So, the Oxford MFE is hugely expensive, but...

Dear XXXXX,

Thank you for your enquiry regarding our MSc in Financial Economics (MFE).

We have accepted engineers on this course in previous years and they have managed to do well in the course so the knowledge of mathematics that you have obtained from your degree should be sufficient. Having said that, this course would be really demanding and you will need to work hard.
Completing the 4 year course (MEng) or the 3 year course(BEng) won't make a huge difference to the admissions process but it is up to you to decide what your next step should be.

Please find below a link to this year's e-brochure together with some information about the Admissions process.

http://www.sbs.ox.ac.uk/downloads/MFE_ebrochure/index.htm

The 9 month course will be intellectually demanding and intensive, providing professional training in financial economics. Further information about the MFE programme at the Said Business School, Oxford University is available at http://www.sbs.ox.ac.uk/MFE/. We strongly advise you to review the website, particularly the FAQ section.

You can apply via 'Apply Yourself', our online application system; http://www.sbs.ox.ac.uk/MFE/apply/, there is an application fee of £50.

The 2009-2010 admissions process will be structured in four stages throughout the year with the application deadlines falling on different days.

I can confirm that the tuition fee for the 2009-2010 Oxford MFE programme will be £25,000. You will also need to pay a college fee to your accepting college, which varies from college to college, but is currently about £2,000. Students should also budget a minimum of £11,000 for living expenses, startionery, and travel etc. Details of possible sources of funding including loans and scholarships can be found through the following website: http://www.sbs.ox.ac.uk/MFE/fees/.

We seek students with good team skills, who will actively contribute to the programme by sharing their views and experiences. We look for maturity, a high degree of motivation and strong interpersonal and communication skills. To be considered for a place on the Oxford MFE, candidates must be able to demonstrate the following:

A good undergraduate degree is required (2.1 or GPA 3.5 as a suggested minimum).

All candidates are required to take the GRE/GMAT test. A high score does not guarantee a place, nor does a low score automatically disqualify an application. However, as several of the programme's core courses require a high level of quantitative and analytical ability we do look for evidence of this in the GRE/GMAT results.

The programme is taught in English. Candidates for whom English is not a first language are required to take either the TOEFL or IELTS tests. In which the following are our minimum entry requirements:

IELTS - 7.0
TOEFL - Internet - 100
Computer - 250
Paper - 650

We automatically waive the TOEFL/IELTS requirement when an applicant has gained their undergraduate degree from an American, Australian, British or Canadian university.

Other factors for consideration include:

- areas of study
- work experience
- professional qualifications
- two references
- hobbies and interests
- personal statement

If you feel you meet the above entry requirements we would be delighted to receive an application from you. More information will be added to the website, in particular about forthcoming information events around the world over the upcoming months, so please do check back regularly for updates.

I hope this information is of some assistance to you. Please do not hesitate to contact me if you have any further enquiries.

Best regards

Cristina Sanchez
MFE Admissions

Speaking from personal experience, that is most definitely not true. The MFE is very rigorous indeed. The core courses involve everything from linear algebra to probability theory to stochastic calculus, although the latter is covered only superficially unless you take the Continuous Time Finance elective. (And if you do, you are in for a ride!)

Despite this, the MFE is quite self-contained, and by that I mean you can follow all of the courses without much prior mathematical knowledge. I, for one, had only taken a few basic mathematics and statistics courses during my undergraduate degree and I have had no problem whatsoever with the MFE. Indeed, I credit the MFE with making me a master at linear algebra and probability theory. (And my stochastic calculus isn't so bad either.)

Of course, as mentioned by CocktailKing, quite a few MFE students who, like me, did not come form overly technical backgrounds did have trouble keeping up with certain aspects of the course. I think it all depends on how quantitative you are by nature, and not on how many maths courses you've taken in the past. If you think equations are elegant, you will have no problem with the MFE, even if you've forgotten how to compute a partial derivative.

I should point out that the current MFE class is wildy diverse and everybody has his own strengths and weaknesses. Sure, those MFEs with undergraduate business degrees may stumble occassionally with the mathematics, but others with PhDs in mathematics stumble frequently with the economics. Our lectures are highly interactive and we learn just as much from each other as we do from the lecturers.