Leading Through Innovation

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

The Berkeley MFE

mfe@haas.berkeley.edu
Linda Kreitzman, Executive Director
John O’Brien, Faculty Director
Christina Henri, Assistant Director, henri@haas.berkeley.edu
Diane Nguyen, Program Assistant, dnguyen@haas.berkeley.edu
Aaron Nebres, Laboratory Manager, nebres@haas.berkeley.edu
Michael Chung, Laboratory Manager
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/

Leading Through Innovation

Master’s in Financial Engineering

Printed on 100% recycled paper

 The Berkeley MFE
The Berkeley Masters 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 The Berkeley MFE
individuals who can apply their education and skills at the Program has been
ranked #1 by Global
cutting edge of finance in investment banks, commercial Derivatives and named
one of the top 10 quant
banks, and other firms around the world. schools by Advanced
Trading magazine. In
Benefits: 2008, eight Berkeley
A proven track record of successfully launching careers of its students in MFE students were
the world’s top financial centers. named to Advanced
Trading’s annual
• Benefit from highly personalized career services provided by a program Quant Gold Book,
team with the connections, reputation, and knowledge necessary to help

A Professional Program
which lists the nation’s
secure top jobs at the most selective firms. top 18 rising stars in
• See immediate return on investment: 100 percent of graduates received quantitative finance.
job offers in each of the previous four years at the highest average starting
salary of any similar program.

to Launch Your
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

New Career
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 friends 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



Kingsley Oteng-Amoako
MFE 09
Previous degrees:
BE, Electrical Engineering
University of Canterbury, New Zealand
Ph.D., Electrical Engineering
University of New South Wales, Australia
Previous job:
Quantitative Analyst,
Quantitative Research Team
Macquarie Capital Group,
Sydney, Australia
Internship:
Barclays Global Investors, you the knowledge, experiences, and connections you’ll
San Francisco, California
Kingsley left a brief but promising
career as a quantitative analyst with a
leading investment bank in Australia
to immerse himself in financial theory
and how those theories are applied in
the real world. After researching just
about “every quant program around
the world,” he found the blend of the-
ory and practice he wanted at Haas.
Short, Intense, Rewarding
“Having spent eight to nine years
at a university, the short duration
of the Berkeley MFE was a definite
plus. That said, its shortness means
you work very hard while you are
here, and nothing is spoon-fed to the
students. Just about every lecture
I’ve attended provided insights into
aspects of the financial industry that
would have been difficult to gain
purely by on-the-job experience.
Competitive and Collaborative
“The Berkeley MFE Program
presents an excellent curriculum,
world-renowned professors, and a
competitive—yet collaborative—study
environment. It makes you aware of
the possibilities and gives you the
skills and confidence to take an idea
and run with it in the real world as a
financial professional.”
The Berkeley Way
“I had heard about ‘the Berkeley
way’ and was pleased to see that it
meant, in part, that the professors
are confident in their views but don’t
go overboard in trying to convince
you that theirs is necessarily the only
way. They give us enough respect
to allow us to challenge their ideas,
to engage in healthy discussions of
other points of view, even outside
regular class hours.”
      
T h e B er k ele y M F E P ro g ram
Leading Innovation in Finance
Your entire Berkeley MFE experience is designed to give
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
Aya Bellicha
non-financial corporations. MFE 09
Previous degree:
The MFE may also be seen as an attractive alternative to a doctoral program in BS, Electrical Engineering/
Computer Science
finance for individuals interested in commercial rather than academic careers. Tel Aviv University, Tel Aviv, Israel
Previous job:
A Rigorous Curriculum Electrical Engineer
Marvell DSPC, Israel
Designed and tailored exclusively for the MFE students, the program’s
Internship (and full-time placement):
curriculum challenges you to think of innovative ways to integrate quantitative Duff & Phelps, San Francisco, California
methods with the theoretical framework and institutional settings in which
“I took a few courses in the MBA pro-
they are applied. Taught by a renowned faculty comprised of prominent gram at Tel Aviv University and soon
scholars and industry luminaries, MFE courses are anchored in cutting-edge realized that I was most interested in
research and best practices in financial engineering. A 10-12 week internship the finance-related courses. I started
looking for a program with a more
midway through the program provides you the opportunity to apply what you quantitative approach to finance. The
have learned in the classroom to real-world situations. Berkeley MFE gives me that. The pro-
gram is very practical, and it’s obvious
A Diverse, Talented Community how applicable my Haas courses will
be in the workplace.
The Berkeley MFE Program has a history of attracting exceptionally talented
“The faculty designs its courses with
and innovative students who have high levels of intellectual curiosity, strong the real world in mind. Most instruc-
interests in finance, and strong analytical skills. With only 60 students tors are, or have been, practitioners.
per class, you benefit from the bonds formed with your diverse, tight-knit They teach the fundamentals and
give us on-the-ground insights into
community of peers. And as a member of the vast Haas Alumni Network, today’s turbulent marketplace. For
you will have life-long access to a wealth of career resources, online example, Professor Tavella’s course,
communities, and local alumni chapters and clubs. Derivatives: Quantitative Methods, is
relevant to the valuations I am doing
in the financial engineering depart-
ment at Duff & Phelps.”
 When you join the Berkeley MFE Program, you are one
C
B areer
uildi n gL Your
au n c hC areer
year away from turning your specialized training in trading, risk

Opening Doors to Your Future

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
Krishnan Rattan MFE 03 (left) and connections you need to launch the next stage of your
Director
Deutsche Bank career. Employers seek out Berkeley MFE students because they
London, U.K. demonstrate not only a mastery of powerful financial engineering
Internship: tools, but also a solid understanding of the best practices for the
Morgan Stanley, New York City, New York
changing technological, global, and human dimensions of finance.
“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 Haas program 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)

Credit Correlation Trader
Goldman Sachs, London, U.K.
Internship:
Goldman Sachs, London, U.K.
“The brightest people at Berkeley teach in
the Haas 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)

Product Specialist,
Fund-Linked Derivatives
Barclays Capital,
London, U.K.
Internship:
Electrabel, Brussels, Belgium
“The Haas 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.”
      
