Operations Research and Financial Engineering

Degree Programme: Operations Research and Financial Engineering (ORFE)

The Operations Research and Financial Engineering (ORFE) program at Princeton University offers a comprehensive and rigorous curriculum designed to prepare students for careers at the intersection of mathematics, finance, and engineering. The program emphasizes advanced analytical and computational skills to solve complex problems in financial markets, logistics, risk management, and beyond. Students gain a deep understanding of stochastic processes, optimization techniques, numerical methods, and financial engineering principles through a combination of theoretical coursework and practical applications.

The curriculum includes core courses in probability theory, statistical inference, optimization, and financial derivatives, complemented by electives that allow students to tailor their studies to specific interests such as sustainable finance, algorithms for data analysis, or risk assessment. Hands-on experience is integral to the program, with opportunities for research projects, financial data analysis, and collaborations with industry. The program is designed to cultivate analytical thinking, quantitative modeling, and computational proficiency, enabling graduates to excel in academia, the financial industry, consulting, or governmental agencies.

Students in ORFE benefit from Princeton’s renowned faculty, state-of-the-art research facilities, and a vibrant academic community. The program also offers seminars, workshops, and networking events that connect students with leading experts and practitioners in the fields of operations research, financial engineering, and applied mathematics. Graduates are well-equipped to develop innovative solutions for complex real-world problems, making meaningful contributions in areas such as algorithmic trading, financial risk management, sustainable investment, operations planning, and data analytics.

Overall, the ORFE program at Princeton University provides a challenging yet rewarding educational experience that fosters critical thinking, creative problem-solving, and a strong foundation in quantitative methods. It prepares students to become leaders and innovators in industries where analytical rigor and technical expertise are paramount, supporting their career advancement in technology-driven and data-intensive environments.

The student's program is planned in consultation with the departmental representative and the student's adviser and requires a year-long thesis or a one-semester senior project. With departmental approval, the exceptional student who wishes to go beyond the science and engineering requirements may select other courses to replace some of the required courses in order to add emphasis in another field of engineering or science or to choose more courses in the area of study. Suggested plans of study and areas of concentration are available from the departmental representative.

In addition to the engineering school requirements, there are three components to the curriculum:

1. The core requirements (six courses). These form the intellectual foundation of the field and cover statistics, probability, stochastic processes, and optimization, along with more advanced courses in mathematical modeling.

2. Departmental electives (eight or nine courses). These are courses that either extend and broaden the core, or expose the student to a significant problem area or application closely related to the core program.

3. Senior independent research. A full-year thesis (or a one semester project) involving an application of the techniques in the program applied to a topic that the student chooses in consultation with a faculty adviser.

Core requirements (six courses):

• ORF 245 Fundamentals of Engineering Statistics
• ORF 307 Optimization
• ORF 309 Probability and Stochastic Systems
• ORF 335 Introduction to Financial Mathematics
• ORF 405 Regression and Applied Time Series
• ORF 411 Operations and Information Engineering

Departmental electives (eight or nine courses, if a one-semester project is selected but not usually recommended): The departmental electives represent courses that further develop a student's skills in mathematical modeling either by a more in-depth investigation of core disciplines, applying these skills in specific areas of application, or by learning about closely related technologies. Students must choose eight or nine courses, as appropriate, with the following constraints:

1. There must be at least one 300-level math course from the following:

• MAE 305 / MAT 391 Mathematics in Engineering I or MAT 427 Ordinary Differential Equations (Both may not be taken because their contents are too similar.)
• MAE 306 / MAT 392 Mathematics in Engineering II
• MAT 320 Introduction to Real Analysis
• MAT 322 Introduction to Differential Equations
• MAT 306 Introduction to Graph Theory
• MAT 377 Combinatorial Mathematics
• MAT 378 Theory of Games
• MAT 385 Probability Theory
• MAT 427 Ordinary Differential Equations
• MAT 486 Random Process

2. There must be at least two courses from the Department of Operations Research and Financial Engineering (ORF).

3. There can be no more than three courses from any one department (excluding ORF).

A list of all other departmental electives may be found in the departmental undergraduate academic guide; see the department website.

