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Essentially, you need the following: E(N) = P(N < E(N - 1)) * E(N - 1) + (P(N > E(N - 1)) * (0.5 * floor(E(N - 1), integer) + 3.5)) P(N < E(N - 1)) * E(N - 1) This part means that if you roll less than the value of one less roll, you will roll again. (P(N > E(N - 1)) * (0.5 * floor(E(N -...

Think of interest rates as the price of cash. When they are low, cash is cheap; you need more cash to buy things. When you raise rates, cash is more expensive; you need less cash to buy things.

Here is a program I just wrote for Matlab to do this. I am JUST getting started Matlab, so I'm sure there are many ways to tighten up my code, but here it is. clear rolls = 4; % mutable sides = 9; % mutable sideposs = 1:sides; middle = mean(sideposs); expe(1) = middle; for i = 2:rolls for j =...

Don't you have to submit each score? In that case, I wouldn't see any value, but others may know better than I do.

This was across all their positions. They couldn't just set a global stop loss. Also, if the limits on the stop losses were getting blown through, they would keep missing the trade. Many of them also probably felt that they were losing because others were getting squeezed and being forced to...

So far, I have enjoyed the program. The Statistics class is a little much and gets some complaints, but I think they are just packing way too much into one quarter. There is definitely a much greater effort being made in the way of career services; this had been a big complaint.

Actually, the timing was funny. The acceptance letters came March 9, the day after the second bill was due.

I'll answer this way... The math you'll need is not super difficult...if you had some calculus and linear algebra in undergrad, you'll be fine. For that reason, you don't really NEED a prep course for Chicago's MSFM. However, as I mentioned, if you enroll in the prep course, you will almost...

As a participant in the Chicago prep course and a current MSFM student there, trust me on this...the Chicago prep course is a bribe to get into the program. Everyone who enrolls gets in. You will not learn anything useful. Edit: I'd like to stress that if you don't intend on applying to...

I am almost certain this is incorrect.

google.com

I think the question is that you randomly flip 50 switches...for example, it could be 50 different switches, or it could be the same switch 50 times.

Was an options trader. Getting my MFE will hopefully open up many more doors for me.

What is your reasoning? Don't you ever want to go out and earn an income?

Not needed at all, but it never hurts.

http://www.quantnet.com/forum/threads/what-books-are-you-currently-reading.6534/ Plenty of good ones in that thread.

Ummm...I can't tell if you're being serious or not...

They give you a placement exam before you start. It's their own test. You don't bring any certifications. You sit down for a test. And we are wondering how exhaustive the test is from anyone who knows.

I was wondering the same thing about the C placement exam. I want to place out of the C classes if possible but want to know how much preparation I need.

No disrespect to you, but you clearly have no idea what you're talking about.

Not sure I agree with this. I do agree that many people will be willing to help if they feel they'll benefit. However, putting yourself in an environment where you will interact with people in your desired field can be very effective. For example, I joined the gym that is in the same building...

Dale Carnegie's 'How to Win Friends and Influence People' is a staple of American culture. Many many many people from all walks of life have taken the time to read it in the 75 years since its release.

Totally agree

Relax. Give people a little time to respond. If they don't after a full day, then let your impatience show.

Why don't you check one of the 1000 other threads with this question?

You certainly do not have an edge. If there were some edge there, it wouldn't be priced that way.

Yes. It's the same idea as trading butterflies, except you are buying/selling a strangle for the "meaty" options rather than a straddle. Specifically, buying an iron condor is very similar to buying an iron butterfly (which, of course, is the same as synthetically selling a butterfly).

I got a good job at an options market making firm out of college with the same background. It was NOT a quant role but was, nevertheless, a very good job.

I could make the case that it was related. It was a floor trading job where you have to be very vocal to get an order from a broker. I didn't think it was a huge deal...pretty fun actually and made for a good story.

motorola atrix...love it

Albertino, nice one.

My craziest interview was unbelievable. When I was leaving undergrad, I took an equity options market making job on the CBOE floor. It was an all-day affair with lots of math, logic, and brain teasers. At the end, they thought I wasn't outgoing enough in a roundtable interview (4 traders) so...

One thing to definitely mention in the personal statement is that the material genuinely interests you and that you want to enroll in the program to satisfy your intellectual thirst, not just because it will make you a lot of money.

My new "pleasure" book is 'Startup Nation' about the surge in startups and tech companies coming out of Israel...very enjoyable.

Perhaps part of the reason they are accepted at a higher rate is that they might be more likely to succeed afterward due to the ease of assimilation into American business culture even if they don't have the same level of preparation going into the program.

I recently ordered this on my Kindle on the recommendation of a friend. I haven't gotten around to reading it yet.

latency, As for jobs on the sell side, those just aren't the sort of jobs I personally got into trading to do. In my experience, I worked at equity option market making and vol arb firms and really enjoyed the entrepreneurial nature of the job.

"THE" Primer Skeleton Crew by Stephen King

My coding needs work and I am spending the summer working on it. I don't really care whether I stay in options (either equity, commodity, or otherwise) or move into another product...wherever the best/most interesting opportunity is. Thanks for the feedback, Andy.

Hello all, I have a bit of a different path than many of you and was wondering if I could get some advice. I have traded equity options on the CBOE for almost 5 years. As I consider the opportunities on my particular career path rather sparse, I plan on enrolling in UChicago's MSFM program in...

If you have no luck here, I'd try craigslist.

They have a refresher course only in math (it's divided into calc and linear algebra). I suppose they don't require decent programming skills, although I have 4.5 years of very relevant experience, so maybe that helped my application.

Thanks for the well wishes, Andy. My programming is pretty lousy (nothing since an introductory course in 2002). Any suggestions on books or courses that might help me get up to speed before enrolling? Thanks in advance.

Well, in any event, I'm sure we're all waiting on pins and needles. Good luck to all. Be sure to update Tracker as soon as you hear anything.

Has anyone gotten any feedback from anyone at U of C as to when we might learn out application result? It appears to have been in the first week of March last year (2010). Also, how are you notified? Thanks in advance.

Just got GRE results As I mentioned earlier in the thread, I am exempt from GRE requirements since I graduated in 2006. I scored 51st percentile (which was on the lower end of what I considered my reasonable range). I am thinking of playing the angle in my personal statement that I was...

I sent out an email to Ashley Doss, who now runs the program in Terri's stead, and got this reply... Yes, you are exempt from all GRE requirements (general test and math subject test) if you received a Bachelors degree prior to June 2007.

From their website: Both the GRE General Test and the GRE Math Subject Tests are required. However, if you received your bachelor's degree prior to June of 2007, you are exempt from any GRE requirements.

Strength of MSFM Chicago app. Thanks all in advance for your evaluation. Educational Background University of Illinois Double Major BS Economics and Finance Minor in Mathematics Courses: Calc 1-4, Mathematical Stats and Probability, Linear Transformations and Matrices, Diff Eq, Combinatorics...

I have been out of school for 4 years and am taking the Math Subject GRE this Saturday. Since I have been out of school for that long, I am technically exempt from reporting my score. What would you say is the break-even where below that score, I should just prefer my status of the exam to be...