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After a noticeable drop in 2009, the number of applications to quant master programs this year is returning to level close to the record high in 2008 before the global financial crisis caused massive layoff in the financial services sector. With more people discovering the "quant" profession and the education required to get their foot in the door, this year’s group of applicants is finding that rejection may be something that they’ll have to learn how to handle.
For the 2010 incoming class, Princeton only accepts 5% of applicants to its Masters in Finance program (compared to 4% in 2009). Stanford's Financial Math program only accepts 7% of its 2010 applicants compared to 6% a year earlier. Baruch MFE admits 7% of those who apply this year, down from 8% last year. NYU's Mathematics in Finance program denies admission to more than eight of every ten applicants. We have been tracking the admission stats of the top programs over the last few years and if this trend continues, it will become increasingly fierce to get a seat in a sought-after program.
So if you get dinged from your dream programs, you are not alone. It is understandable that you are devastated after all the hard work you invested in the application process. But it's important to keep in mind that admission to the best MFE programs is very competitive where the pool of applicants consists of many smart students who have 800Q GRE, PhD in a hard science, impressive background from elite universities.
So you will ask yourself, "Where do I go from here?". Getting rejected from a top program is not the end of the world for you. Many applicants have successfully reapplied and get admitted into their first choice program after reevaluating and correcting fatal mistakes in their first try. It's time to take an objective look at your application and see what you can improve or correct.
Here are the most common reasons
- You applied only to programs in which you had zero chance of gaining admission
- You bombed the in-person/phone interview
- You didn't meet the specific math/programming/finance/experience requirements
- You failed to make a compelling case for why you need the MFE degree
- Your GRE/GMAT/GPA/TOEFL scores are too low compared to the overall applicant pool
- You failed to customize your applications to each program you applied to
- You disclosed your plan of doing PhD after MFE
- Your essay showed lack of English proficiency or was written by someone else
- You failed to proofread and named a different program in your essay
- You failed to address specific questions asked in the essay topic
- Your application had fundamental flags around judgment or interpersonal issues.
- You failed to present new information when you reapplied
- Your recommendations had a damning effect
- You rushed the application and didn’t spend enough time on it
- You failed to complete the application or provide missing documentation
Understanding what went wrong with the application also can come from the admissions staff at the programs that rejected you. MFE programs vary in their policies on providing feedback. Princeton's Master in Finance program does not allow appeal nor offer explanation or suggestion to denied applicants, citing the university's graduate admission procedure. Since majority of applicants to MFE programs apply from abroad, programs almost never provide feedback for unsuccessful application via email and phone due to admission privacy policies. Almost all programs encourage strong applicants to apply again in the future.
Also, many programs have info sessions where staff provides quick profile evaluation and suggestion to prospective students. If you can attend in person, take advantage of the opportunities to both gain insight and get direct feedback from people who make the admission decision. If you plan to reapply, taking this extra step can play a major role in the outcome of your application.
