Salary of financial engineer: Financial Engineering Average Salaries | Salary.com
Finance Engineer Salary (February 2023)
Updated December 12, 2022
$102,921yearly
To create our salary estimates, Zippia starts with data published in publicly available sources such as the U.S. Bureau of Labor Statistics (BLS), Foreign Labor Certification Data Center (FLC) Show More
$49.48 hourly
Entry level Salary
$71,000
yearly
$71,000
10%
$102,921
Median
$148,000
90%
How much does a Finance Engineer make?
Finance engineers make $102,921 per year on average, or $49.48 per hour, in the United States. Finance engineers on the lower end of that spectrum, the bottom 10% to be exact, make roughly $71,000 a year, while the top 10% makes $148,000.
Location impacts how much a finance engineer can expect to make. Finance engineers make the most in Nevada, Rhode Island, Connecticut, Delaware, and New Hampshire.
Highest Paying State
Nevada
Highest Paying City
Greenwich, CT
Highest Paying Company
The Citadel
What Am I Worth?
Highest Paying State
Nevada
Highest Paying City
Greenwich, CT
Highest Paying Company
The Citadel
What Am I Worth?
Highest Paying States For Finance Engineers
If both location and money are important to you, then you might want to check out moving to Nevada, Rhode Island and Connecticut, as these three states offer the highest salaries throughout the U.S. for finance engineers. Quite opposite of that list is the lowest paying states, which are South Carolina, Alabama, and Kentucky.
- State View
- County View
Average Salary:
Finance Engineer average salary by State
| Rank | State | Avg. Salary | Hourly Rate | Job Count |
|---|---|---|---|---|
| 1 | Delaware | $116,578 | $56. 05 |
228 |
| 2 | Connecticut | $116,760 | $56.13 | 523 |
| 3 | Rhode Island | $116,848 | $56.18 | 161 |
| 4 | Utah | $95,430 | $45.88 | 581 |
| 5 | Massachusetts | $103,335 | $49.68 | 1,470 |
| 6 | New York | $103,078 | $49.56 | 2,698 |
| 7 | Nevada | $123,014 | $59.14 | 233 |
| 8 | California | $107,239 | $51.56 | 5,138 |
| 9 | New Hampshire | $114,554 | $55.07 | 190 |
| 10 | Texas | $94,210 | $45.29 | 2,828 |
| 11 | Virginia | $94,322 | $45.35 | 1,715 |
| 12 | Michigan | $92,029 | $44.24 | 1,005 |
| 13 | Illinois | $92,371 | $44.41 | 1,822 |
| 14 | North Dakota | $88,372 | $42. 49 |
134 |
| 15 | Alaska | $95,403 | $45.87 | 94 |
| 16 | New Mexico | $94,957 | $45.65 | 169 |
| 17 | Georgia | $89,551 | $43.05 | 1,274 |
| 18 | Mississippi | $89,739 | $43.14 | 205 |
| 19 | District of Columbia | $98,568 | $47.39 | 206 |
| 20 | Oklahoma | $91,600 | $44.04 | 55 |
| 21 | Colorado | $88,645 | $42.62 | 911 |
| 22 | Vermont | $89,414 | $42.99 | 93 |
| 23 | Oregon | $87,541 | $42.09 | 628 |
| 24 | Iowa | $88,919 | $42.75 | 326 |
| 25 | Washington | $86,057 | $41.37 | 1,293 |
| 26 | Pennsylvania | $86,152 | $41.42 | 1,281 |
| 27 | Arizona | $85,769 | $41. 24 |
765 |
| 28 | Kansas | $88,106 | $42.36 | 56 |
| 29 | Tennessee | $83,571 | $40.18 | 663 |
| 30 | Maryland | $85,752 | $41.23 | 1,098 |
| 31 | New Jersey | $86,508 | $41.59 | 1,077 |
| 32 | Nebraska | $83,989 | $40.38 | 258 |
| 33 | Missouri | $84,369 | $40.56 | 659 |
| 34 | Arkansas | $84,472 | $40.61 | 69 |
| 35 | Wisconsin | $78,942 | $37.95 | 798 |
| 36 | Idaho | $82,610 | $39.72 | 187 |
| 37 | Ohio | $82,050 | $39.45 | 1,107 |
| 38 | West Virginia | $82,630 | $39.73 | 116 |
| 39 | North Carolina | $79,581 | $38.26 | 1,278 |
| 40 | Wyoming | $75,526 | $36. 31 |
105 |
| 41 | Louisiana | $81,652 | $39.26 | 301 |
| 42 | Maine | $81,972 | $39.41 | 122 |
| 43 | Florida | $78,777 | $37.87 | 2,174 |
| 44 | Minnesota | $77,434 | $37.23 | 957 |
| 45 | Alabama | $76,623 | $36.84 | 524 |
| 46 | Indiana | $77,812 | $37.41 | 686 |