Students in the department often participate in the following certificate programs and laboratories:

Certificate in Finance. The department cooperates with the Bendheim Center for Finance, which offers a certificate program in finance.

Certificate Program in Engineering and Management Systems. The department sponsors a certificate program for students majoring in other departments who complete a significant part of the core of the undergraduate program.

Certificate in Applied and Computational Mathematics. Students seeking a strong mathematical foundation can combine courses from the department with supporting courses which develop more fundamental mathematical skills.

The department maintains several research laboratories which may be used as part of undergraduate research projects.

Princeton Autonomous Vehicle Engineering (PAVE). This extracurricular undergraduate activity focuses on the implementation of advanced sensing and control technologies for optimal autonomous decision making in vehicles. The current objective is the development of an autonomous vehicle that can pass the New Jersey State Driving Test.

Computational and Stochastic Transportation and Logistics Engineering Laboratory. The CASTLE Laboratory works on problems in dynamic resource management with ongoing projects in chemical distribution, railroads, trucking, and the airlift mobility command. Through this lab, students gain access to data and specialized tools to aid them in their research into transportation and logistics.

Princeton Laboratory for Energy Systems Analysis. PENSA is the home of the SAP Initiative for Energy Systems Research at Princeton University. Our goal is to bring advanced analytical thinking to the development of new energy technologies, the rigorous study of energy policy, and the efficient management of energy resources.

Financial Engineering Laboratory. This facility provides students with access to specialized software packages and to financial data and news services. Research in the laboratory is concerned with the analysis of the various forms of financial risk and the development of new financial instruments intended to control the risk exposure of insurance and reinsurance companies.

1. Submit
   • A Completed Application. You must submit your application online through either the Common Application, Coalition Application or the Universal College Application. 
   • Princeton's Supplement. In addition to the application provided by the Common Application, Coalition Application or Universal College Application, all applicants must submit the Princeton Supplement. You should submit the Princeton Supplement online through the Common Application, Coalition Application or Universal College Application website. 
   • Application Fee or Fee Waiver. You may submit a fee waiver one of two ways: 1) Select the fee waiver option on the Common Application, Coalition Application or Universal College Application. Your college or guidance counselor must approve your fee waiver request online or submit your fee waiver form by mail or fax. 2) Select one of the following fee waiver options on the Princeton Supplement: Princeton-specific, ACT, College Board, NACAC or Realize Your College Potential. All low-income students are eligible for the Princeton-specific fee waiver. Students named QuestBridge Finalists should select the QuestBridge fee waiver. If you use the Princeton-specific fee waiver, you do not need to get approval from your college counselor. Learn more about fee waivers on the How to Apply page.
2. Request
   • Transcript. An official transcript must be sent by a guidance counselor or school official.
   • School Report (SR). The SR form is available from the Common Application and Universal College Application websites. Please ask your guidance counselor or other school official to complete and submit the SR form. If you are using the Coalition Application, the SR and counselor recommendation are uploaded as one item.
   • Counselor Recommendation. If you are using the Common Application online, please note that the SR and the Counselor Recommendation are separate items. Be sure to 'invite' your guidance counselor or academic adviser to complete both items. If you are using the Coalition Application, please invite your counselor to upload the counselor recommendation and school report.
   • Two (2) Teacher Recommendations. Please ask two of your teachers from different academic areas of study to complete and send the teacher recommendation forms, available on the Common Application, Coalition Application and Universal College Application websites. Choose teachers who have taught you in higher-level courses.
   • Mid-year School Report. Please ask your guidance counselor or other school official to complete and submit this form when your mid-year grades are available. The form may be found on the Common Application, Coalition Application and Universal Application websites.
3. Report
   • SAT with Essay or ACT with Writing. Early action applicants are strongly encouraged to complete their SAT with Essay or ACT with Writing test before the Nov. 1 deadline. Regular decision applicants should take the SAT with Essay test by the January test date or take the ACT with Writing by the December date. When registering for the SAT or ACT, use the following codes to ensure your scores are sent to Princeton: SAT: 2672 and ACT: 2588. Learn more about standardized testing for admission.
   • SAT Subject Tests. We recommend, but do not require, the submission of two SAT Subject Tests, which often assist us in the evaluation process. We have no preference for the specific SAT Subject Tests applicants might choose to take. However, if you apply for the Bachelor of Science in Engineering degree, we recommend that you take mathematics Level I or II, and either physics or chemistry. If you decide to submit Subject Tests, early action applicants should take them by the November test date, and regular decision applicants should take them by the January test date. Learn more about standardized testing for admission.
   • TOEFL, IELTS or PTE Academic scores. If English is not your native language and you are attending a school where English is not the language of instruction, you must take the Test of English as a Foreign Language (TOEFL), the International English Language Testing System Academic (IELTS Academic) or the Pearson Test of English Academic (PTE Academic), in addition to the SAT with Essay or ACT with Writing. You are not required to take the TOEFL, IELTS or PTE Academic if English is your native language or if you have spent at least three years at a secondary school where English is the primary language of instruction. Please have your scores sent directly to Princeton: TOEFL: 2672

