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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Good resources
I would recommend. Good resources for research. Knowledgeable professors and instructors. Conducive environment for studying and doing assignments. Helpful staff and faculty. Food options are good. An overall good place to study.
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18/09/2023
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inefficient communication and lack of transparency
The administrative team at the university is slow to respond and is often inadequate in their responses and solutions. The uni is also unclear and resistant to explain their actions and motivations when carrying out policies or when questioned
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Formative experience for success
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.
The curriculum is designed to be student-friendly, minimizing burdens such as excessive assignments, projects, exams, quizzes, and attendance requirements. This approach affords students the freedom to pursue personal interests and self-development. In my experience, each of the four courses I took had a comparable workload, typically comprising 2 assignments, 3 easy labs, 2–3 quizzes (some without), and 1 final exam.
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.
It is hard work, but it pays off.
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Nanyang Technological University offers a vibrant academic atmosphere that fosters innovation and excellence. The strong emphasis on research and practical learning equips students with real-world skills. Positives include access to state-of-the-art facilities, collaborative projects, and a diverse student body. However, the competitive environment can be intense, leading to high stress levels. NTU's academic atmosphere encourages growth but requires resilience to thrive.
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Diverse professors
As a student at Nanyang Technological University, I have been extremely impressed with the quality of education I have received. The professors are knowledgeable, approachable, and passionate about their subjects, which makes learning engaging and enjoyable.
The teaching styles vary from lecture-based to interactive discussions and group projects, providing a well-rounded learning experience. The use of technology in the classrooms also enhances our understanding of the course material. One of the things I love about NTU is the diversity on campus. Not only are there students from all over the world, but the professors also come from various backgrounds, making the learning environment truly global. English is the main language spoken on campus, which makes it easy for international students to feel at home. In terms of examinations and coursework, the workload can be challenging at times, but the support from professors and classmates makes it manageable. The exams are fair and assess our understanding of the material effectively.
Lee
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11/04/2024
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Video lectures
As a student at Nanyang Technological University, I am extremely impressed with the transportation options available on campus. The buses and shuttles make it easy to get around the huge campus. The beautifully landscaped garden campus adds a peaceful and scenic vibe to studying. The facilities, from the state-of-the-art labs to the comfortable study spaces, are top-notch. The video lectures are a convenient and effective way to supplement classroom learning.
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11/04/2024
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Nanyang Technological University (NTU) excels in its focus on engineering and science degrees. The curriculum is robust, integrating theoretical knowledge with practical applications. Professors are industry experts, providing invaluable insights. State-of-the-art facilities enhance learning experiences. Opportunities for research and internships abound, fostering innovation and professional growth. NTU's emphasis on cutting-edge technology prepares students for real-world challenges. NTU's commitment to engineering and science education is unparalleled, shaping tomorrow's leaders in these fields.
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10/04/2024
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great canteens
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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10/04/2024
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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.
Tan
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11/04/2024
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Student experience
As a student at Nanyang Technological University (NTU), the experience is vibrant and enriching. Surrounded by lush greenery, the campus offers a serene environment for studying and relaxation. While parties and nightlife options are available, the focus leans more towards academic pursuits. The campus buzzes with activities, clubs, and events, catering to diverse interests. However, the tuition cost is competitive, offering value for the exceptional education and resources provided. I recommend my university
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11/04/2024
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High quality of life
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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12/04/2024
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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.
Yu
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7/05/2024
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Educational experience
I am a student at Nanyang Technological University and I am thoroughly impressed with the quality of my program. The lectures are engaging, delivered by knowledgeable professors who make complex concepts easy to understand. The classroom setup is modern and conducive to learning, with interactive technology enhancing the educational experience. Exams are challenging yet fair, testing our understanding and critical thinking skills effectively. In my leisure time, I appreciate the vibrant campus life, with a variety of clubs, events, and facilities to explore, fostering a well-rounded university experience.
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15/06/2024
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Studying in Singapore
Nanyang Technological University in Singapore is an incredible place to study. The campus is vibrant and modern, with excellent facilities. Academically, the university offers a wide range of programs taught by top-notch professors who are experts in their fields. The emphasis on practical learning through internships and research opportunities adds immense value to the education here. Outside of academics, student life is equally fulfilling. The campus is alive with various clubs, societies, and events. It's easy to find like-minded individuals and form lifelong friendships. The multicultural environment exposes students to different perspectives and cultures, enriching their overall experience. Singapore itself is a fantastic city for students. The efficient public transportation system makes it easy to explore the vibrant food scene, cultural attractions, and green spaces that the city has to offer. Safety and cleanliness are top priorities, making it a comfortable place to live and study.
Balancing studies with leisure activities is manageable, thanks to the plethora of options available.
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21/06/2024
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research-centric culture
I'm thrilled to be a part of NTU's vibrant academic community, where innovation is paramount and scholarship is elevated. The university's unwavering commitment to research fosters an environment of discovery, experimentation, and collaboration. The faculty's zeal for knowledge and cutting-edge facilities ensure that students are equipped with the latest tools and methodologies to drive groundbreaking findings. I've had the opportunity to participate in several research projects, which has not only honed my skills but also prepared me for a career in academia. NTU's emphasis on interdisciplinary approaches has also allowed me to explore diverse fields and think creatively.
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Rewarding experiences
Accommodation facilities are modern and well-maintained, providing a comfortable living space for students. The student life here is dynamic, with a strong sense of community and camaraderie among students. The faculty members are renowned experts in their fields, offering quality education and mentorship to help students excel academically. In terms of job prospects, NTU has a stellar track record of producing successful graduates who are highly sought after by employers. The university's strong industry connections and career services support students in securing internships and job placements. When it comes to nightlife and entertainment, the campus offers a wide range of activities including concerts, performances, and social events. The food options are diverse and delicious, catering to various tastes and preferences.
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21/07/2024
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Comprehensive and supportive
NTU excels in its exceptional organization and responsiveness. Before each semester begins, students receive comprehensive schedules, including exam dates, allowing for effective preparation. The university is highly responsive to queries, typically replying within a day, and provides robust support. NTU also offers remarkable opportunities for exposure, such as internships and research positions, exemplified by my internship at an energy research institute through my dissertation. However, while the professors are highly knowledgeable, the emphasis seems to be more on research than on teaching quality, suggesting room for improvement in that area. Overall, NTU offers a well-organized, supportive, and opportunity-rich environment, though enhancing the focus on teaching could further improve the student experience.
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17/07/2024
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Global job market
Studying at Nanyang Technological University (NTU) has been a transformative experience. The campus buzzes with innovation and energy, reflecting NTU's commitment to excellence in education and research. The state-of-the-art facilities and labs provide ample opportunities for hands-on learning, which has been crucial in preparing me for my career. The diverse student community fosters cultural exchange and collaboration, enriching my academic journey. NTU's strong industry connections also offer numerous internship and job opportunities, ensuring that graduates are well-equipped for the global job market.
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19/07/2024
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Student experience
Nanyang Technological University (NTU) offers an unparalleled academic experience coupled with a vibrant campus life. The campus itself is sprawling and beautifully landscaped, providing a serene yet stimulating environment for learning. The resources and facilities available are top-notch, from advanced research labs to extensive libraries stocked with every resource imaginable. What truly sets NTU apart is its strong emphasis on global perspectives, with a diverse student body and opportunities for international exchanges and collaborations. The professors are leaders in their fields, inspiring and pushing students to achieve their best. Beyond academics, NTU offers a rich tapestry of clubs, societies, and events that ensure a fulfilling student life. NTU has not only equipped me with knowledge but also with lifelong friendships and memories.
