A chief risk officer and a quantitative analyst share how the Master of Science (MSc) in Financial Engineering from Nanyang Business School helped them thrive in quantitative finance
The financial sector is undergoing a digital revolution, spurring a growing need for professionals with a knack for quantitative finance, a discipline that draws on mathematics, computer science, and statistics when working with the financial markets.
In quantitative finance, complex mathematical models are used to price assets, assess risk, and predict how the market will move.
According to the Economist’s Intelligence Unit, 77% of banking executives think that technologies like AI will be a major factor in the success or failure of their company.
But entering the world of high-tech finance requires a very specific set of skills, and business schools have an important role to play in training the next generation of finance professionals.
BusinessBecause caught up with two MFE graduates to find out how the program helped them kick-start careers in quantitative finance.
Growing into a c-suite role—Eng Siong Ang
Eng Siong Ang is the chief risk officer for OCBC Bank's subsidiary in Shanghai, China—a role he was offered less than ten years after graduating from the MFE at NBS.
An economist by training, Eng Siong began his career with the Monetary Authority of Singapore, forecasting economic variables in sectors from property to financial services.
When the 2008 financial crisis hit, the economic uncertainty spurred him to upskill.
“There were questions about how banks would have to evolve after the crisis, and how jobs in finance might change,” he recalls. “With all this uncertainty at the front of my mind, the MFE made a lot of sense.”
Eng Siong was drawn to the rigor of the NBS curriculum, which offered a firm grounding in computing alongside more traditional financial topics. One highlight of the program was studying a semester at Carnegie Mellon University in the US.
For six weeks in the US, Eng Siong’s cohort studied topics including financial computing, simulation methods, and advanced risk management.
“We worked with statistical software to solve real-world problems, such as how to price a combination of options,” says Eng Siong.
“There was a lot of hands-on work, and we really had to apply what we learnt in the program to these challenges.”
The MFE also led Eng Siong onto his current career path in risk management. After the financial crisis, risk management roles were in high demand, and he was able to leverage the programming skills he picked up at NBS to excel in the field.
But technical skills were just one side of the coin. The ability to distill business insights from large volumes of data, and present them convincingly to stakeholders, is another skill he practiced during the MFE.
“Over the years as I progressed into more senior roles, I found this to be increasingly relevant,” he explains.
When he first graduated, Eng Siong joined OCBC Bank as a management associate, and the rest is history. In his current role as chief risk officer in China, he oversees all aspects of risk management, including credit risk, asset liability, and market risk.
“The world, and especially the banking industry, is undergoing a digital revolution, with technologies like AI and cloud computing all transforming how we do business,” he says.
“The skills I picked up at NBS provided me with a good basis to navigate this new world.”
Landing the dream job— Sihan Yu
Sihan Yu first entered the world of finance “by accident,” but it turned out to be a huge passion.
After graduating from her bachelor’s in electrical engineering, Sihan joined PwC as a consultant focused on tech projects. But after being assigned to a financial risk analytics team, she quickly developed a deep interest in the topic.
“Over the years I taught myself a lot about financial markets and derivatives, but after a while it was hard for me to learn more on my own,” she says.
If she was going to pivot careers and join the highly competitive field of quantitative finance, she would need a new toolkit—that’s where the MFE came in.
“It offers everything you need in order to be successful in this field, covering mathematics, computer science, and finance,” Sihan explains.
For Sihan, the fact that much of the program was project-based was a real highlight. This gave her the chance to hone her communication, teamwork, and leadership skills at the same time as gaining technical prowess.
One project required Sihan and her team to act as an investment bank, designing a structured product from scratch. This involved everything from structuring, to pricing, to hedging.
“We even came up with a company logo and pitched to our professor who played the role of MD at a hedge fund,” she says.
Throughout these projects, Sihan drew on the expertise of her professors, who provided tips and guidance without offering all the answers—mimicking a real work environment.
When she graduated, she was able to transfer this skillset to her new career. Today, she is a quantitative analyst—known in the industry as a quant—at Standard Chartered Bank, working mainly on derivatives pricing and valuation.
“I am a front-office quant, meaning we design and implement complex mathematical models that allow financial firms to price and trade securities,” she explains.
Quants like Sihan work directly with traders, providing them with the pricing and trading tools required for them to make intelligent decisions.
“I would say I use 80% of what I learned in the MFE in my day-to-day job—it’s a must-have entry point for quant careers.
“People in the industry call us ‘the rocket scientists of Wall Street’,” Sihan says with a laugh. “It’s my dream job.”
This is a great place to learn and interact with more like-minded people. The campus is something that stands out to me. The infrastructure is great and the university is very well-built. There is lots to do on the high campus, from a large number of eating joints to the numerous clubs and sports activities. I also quite like Singapore as a country, as there is so much to do around not very far from campus. The educational facilities are extremely good, there are lots of opportunities to take on research projects and do industrial projects, which I really enjoy. The only thing I dislike about NTU is that the number of international students is really low and I would like to see a larger international intake in the future. Definitely recommend for the amazing educational facilities and on-campus social life.
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NTU prioritizes giving students ample time for independent research. The academic schedule consists of 6–7 weeks of study, followed by a week without classes, allowing students to catch up on any material they may have missed. This is succeeded by another 6–7 weeks of study, culminating in a week dedicated to final exam preparation and exams.
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In contrast, comparable courses at other universities often entail significantly heavier workloads, including 3 homework assignments, 5 projects, 5–6 pop-up quizzes, mandatory attendance, 2 midterms, and 1 final exam. Moreover, each project typically demands 3–4 days of work.
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While at Nanyang Technological University, I can confidently say that the quality of education here is excellent. The professors are knowledgeable and passionate about their subjects, and the curriculum is challenging yet rewarding. The campus itself is green and natural, providing a peaceful and inspiring environment for learning. The canteens offer a wide variety of delicious and affordable food options, catering to different dietary preferences. From local delights to international cuisines, there is something for everyone. The student housing facilities are also well-maintained and comfortable, providing a home away from home for students. NTU's reputation as a top-ranked university is well-deserved, with cutting-edge research and a strong emphasis on innovation.
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high quality education
Nanyang Technological University (NTU) is a top-notch educational institution that offers a wide range of programs and opportunities for students. The campus is well-equipped with state-of-the-art facilities, and the faculty members are highly experienced and knowledgeable in their fields. As a student at NTU, I have had a positive experience so far. The university provides a conducive learning environment and encourages students to think critically and creatively. The campus is vibrant and diverse, with a strong sense of community among students and staff. I would definitely recommend NTU to prospective students looking for a high-quality education in a supportive and stimulating environment. The opportunities for research, internships, and extracurricular activities are plentiful, and the university is committed to providing a well-rounded education that prepares students for future success.
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As a student at Nanyang Technological University, I'm thoroughly impressed with the quality of education. The faculty is highly knowledgeable and supportive, fostering an engaging learning environment. Tuition fees are reasonable for the value provided. The campus food options are diverse and delicious, catering to various dietary preferences. The transport system is efficient, with easy access to public transportation. NTU offers a high quality of life, combining academic excellence with a vibrant campus culture.
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good value for money
At Nanyang Technological University, I find the tuition fees reasonable considering the quality of education and resources provided. The university offers diverse programs, experienced faculty, modern facilities, and opportunities for research and internships. While tuition costs are substantial, the value for money is evident in the comprehensive learning experience and the potential for career advancement. NTU delivers on its promise of excellence, making it a worthwhile investment in one's future.
