Baruch MFE 2017 Baruch MFE Q&A Panel (ask current students)

Xiruo Li

Member
C++ Student
It totally depends on the company and position you do. For our program, we mostly learn/use C++, Python and R.

For quant industry:
-> if you are a Quantitative/High-Freq Trading Developer, you need to have strong CS background, and will have to know C++/C# or Java very well, especially scientific computing, high-performance, multi-threaded applications, etc. (I am not an expert in this field)

-> if you are a Desk Quant/Strat, you will very likely use C++/Python a lot. (Our program has high focus on this)

-> if you are a Trader / Portfolio Manager, you may use some VBA / Python / Matlab / R.

-> if you are a Data Scientist, you must be good at R/Python.

Some companies use Scala. SQL and KDB/Q are very common for database applications. As I said, it totally depends on the position and the company.
So, is SAS not used a lot in finance career?Many students in STAT recommends me to take SAS and they said it's very useful in finance.
 

Corbin Guan

Member
C++ Student
So, is SAS not used a lot in finance career?Many students in STAT recommends me to take SAS and they said it's very useful in finance.
SAS is a good software but it's not often used in the Financial industry. (but i have friends working as data scientist in the health care sector use it).

While C++ is always the basic requirement for admission into any top quant program, I would also strongly recommend you to get familiarized with Python (Pandas, Scipy and Numpy) if you have time. It's used by many people and many companies are shifting to Python in recent years.

Besides C++ and Python, R and Matlab are also used. But many of their functionalities can be well replicated by Python.
 

Xiruo Li

Member
C++ Student
SAS is a good software but it's not often used in the Financial industry. (but i have friends working as data scientist in the health care sector use it).

While C++ is always the basic requirement for admission into any top quant program, I would also strongly recommend you to get familiarized with Python (Pandas, Scipy and Numpy) if you have time. It's used by many people and many companies are shifting to Python in recent years.

Besides C++ and Python, R and Matlab are also used. But many of their functionalities can be well replicated by Python.
Ok, I got it. Thanks you a lot!
 

Jiaxi Wang

New Member
So, is SAS not used a lot in finance career?Many students in STAT recommends me to take SAS and they said it's very useful in finance.
Hi Xiruo!
I learnt both SAS and R for statistics during my undergraduate time. SAS is a convenient tool! But now we usually use R and python instead. Personally, I think R is better because it is more like a programming language and have lots of useful packages.
 

Xiruo Li

Member
C++ Student
Hi Xiruo!
I learnt both SAS and R for statistics during my undergraduate time. SAS is a convenient tool! But now we usually use R and python instead. Personally, I think R is better because it is more like a programming language and have lots of useful packages.
Yes, R is very useful.
Thanks you a lot!
 

Corbin Guan

Member
C++ Student
Hi,

I have a few questions :

1. Are students expected to know at the time of joining, exactly what they want to do post MFE
2. Is the program good for someone who wants to get into Algo-Trading
3. I have a work experience of around 4 years in the Finance Industry and I see that most of the applicants have less than 2 years of experience. So will this work against me at the time of application
1. I think you should at least have a direction on the career you want to pursue. But as you know, after joining the program, you will be exposed to lots of new things and opportunities that might change your initial plan. Therefore, have a plan but stay open.

2. Yes, you will have lots of exposure in algo-trading. In the 1st semester, we were asked to develop an algo-trading platform by ourselves. In the 2nd semester, we have a class designed specially for algo trading. Moreover, you will be able to participate in the Rotman International Trading Competition (our school won the competition again this year), one of the subjects is also algo-trading.

3. Not really, I think full-time experience is beneficial and we have a lot of classmates who had working experiences before. Moreover, since you work in the same industry, it's definitely a bonus point on your resume. The only problem might be that your basic quant knowledge has become a bit rusty. Therefore, do read the books recommended by Quantnet to refresh your knowledge or you can consider join the Pre-MFE program provided by Baruch.
 

QuantGeek

New Member
Hi,

I have a few questions :

1. Are students expected to know at the time of joining, exactly what they want to do post MFE
2. Is the program good for someone who wants to get into Algo-Trading
3. I have a work experience of around 4 years in the Finance Industry and I see that most of the applicants have less than 2 years of experience. So will this work against me at the time of application
Hi,

1. I think only a few people really know what exactly they want to do. And that might be changed as you go deeper in this field. Many of us in Baruch MFE had career goals in Desk Quant/Strats or Quant/Algo Trading. But that's very general because "Quant" position has become very diversified in the industry with various work content and responsibilities. So I don't think you should know what exactly you want to do. But it's better to have research and understanding of the quant industry.

2. Our program does have training in Quant/Algo Trading. For example, we have courses like Software Engineering for Finance, Algo Trading, Market Microstructure Models, Machine Learning for Finance, etc. And we participate Rotman International Trading Competition every year and have won three times (2012/2016/2017). But Algo/High-freq Trading jobs have high requirements for CS/Math background, and some of them prefer PhDs. So it depends on the individual, previous experience, background, and skills.

