At the heart of every seamless financial transaction is financial technology or 'FinTech'. It's the smart code that lets you pay for your coffee with a wave of your smartwatch, and the machine learning algorithm that lets you trade stocks from your phone. It's the app that allows you to pay your share of the rent while keeping your bank account number secret. From bitcoin to blockchain: FinTech is changing the way we think about financial services.
Now, Duke University's Pratt School of Engineering and the Duke Financial Economics Center (DFE) have teamed up to create a new...Master of Engineering and FinTech,one that will drive innovation in the financial sector by teaching in-demand computing and programming skills alongside industry-specific business fundamentals. One of the first programs of its kind based in a technical school, Duke's FinTech degree is designed to prepare graduates for the growing need for technical expertise in the traditional and emerging financial sectors.
“Organizations in the dramatically changing arena of financial services are hungry for employees who understand the practical applications of both business and technology,” said Jimmie Lenz, academic director of the new program, noting that an estimated 25 percent of current Goldman Sachs employees are computer engineers. . . “And,” he added, “it's not just traditional banking organizations that are interested in diversifying their workforces. Ten percent of startups on last year's AngelList were FinTech.”
“Technology, legal and business professionals have designed our curriculum to meet the needs of both students and financial industry partners, demonstrating that Duke remains at the forefront of developing practical solutions.”
—Ravi Bellamkonda, Vinik- deacon van engineering aan de Duke University
“Finance has always been math and technology friendly, but today's combination of smartphones, artificial intelligence-based algorithms and the rise of blockchain-based technologies will fundamentally change the financial services landscape of the future,” said Ravi Bellamkonda, Vinik Dean of Engineering at Duke University. “This future will be built by tech-savvy professionals with the kind of knowledge base students can gain in our new FinTech master's program. Technology, legal and business professionals have designed our curriculum to meet the needs of both students and partners from the financial sector, demonstrating that Duke remains at the forefront of developing solutions for the real world.”
Emma Rasiel, DFE director of education and member of the Department of Economics, a member of the Duke FinTech Steering Committee, pointed out that the majority of fintech programs in the US are run by business schools, while Duke FinTech emphasizes developing of solutions using tools such as blockchain. , machine learning and secure software development. “Our graduates will understand the business needs, but they will also understand the range of technologies available and how they can be implemented to address the evolving landscape of financial transactions,” she said.
Nate Rodland, founder of commission-free investing and stock trading app Robinhood, agreed. “By making the Pratt School of Engineering the home of its new master's degree program in financial technology, Duke has demonstrated that it understands the skills employers are looking for in students. Using professors with deep industry experience and impeccable academic accreditation, this program sets each other apart,” said Rodland.
Rasiel emphasized that the FinTech program is distinctly different from degrees focused on what is known as “financial engineering.”
“Financial engineering is about creating complex financial products that allow investors to manage returns and risk,” she says. “FinTech is different. It's about facilitating everyday financial transactions at all levels – for individuals, businesses, government organizations – and making them more efficient, secure and convenient through technology.”
The FinTech curriculum consists of courses in programming and software engineering, financial institution products and services, business fundamentals, risk and asset management, and management of high-tech companies, in addition to internship and capstone project components.
“Graduates from this program will be in high demand among financial firms, technology companies and the new breed of startups spanning both fields.”
Warren Rabin, MBA '01
JP MORGAN MANAGING DIRECTOR
Rasiel and Lenz said they expect Duke FinTech's first class will consist of students with a mix of backgrounds — some with knowledge in computer science or computer engineering but little experience in finance, and some with experience in finance or business who have little or have had no experience. exposure to coding. The FinTech program will leverage this diversity to support better outcomes, Lenz said, through blended teams working to create prototypes for industry sponsors and capstone projects.
“Duke's new FinTech curriculum uniquely combines hardcore technology expertise with broad financial acumen,” said Warren Rabin MBA '01, CEO of JP Morgan. “Graduates from this program will be in high demand among financial firms, technology companies and the new breed of startups spanning both fields.”
The program is now accepting applications for 2020.
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