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Accounting Undergrad requesting information about MFE

Joined
4/19/12
Messages
9
Points
11
Good Afternoon,

Sorry to take your time.

I have been thinking really hard and doing a lot of research in the MFE program but I haven't been able to come up with some clear ideas.

I am an accounting undergrad in my junior years at Baruch College. I will be going for CPA exam in the future. I am very interested in MFE program as well but I don't know how will an undergrad in accounting compliment with MFE? I am very good at Maths and I've already taken Cal-I, Cal-II, Statistics, Technical Mathematics courses in the past. My minor is also Mathematics.

I would like to request to provide some information regarding whether MFE should be an ideal choice for my career path. I choose Accounting because I want to start my own business at some point in the future but professionally I am more inclined towards finance and mathematics side.Is it possible for an accounting undergrad to enter in the MFE program? If yes, what are the classes that I need to focus on in my undergrad?
 
Check out the posts in this thread from Ken Abbott who is a Managing Director. He discusses the usefulness of accounting along with math. Though this has more to do with roles in compliance than with admission to MFE.

https://www.quantnet.com/forum/posts/88591/
 
Thanks Aaron Wong and DanM for your advice. I am aware that I need a lot of Math courses and I am going for it. But what I am more concerned is about the transition from accounting undergrad to MFE. I did some research and looked at the student profiles. Most of the current and past MFE students came from either Engineering or Mathematics or some other quantitative branch of physics or mathematics. I haven't seen anyone coming from Accounting background. Is MFE a close door for accounting undergrad?
 
Thanks Aaron Wong and DanM for your advice. I am aware that I need a lot of Math courses and I am going for it. But what I am more concerned is about the transition from accounting undergrad to MFE. I did some research and looked at the student profiles. Most of the current and past MFE students came from either Engineering or Mathematics or some other quantitative branch of physics or mathematics. I haven't seen anyone coming from Accounting background. Is MFE a close door for accounting undergrad?

Thats why you need to take more maths courses. You are not gonna get admission based on accounting background, but maths background.
 
Many MFE programs have 2 semesters of stochastic calculus so they would want students that can survive and not throw up after taking that kind of math. Many programs are run by the Math dept so there is that bias.
So does that mean, if I take a lot of heavy maths and programming classes, there is a chance for me to be eligible for applying to MFE programs right?
 
Thats why you need to take more maths courses. You are not gonna get admission based on accounting background, but maths background.
Thanks for the reply. So you mean, an accounting undergrad still has a chance to get in to MFE program if he/she takes a lot of Maths and Programming classes, right?
 
Thanks for the reply. So you mean, an accounting undergrad still has a chance to get in to MFE program if he/she takes a lot of Maths and Programming classes, right?
Of course, given that you have a good technical background. Most programs ask you to have at least calculus 3 and calculus based probability. Remember, it is at least. If you want to be competitive for good programs, you need to have more than that.
 
kamikade Thanks so much for the reply. I've already taken CAL-II, Stat, Technical Math..I will take as many maths and programming classes as possible. Your thread made me so much optimistic as I was so frustrated of not seeing anyone interested in MFE with an Accounting background.
Thanks much.
 
Cool, make sure you read other suggestion/advice on quantnet how to strengthen your application besides taking many math/programming course. Good luck :)
 
As always, ask yourself, what is your unique selling proposition (USP)? There are hundreds of applicants with similar or better profile competing against you, it's not enough to meet the requirement, you also need to make sure your USP stands out.
Definitely, I will. Seems like it's pretty hard to get in but I am going to work on that and try my best to get into the program. Thanks.
 
kamikade Thanks so much for the reply. I've already taken CAL-II, Stat, Technical Math..I will take as many maths and programming classes as possible. Your thread made me so much optimistic as I was so frustrated of not seeing anyone interested in MFE with an Accounting background.
Thanks much.

Hi,

I just finished my first year of a two year MFE program and coming from a Commerce (Major in Finance) background, I think I understand how you feel and the position your in.

First of all, the MFE I am attending is given in a business school and I would say that 1/3 of the students are from Commerce/Finance, 1/3 from Mathematics/Actuarial science and 1/3 are from Engineering.

What really surprised me, is the fact that most of the commerce/finance student never did any real mathematics before starting the program. They did some basics stuff in College (Cal 1 & 2, Linear Algebra, etc...) but most of them didn't take any real hard undergrad mathematics before MFE. They also all claimed that they loved Math and were good at it but after 1 semmester of Stochastic Calculus, lots of them droped out the program cause it was too hard.

