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General Programme Questions

Admission Requirements


Programme Structure 

Fees and Scholarship



How does the NTU MFE Programme distinguish itself from other similar programmes?

The NTU MFE Programme is offered under the auspices of a business school with the combined expertise the Nanyang Business School (NBS) and the School of Physical and Mathematical Sciences (SPMS) in NTU. As a result, NTU MFE students learn about financial engineering within the context of business and economic principles, benefit from the expertise of faculty from the Business school as well as SPMS, and enjoy the additional advantages of the business school's career services, corporate contacts, and orientation towards business applications.

The NTU MFE programme also includes an optional 7-week term at Carnegie Mellon University, USA, bringing financial practices in the east and west live to the classrooms. Upon successful completion of the 7-week term, students will be awarded a Certificate in Computational Finance from CMU.

What is the difference between an MFE and other degrees?
MBA: There are many differences between an MFE and MBA. Some of the differences are obvious, for example the MFE programme can be completed in 1 year (full-time study), while an MBA typically takes 2 years. The MFE is a graduate degree in a highly specialized type of Finance, and an MBA is a more general, well-rounded business degree, offering courses in areas such as Marketing, HR/Management, Strategy, Accounting and Finance. Most MBA programmes do not require the high-level of math, analytic ability, or computer programming experience required by the MFE programme. The combination of skills obtained by MFE graduates (understanding of complex financial strategies, financial modeling ability and computational proficiency) are difficult for employers to find in graduates of general MBA or Engineering programmes.

Other MSc Finance related programmes such as Applied Finance, Wealth Management etc.: Like the MBA programme, these programmes do not offer the combination of skills obtained by MFE graduates. These programmes have less emphasis on math and programming skills and do not offer a combination of finance, mathematics and computing.

CFA (Chartered Financial Analyst): The main difference is that a CFA is an independent certification process, not an academic distinction. Also, unlike the MFE programme, the CFA has little emphasis on math and programming skills to solve financial problems. Many people in the Finance Industry get their CFA in addition to advanced degrees in Finance. For some jobs it is desirable to have both, but they are not interchangeable by definition.


What type of students do you look for?

The MFE programme looks for candidates with a background in applied mathematics, applied science, statistics, computer science, engineering, economics, or other similar quantitative fields. Applicants from other disciplines with strong academic performance may also be considered. We are looking for individuals for whom the programme is a good "career-fit", and who are likely to have successful future careers. Above all, candidates will need to demonstrate that they have the commitment, experience, motivation and potential to benefit from, and contribute to, the programme.

Am I eligible for the programme? What are the admission requirements?

Individuals who hold a good undergraduate degree can apply for admission to the programme. GRE or GMAT is a compulsory requirement for admission to this programme. Work experience is preferred but not mandatory. Please click here​ for details on admission requirements.

Do you require an undergraduate degree in finance or business?

Though there is no specific degree requirement, most students will have undergraduate or graduate degrees in applied science, statistics, mathematics, engineering, computer science or other similar quantitative fields. Applicants from other disciplines will also be considered. The common requirement for all students in the programme is that they enter it with a high level of intellectual curiosity and a strong interest in finance.

How much math will I need?

The MFE programme is highly quantitative. While the math background of our students varies, most have taken engineering-level math courses beyond Calculus such as Differential Equations and Linear Algebra. If you have not done much math during your undergraduate study, you should be able to demonstrate your mathematical ability through other ways such as GMAT/GRE, good GCE ‘A’ Level (or high school equivalent) math, or work experience.

Is GMAT or GRE required?

GMAT or GRE is required and a good GMAT or GRE score would enhance your application. The GMAT or GRE score provides us with another platform to evaluate your application especially if academic results, work experience, etc are not comparable with other applicants. Please note that a low GMAT or GRE score will not exclude your application from being considered. There is no minimum cut-off score for GMAT or GRE. Either the GMAT or GRE is accepted. Original copies of the test scores are required. You must have taken the test within the last five years of submitting your application.

Can I be exempted from taking GMAT/GRE?

No, every applicant is required to take GMAT/GRE, regardless of their academic background, prior qualifications or work experience. We receive many international applications, so it is very helpful to have one measure on which we can compare all candidates in the applicant pool.

Do I have to submit GMAT/GRE test scores even if I hold a PhD?

If you hold a PhD in a related discipline and are able to submit a photocopy of the GMAT/GRE that was part of your original PhD application, you may then request a waiver of the GMAT/GRE test requirement. Such requests will be considered on a case-by-case basis by the Admissions Committee.

Can I apply before I have taken GMAT/GRE?

