The Berkeley MFELeading Through Innovation

Masters in Financial Engineering

Real-World Solutions for

Financial engineers play an increasingly integral role in investment banks, commercial banks, and other corporations. Anticipating this need has been the Master’s in Financial Engineering (MFE) Program at the Haas School of Business, ranked #1 by Global Derivatives in 2004. We are readying a new generation of professionals to apply theoretical finance knowledge, numerical techniques, and statistical and computer modeling skills to structured financial products with customized risk/return profiles to control risks and make informed pricing, hedging, and portfolio management decisions.

Contents

2 Program

4 Services

6 Careers

8 Curriculum

10 Faculty

12 Admissions

14 Fees & Costs

16 Frequently Asked Questions

1

As a Berkeley MFE student, you learn to think like a financial economist and gain

market savvy and in-depth understanding of the mathematical framework that

underlies financial markets. You benefit from the application-oriented approach

of the curriculum—the only MFE curriculum developed completely by a business

school. Through the program, you will launch your career having gained experience

in dealing with exotic derivatives instruments and complex structured products

for all asset classes, such as fixed income, equities, credit, and commodities. That

experience comes not only from coursework, but from a hands-on applied finance

project and a ten- to twelve-week internship.

Studying at one of the nation’s top-ranked business schools also affords access to

top-notch research tools, career services, and corporate contacts. We will help you

hone your job-seeking skills and will work actively to connect you with employers

that can offer challenging and rewarding internships and full-time positions.

In choosing to pursue an MFE at the Haas School of Business, you choose a

rigorous course of study delivered by one of the best finance faculties in the world

with professors who are practitioners as well as dedicated researchers. The

program’s small size encourages students to learn from each other and its top

academic standards allow for teaching at the highest level. Designed to keep you

ahead of industry innovations, the Berkeley MFE Program positions you to apply

quantitative “rocket science” to real-world financial problems.

M F E

Financial Problems

22

The MFE Program at the Haas School of Business prepares students for technically sophisticated jobs in investment banks, insurance companies, money management firms, hedge funds, treasury departments, diversified financial services companies, asset-management firms, and equity/venture capital firms, as well as other non-financial corporations. The program serves students

seeking comprehensive technical knowledge of arbitrage, hedging, futures and

options pricing, portfolio management, trading, and dynamic investment strategies

in bond, currency, options, and other financial markets.

The MFE requires only one year of study, which makes it attractive to students

with strong quantitative skills and focused career interests. The MFE may also be

seen as an attractive alternative to a doctoral program in finance for individuals

interested in commercial rather than academic careers. The combination of skills

– understanding of complex financial strategies, financial modeling ability, and

computational proficiency – is in high demand, and is difficult for employers to find

in graduates of standard MBA or engineering programs. As an MFE student, you

will learn how to combine modern portfolio theory and computational methods

with a practical knowledge of the forums in which you can employ these skills.

Quality Instruction

The MFE faculty is comprised of distinguished finance instructors from the

Haas School of Business at UC Berkeley, the Anderson Graduate School of

Management at UCLA, UC Irvine’s Paul Merage School of Business, and

UC San Diego’s Rady School of Management. The MFE faculty performs

preeminent research in quantitative finance, research that feeds directly into

the MFE curriculum. Many of these scholars also have practical experience in

the creation of financial instruments and software and the implementation of

innovative financial strategies. Their expertise is widely recognized and respected.

Competitive Admissions

The MFE program office expects to receive a very large number of applications

for the 2009-2010 admissions cycle. The 60 students who are enrolled will have

a high level of intellectual curiosity, a strong interest in finance, and strong ana-

lytical skills. Though there is no specific degree requirement, most students will

have backgrounds in quantitative disciplines such as mathematics, statistics, the

physical sciences, engineering, operations research, computer science, finance,

or economics. It is also expected, though not required, that applicants have work

or research experience in which they have applied quantitative skills creatively.

In order to screen for candidates who have the ability to succeed in the program,

the admissions committee carefully reviews all parts of an individual’s application,

including grades, test scores, recommendations, and essays.

T H E M F E E X P E R I E N C E

The Leading Edge of Innovation

2

Jim GillilandMFE 02Head of International Fixed Income InvestmentsBarclay’s Global InvestmentsSan Francisco, California

Previous degree:

BS, Finance University of British Columbia

Previous position:

Chief Strategist HSBC Asset Management Canada

“I chose Haas for its worldwide reputation and for the MFE’s business-focused coursework in portfolio management, quantitative risk man-agement, and dynamic investment strategies,” says Jim Gilliland. “The Haas MFE’s unique broad training in applying quantitative methods enabled me to integrate and build upon my background in finance and mathematics.”

Ranked #7 among the top 20 rising stars of fixed income by Institutional Investor News, Gilliland is responsible for the North American Fixed Income investment activities that drive active strategies across credit, securitized credit, sovereign and emerging markets. Since joining BGI in 2002, he has been responsible for a variety of research and strategy related activities. Gilliland has over 12 years of experi-ence managing institutional portfolios.

Prior to joining BGI, Gilliland was chief strate-gist for HSBC Asset Management Canada. While at HSBC, he was co-head of the invest-ment team and responsible for deriving and implementing the firm’s asset allocation and fixed income strategy. In addition, he served on the Global Investment Strategy Group and was a member of the firm’s board of directors.

3

Interns, Goldman Sachs

Alain Griveau MFE 08 (left)Volatility Strategies, Equity DivisionGoldman Sachs Tokyo, Japan

Previous degrees:

MS, Nuclear EngineeringUniversity of California, BerkeleyBS, EngineeringEcole Polytechnique (France)

“Learning both advanced quantitative methods used in finance and essential business insight was facilitated by the emphasis on teamwork and project-based learning. The MFE Program is a great complement to my engineering background and has ideally prepared me to address real-world financial problems.”

Delphine BouyssarieMFE 08 (second from left)Sales StrategistGoldman Sachs New York, New York

Previous degree:

BS, Applied MathematicsEcole Nationale des Ponts et Chausses (France)

“With its strong practical focus, the MFE Program has complemented my theoretical background in financial mathematics. I chose this program because of its renowned faculty, its balanced curriculum, and the promise of a challenging year. Not only has the program totally met my expectations, but it has also given me the opportunity to discover an incredibly dedicated staff supporting the program. Furthermore, the MFE Program’s ties to the industry have offered me tremendous internship opportunities – in fact, its career place-ment is, in my mind, what really makes this program stand out. “

Andrew Cowan MFE 08 (second from right)Strategist in the Special Situations GroupGoldman Sachs New York, New York

Previous degrees:

M.Eng, Artificial Intelligence McGill University (Canada)B.Eng, Electrical EngineeringMcGill University (Canada)

“Haas simply has the best MFE program. The faculty is very distinguished, draw-ing as it does from several of the UC campuses. The caliber of the students is often intimidating. And perhaps most importantly, the program is very career- focused with an impressive track record for career placement. In addition, the program is very demanding – the cur-riculum is designed to give the solid grounding in the financial theory and mathematics necessary to understand the complex products being traded in today’s markets. The markets have been evolving extremely rapidly over the last few decades, with credit derivatives, carbon emission trading, information markets, etc. I hope to someday help redefine the markets in a new way that will add value to people’s lives.”

Xavier Fixaris MFE 08 (right)Equity Exotics/Hybrids trading Goldman Sachs Hong Kong

Previous degree:

BS, Engineering Ecole Centrale Paris (France)

“The Haas MFE has provided me with the practicality of a business program along with a strong quantitative train-ing. It has helped me develop a good intuition about derivatives and financial markets, and perfectly complements my engineering background.”

Tailored Curriculum

MFE courses are designed exclusively for MFE

students, and are seamlessly integrated with

one another. This cooperation between course

material allows the mathematical, statistical,

and computer science methods to be integrated

with the theoretical framework and institutional

settings in which they are applied. For example,

macroeconomics is taught in the relevant context

– in the fixed income markets course, during

the discussion of term structure, and during

the equity and currency markets course, in the

context of exchange rate determination. Similarly,

insurance concepts are introduced in the advanced

derivatives courses where students can easily

understand their relation to similar products

– insurance and option contracts.

The MFE program requires satisfactory comple-

tion of 28 units of coursework plus an internship or

on-site project. In addition to coursework, the MFE

educational experience includes the following:

Financial Practice Seminars: MFE students are

encouraged to attend weekly discussions held by

finance practitioners. In the first term, speakers

discuss jobs available to graduates of the MFE

Program and the skills needed to contribute to

a firm’s mission. In the second term, speakers

provide insights into the way the financial world is

changing: new products and needs; evolving data

and information systems; and similar topics.

Applied Finance Project: MFE students are

required to complete an applied finance project

that develops or uses quantitative finance tools and

techniques learned in the program or internship.

Internship Program: The Internship/Special Topics

in Finance project is a required condition for gradu-

ation. The internship, approved on-site project, or

faculty-supervised applied finance project takes

place from mid-October to mid-January.

4

Computing Services

Firms employing financial engineers often operate in dynamic, computerized envi-

ronments, using the latest financial software and databases; employees work in

project teams both in-house and via international links. The Haas School’s MFE

labs provide students with the opportunity to learn in similar environments to

those they will use in the business world. Many MFE courses require the use of

complex software tools and analytical programs. Through many hours of hands-on

experience, students master the skills that will be required in their future careers.

MFE Research Computing Laboratories are equipped with dual flat-panel

display Dell Precision workstations. Each workstation has the latest software

and tools available for research and practice. Programs such as SAS, Matlab,

SPSS, EViews, and Mathematica are available in the lab and remotely through the

Haas Unix research server and the Haas Windows terminal servers. Visual C++,

Visual Basic, Fortran, and other software development tools are also available. The

MFE Program provides students exclusive access to Datastream and Bloomberg

terminals located inside the main teaching laboratory.

Throughout the year, the MFE Program offers additional classroom sessions on

the use of applications and data sources. These sessions provide training and

support for course projects and keep faculty and students abreast of advances in

financial tools and technology.

The Haas campus and classrooms are equipped with WiFi technology allowing

MFE students with wireless laptops easy access to Haas resources and the

Internet. Using wireless technology, students are ensured constant connectivity

when moving between different classrooms and labs. One such location is the

Fong Collaboratory, a lab designed for group projects, where students can also use

communication tools such as Smartboards.

Libraries

The Long Business and Economics Library supports student course assignments

and faculty research. The library provides access to business databases and

journal archives such as the library’s CD-ROM network, Datastream, Compustat,

CRSP, Reuters Research on Demand (RRoD), Factiva, Global Financial Database,

JSTOR, Business Source Premier, and Lexis-Nexis Academic. For more informa-

tion, visit www.lib.berkeley.edu/BUSI.

S T U D E N T S E R V I C E S

Supporting Your Success

4

Shannon ErdmannMFE 08MFE internship:

Associate, Equity Lehman Brothers New York, New York

Previous degree:

BS, Statistical Science University of California, Santa Barbara

“The MFE Program is unique in that it provides an outstanding education in both financial engineering and in interview preparedness. For this reason, I feel that I had a great advantage in interviewing for my ideal job.”

5

Career Planning and Pursuit

From Barclays Global Investors to

Lehman Brothers, Berkeley MFE gradu-

ates are in demand. A highly dedicated

MFE Program staff works to maximize

the job-seeking skills of students and

employs an extensive network of con-

tacts to secure both internships and

career positions.

The MFE program office provides pre-

sentation workshops, mock interviews,

resume and proposal writing assistance,

and career counseling. The office also

arranges for recruiting events and on-

campus interviews.

MFE students may also take advantage

of services available at the Chetkovich

Career Center at Haas. Students are

able to attend corporate presenta-

tions and make full use of the career

center’s online company research

databases. MFE students may also

participate in resume drops for on-

campus interviewing opportunities

posted on the career center website.

Last year, 100% of MFE students

secured a 10- to 12-week internship,

which took place over the winter

break. After completion of 75% of their

coursework, the students are ready to

have immediate impact in the areas

of valuation, pricing, trading, risk

management, project evaluation, and

portfolio management decisions. Firms

interested in hiring interns submit

a topic, short-term project, or skill

set they need fulfilled, and qualified

students reply with one-page work

proposals and resumes. The process

also introduces financial firms to those

graduates who will be available for

career positions post-graduation.

Stelios KasselakisMFE 08 (left)Market Analysis/Statistical Arbitrage Merrill Lynch Houston, Texas

Previous degree:

BS, Mechanical Engineering Massachusetts Institute of Technology

“Students in the Berkeley MFE Program are prepared rigorously in this new financial era where the convergence of math, finance, and computer science is the norm. A finan-cial engineering degree is the inevitable requirement in the current evolution of Wall Street. This is why I made the choice to pursue my degree at Berkeley.”

Su Jin LeeMFE 08 (second from left)Associate Merrill Lynch New York, New York

Previous degree:

BA, Finance Seoul National University (Korea)

“The MFE has helped me apply my quantitative skills and finance knowledge to the real problems in quantitative finance. A combination of a well-organized curriculum, various internship opportunities and excellent career care makes the Berkeley MFE program distinguished in this area. Also I learned much from, and had fun studying with, my outstanding classmates with their diverse backgrounds”

Bram KaplanMFE 08 (second from right)Fixed Income Structurer Merrill Lynch London, England

Previous degree:

BS, Actuarial Science University of Waterloo

“The Haas MFE’s strong reputation is well deserved. The program combines top-notch faculty who are prominent in their fields of research with superlative career placement. Moreover, the skills and knowledge taught in the MFE Program are in high demand within the financial industry. The rigorous courses in quantitative methods and financial theory provide a solid underpinning for a career in finance.”

