Don’t just crunch numbers – put them to work

Offered by the nationally renowned Mihaylo College of Business and Economics, Cal State Fullerton’s Master of Science in Financial Engineering & Risk Management (MS FERM) is a ground-breaking new program that merges the quantitative principles of financial engineering and the practical business applications of risk management. You’ll learn to solve problems facing the financial services industry using knowledge and skills obtained through diversified class offerings, applied research and professional mentorship. The program essentially helps you discover your desired career path as you prepare for it.

Create your own career path

The MS FERM program comprises three semesters and ten courses – six required and three electives – culminating in a semester-long capstone project. The program’s electives will let you choose how you’d like your curriculum to be weighted: Based on your academic and career goals, you can lean more toward emphases in insurance, quantitative engineering, or an equal balance of both.

To learn more about the program’s flexibility, we encourage you to schedule an advising session (by phone or in person) with our program coordinator.

$1,000 per unit

Fees and Financial Aid

At a cost of $1,000 per unit (excluding campus fees), our 30-unit MS FERM program will show you how to recognize a great financial move before you’ve even started your first class. You’ll leave with a cutting-edge degree backed by high-level practical experience and mentoring, all for little more than the cost of some undergraduate degrees.

Federal Stafford unsubsidized loans are available to domestic students to assist you in meeting your educational expenses. For more information about financial aid for the FERM program, please visit our Financial Aid page.

Program Schedule

The Master of Science in Financial Engineering & Risk Management is a three-semester, on-campus degree program that comprises six required courses, three electives and a final capstone research project. All courses are three units.

- Click on course title to see class description -

Fall Semester Fall Semester

+One elective:
  • FIN 415: Quantitative Theory of Interest; or
  • FIN 461: Business Property and Liability Risk Management

Spring Semester Spring Semester

+One elective:
  • FIN 462: Life and Health Insurance; or
  • FIN 533: Seminar in Financial Administration

Summer Semester Summer

  • Finance 597 (capstone project)
+One elective:
  • FIN 523: Seminar in Corporate Financial Management; or
  • FIN 570: Seminar in International Financial Management

Capstone Project: Make it all count

The last course in the program is a semester-long capstone project. You’ll be matched up with a real-world business problem based on your interests and career goals, and then set out to use everything you’ve learned along the way to create a solution to that problem. By the time you’re done, the work you’ve completed on your capstone project could make the transition into your chosen career feel like little more than the next logical step.

Admission requirements

To help ensure your success in the program and beyond, you will need a bachelor's degree from a select group of fields, core competency in a few key areas and a GRE or GMAT score.

Applicable Degrees

  • Finance
  • Economics
  • Mathematics
  • Engineering
  • Science
  • Risk Management and Insurance
  • Other related fields (please contact us or speak with our program coordinator)

Required Core Competencies

International Student Requirements

Cal State Fullerton currently is not accepting international student applications for the Fall 2017 cohort. To receive program and application updates, please join our mailing list.

International students applying will also have to submit:

  • Official English Proficiency Exam Score Report if all degrees were obtained outside the United States
  • CSUF Financial Affidavit signed by financial sponsor
  • Bank statement from your financial sponsor’s bank
  • Copy of your passport
  • Copy of current I-20 and/or I-94 if you are currently in the United States

More information on these requirements is available in our Graduate Admissions Checklist.
To set up a pre-application review of your qualifications, we encourage you to make an appointment with our program coordinator.

Application Process

Applications for Fall 2018 will be accepted from October 1, 2017 through April 1, 2018. To receive a reminder when applications open, please join our mailing list.

Starting your application is easy, and we are here to help you at any point during the process. If you have any questions about applying, please contact us, and we will get back to you as soon as possible.

Step 1

Apply online; a $55 application fee is required.

Step 2

Submit the Mihaylo Online Application. The Mihaylo Online Application includes:

  • Statement of purpose
  • Leadership or creativity statement
  • Professional résumé
  • Letters of recommendation (optional)

Step 3

Mail supplemental documents before April 30, 2017.

Contact Us

If you have any questions about the program or application process, send us a note and a staff member will get back to you as soon as possible.


Our Program Coordinator Jeffrey Jolley would be happy to meet with you in person or talk by phone to answer any questions you have about the Master of Science in Financial Engineering & Risk Management. Use our scheduler below to make an appointment: