International Association of Financial Engineers
Encyclopedia
The International Association of Financial Engineers (IAFE) is a non-profit professional society dedicated to fostering the field of financial engineering. The IAFE hosts several panel discussions throughout the year to discuss the issues that affect the industry from both academic and professional angles. Since it was established in 1992, the IAFE has expanded its reach to host events in San Francisco, Toronto
, Boston
, and London
.
Memorial Foundation (FBMF). While the IAFE focuses on the profession of financial engineering, the FBMF aims to expose students to the financial engineering field and help them work towards a career in the industry. Financial engineering is often underrepresented on university campuses and the FBMF tries to bridge the gap between academia and the professional world. The main tool of the FBMF is the very successful "How I Became a Quant" event series that bring professionals to college campuses to tell students about their experiences getting into the field. The FBMF also co-hosts (along with SIAM
and New York University
) an annual career fair that draws students from all over the country to meet with the premier hiring companies in the industry. This is one of the only career fairs that is specifically for financial engineering and it is hugely popular with both the students and companies.
Every year, the IAFE honors one member of the financial engineering world with its Financial Engineer of the Year award. The winner is selected through an exhaustive nomination and voting process and the list of former winners illustrates the high standards that the nominees must meet. Former FEOY recipients continue to serve the IAFE as Senior Fellows and include such notable names as Myron Scholes
, Robert Merton
, William Sharpe
, and Jonathan Ingersoll.
The winner of the FEOY is celebrated at an annual Gala-dinner hosted by the IAFE and traditionally held at the United Nations building in New York City. This event is attended by many of the most distinguished members of the field and is one of the most important evenings on the IAFE calendar.
The IAFE hosts an annual conference in the late spring, which is an all day event which includes some of the biggest names in the industry. The schedule consists of 2–3 panels and a keynote speech by the previous year’s Financial Engineer of the Year, all of which circle around one common theme. The conference is one of the most highly attended and anticipated events of the year.
, the late Fischer Black
, Mark Rubinstein
, Stephen Ross
, Robert Jarrow
, John Cox
, John Hull, Emanuel Derman
, Andrew Lo
, Jonathan Ingersoll
, Darrell Duffie
, Oldrich Vasicek
, Phelim Boyle
, James Simons
, Jack L. Treynor
. Myron Scholes
received a lifetime achievement award in 2001. An award dinner is held annually to honor the achievements of Financial Engineer of the Year. All listed recipients are IAFE Senior Fellows:
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, and London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
Fischer Black Memorial Foundation
The educational arm of the IAFE is the Fischer BlackFischer Black
Fischer Sheffey Black was an American economist, best known as one of the authors of the famous Black–Scholes equation.-Background:...
Memorial Foundation (FBMF). While the IAFE focuses on the profession of financial engineering, the FBMF aims to expose students to the financial engineering field and help them work towards a career in the industry. Financial engineering is often underrepresented on university campuses and the FBMF tries to bridge the gap between academia and the professional world. The main tool of the FBMF is the very successful "How I Became a Quant" event series that bring professionals to college campuses to tell students about their experiences getting into the field. The FBMF also co-hosts (along with SIAM
Society for Industrial and Applied Mathematics
The Society for Industrial and Applied Mathematics was founded by a small group of mathematicians from academia and industry who met in Philadelphia in 1951 to start an organization whose members would meet periodically to exchange ideas about the uses of mathematics in industry. This meeting led...
and New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
) an annual career fair that draws students from all over the country to meet with the premier hiring companies in the industry. This is one of the only career fairs that is specifically for financial engineering and it is hugely popular with both the students and companies.
Events
The IAFE is known for the quality of its events and the prestige of the panelists who present. Often, these events are evening panels with 3–4 speakers; both practitioners and academics typically sit on these panels. Much of the information presented at these events is available afterward on the IAFE website.Every year, the IAFE honors one member of the financial engineering world with its Financial Engineer of the Year award. The winner is selected through an exhaustive nomination and voting process and the list of former winners illustrates the high standards that the nominees must meet. Former FEOY recipients continue to serve the IAFE as Senior Fellows and include such notable names as Myron Scholes
Myron Scholes
Myron Samuel Scholes is a Canadian-born American financial economist who is best known as one of the authors of the Black–Scholes equation. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences for a method to determine the value of derivatives...