Rejean DupuisMFE 08 (right)Equity Derivatives Research Merrill Lynch London, England

Previous degrees:

Ph.D., Astrophysics University of Glasgow (UK) BS Math and Physics Mt. Allison University (Canada)

“The Haas MFE Program offers an intensive training in quantitative finance. The courses are taught by an impressive group of academics and professionals. One of the greatest strengths of the program is the assistance provided to students, ranging from organizing interviewing skills workshops and one-on-one resumé advice to helping secure internships leading to full-time positions.“

Interns, Merrill Lynch

6

Full-time Employers of MFE Graduates

AXA Rosenberg

Bank of Canada

Barclays Capital

Bear Stearns

Bear Stearns International Ltd

Barclays Global Investors

Bloomberg

BNP Paribas

BNP Paribas Japan

Calyon

Citigroup Global Markets

Countrywide Financial

Credit Derivatives Research LLC

CSFB

CSFB Asia

Drake Management

Ernst & Young

Fannie Mae

Fitch Ratings

Global Energy Decisions

Goldman Sachs

Goldman Sachs Japan Co. Ltd

JP Morgan

Lehman Brothers

Lehman Brothers Japan

LRG Capital Group LLC

Monetary Authority of Singapore

Mellon Capital Management

Merrill Lynch

Moody's KMV

Morgan Stanley

MSCI BARRA

ORIX Capital Markets

PIMCO

Royal Bank of Scotland ( RBS)

Shinsei Bank Japan

UBS Hong Kong

United Overseas Bank

Wachovia Securities

Wells Fargo

C A R E E R L A U N C H

Employment Report

Credit Reporting2%

Commercial Banking9%

InvestmentBanking63%

Job Market

Job Functions

Job Industries

Asset-backed Securities 9%

Commodities4%

Corporate Finance4%

Credit30%

Equity19%

Fixed Income28%

Foreign Exchange 4%

Private Equity 2%

Consulting2%

Sales & Trading18%

Credit Risk4%

Strategy10%

Research26%Risk

Management8%

Structured Products Derivative22%

Trading10%

Asset Management13%

Consulting InvestmentResearch9%

Financial Software4%

2007 MFE Statistics

Total Offers: 100

Total Students with Offers: 59

% of Students with Offers: 100% (59/59)

Total Students Placed: 59

% of Students Placed: 100% (59/59)

Average First-year Compensation: $153,934

Median First-year Compensation: $148,500

Average First-year Bonus*: $54,829

Median First-year Bonus*: $51,000

Average First-year Base Salary: $98,447

Median First-year Base Salary: $95,000

*Bonus includes sign-on, Un-guaranteed, Guaranteed, and Relocation

7

Terry BenzschawelDirector Quantitative Credit Modeling & Analytics Group Citigroup Global Markets New York, New York

“I have been recruiting from the UC Berkeley MFE Program since early in its inception. Over the years, the Berkeley MFE Program has become an increasingly important source of new talent for our firm. In my role as recruiter, I interview applicants from nearly all the major financial engineering programs worldwide. I consistently find Berkeley’s to be the top program on an overall basis.”

“The program design is outstanding, start-ing with the faculty, who are first-rate in nearly every area of financial engineering. Furthermore, the program’s curriculum is the most wide-ranging of those I am aware of, and the students accepted are of the highest quality. Finally, the willingness of the program designers to reach out to Wall Street practitioners for ideas on candidate qualifications and curriculum has ensured the program evolves to meet the ever-chang-ing needs of the financial community. I have seen those needs continue to increase over the years and expect that trend to continue.”

2008 Internship Statistics 98% of students sought MFE internships (64/65)

100% of students seeking internships held internships (64/64)

100% of internships were paid (64/64)

Internship Salary (domestic)Average Monthly Salary $8,157

Median Monthly Salary $8,083

Internships

The Haas School’s MFE internship

program runs in the fall from mid-

October to mid-January. During this

10-12 week period, students are

required to complete a challenging

project in quantitative finance at a

leading financial organization, or at

Berkeley under faculty supervision.

Primary Internship Locations, MFE 08

New York - 30

San Francisco Bay Area - 18

Tokyo - 5

Hong Kong - 3

London - 4

Internship Companies, MFE 08

Barclays Global Investors

BNP Paribas

BNP Paribas HK

Cedarview Capital

Citigroup Global Markets, Inc.

Citigroup Markets and Banking

Duff & Phelps

Financial Mechanics LLC

Goldman Sachs & Co.

Goldman Sachs Asia

Goldman Sachs Japan Holdings

JP Morgan

Lehman Brothers

Mellon Capital Management

Merrill Lynch

Merrill Lynch Commodities

Merrill Lynch, Pierce, Fenner & Smith

Limited

Moody's KMV

Morgan Stanley

Morgan Stanley, London

MSCI BARRA

PMI Mortgage Insurance Co.

Shinsei Bank

Spot Trading

Standard & Poor’s

UBS Securities Asia Limited

WR Hambrecht

Select Internship Titles

Active Equity Research Intern

Analytics Intern, MBS Modeling

Associate, Algorithm Trading

Associate, FX Option Desk

Associate, Global Research

Associate Intern

Associate Intern, Quantitative Research,

Market Derived Rating (MDR)

Associate Intern, Research

Associate, Quantitative Strategies for

Equity Based Investment

Associate, Strategist

AVP Portfolio Manager & Trader,

Fixed Income

Credit Analyst, Credit Modeling

Credit Derivatives Intern

Credit Modeling Intern

Credit Risk Research Intern

Fixed Income Strategist

Hybrid Analyst Intern

Intern Associate, ABS Structurer

Intern Associate, Financial Engineer

Intern Associate, Fixed Income

Structurer

Intern, Credit Derivatives Research

Intern, Equities - Desk-based

Intern, Hedging Strategis

Intern, Portfolio Management &

Pricing

Intern, Rotational Program,

Equity Derivatives

Research Analyst

Research Analyst, Equity Research

Senior Analyst, Fixed Income

Derivatives Trading

Trading Assistant

VP Fixed Income, Mortgage Backed

Securities

8

T H E M F E C U R R I C U L U M

A Solid FoundationMFE 230A – Fundamentals of Financial

Economics. This course covers the basic theories of asset pricing, from standard discounted cash flow analysis to No Arbitrage Pricing technique for security valuation. Applications include fixed- income securities, derivatives, and contingent claims.

MFE230B – Advanced Corporate Finance

and Real Options. This course discusses how financial innovation has been used in order to make better investment decisions, mitigate agency problems, reduce costs of financial distress, and alleviate asymmetric information and on the valuation of real options commonly embedded in investment projects, e.g. the option to expand, contract, and shut down operations temporarily.

MFE 230C – Derivatives: Economic

Concepts. This course introduces the use and pricing of derivatives. Topics include basic features of futures and options, binomial and trinomial option pricing, the Black-Scholes formula, volatility mea-surement, dynamic trading strategies, and exotic options. Course emphasis is economic intuition rather than detailed quantitative analysis, with techniques and arguments developed using the simplest possible mathematics.

MFE 230D – Derivatives: Quantitative

Methods. This course emphasizes the pricing of derivatives in continuous time, from the formulation of the pricing problem to the implementation of computational and numerical solution techniques.

MFE 230E – Empirical Methods in

Finance. This course covers the proba-bility and statistical techniques commonly used in quantitative finance. Students use estimation application software in exer-cises to estimate volatility, correlations, and stability.

MFE 230F – The Design of Securities

for Corporate Financing. This course explores the role capital markets play in solving financial objectives of issuers of securities and investors. Case analysis and strategic decision-making are emphasized.

MFE 230G – Equity and Currency

Markets. This course reviews equity and currency markets with an emphasis on modeling with historical evidence. Volatility, volume, high frequency dynamics, and dealer behavior in cur-rency markets are considered. Practical considerations used in the implementa-tion of various strategies are considered.

MFE 230H – Financial Risk

Measurement and Management. This course examines financial risk measure-ment and management, including market risk, credit risk, liquidity risk, settlement risk, model risk, volatility risk, and kur-tosis risk.

MFE 230I – Fixed Income Markets. This course provides a quantitative approach to fixed-income securities and bond portfolio management with a focus on fixed-income security markets, the pricing and uses for portfolio management, and hedging interest rate risk.

MFE 230J – Success and Failure

in Financial Innovation. Students participate in a series of case studies including portfolio insurance, long-term capital management, mortgage-backed securitization, exchange traded funds, capital structure arbitrage, and corporate enterprise-wide risk control.

MFE 230K – Dynamic Asset

Management. This course covers the strategies for achieving various invest-ment objectives for portfolios/instru-ments (equity, fixed income, currency, mortgages, non-traded assets) and appli-cations (investment funds, pension funds, insurance companies, bank investment portfolios).

MFE 230M – Asset-backed Security

Markets. This course explores advanced topics in mortgage and other asset-backed securities. Students apply the latest tools in fixed-income analysis and classic economic and financial models to evaluate securitized bond markets.

MFE 230N – Applied Finance Project. This is an applied project exploring an unresolved finance problem that is met in practice and involves the development or use of a quantitative financial technique.

The MFE CurriculumTentative schedule: Please visit mfe.haas.berkeley.edu/curriculum.html for the most up-to-date information.

Spring 2008

March 24 - May 23 (8 weeks)

Fundamentals of Financial Economics (2 units) RubinsteinEmpirical Methods in Finance (3 units) ValkanovIntroduction to Stochastic Calculus (2 units) GoldsteinFinancial Institutions Seminar I

Summer 2008

June 2 - July 31 (8 weeks)

Derivatives: Economic Concepts (2 units) RubinsteinDerivatives: Quantitative Methods (2 units) TavellaFixed Income Markets (2 units) LongstaffAccounting and Taxation of Derivatives (1 unit) Udpa Financial Institutions Seminar II

Fall 2008

August 11– October 10 (8 weeks)

Required Course: Financial Risk Measurement and Management (2 units) JorionChoose 5 units of electives:Advanced Computational Finance (2 units) TavellaSuccess and Failure in Financial Innovation (1 unit) O’BrienThe Design of Securities for Corporate Financing (1 unit) BajajCredit Risk Modeling (2 units) Jeffrey BohnEquity & Currency Markets (2 units) Meese, Kahn

Internship Period 2008-2009 October 13 - January 9 (12 weeks)

The Internship/Special Topics in Finance project begins October 13, 2008 and ends on January 9, 2009. Students must enroll in MFE230N, the Internship/Special Topics in Finance course for the fall term.

Winter 2009 January 20 - March 20 (8 weeks)

Choose 7 units of coursework:Asset-backed Security Markets (2 units) Wallace, JaffeeDynamic Asset Management (2 units) LelandBehavioral Finance (2 units) OdeanApplied Finance Project (Required) (1 - 3 units)Independent Study (1 - 3 units) R. Stanton, Wallace

* Not all electives are offered each term.

9

Ariel PavlicevichMFE 08 (left)Morgan Stanley New York, New York

Previous degree:

BS, Computer Science and Engineering University of California, Los Angeles

“The Haas MFE Program utilizes the entire UC community as well as leading practitio-ners to assemble a first-class faculty focused on teaching the tools and intuition essential for a successful future in financial engineer-ing. The education process extends beyond the classroom where group work encourages students analyze problems, assimilate ideas, and to effectively collaborate, ensuring a seamless transition into the workforce.”

June LinMFE 08 (second from left)Morgan Stanley New York, New York

Previous degrees:

MS, Computer Science College of William and MaryMS, Electrical Engineering Shanghai Jiao Tong University, ChinaBA, Electrical Engineering and Applied Mathematics Shanghai Jiao Tong University, China

“The Berkeley one-year intense MFE Program provides an excellent option for professionals looking to break into the com-petitive quantitative finance field.”

Atanas VanchevMFE 08 (second from right)Morgan StanleyLondon, England

Previous degree:

BS, MathematicsPurdue University

“I found the Haas MFE Program to be extremely challenging and rewarding. The assigned projects and homework assign-ments have given me the opportunity to interact and collaborate with very bright students and professors and to develop lasting relationships. If I had to choose a financial engineering program again, it would be the Haas MFE without a doubt.”

Feng NingMFE 08 (right)Morgan Stanley London, England

Previous degree:

BS, Electrical Engineering and Computer Science University of California, Berkeley

“The MFE Program’s emphasis on financial intuition, econometric rigor, and practical business application was a perfect comple-ment to my quantitative electrical engineering background.”

MFE 230Q – Introduction to Stochastic

Calculus (and Numerical Methods in

Finance). This course presents the con-cepts and tools of stochastic calculus as required for effective pricing of com-plex financial derivatives in continuous time, and introduces the fundamentals of elementary numerical analysis. The course stresses the practical applications of stochastic differential equations, Ito integrals, and measure transformations as required for advanced financial engi-neering practice and understanding of asset pricing theory.

MFE 230R – Advanced Computational

Finance. This course is a deeper analysis of numerical and computational issues in pricing and calibration, and builds on the techniques learned in Derivatives: Quantitative Methods. Emphasis is on hands-on case projects with heavy use of computational techniques.

MFE 230S – Behavioral Finance. This course covers elements of behavioral decision theory and its implication in financial markets. Focus is on the psycho-logical processes by which people make judgments and decisions, and the heu-ristics and biases associated with these decisions.

MFE 230V – Credit Risk Modeling. The course provides exposure to the prac-tical challenges associated with building and testing credit risk models for use by banks and asset managers. Emphasis is placed on model building, model valua-tion, and interpreting model output.

MFE 230W – Accounting and Taxation

of Derivatives. The broad purpose of this course is to help financial engineers understand the implications of the innova-tive financial instruments that they con-struct on firms’ financial statements and tax liability.

Practice Seminars I and II. These weekly seminars feature guest speakers from financial services firms discussing the work of financial engineers in their firms and the kinds of skills and personal attributes they are seeking for this work, trends in the provision of financial ser-vices, the information and computing systems being adopted, new product developments, regulatory issues, and similar topics.

Interns, Morgan Stanley

10

Mukesh Bajaj, Managing Director of

Finance and Damages Practice and

Board of Directors, LECG, LLC. Ph.D.

(finance), University of California, Berkeley. Corporate finance and financial strategy, dividend policy, capital and own-ership structure, determinants of stock returns, design and pricing of securities.

Jonathan Berk, Harold Furst Associate

Professor of Management Philosophy

and Values and Finance Group Chair.

Ph.D. (finance), Yale University. Asset pricing, firm valuation, the size effect, real investment, and valuing startups. Associate at Goldman Sachs from 1985 to 1987.