B uildi n g Your C areer
Thomas Brunet
MFE 06
Quantitative Research Analyst
Deutsche Bank, New York City, New York
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.”
Finance in the Family
Brothers Thomas and Matthieu Brunet
      
Practical Experience for Real-World Success
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 A Premier Internship Program
Investors, Goldman Sachs, and Morgan Stanley. These connections have 2008 Internship Statistics
often led to careers at these firms. Your internship gives you immediate
opportunities to refine your skills and marketability and helps you build your Exceptional Placement Results
professional network. 100% of students sought MFE internships (65/65)
100% of students seeking internships held internships (65/65)
The Internship Advantage
100% of internships were paid (65/65)
Beginning during orientation, the program office helps to focus you on the
internship phase of the program. Staff members work directly with you to Average Internship Salary: $7,562/mo
uncover and secure your placement at a top finance firm. Median Internship Salary: $7,917/mo
To prepare you for your internship search, Real-World Experience
an on-site consultant provides large and at Top Global Firms
In the fall of 2008,
small group sessions covering topics such as AXA Rosenberg
every student who
sought an intern- interview and résumé writing skills. Both the Babcock & Brown
ship secured one,
consultant and program staff are continually Bank of America
available for one-on-one appointments to help Barclays Capital
at an average
you address the career challenges specific
monthly salary
Barclays Global Investors
Lisa Liu MFE 09
to your needs. The program director also BNP Paribas Previous degrees:
of $7,562.
frequently addresses the class to give updates BNP Paribas Securities (Japan) Limited BS, Chemistry
Scripps College, Claremont, California
on the internship and job search processes. Citigroup MS, Physical Chemistry
DRW Trading Group Massachusetts Institute of Technology,
Early in the program, you will have the opportunity to take advantage of Cambridge, Massachusetts
“Super Saturday,” a full day of mock interviews with alumni and field Duff & Phelps, LLC
Previous job:
professionals aimed at preparing you for your internship interviews. Actual Fitch Ratings Quantitative Analyst
Global Energy Decisions Milliman Financial Risk
interviews with corporate representatives are held by appointment at Haas, Management Group, Chicago
as well as via telephone or video conferencing. Goldman Sachs
Internship:
Intel Corp. Citigroup, Hong Kong, China
KPMG “The Berkeley MFE is one of the few
LRG Capital Group degrees offered through a business
school, centered on actually preparing
MBIA Insurance Corporation you to work in the financial industry.
Mellon Capital Management Because our professors are also
“My internship with the foreign practitioners, they aren’t isolated from
Matthieu Brunet exchange structuring desk at Citigroup
Microsoft Corporation
what’s happening in the outside world.
Moody’s KMV
MFE 09 is a 100 percent fit with my career goals.
Morgan Stanley
They bring that to the classroom, to
give us a behind-the-headlines look at
Previous degrees: The Berkeley MFE Program office
practically offered it to me on a silver very complicated situations. And the
Math and Physics MSCI Barra Haas program office staff is so
Lycée Champollion platter. They are fantastic and relentless
Grenoble, France in securing internships. Pacific Investment Management Co. (PIMCO) incredibly well-connected in every
MS, Computer Science Prisma Capital Partners financial capital around the world.
EISTI, Paris, France “The professors at Haas are all so
passionate about their work and about Shinsei Bank “Having an internship in the middle of
Internship: passing their knowledge and enthusiasm the program means I am a lot better
State Street Global Advisors prepared to really make a contribution.
Citigroup, New York City, New York on to us. They also make themselves very
available to us, in class and outside. When Wachovia Securities I expect to see things from a different
Professor O’Brian teaches his Innovation perspective when I return for my final
WR Hambrecht & Co.
class, his passion for the subject is term of classes.”
apparent. We explore not just the newest
ideas, but where new ideas come from,
what makes them succeed or fail.”
B uildi n g Your C areer

A Clear Path to Your Ideal Job

A Record of Success
2008 Full-time Employment Statistics

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.
Industry-leading Results
Total Offers: 96
Total Students with Offers: 63
% of Students with Offers: 100%
(63 of 64 looking for full-time employment)
Total Students Placed: 61
% of Students Placed: 97%
(63 of 64 looking for full-time employment)
Average First-year Compensation: $153,073
Median First-year Compensation: $147,500

