So you're thinking about a Financial Engineering bachelor's at Illinois Tech? Smart move. I actually walked those halls myself a few years back. Let me cut through the brochure speak and tell you what really matters when considering this program.
Quick reality check: This isn't just another finance degree. It's math, coding, and markets colliding. If you're not ready for calculus at 8am and Python until midnight, maybe reconsider. But if you want serious quant skills, keep reading.
What Exactly is Illinois Tech's Financial Engineering B.S.?
Illinois Tech's financial engineering undergrad is basically a turbocharged hybrid degree. They mash up applied math, computer science, and finance theory into one intense program. Unlike generic finance degrees, you'll spend more time coding financial models than writing business reports.
Here's what surprised me: The program lives in the Applied Math department, not business school. That tells you everything. You'll take classes alongside math PhDs in their shiny new Kaplan building. No fluffy courses here.
Core Requirements Breakdown
Don't say I didn't warn you - the course load is brutal but rewarding:
| Course Type | Credit Hours | Make-or-Break Classes |
|---|---|---|
| Math Requirements | 24 credits | Stochastic Calculus (MATH 474) will test your soul |
| Computing Core | 18 credits | Financial Computing (CS 422) with Java/C++ |
| Finance & Econ | 15 credits | Derivatives Pricing (FENG 315) is the crown jewel |
| Capstone Project | 6 credits | Real-world trading system development |
That capstone project? My team built an algorithmic trading bot that actually worked (mostly). We lost real money twice before getting it right. Best education ever.
Getting In: What They Don't Tell You
The admissions page says they want "strong math background." Let me translate: You absolutely need AP Calculus BC credit or equivalent. I watched students without it drown first semester.
- Average admitted GPA: 3.7 (but my study buddy got in with 3.3 and stellar math scores)
- Must-have high school courses: Calculus, Physics, any programming
- Early decision deadline: November 1 (seriously apply by then)
- Regular decision: February 1
Deadline Trap: Financial Engineering B.S. applications close earlier than other Illinois Tech programs. Miss it and wait a whole year. Happened to my roommate.
Career Outcomes: Where Graduates Actually End Up
Let's talk jobs because that's why you're here. The hype about quant salaries is real, but only for the top 30% of grads. Others land solid positions too.
| Position | Starting Salary Range | Typical Employers |
|---|---|---|
| Quantitative Analyst | $95,000 - $130,000 | Citadel, Jump Trading, Akuna |
| Risk Modeler | $85,000 - $110,000 | JP Morgan, Northern Trust |
| Financial Software Dev | $80,000 - $105,000 | Bloomberg, Trading Technologies |
| Data Scientist | $90,000 - $115,000 | Discover, Options Clearing Corp |
Chicago advantage can't be overstated. During my junior year, I interned at CME Group just by taking the Red Line downtown. Most professors have industry contacts and will refer top students.
Internship Stats That Matter
- 93% get finance-related internships by junior year
- Average hourly pay: $28-$45 (much higher than general campus jobs)
- Top internship sites: Federal Reserve Bank of Chicago, CBOE, hedge funds
Brutally Honest Pros and Cons
After four years in the Illinois Tech financial engineering program, here's my unfiltered take:
The Good Stuff
- Professor Angeletti (derivatives guru) will blow your mind - worth tuition alone
- Access to the Chicago trading ecosystem is insane for internships
- You'll use Bloomberg Terminals daily after sophomore year
The Not-So-Good
- Campus social life is weak if you're expecting Big Ten parties
- Some courses use outdated Java frameworks (still bitter about that)
- Limited elective options compared to larger universities
Truth moment: The program director rotated three times during my studies. Felt disorganized at times.
Money Talk: Costs and Aid
Let's address the elephant in the room. Illinois Tech ain't cheap. Current tuition runs about $49,000 per year. But they throw serious money at STEM students.
| Financial Aid Type | Average Amount | Who Qualifies |
|---|---|---|
| Merit Scholarships | $15,000-$25,000/yr | Top 25% of admitted students |
| Department Awards | $5,000-$10,000/yr | Financial Engineering majors specifically |
| Work-Study Programs | $2,500-$5,000/yr | Need-based, campus fintech labs |
My saving grace was the Chicago City Scholars program that knocked 30% off tuition. Apply early for these - funds disappear fast.
Your Burning Questions Answered
How does Illinois Tech's Financial Engineering B.S. compare to UIUC?
Apples and oranges. UIUC's program leans theoretical. At Illinois Tech, you're coding trading algorithms by sophomore spring. Also, Chicago internships > Champaign internships for finance.
Can I handle the math if I struggled in high school calculus?
Honestly? Probably not. They assume calculus fluency on day one. The Bridge Program helps but costs extra summer tuition.
What laptop specs do I actually need?
Don't cheap out here. Get at least 16GB RAM and a real processor. Running Monte Carlo simulations on a Chromebook? Good luck.
Do they help with job placement?
The fall Quant Finance Career Fair is legit. But you need to initiate meetings - they won't hold your hand. I landed interviews at 5 trading firms through prof referrals.
Campus Life Reality Check
Expect to live in the library. The new Kaplan Hall has 24/7 trading lab access which saved me during project crunches. Food options near campus improved recently but still limited. Pro tip: Pack lunches.
Housing costs will shock East Coasters. I paid $950/month for a decent studio near campus. Much cheaper than NYC but more than Midwest averages.
Transportation wins big though. The 35th Street Metra station gets you downtown in 15 minutes. Ventra pass included in tuition.
What Alumni Wish They Knew Earlier
- Start the C++ for Financial Engineering MOOC sophomore year - game changer
- Join the Trading Club immediately (members get first dibs on internships)
- Take professor Heston's elective even if it conflicts with your schedule
- Don't skip the numerical methods course - it's brutal but essential
My biggest regret? Not pursuing the accelerated master's option. Adding just one year would've bumped my starting salary by 30%.
Transfer Student Specifics
Community college transfers are common but tricky. They accept calc credits but often make you retake financial computing courses. Transferring into the Financial Engineering B.S. at Illinois Tech requires separate approval - email Dr. Chen early.
Max credits they'll accept: 64 semester hours. Core major courses must be taken on campus. No exceptions.
Financial Engineering B.S. Course Roadmap
Planning your semesters? Here's the ideal sequence:
| Year | Critical Courses | Tips |
|---|---|---|
| Freshman | Calculus III, Intro to C++, Financial Markets | Drop any class below B immediately |
| Sophomore | Probability Theory, Data Structures, Financial Accounting | Start Bloomberg certification |
| Junior | Stochastic Calculus, Derivatives, Database Systems | Apply for summer quant internships NOW |
| Senior | Algorithmic Trading, Risk Management, Capstone | Negotiate full-time offers early |
The Final Verdict
Is the Financial Engineering bachelor's at Illinois Tech worth it? If you want to:
- Work with cutting-edge financial tech
- Land Chicago trading firm jobs
- Solve complex market problems daily
Then absolutely. Just bring your A-game and coffee supply. The program will challenge you like nothing else.
But if you want a relaxed college experience with Friday keggers? Maybe browse elsewhere. This degree demands your soul for four years. Mine still hasn't fully recovered.
Still thinking about applying? Do the math placement test early. Like tomorrow early. Trust me on this.