Jeffrey Bohn, Managing Director,

Financial Strategies Division, Shinsei

Bank. Ph.D. (finance), University of California, Berkeley. Risky debt valuation, credit derivatives, banking, risk manage-ment, and global portfolio management.

Gregory Duffee, Assistant Professor.

Ph.D. (economics), Harvard University. pricing and trading credit risk (theoretical and empirical), term-structure modeling, risk management of financial institutions. Formerly a member of the Trading Risk Analysis group at the Federal Reserve Board.

Mark Garman, Professor Emeritus.

Ph.D. (systems and communications

sciences), Carnegie Mellon University. Arbitrage, options, volatility mea-sures, duration-related risk measures. President and Chief Scientist of Financial Engineering Associates, Inc., a provider of software for derivatives and value-at-risk analysis.

Robert Goldstein, Visiting Assistant

Professor. Ph.D. (finance), University of California, Berkeley. Term structure of interest rates, credit risk, capital struc-ture theory.

Christopher A. Hennessy, Assistant

Professor. Ph.D. (economics), Princeton University. Agency costs of debt finance, taxes and corporate risk management, contract theory, and investment distortions.

T H E H A A S M F E F A C U L T Y

Passionate Scholars and TeachersDwight M. Jaffee, Willis H. Booth

Professor of Banking & Finance. Ph.D.

(economics), Massachusetts Institute of Technology. Loan activities of financial institutions, commercial loan and mort-gage markets, credit rationing, asset-backed security markets, catastrophe insurance financing. Board of Directors Barr Rosenberg Mutual Funds; Visiting Scholar, Federal Reserve Bank of San Francisco.

Philippe Jorion, Professor of Finance

and Vice Dean, University of California,

Irvine. Ph.D. (finance), University of Chicago. Risk management, international finance, global asset allocation. Author, Value at Risk: The New Benchmark for Managing Financial Risk. Editor, Journal of RISK.

Ronald N. Kahn, Managing Director

and Global Head of Equity Research,

Barclays Global Investors. Ph.D.

(physics), Harvard University. Portfolio management, risk modeling, and quan-titative analysis. Author (with Richard Grinold), Active Portfolio Management: Quantitative Theory and Applications.

Hayne Leland, Arno A. Rayner Professor

of Finance and Management. Ph.D.

(mathematical economics), Harvard University. Dynamic investment strate-gies and portfolio insurance, infor-mational asymmetries, structure, and inter-mediation in financial markets, regulation of insider trading, risky debt valuation. Director and founding principal of the investment firm Leland O’Brien Rubinstein Associates Inc. Past president of the American Finance Association.

Francis Longstaff, Professor, University

of California, Los Angeles. Ph.D.

(finance), University of Chicago. C.P.A., C.F.A. Term structure theory, fixed income derivative valuation and risk management, the impact of liquidity on the valuation of securities. Head of Fixed Income Derivative Research, Salomon Brothers Inc. from 1995 to 1998. Board of Directors, Simplex Risk Management.

Philippe JorionProfessor Financial Risk Measurement and Management

“It is a pleasure to teach in what has become the premier financial engineering program in the world. The quality of the student body is simply outstanding.”

In addition to teaching in the MFE Program at UC Berkeley, Jorion is Chancellor’s Professor of Finance at the Paul Merage School of Business at the University of California at Irvine. He holds an MBA and a Ph.D. from the University of Chicago, and a degree in engineering from the Université Libre de Bruxelles. Jorion has done extensive work in the area of international finance and financial risk management, and has received numerous prizes and awards for his research. He has also written a number of books, including Value at Risk: The New Benchmark for Managing Financial Risk. He is a managing director at Pacific Alternative Asset Management Company (PAAMCO), a global fund of hedge funds.

11

Ronald N. KahnAdjunct Professor Managing Director Global Head of Advanced Equity Strategies Barclays Global Investors San Francisco, California

“When I switched careers from physics to finance in the mid-1980s, there were no established paths,” says Kahn. “Success required a combination of hard work, connections, and luck. Now there is an established path: the MFE Program. I tell every physicist seeking career advice that an MFE program should be at least their Plan B. It requires an upfront cost in both time and money, but a program like the Berkeley MFE is highly likely to lead to a job in finance.”

Kahn is a well-known expert on portfolio management, risk modeling, and quantitative analysis. He has published numerous articles on investment management, and has written (with Richard Grinold) the influential book Active Portfolio Management: Quantitative Theory and Applications. He is a 2007 winner of the Bernstein Fabozzi/Jacobs Levy award for best article in the Journal of Portfolio Management. The 2007 book How I Became a Quant, includes his essay describing his transition from physics to finance.

At Haas, Kahn teaches the equities half of the MFE course, Equities and Currency Markets (MFE 230G). He has also developed and taught the course How to Research Active Strategies to hundreds of investment practitioners around the world.

“In our (BGI’s) experience, the Berkeley MFE graduates have all the training necessary to contribute starting on Day 1,” says Kahn. “The students are remarkably well-qualified, motivated, and mature. They are also a pleasure to teach.”

Richard K. Lyons, Professor of Finance.

Ph.D. (economics), Massachusetts Institute of Technology. Foreign exchange markets: volatility, volume, high fre-quency dynamics, and dealer behavior; micro-institutional approach to foreign exchange; transparency in dealer-ship markets. Trustee for Matthews International Funds.

Richard A. Meese, Managing Director,

Global Market Strategies Group,

Barclays Global Investors. Ph.D.

(economics), University of Wisconsin, Madison. Economic analysis and policy, exchange rate economics, time series econometrics, and real estate finance.

John O’Brien, Adjunct Professor. MS.

(operations research), University of California, Los Angeles. Faculty Director, Master’s in Financial Engineering Program. Managing Director at Credit Suisse Asset Management (CSAM). Cofounder, chairman, and CEO of the investment firm Leland O’Brien Rubinstein. Cofounder and original chairman & CEO of Wilshire Associates (originally named O’Brien Associates).

Terrance Odean, Associate Professor.

Ph.D. (finance), University of California, Berkeley. Behavioral finance.

Mark Rubinstein, Paul Stephens

Professor of Applied Investment

Analysis. Ph.D. (finance), University of California, Los Angeles. Options markets, dynamic investment strategies, option pricing theory, exotic options, implied binomial trees, portfolio management software. Winner of nine prizes for papers in financial economics; 1995 Financial Engineer of the Year. Co-author of Options Markets and author of the innovative and comprehensive text, Derivatives: A PowerPlus Picture Book. Founding prin-cipal of the investment management firm Leland O’Brien Rubinstein Associates. Past president of the American Finance Association. Advisor on derivatives to the SEC, the CBOE and other exchanges, and numerous financial firms.

Richard Stanton, Associate Professor.

Ph.D. (finance), Stanford University. Mortgage markets—prepayment mod-eling, valuation and hedging, term struc-ture modeling and valuation of derivative securities, application of nonparametric estimation techniques to the hedging and pricing of derivatives.

Domingo Tavella, Principal of Octanti

Associates, Inc. Ph.D. (engineering), Stanford University. Computational methods in financial pricing, stochastic simulation in finance and insurance, financial software development strategies and methods, risk management strate-gies in finance and insurance, hybrid insurance structures.