A Proven Track Record Average First-year Bonus: $52,288

Throughout the year, the MFE program staff is working hard behind the Median First-year Bonus: $46,000
scenes to uncover job opportunities at dozens of leading firms, and to work Average First-year Base Salary: $105,061
with those companies and with you to determine the best possible career fit. Median First-year Base Salary: $100,00
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— 2008 Companies
100 percent of MFE graduates seeking full-time employment received job Alan Biller & Associates Macquarie Cook Power, Inc.
offers in each of the previous four years. Bank of America Moody’s Analytics
Barclays Capital Morgan Stanley
Continuous Personalized Career Services
Barclays Global Investors Optiver US LLC
From your first day as a Berkeley MFE student, the program office works to
BNP Paribas PAAMCO
prepare you to achieve your career goals. Orientation week gives you an initial
Charles Schwab & Co. PIMCO
overview of job opportunities, market trends, and skill sets. Real-world
Citi Quantal The Berkeley MFE Program helps students find careers all
interaction with industry-leading companies starts immediately with a
Creighton Capital Management RBS Capital Markets over the world, including Tokyo. Three of the program’s
trading-game simulation conducted with representatives from Wells Fargo.
recent alumni in Tokyo include (left to right) Nick
Heather Russell Other introductory sessions cover various topics in depth, such as résumés, Deutsche Bank Renaissance Reinsurance
Sonnenberg, MFE 07, with BNP Paribas; Kunal Kanodia,
MFE 08 ethics, and internship preparation. Duff & Phelps Shinsei Bank
MFE 05, with Shinsei Bank; and Mu Li, MFE 07, with
Assistant Director, Single Obligor Group Gifford Fong Associates Inc Spot Trading L.L.C. Goldman Sachs.
Moody’s KMV The program offers a wide range of continuous personalized services, Goldman Sachs Standard & Poor’s
San Francisco, California
including help with individual career planning, résumé writing, and interview Goldman Sachs (Asia) Stark Investments
Previous degree: preparation. Group workshops, panels, networking events, and receptions
Ph.D., Math HanaIB (an affiliate of Hana Bank) Swiss Re
Harvard University offer valuable information specific to all phases of the career search. The
JPMorgan Total oil trading SA (TOTSA)
BS, Math Haas School also hosts two career fairs specifically for MFE students. The
California Institute of Technology Liberty Capital UBS Securities Asia
October career fair in New York, co-hosted by the International Association of
Internship: Lonestar Funds United Overseas Bank
Moody’s KMV, San Francisco, California
Financial Engineers and New York University, typically draws more than two
dozen top financial firms. A second fair, held in San Francisco, draws more
“As soon as I was admitted, the
program office started giving me than 40 organizations.
advice on preparing for success. Job Locations Job Industries Job Functions
Their support continued throughout Your Worldwide Network Bermuda
the year, especially in finding an Risk Consulting
Career support does not end after graduation. From your first day as a 2% Asset 3%
internship, which turned into a Management
Management
full-time job. Berkeley MFE student, you have access to one of the best professional 15%
11%
Asia
“Companies want to hire people networks on the planet. More than 30,000 business school graduates are 25% Portfolio
Management
who can be immediately productive. connected by the robust Haas Alumni Network, with alumni chapters in West US 6%
My Berkeley MFE helped me make Commercial Trading
major cities around the globe. The Haas online alumni community, Haas@cal, 28%
Banking 34%
a strong, smooth transition. The Investment
Haas professors don’t teach things the focal point for alumni connections and services, facilitates keeping up Banking & 9%
Europe Brokerage
just because they are theoretically with friends from school and developing professional networks. The online 5% 58%
interesting, but because they are what Research
community offers Haas students and alumni a searchable alumni directory, 20%
will give you an edge on the job.” Strategy
online job postings, lifelong e-mail forwarding options, and various career Northeast US
Consulting, 14%
30%
resources. Midwest US Investment
5% Research/Advisory
15% Modeling
South US
6%
5% Insurance Structured Products
3% 6%

      
T h e B er k ele y M F E C urriculum
Preparing You to Make an Immediate Impact
Jacques Burrus
MFE 09
Previous degree:
B, Engineering
Ecole Polytechinque, Paris, France
Previous job:
Field Engineer
Schlumberger D&M, Ravenna, Italy
Internship:
BNP Paribas, New York City, New York
“Not everyone wants to be a trader
or a hedge fund manager. The Berkeley
MFE Program gives you a well-
rounded preparation to pursue your
own career objectives. Some MFE pro-
grams turn out students who are just
super-computers. Haas teaches you
all aspects of the industry. You leave
feeling that you can talk to anyone who
works in any facet of the industry.
“The small size of the program is an
advantage. This isn’t a factory. We
are individuals with different perspec-
tives, skills, and goals. While we all
learn the same things, we use the
knowledge in different ways.
“The program office works tirelessly
to give us a direct line to internship
opportunities. You feel that you aren’t
lost in the crowd; you matter as an
individual. And if you want to get a job
after your MFE, there is no better pro-
gram than Haas. The statistics alone
tell you that.”
10      11
Margit Zwemer
MFE 09
Previous degree:
BS, Mathematics
Stanford University, Stanford, California
The Berkeley MFE Program is a professional degree Internship:
Goldman Sachs, London, U.K.
program with a curriculum intended to prepare you to Two years of travel between com-
work as a financial engineer immediately after graduating. pleting her undergraduate studies
Anchored in the latest theories and best practices in quantitative finance, with honors and embarking on her
MFE courses are designed exclusively for MFE students, and are seamlessly MFE studies gave Margit the chance
to explore the world and gain new
integrated with one another.
skills. It also gave her the time to
This cooperation between course material allows the mathematical, reassess a future in academia as a
mathematician or professor. She
statistical, and computer science methods to be integrated with the decided to move away from the theo-
theoretical framework and institutional settings in which they are applied. retical track she pursued earlier in
For example, macroeconomics is taught in relevant context in the fixed favor of applying her strong math
skills in a business setting.
income markets course, during the discussion of term structure, and during
the equity and currency markets course, in the context of exchange rate Innovation is the Expectation
determination. Similarly, insurance concepts are introduced in the advanced “From the beginning, our professors
derivatives courses where students can easily understand their relation to emphasized their expectation that
we would innovate in the classroom,
similar products. in our projects and in the way we
think. We are expected to apply the
Structured for Success tools and skills we’re learning in
The MFE requires only one year of study, which makes it attractive to students new ways, to develop new products
and approaches, not just to re-invent
with strong quantitative skills and focused career interests. The program what has already been done.”
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 Constantly Evolving Curriculum
and gain a sense of what the classroom experience will hold. The orientation “The curriculum is constantly evolv-
features team-building exercises and lectures, and workshops on special
ing. The professors do a great job of
keeping their teaching relevant,
topics, including a thorough overview of the job market and career resources. which in today’s uncertain economy
means constantly updating lectures
MFE students must successfully complete 28 units of coursework plus an and projects to stay ahead of current
internship or on-site project. Because of the school’s reputation and close ties events.”
to the best firms, Haas has an exceptional record of helping students secure The Complete Package
internships, consistently placing nearly 100 percent of students each year. “The Berkeley MFE Program puts a
lot of emphasis on making you the
Applied Finance Project ‘complete package.’ The program
realizes that even the most brilliant
In addition to the internship, MFE students are required to complete an applied
student can’t succeed if he can only
finance project that develops or uses quantitative finance tools and techniques talk to another quant. There’s a lot of
learned in the program or internship. Students have the option of completing emphasis on communication and
a one-credit project or three-credit project. Each year, the $5,000 Gifford Fong interpersonal skills through small
group work, mock interviews, and
Award is given to the best three-credit project. In 2008, the prize was shared résumé review. These intangibles
by Yuji Takahashi, whose project examined innovative derivatives to drive are what help set Haas grads apart.“
investment in earthquake protection technologies, and Stephen Watson, who
focused on calibration and pricing of a multi-factor market model.
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.
T h e B er k ele y M F E C urriculum

