Next fall, students in the Financial Engineering Concentration will move to New York City to complete their 3-semester program. Their capstone Financial Engineering project and final course work will take place at ORIE's CFEM near the Stock Exchange.
Starting with the currently enrolled class, Master of Engineering students in the Financial Engineering Concentration will spend the third semester of the program at Cornell Financial Engineering Manhattan, ORIE's facility at 55 Broad Street in New York, at the center of the financial services industry. Student teams will be based in New York to work on the capstone Financial Engineering project as well as to complete their course work. The third semester will serve as a transition to the practice of financial engineering, providing exposure to practitioners, including representatives of the project client, typically a New York-based financial services company.
According to Dr. Victoria Averbukh, Director of Cornell Financial Engineering Manhattan, the semester in Manhattan '"complements the theoretical education of our Master of Engineering students by providing practical understanding of the financial markets." Logistical considerations, including housing and vital student services, have been investigated and Dr. Averbukh is confident that the students, many of whom will already be in New York for internships, will find the semester a major plus in their educational and post-graduate career.
The move to Manhattan is the latest step in the evolution of ORIE involvement in Financial Engineering, beginning with the world's first academic meeting on Financial Engineering, which took place at Cornell in 1989, and continuing through the formal establishment of the Financial Engineering Concentration in 1995, the establishment of the "Wall Street Campus" at 55 Broad Street in 2005, and the expansion of the Concentration to three semesters in 2006. According to Dr. Kathryn Caggiano, Associate Director for the Master of Engineering program, the addition of a third semester has made it possible to expand and solidify the curriculum as well as to provide an opportunity for students to obtain summer internships with Cornell assistance. Since this program expansion was announced, the number of applications to the program has more than tripled.
Completing the program with a fall semester in Manhattan becomes the standard approach for Financial Engineering students, with a few exceptions during the transition year and among students with a BS from ORIE and similar programs. Dr. Caggiano stated that "the strategic move of the third semester to Manhattan will positively impact the program experience and the preparedness of the students for successful Wall Street careers."
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