Suneel Udpa, Lecturer. Ph.D.

(accounting), Washington University, St. Louis. Evaluating ASPs and reducing costs through outsourcing.

Rossen Valkanov, Assistant Professor.

Ph.D. UC San Diego’s Rady School of

Management (economics), Princeton University. Empirical asset pricing, econo-metrics, macroeconomics, term structure modeling, properties of long-horizon returns.

Nancy E. Wallace, Professor and Real

Estate Group Chair. Ph.D. (urban

and regional planning), University of Michigan. Mortgage contract design, mortgage prepayment and valuation models, asset-backed securitization and pricing, real estate price dynamics, real options in real estate.

12

The MFE degree at the Haas School can be completed in 12 months of full-time coursework. Applications are accepted year-round, and 60 students are enrolled each year. The program begins and ends only in the spring, and is not available part-time.

The MFE Program no longer sends paper applications through the mail.

For the MFE application and detailed instructions, visit mfe.haas.berkeley.edu.

Admissions Requirements

• Valid degree from an accredited institution, comparable to the four-year bachelor’s degree from Berkeley

• Sufficient training to undertake graduate study in the chosen field

• A satisfactory scholastic average, usually a minimum of 3.0 in upper-division work

International applicants: Please refer to the website for full requirements.

MFE Admissions Requirements

• Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE) General Test

• A strong quantitative background including linear algebra, multivariate calculus, differential equations, numerical analysis, and advanced statistics and probability

• Prior experience in computer programming (examples: Visual Basic, Matlab, C++) and familiarity with computers as a computational and management tool

• Excellent writing, speaking, and presentation ability in English

T H E B E R K E L E Y M F E P R O G R A M

Admissions Guidelines

Profile of MFE Students Class of 2008Admissions

Applications Received: 367

Enrolled Students: 65

Enrollment Profile

Countries Represented: 16

Average Age: 28

Average Years of Post-university Experience: 3.46

Undergraduate Institutions Represented: 48

Average Undergraduate GPA: 3.49

Graduate Institutions Represented: 39

Degrees Held

Bachelor’s: 42%

Master’s: 35%

Ph.D.: 23%

Prior Majors

Engineering: 37%

Business: 14%

Mathematics: 14%

Natural Sciences: 14%

Computer Science: 12%

Finance: 6%

Economics: 3%

Prior Employment

Research & Development: 18%

Other: 18%

Finance: 17%

Information Systems: 15%

Consulting/Management Services: 9%

Engineering: 8%

Education: 8%

General Management: 3%

Project Management: 2%

Admissions Recommendations

• Work or research experience in a quantitative discipline

• Experience with statistical and econometric applications (examples: SAS, Gauss, RATS, S-Plus, Garch)

• Experience with mathematical tools (examples: Matlab, Mathematica, or MathCad)

In some cases, applicants may be admitted conditionally on the successful completion of one or more recommended courses before enrollment in the program.

Application Deadlines & Review Schedule for the Academic Year Beginning March 2009

Completed Application will application be reviewed by: received by:

January 17, 2008 March 7, 2008

March 25, 2008 May 30, 2008

June 22, 2008 September 26, 2008

October 1, 2008 December 5, 2008

GMAT or GRE: We require that applicants take either the GMAT or GRE. All GMAT and GRE scores are valid for five years and should not be older than April 1, 2004. When ordering GRE reports, use institution code 4833 and department code 4399. For GMAT, use institution code 4769. Please note that beginning January 4, 2006, GMAT began using a new program code: N2V-PT-87.

Letters of Recommendation: We require two letters of recommendation. Letters should come from individuals who are familiar with your training in quantitative methods, and their remarks should address your ability to apply your quantitative skills. Recommendation letters should be written by an individual in a position to evaluate you either professionally or academically (e.g., a supervisor, project leader, or instructor). Recommendations from co-workers, friends, or family members are inadmissible and can be detrimental to your application.

13

Christian Zambrana-RojasMFE 08Associate, Credit Derivatives Research Lehman Brothers New York, New York

Previous degrees:

MS, Structural Engineering University of California, BerkeleyMS, Applied Mathematics University of California, BerkeleyB.Eng, Civil Engineering Universidad Autonoma Metropolitana (Mexico)

“This program not only provides students with the fundamentals to understand financial markets and derivative securities, but also prepares students to understand and further develop state-of-the-art quantitative methods for the design and implementation of new financial products, as well as sophisticated trading and hedging strategies.”

Personal Interviews: Interviews are conducted on an invitation-only basis. Please do not call the office to request an interview. You will be contacted by the MFE program office if an interview is necessary to make a decision on your application.

We invite you to come to one of our group information sessions. On-campus ses-sions are held from 12:00 to 1:00 p.m. on the first business Monday of every month. You will be able to tour the MFE lab and ask questions of the program director and admissions officers. In addition, we hold information sessions in major cities around the world throughout the year. Please check our information session calendar at mfe.haas.berkeley.edu. To participate, register online at ssl.haas.berkeley.edu/MFEAdmissions/events/.

Credits and Transfers: The MFE Program does not accept any credits or transfers from other universities.

Work Experience: Although work experience is not a requirement, it is strongly recommended. Our 2007-2008 class had an average of four years of work experience upon enrollment.

International Applicants: You are considered an international applicant if you are not a United States citizen or US permanent resident at the time you apply to the MFE Program. Applicants from outside the United States should submit their application materials early, and take their tests no later than August 1, 2008. The Test of English as a Foreign Language (TOEFL) should also be taken no later than August 1, 2008. TOEFL scores are valid for two years and should not be older than April 1, 2007. When ordering reports, use institutional 4833 and department code 82.

As an international applicant, you should be aware that you are not eligible for financial aid and should be prepared to provide your own financial support and healthcare coverage. After being admitted to the MFE Program, you will need to submit proof of adequate funding for your studies. US embassies will not grant a visa without this information. Aside from the 10-12 week internship, opportunities for employment are severely limited for international students. Spouses on F-2 visas are not permitted to accept employ-ment. If your accompanying spouse wishes to work, both of you should consider entering the country on J visas. For more information, please contact: Services for International Students and Scholars, International House, #2321, 2299 Piedmont Avenue, University of California, Berkeley, CA 94720-2321, phone: 510-642-2818; e-mail: siss@berkeley.edu; web: ias.berkeley.edu/siss/.

Please Note: All admission decisions are final, and there is no appeals process.

Application Deadline: The final application deadline is October 1, 2008. Applications for which we have not received all materials, including test scores, recommendation letters, transcripts, etc. will not be reviewed after November 1, 2008.

14

Each year UC Berkeley’s Financial Aid Office estimates the average cost for a graduate student during the academic year. This budget is the basis for deter-mining financial aid eligibility. You may use the chart below (adjusted for a 12-month program) to estimate the cost of attending the MFE Program. As these official figures are averaged for all UC Berkeley students, actual costs, espe-cially housing costs, may be higher.

