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MIT MFin 2011 MIT MFin Placement Report

ncd

Member
30 K Low for International Students- Thats pretty low. Wonder how MIT Justifies its high Tuition Fee
 

alain

Older and Wiser
30 K Low for International Students- Thats pretty low. Wonder how MIT Justifies its high Tuition Fee
Very simple, they don't have to. OTOH, the students are the ones who need to justify it. BTW, the MIT program doesn't lack applicants willing to pay.
 
Is it something like that "A indian student taking up a job in India paying arnd 15-20 Lakhs (almost equal to $ 30K ) but MIT reported it in dollars so its looking low!. this may be true for people in other non us countries like china.
its just my guess .Please correct me if I am wrong
 

darth

Well-Known Member
Is it something like that "A indian student taking up a job in India paying arnd 15-20 Lakhs (almost equal to $ 30K ) but MIT reported it in dollars so its looking low!. this may be true for people in other non us countries like china.
its just my guess .Please correct me if I am wrong
Yes... That's precisely the case according to me... A salary of 15-20 lakhs in India is what a fresh grad from a reputed college gets.
Among the list of companies is the name of ICICI bank as well..(Indian bank) , so the dots connect and since MIT has a very global brand name , many alumni might have returned to their home countries bagging good jobs but due to the stats being denominated in dollars the Non-US salary looks lower.
 

marina

Well-Known Member
Yes... That's precisely the case according to me... A salary of 15-20 lakhs in India is what a fresh grad from a reputed college gets.
Among the list of companies is the name of ICICI bank as well..(Indian bank) , so the dots connect and since MIT has a very global brand name , many alumni might have returned to their home countries bagging good jobs but due to the stats being denominated in dollars the Non-US salary looks lower.
$30K in India is equivalent to making $100K in NYC.
 
Conversely, $100K tuition at MIT is equivalent to $100K in India ;)
Thats the main point . why someone studying from MIT shelling out $ 100 k would come to india to earn so low as compared to what he spent.He'll most probably work for 2-3 years and then come back.
Or may be he was not able to find a job in US.
Andy Can you please clarify this fact in case you have more information or ask from MIT people if possible
 

Andy Nguyen

Member
It boils down to how career savvy these students are. According to the report, only 25.5% of the graduates have 1-3 year of work experience so for the majority of these students, this will be their first real FT job.
In a bad market, you tend to take the first job you can get. I do not know if MIT OCD helps the students negotiate the offers or they are on their own.
Would you tell your students to turn down the low-ball offers and keep looking? Or you just do a survey after the fact to find out what your students receive?
 

Swayum

Active Member
Why is the $30k low such a problem? For all we know, it's just one student who may have won the lottery and just wants to work in a charity foundation? Or possibly someone from a rich family who values education, but was put off working in finance after having actually studied it?

The high and low are just 2 statistics that easily skew things. As far as salaries are concerned, the important stat is the mean and median, both of which are high. It's safe to say that the $30k low is just an outlier, it's clearly not the case that a significant number of students end up with salaries that low or else the mean would reflect it. Although there's still a major discrepancy between US and non-US citizens here, as posters above point out, that's more to do with $1 in US being worth a lot less than $1 in India etc.
 

marina

Well-Known Member
Conversely, $100K tuition at MIT is equivalent to $100K in India ;)
But the person who is making $100K in NYC has the same problem. He is going to save the same amount of money as the Indian student working in India. Both are going to repay the loan at the same time.;)
 

Andy Nguyen

Member
I find it hard to believe but that's besides the point.
It's not your, mine or anyone's business how/why these graduates take the kind of job/salary as they do. Each person has their own opinion on value and cost of a degree, dream job and expected salary.
The main point is how prospective students use these placement reports (limited in detail as they are) to determine if the program (MIT MFin in this case) will prepare them for the type of jobs they are inspired to.

Do the placement reports from the last 2 years give students the info they need about MIT MFin?
 

AV-Wolverine

Active Member
Thanks Andy for posting this report.

If some of these placements are truly back in India instead of abroad, I don't see the value of paying even ~$60,000 for a program that returns $30,000 (15-20 lacs) after graduating.
marina -> Even if you live modestly like a lot of Indians, saving on a 15-lac income will not be as easy as $100k in NYC. I strongly feel MIT should be looking to place more international students in the United States, especially when international students will have the major impact on their placement statistics.

Andy, do you feel there are many career options for non citizen or permanent resident candidates? Is there anything that international students should be worried about in the 2013/2014 job market?
I understand this is a rather speculative topic, but I was wondering if you had thoughts on that.
 

bansalmohit

Well-Known Member
Well i think one reason why MIT placement is poor compared to Columbia MFE or CMU MSCF is because their program is not true Quant program. I would not expect any better by any 1 year program in Finance.
 
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