In the past, rocket scientists-people with advanced degrees in sciences-have been employed in Wall Street to develop new financial products by using financial engineering models. Today, these people are called financial engineers. Engineering schools and mathematics departments in universities are conducting multidisciplinary courses in subjects that apply science and engineering concepts to finance. Many postgraduate degree holders in engineering choose to study financial engineering on a further postgraduate course. Financial engineering is becoming increasingly important in the new economy. The article explains what financial engineering is, discusses career prospects and professional affiliations, and presents the profiles of students who have enrolled on financial engineering courses.