Tuition $49,725*

University Health Insurance $2,415*

Living Expenses $27,500*

Books, Supplies $3,750*

Total Estimated Expenses $83,390

(12 months)

*all costs are subject to change

Computer Costs

MFE students are required to have their own powerful laptop computer. Various manufacturers offer students discounts at the Scholar’s Workstation, the campus computer store. To contact the Scholar’s Workstation, call 510-642-8424 or visit www.tsw.berkeley.edu.

Financial Aid

The MFE Program does not offer scholar-ships or grants. All assistance is in the form of loans which must be repaid beginning six months after graduation. Due to the nontraditional academic calendar of the MFE Program, students must file two loan applications for the full MFE Program.

MFE Spring Term 2008 and MFE Winter Term 2009

• Students who are US citizens or permanent residents apply for federal loans using the Federal Application for Federal Student Aid (FAFSA). The FAFSA is available at www.fafsa.ed.gov. For the spring and summer 2008 terms, students should complete the 2007-08 FAFSA at their earliest convenience. For the fall 2008 and winter 2009 terms, students should file the 2008-09 Renewal FSFSA, beginning January 1, 2008.

T H E B E R K E L E Y M F E P R O G R A M

Fees & Costs• International students can apply for a private loan to cover the entire 12- month academic period. Applications for private loans can be filed at any point within the academic year; how- ever you must first accept admission to the Haas School before applying for a private loan. Information and applica- tion instructions are available at www.haas.berkeley.edu/mba/finaid/ prvtmba.htm.

Federal Direct Loans

US citizens and US permanent residents can finance their education through the Federal Direct Loan Program. Up to $20,500 for every semester (equal to two MFE terms) may be borrowed. Students demonstrating financial need can borrow $8,500 of this amount as a subsidized loan (no interest is charged while the student is in school) and $12,000 in an unsubsidized loan (interest is charged while the student is in school). Those who do not demonstrate financial need can borrow the full $20,500 in an unsubsi-dized loan.

Eligibility is based on student status and cost of education as determined through the FAFSA process, not credit history. The interest rate on direct subsidized loans is fixed at 6.8% for the life of the loan. Repayment is made over a 10- to 25-year term with no prepayment penalty. Visit www.ed.gov/DirectLoan/about.html for updates.

Private Loans

Students may apply for private loans, which are offered based on credit-worthiness, not financial need. You should obtain copies and verify accuracy of your credit reports before applying for a private loan. The interest rates on these loans are usually higher, so students typically pursue this option last. International students may qualify for private loans if they meet the requirements listed at www.haas.berkeley.edu/MBA/finaid/International%20Chart.pdf. Through private loans, a student can borrow up to the annual cost of education for two terms of the MFE calendar, which includes living expenses and registration fees. Repayment of private loans typically begins six months after graduation or dropping below half-time enrollment. Applications for private loans are available at the Haas Financial Aid Office (www.haas.berkeley.edu/MBA/finaid/prvtmba.htm).

Luca Barone MFE 05Exotic Credit Derivatives Sales StrategistF.I.C.C.

Previous degree:

Masters in Economics and Finance Luiss Guido Carli University, Rome

“The theory we learned from Professor Mark Rubinstein and his colleagues deals with state-contingent claims, the elementary particles of ‘nuclear financial economics.’ This theory is especially useful for practitioners because it provides a production technology for duplicating the payoffs of any contingent claim by using an appropriate dynamic strategy. It can also be used to solve the inverse problem of inferring risk-neutral probabilities from the simultaneously observed prices of options and other derivatives.”

15

Wanling XuMFE 08Strategist, Fixed Income Citigroup New York, New York

Previous degrees:

Ph.D., Physics Northwestern University BS, Physics Nanjing University (China)

“I have enjoyed the unique academic community that has made the MFE Program at Haas one of the best in the world. Haas is a wonderful place to learn because of the distinguished faculty and rich collaborative culture. The academic experience one gets from a rigorous and practical curriculum is truly unparalleled. In addition, the program’s strong ties to the financial community at large provides the graduates unique employment opportunities.”

Private Scholarships

Students may apply for private scholarships offered through various organizations. The Haas School of Business has created a scholarship database that can be searched to find appropriate sources of funding. That database is available at groups.haas.berkeley.edu/mba_program/scholarship/default.aspx. Please note that there is no guarantee that a scholarship will be available to any student, and that although we make every effort to provide a complete listing of available options, we cannot guarantee that every possible option is listed in our database. For further information, contact the Haas Financial Aid Office (www.haas.berkeley.edu/MBA/finaid/index.html).

Haas Financial Aid Office

The Financial Aid Office provides assis-tance in resolving financial aid & billing problems, and obtaining private student loan information and applications. The office is in room S420K of the Student Services Building. To get help from a Haas financial aid counselor, call 510-643-0183 or e-mail finaid@haas.berkeley.edu.

The Haas Financial Aid staff is your point of contact, rather than the central finan-cial aid office.

Housing

Berkeley graduate students live in both university and off-campus housing. Housing in the Berkeley area is expensive and often in short supply, so you should plan ahead to ensure that you will have a place to live before classes begin. If you are interested in applying for university housing, do not wait for notice of admission to seek information. For more information, visit www.housing.berkeley.edu/housing.

The Community Living Office This office provides rental listings and coun-seling for students seeking off-campus housing. For more information, visit www.housing.berkeley.edu/housing or go to the Community Living Office at 2535 Channing Way. Bring your letter of admission and photo identification.

International House (I-House) This residence and program center houses more than 600 students, many of whom are at the graduate level. You do not have to be an international student to live at the I-House, which is less than a five-minute walk to Haas. For more information, visit the International House Residence Office at 2299 Piedmont Avenue, #2320, Berkeley, CA 94720-2320 or call 510-642-9490.

University Family Student Housing This housing is available for students who are married and/or have children. Rent for family student housing is less expensive than for comparable off-campus housing, so there is a waiting list. For more information, visit www.housing.berkeley.edu/livingatcal/studentsfamilies.html.

The University Child Care Program Child care accredited by the National Academy of Early Childhood Programs, is available for children ages 3 months to 7 years old, and payment is on a sliding scale. At least one parent must be a registered UC Berkeley student. For more information, visit www.housing.berkeley.edu/child/families/.

What careers has the MFE led to?

Recent graduates have found employment in risk management, fixed income, struc-

tured products derivatives, credit risk, market risk, consulting, corporate finance and

financial programming. For more detailed information, visit mfe.haas.berkeley.edu/

faq39.html.

What are the differences between the MBA Program or Ph.D. Program and the MFE Program?

Please visit mfe.haas.berkeley.edu/faq6.html.

Is work experience required?

Work or research experience in a quantitative field is recommended, but not required.

Students in our 2006-2007 class had an average of almost four years of work experi-

ence before joining the program.

What is the academic calendar?

The official schedule for 2008-2009 is not finalized. Please visit mfe.haas.berkeley.edu/ curriculum.html for the most up-to-date information.

When are the application deadlines for the program year 2008-2009?

The program admits students over four deadlines: January 17, 2008; March 17, 2008; June 22, 2008; and October 1, 2008. Applications received after October 1, 2008 will be reviewed on a space-available basis. Classes begin in March 2009.

How many people do you admit at each deadline?