If the rest of your application is completed, you can send it to us, even if you have not taken the GMAT/GRE. However, you should take the test before the closing deadline which is the end of February. You should also indicate in the application form your GMAT/GRE test date so that we know when to expect your score report. We will not process your application without your GMAT/GRE score as your application is deemed incomplete without them. You should fax us your unofficial scores as soon as you receive them and arrange with the test centre for the official score report to be sent to us. 

I do not have any work experience, can I apply for the programme?

Yes, you may. Although work experience is preferred, it is not a mandatory requirement.

Do I need to take TOEFL or IELTS?

TOEFL is required if the medium of instruction during your undergraduate studies was not in English. IELTS may be accepted in place of TOEFL.

What is an acceptable score for TOEFL or IELTS?

An acceptable score for TOEFL is 620 (paper based), 260 (computer based) and 105 (internet based). For IELTS, the acceptable score is 7 and above.

I am a foreigner. Am I eligible to apply?

Yes, this programme is open to international students. The University will assist you in obtaining your student visas and accommodation needs when you have confirmed acceptance to the programme. 

Are foreigners allowed to take the programme on a part time basis?

Foreigners who are currently working in Singapore and holding an employment pass may apply to take the programme on part-time basis.

Are all applicants invited for interview?

Only those who are successful after the initial short listing process are invited for an interview.

How many people do you admit each year?

The programme offers approximately 45-50 vacancies each year. 

If I apply and am accepted this year, can I defer acceptance to next year?

Yes, you may request for a deferment. However, you must accept the course offer and make the enrolment deposit before request for a deferment can be made. 

Can I apply to enter the programme in January?

We only have one intake each year in July.

Why was I not accepted into the MFE programme?

Due to high volume of applications received, we are unable to accede to requests for reasons of non-acceptance.


What is the period of candidature for this programme? Please click here for more information on Period of Candidature.

What is the academic calendar?

Please click here for the academic calendar.

Can I apply for exemptions?

Exemptions are considered on a case-by-case basis. Students may apply for exemption of up to a maximum of 3 subjects. Application for exemptions will open once you are enrolled.

What are the course attendance requirements and workload?

You are expected to attend all the lectures and classes scheduled for each of the core and elective courses.  You will need to set aside considerable amount of time for preparation, reading, group work, project work, private study, completion of assignments and revision for exams. The pace at which individuals work will obviously vary, but as a general rule of thumb, students will need to put in two to three hours of work outside of the classroom for every hour spent in the formal sessions.

What preparations do I need to make for the final term at Carnegie-Mellon University?

You will have to set aside about S$6,500-S$8,000 for travelling, accommodation and living expenses. We will assist you in visa application, travel and accommodation arrangements. Part-time students are required to have their employers' consent to undertake the final term of 7 weeks at Carnegie-Mellon University before confirming acceptance into the programme. Please indicate on the application form should there be any difficulties in getting your employer's consent.


What is the fee structure?

Please click here for more information on Fees

Are there financial assistance available?

There are very limited scholarships available. Please visit the website for detailed information. The majority of our full-time students have taken the Tuition Fee Loan. This is available to local and foreign students. Please click here for more information on Financial Aid & Scholarship.

Can CPF be used to pay tuition fees?

No, the CPF Board does not allow CPF to be used for graduate programmes.


Graduates from the MFE programme work primarily in the financial services industry. Careers vary but usually revolve around risk management, quantitative asset management, product structuring, quantitative trading, quantitative research, financial information technology as well as other areas in high-technology finance. Employers include investment banks, commercial banks, financial consultants, financial and database software suppliers, financial regulators, treasury & finance departments of MNCs, exchanges and energy companies. 
What was the employability of MFE students after graduation? What kind of career support will be provided by the School?

The NTU MFE programme is well-known and has a good reputation in the industry. Our graduates have made a significant impact in the financial industries locally and internationally. Based on recent years’ records, majority of our graduates were able to secure an offer within 3 months after graduation with career advancement and/or a change of industry/ role. Many of the graduates have joined teams in top-tier financial institutions which increasingly require talents with quantitative knowledge and skillsets. During term time, many MFE students were also able to secure internship opportunities from our employer partners to gain practical experiences.

The students’ career development is well supported by the Nanyang Business School's Graduate Students Career Development Office (GSCDO). GSCDO is set up to guide students through their career development journey during their study as well as to build partnership with employers in different industries. GSCDO’s offerings are designed to prepare market-ready graduates through thematic career workshops, networking events and employers’ engagement. Students are strongly encouraged to work closely with GSCDO in achieving their career goal and take the lead in their own career development journey.



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