Brocker.Org: A hedge fund manager is supporting a free master’s program in financial engineering




A hedge funder is supporting a free master’s degree program in a
field that’s integral to Wall Street’s future.

Igor Tulchinsky, the founder of WorldQuant, a New York-based
quantitative hedge fund, founded WorldQuant University last year.

The program offers students a tuition-free two-year education in
financial engineering.

“It went live about a year ago, and now we have 600 students who
have enrolled from all over the world,” Daphne Kis, CEO of
WorldQuant University, told Business Insider.

Financial engineering draws from several fields, including
computer science, economics, and mathematics. As such, the
program’s course
, according to the program’s site, covers economic theory
and statistics and provides students the opportunity to work with
programming languages such as Python and MATLAB.

In 2007, Tulchinsky founded WorldQuant LLC, a private
institutional investment management firm tied to the $35 billion
hedge fund Millennium Management. He had spent 12 years as a
portfolio manager at Millennium.

Tulchinsky told Business Insider that the idea for WorldQuant
University came to fruition while he was developing WorldQuant.

“As I was developing my primary business, which has 23 offices
around the world, it became quite obvious that talent is
distributed very uniformly around the world, while opportunity is
not,” Tulchinsky said. “The most valuable, long-lasting asset you
can give an individual is an education.”

WorldQuant University says it has students from more than 35
countries, including those across Africa and Asia.

As the digitization of Wall Street continues unabated, more firms
will require talent have coding and technical skills. Hedge funds
have been hiring tech experts from Silicon Valley at a clip in
recent years, and a degree in financial engineering is a valuable
asset on Wall Street.

Financial-engineering professionals are among the highest-paid
workers on the Street. The average national salary for a
financial engineer is a whopping $102,020,
according to the job-search platform Glassdoor

Fannie Mae, Citadel, and Pimco
all have postings on Glassdoor
for financial engineers, offering salaries as high as $134,745.

The WorldQuant University faculty includes several former Wall Street quants and is
licensed by the Louisiana Board of Regents.
Tulchinsky hopes to increase the number of students in the
program over time.

“There are many smart, educated people all over the world,” he
said. “We’re designing WQU to be scalable. We want to reach a lot
of students.”