| 47 | Hawaii | $65,593 | $31.54 | 126 |
| 48 | South Carolina | $76,958 | $37.00 | 389 |
| 49 | Kentucky | $76,416 | $36.74 | 301 |
| 50 | Montana | $77,641 | $37.33 | 36 |
| 51 | South Dakota | $75,200 | $36.15 | 100 |
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Highest Paying Cities For Finance Engineers
| Rank | City | Avg. Salary |
Hourly Rate |
|---|---|---|---|
| 1 | Greenwich, CT | $116,999 | $56.25 |
| 2 | San Francisco, CA | $112,624 | $54.15 |
| 3 | Boston, MA | $103,344 | $49.68 |
| 4 | New York, NY | $103,263 | $49.65 |
| 5 | Washington, DC | $98,578 | $47.39 |
| 6 | McLean, VA | $95,485 | $45.91 |
| 7 | Dallas, TX | $94,346 | $45.36 |
| 8 | Evanston, IL | $93,088 | $44.75 |
| 9 | Ann Arbor, MI | $91,965 | $44.21 |
| 10 | Atlanta, GA | $89,270 | $42.92 |
| 11 | Boulder, CO | $88,348 | $42.48 |
| 12 | Des Moines, IA | $88,302 | $42.45 |
| 13 | Seattle, WA | $86,694 | $41.68 |
| 14 | Jersey City, NJ | $86,588 | $41. 63 |
| 15 | Scottsdale, AZ | $86,092 | $41.39 |
Finance Engineer Pay Trends
Average Finance Engineer Salary Over Time
Compare salaries for individual cities or states with the national average.
Updated December 12, 2022
Financial Engineer Salary New Jersey, United States
Average Base Salary
Average Hourly Rate
$60.72 (USD)/hr
Average Bonus
$4,231 (USD)/yr
Compensation Data Based on Experience
The average financial engineer gross salary in New Jersey, United States is $126,301 or an equivalent hourly rate of $61. This is 16% higher (+$17,285) than the average financial engineer salary in the United States. In addition, they earn an average bonus of $4,231.
Salary estimates based on salary survey data collected directly from employers and anonymous employees in New Jersey, United States. An entry level financial engineer (1-3 years of experience) earns an average salary of $88,786. On the other end, a senior level financial engineer (8+ years of experience) earns an average salary of $156,756.
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Estimated Salary in 2028:
$153,075 (USD)
5 Year Change:
21 %
Based on our compensation data, the estimated salary potential for Financial Engineer will increase 21 % over 5 years.
Administers accounting
67%
Advises CFO
67%
Advises management
67%
Aids Controller
67%
Information analysis
67%
This chart displays the highest level of education for:
Financial Engineer, the majority at 39% with bachelors.
Typical Field of Study: Manufacturing Engineering
See how education can impact your salary
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Chicago
9.
1 %
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Philadelphia
7.8 % -
San Diego
4.4 % -
New Hampshire
13. 1 %
-
Louisiana
21.4 % -
South Carolina
23.1 %
1 %
1 %
-
Bahamas
74. 9 %
-
France
95.4 % -
Mexico
343.1 % -
Russian Federation
391. 9 %
-
Croatia
412.3 %
9 %
9 %
New Jersey, United States
The cost of living in New Jersey, United States is 20% more than the average cost of living in the United States. Cost of living is calculated based on accumulating the cost of food, transportation, health services, rent, utilities, taxes, and miscellaneous.
View Cost of Living Page
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware River and Pennsylvania; and on the southwest by Delaware Bay and the state of Delaware.
At 7,354 square miles (19,050 km2), New Jersey is the fifth-smallest state in land area; but with close to 9.3 million residents, it ranks 11th in population and first in population…
Sourced from Wikipedia
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Engineer Financial
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Quickly search for salaries in other careers and locations in our salary database.
Job Title
City, State, Country or US Zip Code
This page is a promotion for SalaryExpert’s Assessor Platform and is not intended for professional use.
Professionals should subscribe to SalaryExpert’s Assessor Platform.
ERI’s compensation data are based on salary surveys conducted and researched by ERI. Cost of labor data in the Assessor Series are based on actual housing sales data from commercially available sources, plus rental rates, gasoline prices, consumables, medical care premium costs, property taxes, effective income tax rates, etc.
Administers accounting
67%
Advises CFO
67%
Advises management
67%
Aids Controller
67%
Information analysis
67%
See how skills can impact your salary
-
Chicago
9. 1 %
-
Philadelphia
7.8 % -
San Diego
4.4 % -
New Hampshire
13. 1 %
-
Louisiana
21.4 % -
South Carolina
23.1 %
1 %
1 %
-
Bahamas
74. 9 %
-
France
95.4 % -
Mexico
343.1 % -
Russian Federation
391. 9 %
-
Croatia
412.3 %
9 %
9 %
Learn About Our Products
SalaryExpert, powered by ERI, provides verified salary and cost of living data to the public with a comprehensive platform for evaluating compensation, career, relocation, and education decisions.
Access Our Assessor Productsarrow_right
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Engineer Financial
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A financial engineer is a financier, an analyst who builds business strategies and investment programs using mathematical tools and engineering methods of information processing.
His work is based on the application of a systematic approach, characteristic of engineering activities. The specialist owns the methodology and the concept of describing economic models in mathematical ways. He collects and analyzes the financial and economic situation, applies the developed and tested mathematical models, literally designs a model for investing money in certain assets and financial instruments. In his work, a financial engineer actively uses computer programs and specialized information systems. The competencies of a financial engineer are widely used in building strategies for the work of investment funds, credit institutions, government structures of a financial and budgetary profile.
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On the profession
Universities 543
osuza 682
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salaries: how much does a financial engineer receive
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beginner: 40000 ₽ 9000 ₽ Purpose of the experimental : 60000 ₽ per month Professional: 80000 ₽ per month * – information on salaries is given approximately based on vacancies on profiling sites. The profession of a financial engineer cannot be classified as a mass activity. In general, this is a rather specific and limited sector of financial analytics. As a rule, a financial engineer is a high-class specialist who can develop a successful business strategy using a scientific engineering apparatus. Such specialists are highly valued in specialized structures that manage large cash flows. The demand for such a specialist directly depends on his qualifications, work experience and previously achieved results. For a novice engineer, you will need to provide your qualifications and professional suitability. As a financial engineer, it is important to have commercial talents backed up by a solid knowledge of engineering methods for building a smart product. The position of financial engineer has been introduced into the staff of many large investment companies, as well as structures that manage significant financial resources, such as government planning and budget financing agencies. A talented employee can achieve fairly high positions and positions in these structures. He can lead a department, credit or investment division. For such a specialist, there are open opportunities to lead the analytical department of any bank or large financial structure. In general, the competencies and qualifications of a financial engineer provide excellent opportunities for career growth already at the start of employment. Professional duties of a financial engineer include: Rate the profession: 12345678910 The profession is more suitable for those who like the following subjects at school: mathematics economics Similar occupations Bank agent Insurance agent Actuary Stock market analyst (financial analyst) Underwriter Financier Accountant Tax accountant (tax specialist) Claims Accountant Accountant-auditor Accountant-economist Auditor State auditor Bank clerk Intellectual property appraiser Innovation Manager Is finance a science? Many people say no, but there is a relatively new generation of financial professionals who say yes. Financial engineering is a broad, interdisciplinary field of study and practice that essentially applies an engineering approach and methodology to the world of finance. In practice, financial engineering can be seen in the work of quantitative analysts, also known as “quants”, who create things such as algorithmic or artificial trading programs used in financial markets. Financial engineering has little in common with traditional engineering work, other than a methodological approach that incorporates mathematical principles and theories. However, many people who later became financial engineers received traditional engineering education first. Financial engineering is a relatively new area of research. The first recognized programs offering a degree in financial engineering were not established in the United States until the 1990s. However, the field has expanded quite rapidly and such training programs are now accredited by official bodies such as the International Association for Quantitative Finance and the International Association of Financial Engineers. Financial engineering is used in various financial applications. The following are some of the most common applications: However, despite its widespread use and acceptance, the field of financial