Curriculum Overview
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 in their firms and the kinds of skills and instruments that they construct on firms’
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 Economics Derivatives: Economic Concepts Required Course:
MFE 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 Finance economic intuition rather than detailed
MFE 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 Calculus continuous time, from the formulation of
MFE 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 Helps financial engineers understand the
discussing the work of financial engineers implications of the innovative financial
personal attributes they are seeking for this
work, trends in the provision of financial psychological processes by which people
services, the information and computing Financial Institutions Seminar II
systems being adopted, new product develop-
ments, regulatory issues, and similar topics.
Summer (8 weeks)
MFE 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
quantitative analysis, with techniques and
arguments developed using the simplest
possible mathematics.
Derivatives: Quantitative Methods
MFE 230D (2 units)
Emphasizes the pricing of derivatives in
the pricing problem to the implementation
of computational and numerical solution
techniques.
Fixed Income Markets Students participate in a series of case
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 wide risk control.
management, and hedging interest rate risk.
Accounting and Taxation of Derivatives Corporate Financing MFE Program provides you with exclusive
MFE 230W (1 unit)
financial statements and tax liability.
Practice Seminars I and II. Feature guest
speakers from financial services firms Provides exposure to the practical challenges
discussing the work of financial engineers associated with building and testing credit
in their firms and the kinds of skills and Applied Finance Project (Required)
personal attributes they are seeking for this
work, trends in the provision of financial This is an applied project exploring an
services, the information and computing unresolved finance problem that is met in
systems being adopted, new product develop-
ments, regulatory issues, and similar topics.
Fall (8 weeks)
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 Finance
MFE 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)
studies including portfolio insurance, long-
term capital management, mortgage-backed
securitization, exchange traded funds, capital
structure arbitrage, and corporate enterprise-
The Design of Securities for investment portfolios).
MFE 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 ects and keep faculty and students abreast of
MFE 230V (2 units)
risk models for use by banks and asset
managers. Emphasis is placed on model
building, model valuation, and interpreting
model output.
Equity & Currency Markets of a quantitative financial technique.
MFE 230G (2 units)
Reviews equity and currency markets
with an emphasis on modeling with
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 Real-World Technology
MFE 230M (2 units)
Explores advanced topics in mortgage and
Environment
other asset-backed securities. Students The Haas School’s MFE labs provide students
apply the latest tools in fixed-income with the opportunity to learn in similar state-
of-the-art environments to those they will use
analysis and classic economic and financial
models to evaluate securitized bond in the business world, complete with the latest
markets.
software and databases.
MFE research computing laboratories are
Dynamic Asset Management
equipped with dual flat-panel display Dell
MFE 230K (2 units) Precision workstations. Each workstation
Covers the strategies for achieving various has the latest software and tools available
investment objectives for portfolios/ for research and practice. Programs such as
SAS, Matlab, SPSS, EViews, and Mathematica
instruments (equity, fixed income,
are available in the lab and remotely through
currency, mortgages, non-traded assets)
and applications (investment funds, the Haas Unix research server and the Haas
Windows terminal servers. Visual C++, Visual
pension funds, insurance companies, bank
Basic, Fortran, and other software develop-
ment tools are also available. The Berkeley
Behavioral Finance
access to Datastream and Bloomberg terminals
MFE 230S (2 units)
located inside the main teaching laboratory.
This course covers elements of behavioral
Throughout the year, the MFE Program offers
decision theory and its implication
additional classroom sessions on the use of
in financial markets. Focus is on the
applications and data sources. These sessions
make judgments and decisions, and the provide training and support for course proj-
heuristics and biases associated with these
advances in financial tools and technology.
decisions.
Comprehensive Research Libraries
The Long Business and Economics Library
MFE 230N (1 - 3 units)
supports student course assignments and
faculty research. The library provides access to
business databases and journal archives such
practice and involves the development or use as the library’s CD-ROM network, Datastream,
Compustat, CRSP, Reuters Research on
Demand (RRoD), Factiva, Global Financial
Independent Study Database, JSTOR, Business Source Premier,
(1 - 3 units)
and Lexis-Nexis Academic.

Students Drive Responsible Investments historical evidence. Volatility, volume, high Center for Innovative Financial Technology
frequency dynamics, and dealer behavior in
Lloyd Kurtz, a lecturer and an advisor to the Haas School’s The Center for Innovative Financial Technology
Socially Responsible Investment Fund, discusses how to
currency markets are considered. Practical (CIFT) at the Haas School of Business conducts
value a company’s financial and sustainability performance considerations used in the implementation of and facilitates innovative research and teaching
with four of the fund’s principals (from left to right): various strategies are considered. on how new technologies impact global electron-
Megha Doshi and Matthew Blair, both MBA 09; and ic markets, investment strategies, and the stability
Eugene Pauksta and Aiphi Want, both MFE 09. The * Not all electives are offered each term. of the financial system. The Center uses state-
$1.3 million, student-managed fund is intended to train stu- of-the-art facilities, tools, data, and modern web
dents for careers in both traditional and socially responsible approaches to accumulate and share expertise
investing. MFE students have used the fund to gain practical among faculty, students, industry, and academic
experience in fund modeling, weightings, and analysis. collaborators.