, Robert Merton
Robert Merton
Robert Merton may refer to:*Robert K. Merton , American sociologist*Robert C. Merton , American economist, Nobel Laureate, MIT professor, son of Robert K. Merton...
, William Sharpe
William Sharpe
William Sharpe may refer to:*William Sharpe , delegate to the Continental Congress from North Carolina*William Forsyth Sharpe , Nobel Prize-winning economist*William Sharpe...
, and Jonathan Ingersoll.
The winner of the FEOY is celebrated at an annual Gala-dinner hosted by the IAFE and traditionally held at the United Nations building in New York City. This event is attended by many of the most distinguished members of the field and is one of the most important evenings on the IAFE calendar.
The IAFE hosts an annual conference in the late spring, which is an all day event which includes some of the biggest names in the industry. The schedule consists of 2–3 panels and a keynote speech by the previous year’s Financial Engineer of the Year, all of which circle around one common theme. The conference is one of the most highly attended and anticipated events of the year.
Financial Engineer of the Year (FEOY)
Commencing in 1993, this award has been presented annually to an individual who has made a significant contribution in the development and creative application of financial engineering. Past award recipients include: Robert MertonRobert C. Merton
Robert Carhart Merton is an American economist, Nobel laureate in Economics, and professor at the MIT Sloan School of Management.-Biography:...
, the late Fischer Black
Fischer Black
Fischer Sheffey Black was an American economist, best known as one of the authors of the famous Black–Scholes equation.-Background:...
, Mark Rubinstein
Mark Rubinstein
Mark Edward Rubinstein is a leading financial economist and financial engineer. He is currently Professor of Finance at the Haas School of Business of the University of California, Berkeley, where he is involved in teaching courses in the , an academic program that is focused on equipping...
, Stephen Ross
Stephen Ross (economist)
Stephen Alan "Steve" Ross is the inaugural Franco Modigliani Professor of Financial Economics at the MIT Sloan School of Management. He is known for initiating several important theories and models in financial economics...
, Robert Jarrow
Robert A. Jarrow
Robert Alan Jarrow is the Ronald P. and Susan E. Lynch Professor of Investment Management at the Johnson Graduate School of Management, Cornell University...
, John Cox
John C. Cox
John Carrington Cox is the Nomura Professor of Finance at the MIT Sloan School of Management. He is one of the world's leading experts on options theory and one of the inventors of the Cox–Ross–Rubinstein model for option pricing, as well as of the Cox–Ingersoll–Ross model for interest rate dynamics...
, John Hull, Emanuel Derman
Emanuel Derman
Emanuel Derman is a South African-born academic, businessman and writer. He is best known as a quantitative analyst, and author of the book My Life as A Quant: Reflections on Physics and Finance....
, Andrew Lo
Andrew Lo
Andrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT Sloan School of Management. He is a leading authority on hedge funds and financial engineering; he proposed the Adaptive market hypothesis...
, Jonathan Ingersoll
Jonathan E. Ingersoll
Jonathan Edwards "Jon" Ingersoll, Jr. is an American economist. He is currently the Adrian C. Israel Professor at Yale School of Management, having previously taught at the University of Chicago....
, Darrell Duffie
Darrell Duffie
James Darrell Duffie is a Canadian economist. He is the Dean Witter Distinguished Professor of Finance at Stanford Graduate School of Business, and has been on the finance faculty at Stanford since receiving his Ph.D. from Stanford in 1984...
, Oldrich Vasicek
Oldrich Vasicek
Oldrich Alfons Vasicek a Czech mathematician, received his master's degree in math from the Czech Technical University, 1964, and a doctorate in probability theory from Charles University four years later....
, Phelim Boyle
Phelim Boyle
Phelim Boyle , a distinguished professor and actuary, is a professor of finance in the Laurier School of Business & Economics at Wilfrid Laurier University in Canada and is a pioneer of quantitative finance. He is best known for initiating the use of Monte Carlo methods in option pricing...
, James Simons
James Harris Simons
James Harris "Jim" Simons is an American hedge fund manager, mathematician, and philanthropist.In 1982, Simons founded Renaissance Technologies, a private investment firm based in New York with over $15 billion under management; Simons is still at the helm, as CEO, of what is now one of the...
, Jack L. Treynor
Jack L. Treynor
Jack L. Treynor is the President of Treynor Capital Management, Palos Verdes Estates, CA. He is a Senior Editor and Advisory Board member of the Journal of Investment Management, and is a Senior Fellow of the Institute for Quantitative Research in Finance...