engineering is not without criticism. Scholars in both economics and mathematics, as well as within the field itself, have been highly critical of some applications of financial engineering. For example, some scholars believe that over-reliance on financial models has in some cases created rather than solved financial problems. After the 2008 global financial crisis, some economists blamed banks for the widespread use of the Black-Scholes formula — a popular mathematical model used to invest in derivatives — for hastening, or at least exacerbating, the severity of the global economic crash. In the early 1990s, Amoco Corporation used financial engineering to facilitate the sale of its subsidiary, MW Petroleum Corporation, to Apache Corporation. Thus, the reason that turned out to be a stumbling block in the award of the contract was the two companies’ different views on the expected future oil and gas prices – Amoco was optimistic, while Apache was gloomy. A little financial engineering led to the development of a financial product known as the Limited Price Support Guarantee that Amoco offered to Apache. The guarantee stated that if oil prices fell below a set level, Amoco would provide support payments to Apache to mitigate the loss in revenue. In return for receiving the guarantee, Apache agreed, in turn, to make additional payments to Amoco if, in the first few years after the sale of MW Petroleum, oil prices exceed a set amount. Financial engineers used financial models to determine the lower and upper price levels indicated. In this case, financial engineering enabled the two companies involved in the transaction to share significant risks in the face of major commodity price uncertainty in a manner acceptable to both parties, allowing them to close the acquisition of Apache MW Petroleum. Financial engineering is an interdisciplinary field. One- and two-year Master of Science programs in financial engineering are available in the departments of mathematics, finance, business, and economics at various colleges and universities. MSFE faculty represent all of these departments as well as computer science. Master’s degree is designed for students who want to learn how to apply engineering methodologies and quantitative methods to solve today’s financial problems. Thus, this is the best degree for those who want to treat finance and everything related to it – saving, investing, borrowing, lending and risk management – as an exact science. The skills you learn in the MSFE program can be applied across industries. There is no standard financial engineering curriculum, but all programs cover advanced concepts in mathematics, computing, and finance. Almost all MSFE students study subjects such as: Search for the best program of the master’s financial master in the field evaluate programs based on your interests and career goals. Think about why you want to get this degree. Some programs are very theoretical; they are better suited to MSFE students who are interested in the theories behind current market performance and the complex mathematics used to predict future performance. Then think about where you want to be in five years. So by looking at the employment data on each MSFE program website, you can learn a lot about what your future will look like and what your earning potential will be with this degree. If you can’t find it, contact an admissions consultant. The International Quantitative Finance Association regulates financial engineering as a profession. It does not accredit financial engineering programs, but offers a handy financial engineering degree guide where you can compare the MSFE and comparable quantitative finance programs at various institutions and universities. Rensselaer Polytechnic Institute
Most of these colleges and universities offer programs on campus however, there are several that offer online master’s degrees in financial engineering. West Texas A&M University and Stevens Institute of Technology offer online MSFE degrees, but the largest and most prestigious online master’s degree in financial engineering is offered by the University of Southern California’s Viterbi School of Engineering. When choosing a master’s program in financial engineering, salary should not come first. As mentioned earlier, MSFE holders work in a wide variety of industries and tasks. Before applying to a master’s program, consider that your choice of job (rather than your degree) is likely to determine your earning potential. You could, for example, work as a/an: Financial engineers work for banks, investment firms, and mutual fund companies. They use analytical and mathematical tools to create algorithms and analytical systems to determine if certain asset classes and items are good investments. Your job in this position is to make money with money. Investment managers assist corporate and individual clients in buying and selling trusts, stocks and bonds by developing comprehensive, evidence-based investment plans. The typical salary for an investment manager is around $99,000. If you become a portfolio manager, your goal will be to help corporations and traders to optimally allocate capital between different investment strategies developed by investment managers. The average salary of a portfolio manager is around $86,000. Risk managers are in high demand as a result of the 2008 financial crisis. These professionals evaluate trading tactics and create risk management plans to help banks comply with capital, liquidity, buffer and funding laws. In this role, you will develop mathematical models, trading methods, and even software tools that will drive trading decisions in your organization. Thus, your main responsibility will be to identify market opportunities and minimize risks. The typical reward for a quantitative trading strategist is around $100,000. This challenging position involves overseeing the financial health of an organization. The responsibilities of a financial manager