12    13
B er k ele y M F E F acult y
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.
Thought Leaders, Innovators, and Practitioners
14      15
Nancy Wallace
Berkeley MFE faculty members are renowned California Chair of Real Estate
groundbreakers and thought leaders in the field of and Urban Economics
quantitative finance. In addition to undertaking preeminent research Ph.D., University of Michigan
that feeds directly into the curriculum, many of these scholars also have Long before the meltdown of the
practical experience in the creation of financial instruments and software, subprime mortgage market and
subsequent collapse of staple
as well as the implementation of innovative financial strategies. investment banks, Professor Nancy
Wallace’s research determined that
Pioneers of Financial Engineering Wall Street banks and bond-rating
Many Haas School faculty members have long stood at the forefront of the agencies were underestimating the
quantitative finance industry. For example, Professor Mark Rubinstein is risk of many new mortgage- and
asset-backed securities.
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 MFE students benefit from Wallace’s
experience and insight as they
pricing. He is currently an associate editor of eight journals in these areas. examine and evaluate the structure
In 1993, he served as President of the American Finance Association. Many and operation of the securitized
of Rubinstein’s papers are frequently reprinted in survey publications, and bond markets in her Asset-backed
Security Markets course. A central
he has won numerous prizes and awards for his research and writing on
project has them work together to
derivatives including International Financial Engineer of the Year for 1995. invent structures for new securities.
In the past, these projects have
Like Rubinstein, Faculty Director John O’Brien was an early innovator in tackled a wide range of interest
the investment consulting space. Before joining Haas, O’Brien served as areas, from traffic flow issues to
Chairman of the Capital Market Fund, and the S&P 500 SuperTrust, the first energy efficiency and environmental
challenges.
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- “We have had wonderful success
with these projects because the
based index, considered by many to be the most accurate reflection of the students are amazingly creative and
overall market. In 1987, O’Brien was named one of Fortune Magazine’s Men innovative,” says Wallace. “It’s excit-
of the Year. ing to see what they come up with.”
Wallace believes the Berkeley MFE
Professional Faculty Drawn From Business curriculum is successful because
In addition to having early innovators and scholars, the Berkeley MFE faculty it is the most balanced quantitative
also draws from some of the most successful minds in today’s business finance program of any university.
“Haas offers the best mix of tech-
community. For example, Lecturer Jeffrey Bohn leads the Financial Strategies nology taught in the context of its
group at Shinsei Bank in Tokyo, following his role as head of Moody’s KMV’s business and economic applica-
Global Research group. The faculty also includes Barclay’s Global Investors tions,” she says. “We’re not just
training people to sit in a back
executives Ronald Kahn, managing director and global head of equity
room and crunch numbers—Haas
research; Michael Melvin, managing director and head of currency research; develops highly sophisticated prob-
and John Martinez, former director of the firm’s iShares, Inc. lem-solvers who become managers
of firms and leaders of industries.”
Berkeley MFE faculty have also played important roles in the national and Despite today’s volatility, Wallace
international business communities, serving as consultants, board members, believes the need for highly skilled
and speakers at major business conferences and seminars. Professor Dwight finance experts remains strong.
M. Jaffee has been an advisor to the World Bank, the Federal Reserve System, “There will always be a need to
transform unsuitable investment
the Office of Federal Housing Enterprise Oversight, and the US Department of classes into more securable
Housing and Urban Development. 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.”
B er k ele y M F E F acult y
Serge Tchikanda
MFE 07
Quantitative Research & Development Team
Bloomberg, New York City, New York
Previous degrees:
Ph.D., Mechanical Engineering
Georgia Tech, Georgia
BS Math & Engineering
CUNY
“Being in the business school,
the Haas 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
after graduation.”
16    17
Passionate Scholars and Teachers
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— Ronald N. Kahn, Managing Director Michael Melvin, Managing Director Richard Stanton, Associate Professor.
that is, their median ratings are 6 or higher on a 7-point scale. and Global Head of Equity Research, and Head of Currency Research, Ph.D. (finance), Stanford University.
Barclays Global Investors. Ph.D. Barclays Global Investors. Ph.D., UCLA. Mortgage markets—prepayment
In the Berkeley MFE classroom, faculty members emphasize both theory (physics), Harvard University. Portfolio International finance and exchange modeling, valuation and hedging, term
and practice by using a variety of teaching methods. Case studies, seminars, management, risk modeling, and rate modeling. Co-Editor Journal of structure modeling and valuation of
quantitative analysis. Author (with Richard International Money & Finance. derivative securities, application of
simulations, guest speakers, and group projects all facilitate the learning Grinold), Active Portfolio Management: nonparametric estimation techniques to
process. Classroom learning is enhanced by numerous opportunities to apply Quantitative Theory and Applications. John O’Brien, Adjunct Professor. MS. the hedging and pricing of derivatives.
the lessons to real-world situations. (operations research), University of
Gregory LaBlanc, Lecturer in Finance, California, Los Angeles. Faculty Director, Domingo Tavella, Principal of Octanti
Professors regularly integrate their research findings into new course Strategy, and Law. B.A. (history; politics, Master’s in Financial Engineering Associates, Inc. Ph.D. (engineering),
philosophy, and economics), University Program. Managing Director at Credit Stanford University. Computational
offerings and reassess the MFE curriculum to ensure its relevance in
of Pennsylvania. BS (economics), Wharton Suisse Asset Management (CSAM). methods in financial pricing, stochastic
presenting current issues. In their courses, students benefit by being among School. JD (corporate and securities law) Cofounder, chairman, and CEO of simulation in finance and insurance,
the first to learn of faculty discoveries and by studying directly with the George Mason University, LLM program, the investment firm Leland O’Brien financial software development strategies
inventors of yesterday’s and tomorrow’s innovative theories and principles. UC Berkeley. Rubinstein. Cofounder and original and methods, risk management
chairman & CEO of Wilshire Associates strategies in finance and insurance,
Hayne Leland, Arno A. Rayner Professor (originally named O’Brien Associates). hybrid insurance structures.
of Finance and Management. Ph.D.
Mukesh Bajaj, Managing Director of Gregory Duffee, Assistant Professor. (mathematical economics), Harvard Terrance Odean, Willis H. Booth Chair Alexei Tchistyi, Assistant Professor
Finance and Damages Practice and Ph.D. (economics), Harvard University. University. Dynamic investment strategies in Banking and Finance. Ph.D. (finance), of Finance and Real Estate. Ph.D.
Board of Directors, LECG, LLC. Ph.D. Pricing and trading credit risk and portfolio insurance, informational University of California, Berkeley. (business), Stanford. M.S. (applied
(finance), University of California, asymmetries, structure, and inter- Behavioral finance. mathematics and physics), Moscow
Berkeley. Corporate finance and
(theoretical and empirical), term-
