At Columbia you can pursue a "certificate" in financial engineering on-line, which only includes completing 12 credits (4 courses). If you later want to (and are accepted into) their MFE program on-campus, you MIGHT be able to apply those four courses towards the MFE.I think I might have heard somewhere that UIUC (U. of Illinois) was doing something similar. But these are NOT degrees, and I don't know what value they may have (depends on what you want them for).The department which administers the on-line courses is CVN (Columbia Video Network). It's within the engineering school, and they've been doing the distance learning thing since the mid-80's. They offer dozens of courses each semester (as well as during the summer), that are basically identical to the on-campus engineering courses (same lectures, homeworks, exams, etc.). They started by over-nighting VCR tapes to people (remember the 80's?); they still do that, but also offer streaming video on-line. Most of the courses are in the more traditional areas of engineering, but they do have some MFE classes.Check out:
http://www.cvn.columbia.edu/