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M F E

Documents

Mfe Prog Guide 2009