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MIT's One-Year Finance Program Offers Alternative for Would-Be MBAs

A Feb. 13, 2012 article for Bloomberg Businessweek discusses the ins and outs of the MIT Sloan School of Management Master of Finance program with Andrew Lo, the director of the school's Laboratory for Financial Engineering. Lo offers insights into the MFin program, including details about the curriculum, the special skill set of its students, and the impact of the 2008 financial crisis on the program and its graduates.

In 2008, MIT introduced its one-year MFin program to rival those offered at other prestigious business schools like Columbia, Princeton, and Carnegie Mellon, says the article. Since then, the program has expanded significantly, with enrollment numbers for the class of 2013 expected to more than double compared with the class of 2010.

The addition of the MFin program to the MIT degree roster marked the first new degree offered by the school in more than 25 years, the article states. The school expects its MFin program to continue increasing in popularity, especially among would-be MBA students who want to work in finance.

The article reports that the MFin student body is largely international, with more than two-thirds of the 2011 class coming from outside the U.S. Lo asserts that this international focus is a particular strength of the program. Because the student body is so diverse, and seek a variety of job positions throughout the global marketplace, its graduates are less negatively impacted by the job cuts facing the U.S. financial industry.

"Also, I think our students recognize that when an industry is in flux, those are the times when the most opportunities are being created," Lo says in the article.