structure modeling, risk management mediation in financial markets, regulation Institute of Physics and Technology.
Eric S. Reiner, Managing Director, Group
financial strategy, dividend policy, capital of financial institutions. Formerly a of insider trading, risky debt valuation.
Director and founding principal of Risk Control, UBS AG, New York and
Financial innovations, mortgages,
mortgage-backed securities, moral
and ownership structure, determinants member of the Trading Risk Analysis Zurich. Ph.D. (chemical engineering),
of stock returns, design and pricing of group at the Federal Reserve Board. the investment firm Leland O’Brien hazard, contact theory.
Rubinstein Associates Inc. Past president University of California, Berkeley.
securities. Suneel Udpa, Lecturer. Ph.D.
Mark Garman, Professor Emeritus. of the American Finance Association. Mark Rubinstein, Paul Stephens
Jonathan Berk, Harold Furst Associate Ph.D. (systems and communications (accounting), Washington University,
Richard K. Lyons, Bank of America Professor of Applied Investment St. Louis. Evaluating ASPs and reducing
Professor of Management Philosophy sciences), Carnegie Mellon University. Analysis. Ph.D. (finance), University of
and Values and Finance Group Chair. Arbitrage, options, volatility measures, Dean and Professor. Ph.D. (economics), costs through outsourcing.
Massachusetts Institute of Technology. California, Los Angeles. Options markets,
Ph.D. (finance), Yale University. Asset duration-related risk measures. dynamic investment strategies, option Rossen Valkanov, Assistant Professor.
pricing, firm valuation, the size effect, President and Chief Scientist of Foreign exchange markets: volatility,
volume, high frequency dynamics, and pricing theory, exotic options, implied Ph.D. (economics), Princeton University.
real investment, and valuing startups. Financial Engineering Associates, Inc., a binomial trees, portfolio management Empirical asset pricing, econometrics,
Associate at Goldman Sachs from 1985 provider of software for derivatives and dealer behavior; micro-institutional
approach to foreign exchange; software. Winner of nine prizes for macroeconomics, term structure
to 1987. value-at-risk analysis.
transparency in dealership markets. papers in financial economics; 1995 modeling, properties of long-horizon
Jeffrey Bohn, Managing Director, Dwight M. Jaffee, Willis H. Booth Trustee for Matthews International Funds. Financial Engineer of the Year. Co- returns.
Financial Strategies Division, Shinsei Professor of Banking & Finance. Ph.D. author of Options Markets and author of
John Martinez, Former Director of the innovative and comprehensive text, Nancy E. Wallace, Professor and Real
Bank. Ph.D. (finance), University (economics), Massachusetts Institute of
iShares, Inc., and trustee of iShares Derivatives: A PowerPlus Picture Book. Estate Group Chair. Ph.D. (urban
of California, Berkeley. Risky debt Technology. Loan activities of financial and regional planning), University of
valuation, credit derivatives, banking, institutions, commercial loan and Trust, managed by Barclays Global Founding principal of the investment
Investors. AB (economics), University of management firm Leland O’Brien Michigan. Mortgage contract design,
risk management, and global portfolio mortgage markets, credit rationing, mortgage prepayment and valuation
management. asset-backed security markets, California, Berkeley. MBA (finance and Rubinstein Associates. Past president
statistics), University of Chicago Graduate of the American Finance Association. models, asset-backed securitization and
catastrophe insurance financing. Board
School of Business. Former Chairman Advisor on derivatives to the SEC, pricing, real estate price dynamics, real
of Directors Barr Rosenberg Mutual
of the Independent Review Committee the CBOE and other exchanges, and options in real estate.
Funds; Visiting Scholar, Federal Reserve
Bank of San Francisco. for the Canadian iShares funds managed numerous financial firms.
by Barclays Global Investors, Canada.
Former Director for REX & Co., Inc., Jeff (Yuqing) Shen, Managing Director,
a real estate equity finance solutions Head of Asia Equity, Barclays Global
company. Director of Larkin Street Youth Investors (BGI). Ph.D. (finance), Stern
Services. Former senior executive and School of Business, NYU.
board of directors member with Barclays
Global Investors Services. Former CEO of
the Global Index and Markets Group.
 A C ollaborative C ommu n it y
Peter Chromiak
MFE 09
Previous degree:
BA, Economics
Columbia University, New York City, New York
Previous job:
Trading Assistant
MBF 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’s been 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 are incredibly
diverse in their backgrounds, but we
are homogeneous in our goals for
the future. When we work together
on projects, a classmate with a Ph.D.
in physics might help me with the
math, and I can help 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 have
learned in my courses, from my
professors and my classmates—and
I came to the program with practical,
trading floor experiences. I’ve gained
confidence in myself and my
understanding of the industry.
Confidence Without Attitude
I feel like I can hold my own in a
conversation with seasoned
professionals.”
18      19
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 MFE Class of 2009
attitude that Berkeley graduates are known for. Admissions
Students Applications Received: 474
A Wealth of Diversity
Enrolled Students: 65
Resourceful, intelligent, energetic, and, above all, highly motivated: all of
these are hallmarks of Berkeley MFE students. Many students have already Enrollment Profile
achieved significant success in their careers, as well as in their prior academic Countries Represented: 20
lives—over half have already earned post-graduate and doctoral degrees Average Age: 28
in other, related areas of expertise. Most MFE students have backgrounds in Average Years of Post-University
quantitative disciplines upon entering the program. Experience: 4.01
Undergraduate Institutions
Because they are diverse and unique as individuals, Berkeley MFE students
Represented: 46
contribute to the wealth of their classmates’ experience while in school, and
Average Undergraduate GPA: 3.60
add great value to one another as fellow alumni in future endeavors around
Graduate Institutions
the world. The relatively small size of the MFE program permits students
Represented: 36
to get to know most members of their class—strong connections develop
between faculty and students, and among students. Degrees Held
Bachelor’s: 41%
A Close-knit Peer Network Master’s: 34%
As a complement to their coursework, students also have the opportunity to Ph.D: 25%
get involved in clubs and extracurricular activities. The student-run Financial
Prior Majors
Engineering Student Association (FESA) represents student interests to the
MFE and Haas administrations and coordinates events specifically tailored Engineering: 27%
to MFE program students. In the past, FESA has sponsored activities as Mathematics: 20%
diverse as barbecues, bowling, karaoke, dinners, bar nights, and trips to local Economics: 14%
attractions such as Napa Valley and Lake Tahoe. Many of the events allow Finance: 6%
students to bring their families.
Natural Sciences: 17%
Coming to Haas means joining the vibrant, thriving community of a top- Computer Science: 5%
ten business school at a premier university. From networking mixers to Business: 2%
annual conferences, guest speakers to school-wide events, there’s always
MBA: 3%
something happening at Haas. And, as a member of our highly active student
Humanities: 3%
community, you will have the opportunity not only to attend these stimulating
and exciting activities, but also to participate in creating and planning them. Other: 5%
Selected Prior Employment
Engineering: 8%
Marketing/Sales: 2%
Information Systems: 8%
Finance: 43%
Research & Development: 20%
Project Management: 2%
Consulting/Management
Services: 3%
Other: 16%
 T h e U n iversit y of C alifor n ia , B er k ele y

