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Alternatives to MFE

While an MFE is certainly ideal for quant finance related roles, I feel like the degree might not be flexible enough-- what if you end up not enjoying quant research and want to switch careers? The MFE is a little too over-specialized and niche. With an MS in Stats, for example, you might be able to find work in the biotech industry based on some research you did for a bioinformatics prof. However, I assume you'd hurt your chances vis-a-vis MFE grads in finding work in quant finance. What are some good alternative grad programs to MFE that can potentially give you solid preparation for research in quant finance but also open doors in other industries?
 
I think a MS in computer science or scientific computing (NYU has one) would open up doors in the finance world and also lots of other industries.
 
An MBA; more are having a quantitative bent and because it is 2 years in length, one or more of the additional electives may be used in stats, comp sci or another area. Plus, having an MBA will be a plus if you look to move into a managerial role.
 
An MBA; more are having a quantitative bent and because it is 2 years in length, one or more of the additional electives may be used in stats, comp sci or another area. Plus, having an MBA will be a plus if you look to move into a managerial role.

It's also pretty easy to complete a dual-degree program with an MBA. You can combine it with an MS in stats or even an MS FE!
 
It's also pretty easy to complete a dual-degree program with an MBA. You can combine it with an MS in stats or even an MS FE!

I imagine that this would be horribly expensive, though. An MBA at a top school is gonna set you back 100K+ already, adding a masters' would make for a very expensive two years.

I was really looking for good options that were less expensive than an MFE. :)
 
I imagine that this would be horribly expensive, though. An MBA at a top school is gonna set you back 100K+ already, adding a masters' would make for a very expensive two years.

I was really looking for good options that were less expensive than an MFE. :)

Be careful using your imagination. Sometimes doing a dual-degree MBA/MS opens you up to even more potential fellowship money as the two departments get to "share" the cost of subsidizing you! Also you have to remember that to a certain extent you get what you pay for. Except as Andy points out there are some phenomenal "deals", particularly at state schools

MFE at a public school ;)
Most MFE programs start at 50K tuition average and up so you probably should look at a master degree at a public state university that you can benefit from the instate rate.

All in all it sounds like you might not be better off delaying the execution of your option. Unless there's a big reason pushing you to the grad school route why don't you try working a bit first? Get to know a field first hand.
 
Be careful using your imagination. Sometimes doing a dual-degree MBA/MS opens you up to even more potential fellowship money as the two departments get to "share" the cost of subsidizing you! Also you have to remember that to a certain extent you get what you pay for. Except as Andy points out there are some phenomenal "deals", particularly at state schools

I am mainly interested in a research career, though -- maybe I am mistaken, but I assume that an MBA wouldn't help me much in that regard. I understand that most of the heads of quant research teams have PhDs, but I am looking for a degree that will set me on a trajectory with that job as my ultimate goal.

Would a general MS in Mathematics with a lot of relevant elective coursework and a thesis on some aspect of quant finance be seen as a reasonable alternative?
 
How good is a Masters in Statistics for an engineering undergrad with no prior finance experience or internships?
In terms of a career as a trader at top 15 firms on the Street
 
I am mainly interested in a research career, though -- maybe I am mistaken, but I assume that an MBA wouldn't help me much in that regard.?

Yeah for research I wouldn't recommend an MBA. If you're wanting really straight up research then something that involves a good thesis and a good internship is probably the way to go, but there are others here who would know more what to do for this.
 
For quant research, an MBA is probably not the way to go. But if you have a passion for investing (e.g. you have your own portfolio), look into an equity research internship. An MBA is a natural step for those working in securities research.
 
Yeah for research I wouldn't recommend an MBA. If you're wanting really straight up research then something that involves a good thesis and a good internship is probably the way to go, but there are others here who would know more what to do for this.

This is really what I'm looking for. I'm keeping the PhD route open but I'm not yet sure I want to commit 5-6 years to academia -- ideally, I would be able to find a program both theoretical and practical in nature that takes 1-2 years.
 
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