Although I won't be there until September 2014, I still want to share some information I've heard about and what I think about this program.
Advantages:
1. UW MQF has cheap tuition, a high placement, a good reputation on Bay Street.
The tuition in Spring 2013 is CAD 3713 per term * 3 terms, nearly CAD 12000 including incidentals. And you can take an internship in the third term to earn CAD 16000-20000. On Bay Street, both UT MMF and UW MQF have good reputations and alumus network. Most of the graduates work at the Big 5 banks of Canada and some pension plans. Once you enter either of these two programs, you are almost guaranteed a job in Canada. By the way, the tuition of UT MMF is CAD 42000.
2. The courses at MQF are very difficult and theoretical. The more you suffer today, the more you get in the future, right?
Graduate level courses such as probability theory, statistical inference as well as the advanced topics of stochastic calculus are taught here. And even you should write a master's research paper. Well, I should say that it is a double-edge. People want to learn what the industry need. They want to learn the things like portfolio optimization but regard convex optimization as a waste of time. To my point of view, one should learn the things that the company won't teach you, and the theoretical knowledge can help you better understand the models. In 2013, MQF enrolled 7 PhDs, 9 masters and 5 bachelors. Maybe they think the higher degree you've gotten, the more easily would you understand the advanced mathematics. In addition, because of the difficult courses and the research paper, you can enter an PhD program much easier compared with the programs who aim at industry. (One of the assistant professor in NY cityU is an alumni of MQF).
3. It is easy to get a working permit in Canada.
I've heard a lot complaints from my friends who study in the US. International students are always worried about the visa issues(I don't know much about it. Is it called H1B?). Working permit is easy in Canada and you can even expect to get the permanent residence in one or two years in Ontario since you will have gotten a master degree in Canada.
Some disadvantages:
1. Fewer opportunities in Canada than in the US. If you goal is to enter GS, MS or Bridgewater, etc in the US, then try the programs at NYU, CMU, Princeton or the other top universities. Just ask yourself what you want and evaluate yourself what you can get. For me, if I cannot enter the top MFE programs in the US, I prefer the top MFE programs in Canada rather than the 2nd tier programs in the US. Like I said, just evaluate yourself what is the possibility can you enter what program and get what jobs after graduation. And compare the choices by your "utility" preference in the "feasible set".
2. Not well-known. I think UW MQF deserves a better reputation all around the world. UT MMF and UW MQF are both top programs in Canada. Their graduates are highly demand on Bay Street. I don't which is No. 1 which is No.2 but they must be at the same level. There are over 500 applicants for UT MMF while only round 180 applicants for UW MQF. Most of the applicants for UW MQF are Canadian students(including oversea students) and the ones determined to go to Canada for further study, and usually they apply both UW MQF and UT MMF. As UT MMF ranked 12 at Quantnet, people tend to apply for some US programs plus UT MMF. But they don't know there EXISTS a program called Master of Quantitative Finance at University of Waterloo that is as good as UT MMF.
3. Still about the courses. As I am still not a MQF student yet, this is just what I consider but not the truth.
I found the courses' codes start with STAT(statistics) and ACTSC(actuarial science). I just doubt how much practical knowledge and empirical study that the students have. And do they have time to follow the financial markets. I know there are many workshops such as programming training, company visiting and even business writing. And as there are only around 15-20 people, I believe the training is in high quality. There is an office with Bloomberg terminals(I don't know how many) for the MQF students to study in. (Well, because they have to stay up late at night to complete the assignments and prepare for regular tests). More details will be released after I've been there.
Well, anyway, Bay Street loves MQF. Don't be afraid.
Below is some information about the application process.
1. The DDL of MQF is often 15 Jan every year. Some tips:
- -GRE and GMAT are not required(And they stand it out).
- -3 REF letters
- -Supplementary documents
- 1. List the courses you've taken that are relevant to quantitative finance(Typical subject areas: finance, mathematics, statistics, probability, economics, and computing.)
- 2. Working experience in financial area.
- 3. List the programming languages you know and the levels you are.
- 4. Show your leadership skills.(lol...........)
- 5. Personal statement (just half a page)
2. At the end of Jan., they will inform the short listed students to take the entrance test. (That's good, most of the candidates got rejection just after half a month. You don't have to wait for the uncertainties if you are not the one they want.)
Entrance test(In the middle of Feb.) ：
- -20 multiple choice questions and 4 short answer questions.
- -They have a recommended book list for the test. You can buy and read them.
- -Mathematical analysis(set theory, limitation, series, etc.)
- e.g. Given a f(x), figure out the continuity or discontinuity of the function.
- -probability, stochastic process and mathematical statistics(the questions could be difficult in this part)
- e.g. Simple one: Given the probability function, what is the equation of the Var and moment generating function.
- e.g. Difficult one: N points are uniformly distributed on a circle and constitute a polygon, what is the probability that the center of the circle is in the polygon?
- -finance(some concepts about mathematical finance, such as put-call parity, derivatives, bid-ask, interest rate, etc)
- e.g. Given call price, strike price, stock price, interest rate, expiration, etc. What is the put price?
- e.g. Use binomial tree method to price an American option.
- -calculus and linear algebra(I know you all have learnt these courses, just practice to make sure you can calculate)
- e.g. .....Just calculation.
- -All baby questions, but few have learnt all of concepts.
- - (The above examples are not real test questions).
3. Interview will be in the next two weeks of entrance test. I heard all the shortlisted candidates got the interview.
- - The interview will be on campus or on the phone depending on your location.
- - MQF will give you a interview advice.pdf for your preparation.
- - Behavior questions include self introduction, career goal, why quantitative finance, why UW MQF etc.
- - Technical questions are like those in entrance test. But I think they just care about whether you know the concept they ask. They don't want to wait and watch you for a long time just to hear an answer they know.
- - In my eyes, they have already gotten an idea of what kind of people you are through your application and your entrance test. The interview is aiming to test:
- - Your skill of expression. Especially those who are not native English speakers.
- - Something the entrance test won't test. Like your research experience and working experience. And some concepts in a typical major such as pure math(What is Hilbert spaces?) or physics(can you solve PDEs?).
- - Your level of the skills and knowledge you claimed.
- e.g. You seems to be good at programming. OK, then what is a virtual function in C++?
- e.g. What is put-call parity? Can you prove it? What if the stock has continuous dividends? What if the underlying asset is foreign currency. You know, to test your level of this concept until you fail to answer.
- - (The above examples are not real test questions).
4. MQF is very efficient. I like the way they admit students.
- Jan 15 Application DDL
- Jan 31 Short list for entrance test.
- Feb 12 Entrance test
- Feb 14 Interview arrangement
- Feb 17-28 Phone interview. (Some unlucky guy was told to interview on Mar 6)
- Mar 4 AD
- Mar 6 Rejection or waiting list information
Well, if you know value investment, then you can regard that UW MQF is the stock at a price that is much lower than its instinct value. I hope the other MQFers to help promote this program at Quantnet to let more people know about it. Maybe this is another Baruch in Canada.
