Engineers face a lot of trouble when they know that they are getting into Banking and Finance domain at their company. Especially the team leaders and HR managers of IT firms face, engineers cribbing about staying long in this domain to develop. With the introduction of this career, if you are an engineer, you will understand the magnitude of scope of engineering in FINANCE!
What is Financial Engineering ?
According to Zvi Bodie, financial engineering is the application of science-based mathematical  models to decisions about saving, investing, borrowing, lending, and  managing risk.
Financial engineering (FE) involves creating functional financial devices – convertible bonds, warrants, synthetic CDOs, etc.  All of us invest our money at some point into bonds, options and stocks.  FE is the science behind determining these investment options and come up with a sound formula for a safe investment avoiding volatility.
This is simplest form of understanding FE. Finance, mathematics, business, statistics are some of the key subjects one needs to study in the course of FE. Just because this is more to do with stocks and trading, we cannot ignore the science aspect. A person who chooses a career in this field have to be adept at computer programming.
Further career prospects for a financial engineer
  • Quantitative analyst
  • Financial analyst
  • Options research
  • Asset management
  • Consulting
  • Derivatives research
  • Risk management
  • Data Analyst

Some of the listed roles above require additional knowledge and qualification.