. Myron Scholes
Myron Scholes
Myron Samuel Scholes is a Canadian-born American financial economist who is best known as one of the authors of the Black–Scholes equation. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences for a method to determine the value of derivatives...
received a lifetime achievement award in 2001. An award dinner is held annually to honor the achievements of Financial Engineer of the Year. All listed recipients are IAFE Senior Fellows:
- Robert C. MertonRobert C. MertonRobert Carhart Merton is an American economist, Nobel laureate in Economics, and professor at the MIT Sloan School of Management.-Biography:...
1993 - Fischer BlackFischer BlackFischer Sheffey Black was an American economist, best known as one of the authors of the famous Black–Scholes equation.-Background:...
1994 - Mark RubinsteinMark RubinsteinMark Edward Rubinstein is a leading financial economist and financial engineer. He is currently Professor of Finance at the Haas School of Business of the University of California, Berkeley, where he is involved in teaching courses in the , an academic program that is focused on equipping...
1995 - Stephen A. RossStephen Ross (economist)Stephen Alan "Steve" Ross is the inaugural Franco Modigliani Professor of Financial Economics at the MIT Sloan School of Management. He is known for initiating several important theories and models in financial economics...
1996 - Robert A. JarrowRobert A. JarrowRobert Alan Jarrow is the Ronald P. and Susan E. Lynch Professor of Investment Management at the Johnson Graduate School of Management, Cornell University...
1997 - John C. CoxJohn C. CoxJohn Carrington Cox is the Nomura Professor of Finance at the MIT Sloan School of Management. He is one of the world's leading experts on options theory and one of the inventors of the Cox–Ross–Rubinstein model for option pricing, as well as of the Cox–Ingersoll–Ross model for interest rate dynamics...
1998 - John C. Hull 1999
- Emanuel DermanEmanuel DermanEmanuel Derman is a South African-born academic, businessman and writer. He is best known as a quantitative analyst, and author of the book My Life as A Quant: Reflections on Physics and Finance....
2000 - Andrew LoAndrew LoAndrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT Sloan School of Management. He is a leading authority on hedge funds and financial engineering; he proposed the Adaptive market hypothesis...
2001 - Jonathan E. Ingersoll, Jr.Jonathan E. IngersollJonathan Edwards "Jon" Ingersoll, Jr. is an American economist. He is currently the Adrian C. Israel Professor at Yale School of Management, having previously taught at the University of Chicago....
2002 - J. Darrell DuffieDarrell DuffieJames Darrell Duffie is a Canadian economist. He is the Dean Witter Distinguished Professor of Finance at Stanford Graduate School of Business, and has been on the finance faculty at Stanford since receiving his Ph.D. from Stanford in 1984...
2003 - Oldrich A. VasicekOldrich VasicekOldrich Alfons Vasicek a Czech mathematician, received his master's degree in math from the Czech Technical University, 1964, and a doctorate in probability theory from Charles University four years later....
2004 - Phelim BoylePhelim BoylePhelim Boyle , a distinguished professor and actuary, is a professor of finance in the Laurier School of Business & Economics at Wilfrid Laurier University in Canada and is a pioneer of quantitative finance. He is best known for initiating the use of Monte Carlo methods in option pricing...
2005 - James H. SimonsJames Harris SimonsJames Harris "Jim" Simons is an American hedge fund manager, mathematician, and philanthropist.In 1982, Simons founded Renaissance Technologies, a private investment firm based in New York with over $15 billion under management; Simons is still at the helm, as CEO, of what is now one of the...
2006 - Jack L. TreynorJack L. TreynorJack L. Treynor is the President of Treynor Capital Management, Palos Verdes Estates, CA. He is a Senior Editor and Advisory Board member of the Journal of Investment Management, and is a Senior Fellow of the Institute for Quantitative Research in Finance...
2007 - Myron S. ScholesMyron ScholesMyron Samuel Scholes is a Canadian-born American financial economist who is best known as one of the authors of the Black–Scholes equation. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences for a method to determine the value of derivatives...
Lifetime Achievement - Robert Litterman 2008
- Richard RollRichard RollRichard Roll is an American economist, best known for his work on portfolio theory and asset pricing, both theoretical and empirical....
2009 - Peter P. Carr 2010