3. Previous experience is a strong plus. Although most of us do not have full-time experience prior to Baruch MFE, some of our students with previous Master/PhD's degrees or full-time experience have more advantages on the job market, and they did get very good job offers, as I know. Based on your experience, you will be able to directly apply for Associate/AVP level jobs, which differentiate you with other candidates.
 
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QuantGeek

New Member
So, is SAS not used a lot in finance career?Many students in STAT recommends me to take SAS and they said it's very useful in finance.
Another reason is that SAS is a paid software, very expensive, while R/Python are free with open source.
 

Derek_Q

New Member
Hi,

I have a few questions :

1. Are students expected to know at the time of joining, exactly what they want to do post MFE
2. Is the program good for someone who wants to get into Algo-Trading
3. I have a work experience of around 4 years in the Finance Industry and I see that most of the applicants have less than 2 years of experience. So will this work against me at the time of application
1. Not exactly what they want, but they should have some sense on that. If you plan to go into consulting business or investment banking business, it is somehow obvious that this is not the right program.
2. Sure, we have classmates with experience interest in algo trading this year, we have course designed to develop all the abilities one might need in algo trading, etc.
3. Our program does not only have full-time students like us. We also have part-time students who are even currently working.
 
I am Santhoshi from India, doing my B.Tech. third year in Electrical and Electronics Engineering with a CGPA of 9.38 so far. I had C, C++ and Java programming courses for one semester each. I had one semester of Managerial Economics and Financial Analysis course and four semesters of Probability, Statistics, Calculus and Linear Algebra. I would like to know if these match the requirement criteria for the Baruch MFE program. If not, I would like to know the areas I need to concentrate more on for improvement as I am very eager to get into Baruch College for the Masters in Financial Engineering Program.
Thank You.
 

FrozenZ

Member
I am Santhoshi from India, doing my B.Tech. third year in Electrical and Electronics Engineering with a CGPA of 9.38 so far. I had C, C++ and Java programming courses for one semester each. I had one semester of Managerial Economics and Financial Analysis course and four semesters of Probability, Statistics, Calculus and Linear Algebra. I would like to know if these match the requirement criteria for the Baruch MFE program. If not, I would like to know the areas I need to concentrate more on for improvement as I am very eager to get into Baruch College for the Masters in Financial Engineering Program.
Thank You.
Hi Santhosi,

Greetings from Yueqing, an incoming Baruch MFE student in Fall 2019 semester. You mentioned that you are in your third year of undergraduate studies, so far, your background matches the basic requirements of Baruch MFE program. However, I think you lack experience in Ordinary/Partial Differential Equations, some entry-level knowledge of financial engineering(financial mathematics) and I would suggest you learning some algorithm courses(as you already have the coding skills) if you have time to spare. Good Luck!

Best,
Yueqing
 
Hi Santhosi,

Greetings from Yueqing, an incoming Baruch MFE student in Fall 2019 semester. You mentioned that you are in your third year of undergraduate studies, so far, your background matches the basic requirements of Baruch MFE program. However, I think you lack experience in Ordinary/Partial Differential Equations, some entry-level knowledge of financial engineering(financial mathematics) and I would suggest you learning some algorithm courses(as you already have the coding skills) if you have time to spare. Good Luck!

Best,
Yueqing
Hi Yueqing,
First of all thanks a lot for such a quick and elaborated response. I had Ordinary/Partial differential equations subject for a semester and I am taking a Prodegree course in Datascience from Imarticus with a certification from Genpact. Is there anything else that I need to concentrate or improvise on? I would also like to know the required score in GRE.
Thank You,
Santhoshi
 

FrozenZ

Member
Hi Yueqing,
First of all thanks a lot for such a quick and elaborated response. I had Ordinary/Partial differential equations subject for a semester and I am taking a Prodegree course in Datascience from Imarticus with a certification from Genpact. Is there anything else that I need to concentrate or improvise on? I would also like to know the required score in GRE.
Thank You,
Santhoshi
I think Certificate is not as good as taking a course with a certified grade from your school, and you should take courses more related to "algorithms" such as "data structures and algorithms" etc. And like I said, I suggest you learning more about financial mathematics(I recommend Professor Dan Stefanica's option primer course held by Quantnet). As for GRE, Baruch does not put a limit on it, just take it easy and make your best efforts.
 
I think Certificate is not as good as taking a course with a certified grade from your school, and you should take courses more related to "algorithms" such as "data structures and algorithms" etc. And like I said, I suggest you learning more about financial mathematics(I recommend Professor Dan Stefanica's option primer course held by Quantnet). As for GRE, Baruch does not put a limit on it, just take it easy and make your best efforts.
Thank you :)
 
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