UC Berkeley
Academic and
Faculty Distinctions
• Ranks first nationally in the number
of graduate programs in the top ten
in their fields (National Research
Council)
The Haas School Experience
• 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
Consistently ranked one of the top business schools in
the country, the Haas School of Business has a solid UC Berkeley Mahesh Krishnan
MFE 09
of social mobility, research output, reputation for quality and leadership. The business school at Founded in 1868
and promotion of a service ethic The University of California, Berkeley, was founded in 1898, making it the
Flagship campus of the University
• The leading institution in awarding second oldest collegiate business school in the United States, and the first of California Previous degrees:
doctoral degrees to minorities at a public university. Rank, reputation, and experience combine to offer Haas
and women
33,933 students from 101 countries BS, Materials Science and Engineering
National Institute of Technology (former REC),
students a rich spectrum of quality resources, noteworthy events, and high-
23,863 undergraduate students Trichy, India
• 20 Nobel Prize laureates (including profile speakers. Ph.D., Microelectronics and Materials Science,
the late Haas Professor John Harsanyi) 10,070 graduate students University of Maryland, College Park, Maryland
A University Second to None 1,953 faculty members Previous job:
• 201 American Association for the
Advancement of Science Awards In addition to attending a premier business school, Haas students join the Senior Consulting Engineer
Nearly 340 degree programs PDF Solutions, San Jose, California
larger community at one of the most esteemed universities in the world. The
• 229 American Academy of Arts and Over 436,000 alumni worldwide Internship:
Sciences Awards 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 1,232 acre campus BNP Paribas, New York City, New York
• 76 Fulbright Scholars “Having done post-doc work in electrical
Berkeley that stimulates greatness. engineering at Berkeley, I was very pleased
• 383 Guggenheim Fellows to return to the campus. In the Berkeley MFE
With the Berkeley MFE program, you earn a degree from a university program, I see the same dynamic, creative
• 28 MacArthur Fellows
whose name and reputation open doors around the globe. The proof is in culture that I experienced as a post-doc, only
• 85 National Academy of the university’s distinguished record of Nobel-level scholarship, constant first cyclotron, the isolation of the human poliovirus, and the discovery now I am exploring innovation in finance.
Engineering Awards innovation, concern for the betterment of our world, and consistently high of all the artificial elements heavier than uranium, including Berkelium “Even though I worked in finance and had
• 131 National Academy of rankings of its schools and departments. and Californium. Twenty members of the UC Berkeley faculty have been even started my own small quant fund, I was
Sciences Awards completely self-taught and knew I needed
awarded Nobel prizes for these and subsequent achievements in science, a more rigorous academic training. The
Since its founding in 1868, UC Berkeley has grown with the rapidly expanding literature, and economics. Today, according to the National Research
• 14 National Medal of Science Awards intensity of the one-year program reflects
population of California and responded to the educational needs of the Council, UC Berkeley ranks first nationally in the number of graduate the intensity of the financial industry.”
• 92 Sloan Fellows developing state. By the 1930’s, research at UC Berkeley burgeoned in programs in the top ten in their fields. In fact, 97% of the university’s
• 5 Wolf Prizes nuclear physics, chemistry, and biology, leading to the development of the programs made the top-ten list.
• 3 Pulitzer Prizes
The Perfect Location
• 1 National Poet Laureate 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.