include overseeing investment activity as well as developing data-driven plans to support the company’s long-term financial health. The average remuneration of financial managers is around $123,000. Quick response more than most. Graduates with a master’s degree in financial engineering often work in the banking and investment sectors, where their goal is to turn money into even more money. And this is just the beginning. By some estimates, after a few more years of experience, you can earn between $175,000 and $400,000. So the key term is “experience”. A master’s degree is required if you want to advance in finance. However, unless you have significant relevant experience, your master’s degree in financial engineering may not be worth much. You may still have to pay dues at the bottom rung of the ladder. The answer to this question is not determined by how passionate you are about finance, but how passionate you are about engineering. You can make a lot of money with this degree, but you must have the mind of a quantum man. Every finance student needs to be tech-savvy and analytical, but MSFE students also need to have coding skills and a much deeper understanding of the arithmetic that underpins finance as a science. Finally, don’t turn down a master’s degree in financial engineering because it lacks a strong programming component. When trying to maximize your earning potential with a master’s degree in financial engineering, it’s helpful to be proficient in programming languages like Python, SQL, UNIX scripting, and JavaScript, and to know a little more about distributed computing than the following. boy. Why are financial engineers needed? Despite the critique of financial engineering that seems to have been gaining momentum over the years, we need them for the following: portfolio management, derivatives pricing and hedging, risk measurement and management, corporate finance, model testing, and so on. The main factor that has led to increased demands on financial engineers is the increasingly complex and turbulent volatility of the financial industry. Below are the different types of financial engineering we have; Becoming a competent financial engineer will not be easy, but with hard work and perseverance, you can hone your skills until you achieve it.
Salary in a particular region or company may differ from those given. Your income is greatly influenced by how you can apply yourself in the chosen field of activity. Income is not always limited only by the fact that you are offered vacancies in the labor market. Demand for the profession
Who is the career for
The profession can be recommended to those who:
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Responsibilities
Financial engineering: programs and salaries (updated!)
Financial engineers believe that applied mathematics and data science can give them an edge in trading, risk management and corporate finance. Their ideas are gaining popularity; While companies have recently begun hiring mathematicians and programmers for finance, some markets are now dominated by quantitative investing. The Master of Science in Financial Engineering is a more recent addition to quantitative finance programs. MSFE programs are generally less expensive and shorter in duration than MBA programs, but graduates can earn the same amount if they have good backgrounds in statistics, computer science, mathematics, and programming. You are no doubt wondering what salary you can earn with a master’s degree in financial engineering. This issue will be addressed in this post.
What is financial engineering?
It integrates and applies information from various fields such as economics, mathematics, computer science and financial theory. Much of financial engineering entails translating financial theories into practical applications in the financial world.
Financial engineering applications
Example – Financial Engineering in Real Business Applications
Master in Financial Engineering
Holders of a master’s degree in financial engineering work in investment banks and hedge funds, as well as in insurance companies and regulators. They also work in data analysis and fraud detection.
What will you study in the Master’s Program in Financial Engineering?
Others concentrate on the practical application of financial engineering to the real world, which may be more suitable for those interested in a career in business or banking.
Where can you get a master’s degree in financial engineering?
In the 1990s, New York University Polytechnic Institute created the first certified financial engineering curriculum. Today, some of the greatest masters in financial engineering programs can be found at colleges such as:
However, it is worth noting that graduates from leading financial institutions can earn more money. According to one salary survey published by the Berkeley Haas School of Business, the median total first-year MSFE graduate income was $155,514. The financial careers website published a list of the average first year earnings of MSFE holders and found that most students who graduated from the best schools earn between 90.000 to $159,402.
What jobs are available with a master’s degree in financial engineering?
#1. Financial Engineer
According to PayScale, the typical salary of a financial engineer is 79$101,000, although Glassdoor reports that it is closer to $101,000.
No. 2 Investment Manager
#3. Portfolio manager
No. 4. Risk Manager
A typical risk manager compensation is around $114,000.
No. 5. Trade Strategist
No. 6 Financial Manager
How much can you earn with a master’s degree in financial engineering?
So the work is predictable and profitable. The average MSFE owner earns roughly $89,000, with some earning significantly more.
Should you get a master’s degree in financial engineering?
The need for financial engineers
What led to the need for financial engineers?
Types of financial engineering
Financial engineering FAQ
Is financial engineering difficult?