Optional Application Components

• Arts Form, if applicable. If you've excelled in architecture, creative writing, dance, music, theater or visual arts, and would like us to consider your talent, consult Princeton's online Optional Arts Form. Early action applicants must submit digital arts materials by Nov. 7; regular decision applicants must submit digital arts materials by Jan. 6. You can only submit your online Optional Arts Form after we have received the Common Application, Coalition Application or Universal College Application. If you are unable to submit online, please use the paper Optional Arts Form. For a list of acceptable file formats and submission types, review our Optional Arts Form page. For more information on the optional arts supplement, please visit our FAQs page.
• Interview. Depending on availability, once you have applied, you may be invited to interview with a member of one of our Princeton Alumni Schools Committees. If so, we encourage you to take advantage of this opportunity. Interviews take place after the Admission Office has received your application. Many Princeton Alumni Schools Committees have enough volunteers to offer every applicant an interview. As the interview is not a required element of the application, you will not be at a disadvantage if an interview is not available in your area. We do not offer on-campus interviews. Please visit our FAQs page for more information.

The full need of all admitted international students is met the same as it is for students from the United States. Your family’s ability to pay for your university education is not a factor in our admission decision. Students who qualify for financial aid will receive a grant, rather than a loan that has to be repaid, and a term-time job (8-9 hours per week) to meet their need as determined by the Financial Aid Office.

Our financial aid program is entirely based on need. Princeton does not offer academic or athletic merit scholarships. Financial aid awards cover the difference between Princeton’s costs and the amount your parents are expected to contribute to your education. The parental contribution is based on our evaluation of your financial aid application.

The Operations Research and Financial Engineering (ORFE) program at Princeton University is an interdisciplinary department that combines rigorous mathematical modeling, statistical methods, and computational techniques to address complex problems in finance, operations, and engineering. The program aims to prepare students for careers in finance, risk management, and data analysis by providing a comprehensive curriculum that emphasizes both theoretical foundations and practical applications. Students in the program have the opportunity to explore a wide range of topics, including stochastic processes, optimization, financial engineering, applied probability, and computational methods. The department collaborates closely with Princeton's Fine Hall, where students may engage in research projects, internships, and industry partnerships, fostering a strong connection between academic theory and real-world practice. Faculty members are renowned researchers in their respective fields, often leading innovative projects that shape contemporary financial and operational strategies. The program typically offers a combination of coursework, seminars, and research assistantships, encouraging students to develop their analytical skills and gain hands-on experience with financial models, risk assessment tools, and optimization algorithms. Graduates of the ORFE program frequently pursue careers in financial institutions, consultancy firms, government agencies, and technology companies. The curriculum is designed to balance mathematical rigor with practical relevance, ensuring that students are well-equipped to solve real-world problems. Admission to the program is competitive and requires a strong background in mathematics, economics, and quantitative methods. The department emphasizes both individual research and collaborative projects, providing a stimulating academic environment that fosters innovation and analytical excellence. Overall, the Operations Research and Financial Engineering program at Princeton offers a unique combination of advanced training, research opportunities, and industry engagement, preparing students to become leaders in their fields.