20    21
admissio n s a n d F i n a n cial A id

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, 2005.
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
Alexander Kudlay professionally or academically. Recommendations from co-workers, friends, or
family members are inadmissible and can be detrimental to your application.
MFE 09
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.
The Berkeley MFE Program has one of the For complete information
most reasonable tuition and fee structures of
on financial aid options and
any top program. The program and financial
aid offices will work with you help determine applications, please visit haas.
the best approach to financing your eduction. berkeley.edu/MBA/finaid/index.html.
Below are the estimated costs of attending
the MFE program. As these official figures are Computer Costs
averaged for all UC Berkeley students, actual MFE students are required to have
costs may be higher. their own powerful laptop computer. Esin Tureci
Tuition $49,725* Various manufacturers offer MFE 09
University Health Insurance $2,415* students discounts at the Scholar’s Previous degrees:
Living Expenses $27,500* Workstation, the campus computer BS, Molecular Biology
Bilkent University, Turkey
store. Visit tsw.berkeley.edu.
Books, Supplies $3,750* Ph.D., Biochemistry and Structural Biology
Total Estimated Expenses $83,390*  Housing
Weill Cornell Medical School, New York

Previous degree: Interviews (12 months) Previous job:

BS, Physics
Moscow State University, Moscow, Russia
Ph.D., Physics
Moscow State University, Moscow, Russia
Previous job:
Research Associate,
University of Maryland, College Park
Internship:
BNP Paribas, London, U.K.
“I researched MFE programs
extensively before choosing Haas
for its outstanding faculty and well-
planned curriculum. Both deliver
a perfect balance of academic
knowledge and practical applications
in all aspects of finance.
“Ultimately, this is not an academic
program; it is a professional degree
that prepares you to start working on
day one. The Haas program has a
stellar record for placing people in
internships and full-time employment.
The program office doesn’t stop until
everyone is placed.
“I came to the program with a solid
quantitative foundation. Haas is
helping me bridge the experience gap
by teaching me how to apply those
skills in a financial setting.”
Berkeley graduate students live Postdoctoral Fellow, Biochemistry
Admissions interviews are conducted on an invitation-only basis. Please do not *all costs are subject to change Department
in both university and off-campus University of Zurich, Switzerland
call the office to request an interview. You will be contacted by the MFE program housing. Housing in the Berkeley
Internship:
office if an interview is necessary to make a decision on your application. area is expensive and often in short supply, so you should plan ahead to
RiskMetrics Group, New York City, New York
International Applicants ensure that you will have a place to live before classes begin. There are “This program is so well-designed
If you are not a United States citizen or US permanent resident at the time several different housing options are available, including single-occupant for a career in the financial industry.
apartments, family housing, and on-campus residences. If you are interested Its intensity is intentional. We learn
you apply to the MFE Program, you are considered an international applicant. a lot in a short time and have the
Applicants from outside the United States should complete their application in applying for university housing, do not wait for notice of admission to seek opportunity to immediately apply
information. For more information, visit housing.berkeley.edu/housing. what we learn. From the start, you
materials and requisite tests early. As an international applicant, you should
can see how everything fits together
also be aware that you are not eligible for financial aid and should be prepared and applies in the world.
to provide your own financial support and healthcare coverage. For more
information on applying as an international student, visit the Services for MFE Admissions “Haas definitely succeeds in finding
the best person to teach each class.
International Students and Scholars website at ias.berkeley.edu/siss/. Requirements • Sufficient training to undertake graduate We are learning directly from the
• Graduate Management Admission study in the chosen field people who wrote the books and
Test (GMAT) or the Graduate Record developed the theories, tools, and
• A satisfactory scholastic average, usually
Examinations (GRE) General Test. models: Bob Goldstein and Domingo
Application Deadlines & Review Schedule for a minimum of 3.0 in upper-division work
Tavella.
the Academic Year Beginning March 2010 • A strong quantitative background includ-
Recommendations
ing linear algebra, multivariate calculus, “Being part of a larger university gives
Completed application received by: Application will be reviewed by: differential equations, numerical analysis, • Work or research experience in a us such a broader base. We have so
January 16, 2009 March 20, 2009 and advanced statistics and probability quantitative discipline many resources: the libraries at the
March 25, 2009 May 22, 2009 • Prior experience in computer program- • Experience with statistical and math and engineering departments,
ming (examples: Visual Basic, Matlab, econometric applications (examples: the Haas facilities and faculty, the
June 22, 2009 August 21, 2009 SAS, Gauss, RATS, S-Plus, Garch) alumni network. All this completes the
C++) and familiarity with computers as a
September 1, 2009 November 1, 2009 computational and management tool • Experience with mathematical tools experience.”
• Excellent writing, speaking, and (examples: Matlab, Mathematica, or
presentation ability in English MathCad)
In some cases, applicants may be admitted
For the MFE application and detailed admissions instructions, visit • Valid degree from an accredited
institution, comparable to the four-year conditionally on the successful comple-
mfe.haas.berkeley.edu. bachelor’s degree from Berkeley tion of one or more recommended courses
before enrollment in the program.

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T h e B er k ele y M F E P ro g ram From the Dean
I welcome your interest in the Berkeley MFE

Visit to Learn More

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 best way to know what it’s really like to be a Berkeley W I N

The Berkeley MFE Program’s emphasis on
excellence and innovation defines the Haas
E

MFE student is to come visit and meet some students C

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

U
and faculty. Visiting gives you a chance to learn more P O Petaluma

N
I N

T
Berkeley MFE students are intelligent, independent minded,

R
about the Haas culture and community, and to check out Sonoma

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

R
the facilities.

E
A
101

Y
12

S
faculty members are characterized by their pioneering work

E S
H
Napa
Information Sessions

O R
Novato
that brings new knowledge, insights, and best practices to the

N A T
E
We invite you to come to one of our group information
1 37

world of business, while their outstanding teaching transmits this

I O N A
sessions. On-campus sessions are held from 12:00 to 1:00 101
San
80
knowledge to our MFE students. Our professional staff supports
p.m. on the first business Monday of every month. You Pablo
the MFE program through their fresh ideas and hard work. And

L
Bay 680
San Vallejo
will be able to tour the MFE lab and ask questions of the Rafael
the strong, deep Haas alumni network enables MFE alumni to take
program director and admissions officers. In addition, we Richmond
San
80
780
full advantage of this powerful coalition of talented, successful
Rafael
Richmond
hold information sessions in major cities around the world
580
Bridge

Pacific
4
individuals. This is a program and a school that sets minds alight,
throughout the year. Please check our information session
101
Ocean Golden
Gate
University and sets lives on a brighter course.
calendar at mfe.haas.berkeley.edu. To participate, register San
Bridge Berkeley of California,
Francisco 80 Berkeley Concord I encourage you to learn more about our innovative program and
online at ssl.haas.berkeley.edu/MFEAdmissions/events/. 80 Oakland
Bay
Oakland invite you to come to the Haas School in person and meet with our
Bridge 24
Daly 280
City
Pre-program Courses South Alameda
13
Walnut
Creek
Pittsburg
faculty, staff, and students.
San
The MFE program also offers pre-program courses to San
Francisco
280 Francisco
International
Sincerely Yours,
580

help prospective students review the concepts necessary Airport Oakland

International San
Millbrae San
to be successful in the MFE program. Current courses San
Airport 880 Leandro Ramon
Francisco
run from January to March each year and include Math San
Mateo
Bay
San Hayward 680

Foundations for Financial Engineers, C++ Programming for

Mateo
92 Bridge 92

Financial Engineers, and Statistics for Financial Engineers.

101 Dublin/
Pleasanton Pleasanton
Redwood Richard Lyons
Enrollment is open to the public, and we strongly 35 City
Dumbarton
580

Livermore
Bridge 84

encourage individuals who are thinking of applying to the Fremont

Bank of America Dean and Professor
S
I L

Palo
program to enroll. Walter A. Haas School of Business
680
Alto 880
I C

Mountain
O

View
N

V
A L
L E Y
1 Sunnyvale 237
Milpitas
Santa
Clara
9 85 San
San Jose
Jose
International BART N
Airport (Bay Area
Rapid Transit)

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

24