Graduate Certificate Programs

Financial Engineering

Department of Engineering Management and Systems Engineering

Program Description:
This certificate program aims to equip students with a set of tools that will help them meet the standards of the Global Association of Risk Professionals (GARP) and the Professional Risk Managers' International Association (PRMIA) certifications. While being separate organizations, both GARP and PRMIA have become the standards in financial engineering and financial risk management due to their similar knowledge requirements for certification.

The financial engineering certificate topics will help prepare students to take the GARP Financial Risk Managers (FRM) exam and/or the PRMIA Professional Risk Managers (PRM) exam. Both exams are set around topics in finance theory, financial markets and financial instruments, market risk measures, quantitative analysis, mathematical foundations of risk management, financial derivatives for risk reduction, risk management best practices, operational risk, market risk, credit risk, case studies, ethics, and governance. The four courses covered in the certificate will provide a strong foundation in these areas.

The financial engineering certificate program consists of the four courses listed below, which are delivered as part of the regular MS and PhD degree programs in engineering management and systems engineering. Students will be responsible for prerequisite knowledge as determined by course instructors, and are expected to have taken Eng Mgt 5210, Eng Mgt 5202, Sys Eng 6103, or an equivalent introduction to finance and/or engineering economics course, as a prerequisite to the certificate program. With the approval of the department, appropriate courses may be substituted for a certificate course, if that course is not available. The four courses will be cross-listed between engineering management and systems engineering.

  • Eng Mgt 6215/ Sys Eng 6615: Financial Risk Management
  • Eng Mgt 6212/ Sys Eng 6612: Investment
  • Eng Mgt 6213/ Sys Eng 6613: Financial Engineering
  • Eng Mgt 6214/ Sys Eng 6614: Advanced Financial Engineering

Please check the semester wise Schedule of Classes for a current listing of the courses available for distance students.

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Eng Mgt 6215/ Sys Eng 6615: Financial Risk Management
Techniques and methods for managing financial risk, including portfolio theory, Monte Carlo methods, ARIMA, time series forecasting, Value-at-Risk, stress testing, extreme value theory, GARCH and volatility estimation, random variables and probability distributions, real options, decision trees, utility theory, statistical decision techniques, and game theory.

Eng Mgt 6212/ Sys Eng 6612 : Investment
An introduction to the theory and practice of investment, including financial markets and instruments, security trading, mutual funds, investment banking, interest rates, risk premiums, the capital asset pricing model, arbitrage pricing theory, market efficiency, bonds and the fixed income market, equity valuation, fundamental and technical analysis.

Eng Mgt 6213/ Sys Eng 6613: Financial Engineering
An introduction to financial engineering, with an emphasis on financial derivatives, including the future markets, the pricing of forwards and futures, forward rate agreements, interest and exchange rate futures, swaps, the options markets, option strategies, the binomial and Black-Scholes models for option valuation, the option Greeks, and volatility smiles.

Eng Mgt 6214/ Sys Eng 6614: Advanced Financial Engineering
This course introduces advanced topics in financial engineering, which includes introduction to Wienver processes, martingales and Ito's lemma; basic numerical methods for options pricing, exotic options; interest rate models; stochastic volatility models and jump diffusion models; and value-at-risk. 

 * Curriculum is subject to change. Please contact the department for up-to-date information on courses. Other courses approved by the department may be substituted for any of the above listed courses on a case-by-case basis. The administrative coordinators must approve the substitution prior to enrolling in the course.

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This program is designed to appeal to working professionals. Certificate courses taken for graduate credit can be counted in the M.S. degree once accepted into the M.S. degree. If the four-course sequence is completed with a grade of "B" or better in each of the courses taken, they can apply to the M.S. program in engineering management. The certificate program may be followed by six additional 3 credit courses to complete the M.S. degree. The certificate program is open to all persons holding a B.S., M.S., or Ph.D. degree in engineering or a physical science and who have a minimum of 12-months of professional employment experience or are currently accepted into a graduate degree program at Missouri S&T.

  • B.S. in engineering or a physical science
  • Undergraduate courses: Calculus Series(I,II,III), Differential Equations, Statistics, Physics or Chemistry, Engineering Economy
  • GPA: Regular status: 2.75 cumulative
  • TOEFL: All international applicants must submit a current TOEFL score, regardless of prior academic experience or place of study. Regular status: 580/237/92

If you have any questions, please do not hesitate to contact the department.

Click here for more information on admissions.

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Students applying for a business project management graduate certificate will need the following:

Complete the Online Application. When you start your application select "Graduate Online/Distance" and then select which certificate you are applying for. Don't forget to list your current employer and company location on the application.

More Details

Gainful Employment Program Disclosure

Effective July 1, 2011, the Department of Education requires that all certificate programs must disclose particular Gainful Employment information to current and prospective students. The information that is provided in the disclosure includes the estimated cost of the certificate program as well as on-time graduation and job placement rates for this particular certificate program. The disclosure information is based on data from the 2015-16 school year (defined as the period between July 1, 2015, and June 30, 2016)


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Graduate certificates were designed as a gateway to a master’s degree. If a student earns a B or better in each certificate course they may continue for the graduate degree (in the corresponding department), without needing to submit GRE/GMAT scores, or letters of recommendation*. A student does not need to continue on for the graduate degree, however most do. Graduate certificates were designed for working professionals who have real life work experience and may not have time to take the GRE/GMAT. Admission requirements for the graduate certificate program are also more relaxed than the graduate degree. This graduate certificate may act as a gateway to the following master’s programs:

Engineering Management (MS)

(Applicants must indicate which program they wish to use the certificate as a gateway for when initially applying for the certificate).

*Completion of a graduate certificate program does not automatically guarantee admission into a corresponding graduate degree program. To continue in a master’s degree program, you must apply. Click here for details and check with academic department for program specific details and requirements.

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All courses are offered through distance education in a short condensed format, typically 5-8 weeks in length, over the internet, via live streaming video; collaborative learning software includes WebEx and Blackboard; classes are archived online for review and easy access.

Course Management Software: Blackboard.

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