Frequently Asked Questions

Quick Facts

Admissions

^{What are the tuition and fee amounts for the MSFE program?}

^{MSFE tuition and program fees for 2013-2014 will be $57,200 for all three semesters of instruction: fall, spring, and fall terms. This amount does not include University fees which cover such things as health insurance, health services, facilities fees, etc. More information about University fees can be found at the Office of the Registrar's website.}

^{$51,000 tuition (approximately $17,000/semester)}

^{$6,200 program fees}^{(approximately $2,066/semester)}

^{$57,200 + University fees (approximately $1.850/semester)}

^{*** you can think of this as $19,000/semester compared to other programs ***}

^{What financial aid is available for students?}^{Federal student loans are available for US citizens and permanent residents through the Financial Aid office on the UI campus. Office of Student Financial Aid}

^{Are fellowships or assistantships available?

The MS Financial Engineering program is a self-supported program, therefore assistantships, fellowships and tuition waivers are not available.}

^{Does the MS Financial Engineering program require work experience?}

^{Illinois' MSFE program does NOT require applicants/students to have prior work experience; however, it is looked upon favorably by the Admissions Committee.}

^{What is the minimum for GRE and GMAT scores?}

^{GMAT/GRE scores are used by the Admissions Committee for further assessment of academic aptitude; inasmuch, there are no formally established minimums. The average Quantitative GRE score and Quantitative GMAT score for the 2011-2012 admitted class were in the 89th to 90th percentile.}

^{What should I do if I cannot find the MSFE program to send my GRE/GMAT/TOEFL scores?}

^{You may send your scores to}^{any department at the University of Illinois. All scores received from ETS go into a database where each department can access the scores.}

^{Do I need to mail official paper documents along with the online application?

No. You do not need to mail any paper documents, including transcripts, degree certificates, or financial documents to the MSFE program until after you have received a notice of admission.}

^{May I apply to both MS Finance and MS Financial Engineering at Illinois?}

^{Yes. You may apply to both MSFE and MSF, however they are completely separate programs and this will require you to submit separate applications, including application fees, letters, transcripts, etc. for each. You do NOT need to order two sets of official scores (GMAT/GRE, TOEFL/IELTS). If you do apply to both MSFE and MSF, please send email to msfe@illinois.edu and let us know this.}

^{Why is there a deposit to accept admission?}

^{The deposit holds your seat in the program and is a pre-payment of tuition. It will be posted to your student account when the spring semester bill is available. It is non-refundable and non-transferable.
Please be advised that notice of final approval from the Graduate College takes several weeks and you may not receive a notification from them before your deposit deadline. It is very rare that the Graduate College denies admission after the program recommends it, but if that happens, your deposit will be refunded. Admission to the Illinois MSFE program is very competitive; to ensure your seat in the program please be sure to pay your deposit by the deadline.}

^{How many students will be admitted this year?}

^{The inaugural MSFE class size was 25 students, the Class of 2012 has 44 students, the class of 2013 has 56 students and we expect to increase our enrollment in the Class of 2014. Last year we received over 500 applications, so admission to the MSFE program is highly competitive.}

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Academics

^{Do I need a laptop for the MSFE program?}^{Yes, a laptop is required. The classrooms are equipped with ports for the laptops and most of the faculty use the Internet to post course information, assignments etc. Additionally, laptops are needed for group meetings and presentations.}

^{Are there any waivers of required coursework?}

^{Students who have taken the equivalents of some of the required courses may be allowed to substitute them with advanced courses, subject to approval by the faculty.}

^{Does the program require a thesis?}^{No. The program is solely based on coursework. Students interested in working on a research project can make arrangements with individual faculty.}

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Housing

^{What choices do I have for housing?}

^{You have a variety of housing choices including private housing or university-owned housing. You can visit the following websites to view the many housing options available.}

^{Choosing Where to Live - helpful websites}

^{University-owned housing}

^{Rental opportunities on campus}

^{Family Housing}

^{What can I expect to pay for housing?}

^{You will find that housing in the Urbana-Champaign community is inexpensive compared to larger metropolitan areas. In fact, the cost of living in Urbana-Champaign is anywhere from ¼ to ½ the cost of living in places such as Boston, London, New York or Southern California. Compare costs of living for yourself. Comparison of Cost of Living}

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Career Services

^{What Career Services options do I have?}

^{You have twice as many options! Because MSFE is a joint program of the College of Engineering and the College of Business, MSFE students have the opportunity to participate in both College’s Career Service programs! Primary career services will be provided by the College of Engineering Career Services (ECS), however you will be eligible to register with the College of Business Career Services (BCS) and participate in College of Business Career fairs.}

^{How do I register with Career Services?}

^{There are two steps to registering to use ECS services. Complete the on-line registration form ; visit the ECS office in Suite 3270 DCL to sign a Registration Agreement and the Rights and Policies statement. A one-time $40 Technology and Resource fee is also required for all new registrations and for students who have not registered to use ECS services in the past or completed the degree program for which they previously registered. (Fee may be applied directly to your UIUC student account).}

^{What is Symplicity?}^{Symplicity is the online job system, which includes job postings, company information, and interview scheduling.}

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International Student Concerns

^{Can I waive the TOEFL requirement?}
^{Applicants may qualify for a TOEFL waiver if they have completed at least two years of post-secondary full-time study, as defined by the home institution, in a country where English is the primary language and at an institution where English is the primary medium of instruction, within five years of the proposed term of initial enrollment at the University of Illinois at Urbana-Champaign, or if they have completed a graduate degree in a country where English is the primary language and at an institution where English is the primary language of instruction, within five years of the proposed term of initial enrollment.}

^{Can I still apply if my TOEFL score is lower than the 103 minimum?

The MS Financial Engineering program has been designed to be exceptionally challenging: a full master's degree with optional internship in under two years. Mastery of the English language is extremely important. If your score is more than 5 points below the minimum, you are encouraged to re-take the TOEFL. If you are within 5 points of the minimum, your other scores are excellent and you meet all coursework prerequisites, you should apply if re-taking the TOEFL is not an option.}

^{Am I eligible to apply if I have a bachelor's degree from India?}^{Those with Bachelor’s in Engineering or Technology from India are generally eligible if their program was at least 4 years in duration. Applicants with most other Bachelor degrees from India must have also completed a Master in Arts, Science, Commerce, or Education, for example. Any international student may visit the University of Illinois Graduate College Admission Requirements by Country site to view country-specific requirements.}

^{How do I get a Student Visa?}

^{We will provide you with a DS2019 or I20 form so that you can request a student visa from a US embassy or consulate in your country. We will mail these forms to you along with helpful information about the program and your arrival on campus (housing information, etc.)}

^{Why do I need to evidence financial support?}^{As an international student (not a US citizen or permanent resident) you must provide evidence that you have enough money to pay for the program AND support yourself and any dependents you have for the duration of the program. The University of Illinois is required to document this proof with bank statements showing you have adequate funds BEFORE they can provide your I20 or DS2019. Please see the Graduate College regulations regarding Evidence of Financial Resources for additional information.}

^{Must I submit my financial documents with my application or can I wait for an admission decision?}

^{You are not required to submit your financial documents when you submit your supplementary documents, but some applicants chose to do so in order to avoid making a second [costly] international shipment.}

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Primary links

Frequently Asked Questions

Admissions

Academics

Housing

Career Services

International Student Concerns

Quick Facts

Admissions

Academics

Housing

Career Services

International Student Concerns