However, on the other hand, we are a few commerce students that are still in the program and doing good. An MFE is not an easy program, especially if you don't have a strong quantitative background. Sometime, it could be depressing when you see all the mathematician understanding everything and doing extremely well while you are still trying to figure out what is going on. I am really happy of what I have accomplished in that first year and each day, I am learning a lot of new stuffs. The ride is rough, but if this is really what you want, you will be able to succeed in it.

My advice to you , try to take some financial math classes to get a real feel of what an MFE (it's extremely different than accounting) will be and make sure you enjoy it. I don't think an MFE is an optimal career choice for an accounting student but if an MFE is what you are interested in, I don't see why you should not do it.
 
Hi,

I just finished my first year of a two year MFE program and coming from a Commerce (Major in Finance) background, I think I understand how you feel and the position your in.

First of all, the MFE I am attending is given in a business school and I would say that 1/3 of the students are from Commerce/Finance, 1/3 from Mathematics/Actuarial science and 1/3 are from Engineering.

What really surprised me, is the fact that most of the commerce/finance student never did any real mathematics before starting the program. They did some basics stuff in College (Cal 1 & 2, Linear Algebra, etc...) but most of them didn't take any real hard undergrad mathematics before MFE. They also all claimed that they loved Math and were good at it but after 1 semmester of Stochastic Calculus, lots of them droped out the program cause it was too hard.

However, on the other hand, we are a few commerce students that are still in the program and doing good. An MFE is not an easy program, especially if you don't have a strong quantitative background. Sometime, it could be depressing when you see all the mathematician understanding everything and doing extremely well while you are still trying to figure out what is going on. I am really happy of what I have accomplished in that first year and each day, I am learning a lot of new stuffs. The ride is rough, but if this is really what you want, you will be able to succeed in it.

My advice to you , try to take some financial math classes to get a real feel of what an MFE (it's extremely different than accounting) will be and make sure you enjoy it. I don't think an MFE is an optimal career choice for an accounting student but if an MFE is what you are interested in, I don't see why you should not do it.

Thank you so much Martin. That really boosted me up. I am trying to take as many maths and programming classes as possible in my undergrad. I am also planning to do pre-mfe courses that are offered by my college. Hopefully, everything should turn out fine.
 
I am very good at Maths and I've already taken Cal-I, Cal-II, Statistics, Technical Mathematics courses in the past. My minor is also Mathematics.


Err, don't want to be a dick bro but I'll share what I've seen and I'm an undergrad at U Waterloo taking Pure Math courses.

Calc 3 and Calc 3 Advanced Level (pre-req for PMath) are very different.

The Calc 3 Adv was essentially an introductory to Real Analysis. The normal calc 3 exam integrated different functions which required some manipulative algebra, the Adv Calc 3 exam made us prove functions were integrable on certain regions based on their Jacobians.

From the research I've seen and done, Quant maths are similar in complexity, you should really consider whether you can do this or not. It's EXTREMELY cool sounding saying that you're a quant for GS for ex. but you need to understand that their maths go beyond debiting and crediting sides of a ledger.
 
Err, don't want to be a dick bro but I'll share what I've seen and I'm an undergrad at U Waterloo taking Pure Math courses.

Calc 3 and Calc 3 Advanced Level (pre-req for PMath) are very different.

The Calc 3 Adv was essentially an introductory to Real Analysis. The normal calc 3 exam integrated different functions which required some manipulative algebra, the Adv Calc 3 exam made us prove functions were integrable on certain regions based on their Jacobians.

From the research I've seen and done, Quant maths are similar in complexity, you should really consider whether you can do this or not. It's EXTREMELY cool sounding saying that you're a quant for GS for ex. but you need to understand that their maths go beyond debiting and crediting sides of a ledger.
I understand the fact that Cal 3 and Cal 3 Advanced Level are very very very different. The reason why I said my math background is good is because I come from one of the Asian countries where the math they teach in high school is more complex and difficult than Cal 3.
 
I think you have a good attitude and can do it as well.

FWIW, I studied English Literature and Economics in undergrad and didn't go back to taking Calc 3 till 4+ years after my graduation from undergraduate.

As Martin mentioned it's tough when your surrounded by people who have an engineering or math background. On the other hand, I've witnessed multiple Math Majors drop our program (RU MSMF) and I'm chugging along just fine, nearing completion.

Also, as far as I know, most of the jobs I know of people getting after MFE do not involve doing rigorous proofs on a regular basis (if at all). At least the type of work I've seen available is much more applied.
 
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