We only admit the best candidates at each deadline. Students may be placed on hold or wait-listed at any time during the admissions process, whether or not there is still space available in the class. Because there are only 60 spots available, we admit stu-dents until we have 60 who have committed to attend.

Do you recommend preparatory classes?

For students who have not taken math, statistics, or financial programming courses in more than three years, we do recommend our refresher courses in order to excel in the program. If you are required to take a pre-program course as part of conditional acceptance to the program, we will accept grades from any accredited college or university. We offer courses in foundation math, statistics, and financial programming at UC Berkeley and online. For details visit mfe.haas.berkeley.edu/preprogram.html.

Where do I order GMAT/GRE reports?

Visit www.ets.org for information on taking the GRE and www.mba.com/MBA /TaketheGMAT for information on taking the GMAT test and ordering reports.

Is the MFE Program offered part-time?

No.

Are fellowships, scholarships, or assistantships available?

There are no fellowships, scholarships, or assistantships associated with the MFE

Program. For information on UC Berkeley Graduate Division awards and fellowships

visit www.grad.berkeley.edu/admissions/pdf/guide_support.pdf. For updated informa-

tion on financial aid, visit mfe.haas.berkeley.edu/faid.

Do you offer financial aid?

Federal financial aid in the form of loans is available for most students. See page 12

for details, or visit mfe.haas.berkeley.edu/faid.html.

T H E B E R K E L E Y M F E P R O G R A M

Frequently Asked Questions

MFE Steering CommitteeThe active participation of members from indus-try is essential to ensuring that graduates of the MFE Program have the requisite skills to be suc-cessful in their future careers. The MFE Steering Committee is composed of finance faculty and prominent members of the financial risk man-agement community. The committee acts in a similar capacity as a board of trustees, focusing on the curriculum and strategic goals of the MFE Program.

Members

John O’Brien, MFE Faculty Director

Linda Kreitzman, MFE Executive Director

Armen Avanessians, Goldman Sachs

Terry Benzschawel, Citigroup

Gifford Fong, Gifford Fong Associates

Jim Gilliland, Barclays Global Investors

Joseph Langsam, Morgan Stanley

Chuck Lucas, AIG

David Modest, JPMorgan

Scott Pinkus

Mark Rubinstein, Professor, UC Berkeley

Aamir Sheikh, Merrill Lynch

Erol Hakanoglu, Lehman Brothers

Richard Lyons, Professor, UC Berkeley

Victor Masch, AIG

MFE Program SponsorsSpecial thanks to these firms whose donations have helped build the MFE laboratories.

Founding Sponsors

AIG Inc.

Barclays Global Investors

BARRA Inc.

Gifford Fong Associates

Goldman Sachs

Moody’s KMV

MBIA Inc.

Morgan Stanley

Quantal International Inc.

The Dean Witter Foundation

Wachovia Securities

WR Hambrecht + Co, LLC

Sponsors

AXA Rosenberg Investment Management LLC

Bank of America Corp.

Bloomberg LP

Fair, Isaac and Company, Inc.

GW Miller Foundation

The Pinkus Foundation

For the full list, visit mfe.haas.berkeley.edu/faqs.html.

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NONDISCRIMINATION POLICY STATEMENT

The University of California, in accordance with applicable federal and state law and University policy, prohibits discrimination, including harassment, on the basis of race, color, national origin, religion, sex, physical or mental disability, medical condition (cancer-related or genetic characteristics), ancestry, marital status, age, sexual orientation, citizenship, or status as a covered veteran (special disabled veteran, Vietnam-era veteran or any other veteran who served on active duty during a war or in a campaign or expedition for which a campaign badge has been authorized). This nondiscrimination policy covers admission, access, and treatment in University programs and activities.

Inquiries may be directed as follows: Sex discrimination and sexual harassment: Nancy Chu, Title IX Compliance Officer, 1-510-643-7985. Disability discrimination and access: Ed Rogers, A.D.A./504 Compliance Officer, 1-510-643-5116 (voice) or 1-510-642-3172 (TTY). Other inquiries may be directed to the Academic Compliance Office, 200 California Hall, #1500, 1-510-642-2795.

CAMPUS SAFETY

In accordance with the Jeanne Clery Act, the University maintains a reference guide of safety information and procedures, annual campus crime statistics, and emergency-disaster preparedness information. For a copy of this report, Safety Counts, call (510) 643-6442, e-mail ucpolice@uclink.berkeley.edu, or write the Police Department Campus Safety Programs, University of California, Berkeley, Police Department, 1 Sproul Hall #1199, Berkeley, CA 94720-1199. The report is also posted on the UC Berkeley Police Department web site.

Because the faculty and administration of the Haas School of Business are continually reviewing the MFE Program to give its students the best possible educational experience, the school reserves the right to change at any time any of its provisions, statements, policies, curricula, procedures, regulations, or fees.

Other Educational Programs at the Haas School

Full-time MBA ProgramThe Full-time MBA Program is a two-year program during the day with approximately 480 students. Although different application materials are required, the Full-time and Evening & Weekend MBA programs share the same cur-riculum, faculty, and admission standards.

Evening & Weekend MBA ProgramThree-year, part-time program for working professionals. Offered on campus and in Silicon Valley. Ranked in the top three in the US.

Berkeley-Columbia Executive MBA ProgramEarn two MBA degrees simul-taneously over 19 months from the Haas School of Business and Columbia Business School. For experienced executives.

Ph.D. Program

For students who desire an aca-demic career by preparing them to advance theory and knowledge in the disciplines underlying the practice of business.

Undergraduate Program

Two-year bachelor’s program for juniors and seniors. Ranked among the top three US programs.

Executive Education

Helps individuals, teams, and entire organizations achieve their goals through customized programs and open enrollment courses taught by Berkeley faculty at the workplace or on campus.

Marketing and CommunicationsCraig KaufmanRich Kurovsky

Design

Cuttriss & Hambleton

PhotographyJim BlockEd Caldwell

PrinterDome Printing

Copyright© 2007,UC Regents. All rights reserved.

17

MFE Program Office

Haas School of Business, Room F514-518

University of California, Berkeley

545 Student Services Building, #1900

Berkeley, CA 94720-1900

Admissions Office

Phone: 510-642-4417

Fax: 510-643-4345

E-mail: mfe@haas.berkeley.edu

Web: mfe.haas.berkeley.edu

MFE Administration

mfe@haas.berkeley.edu

Linda Kreitzman, Executive Director

John O’Brien, Faculty Director

Christina Henri, Assistant Director, henri@haas.berkeley.edu

Diane Nguyen, Program Assistant, dnguyen@haas.berkeley.edu

Aaron Nebres, Laboratory Manager, nebres@haas.berkeley.edu

Michael Chung, Laboratory Manager

Nebil Gali, Account Manager, ngali@haas.berkeley.edu

Important Contacts

Haas Financial Aid Office 510-643-0183 finaid@haas.berkeley.edu

University Graduate Division Admissions 510-642-7405 gradadm@berkeley.edu

University Housing Services 510-642-3542 www.housing.berkeley.edu

Services for International Students 510-642-2818 www.ias.berkeley.edu/siss and Scholars

Visitor Services 510-642-5215 www.berkeley.edu/visitors/

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