Engle was born in Syracuse, New York into a Quaker family[2] and went on to graduate from Williams College with a BS in physics.

He currently teaches at New York University, Stern School of Business where he is the Michael Armellino professor in Management of Financial Services.

At New York University, Engle teaches for the Master of Science in Risk Management Program for Executives.

[5][6] Engle's most important contribution was his path-breaking discovery of a method for analyzing unpredictable movements in financial market prices and interest rates.

Engle was the central founder and director of NYU-Stern's Volatility Institute which publishes weekly date on systemic risk across countries on its V-LAB site.