Applying to FE w/o Work Experience

[CGiuliano]

Forgive me in advance for this semi-chances thread. This will be my first and last of this type, but this issue has been weighing heavily on my mind.

I have been planning for--quite some time-- to apply for MFE directly out of undergrad, but from previous threads and "entering class" profiles it seems that this may prove a true feat.

I have pretty good stats, but absolutely no related work experience:

Cornell University
B.S. Mathematics/Statistics
Finance Minor
current GPA: 3.921
Practice GRE: QR 800 VR 620 AR 4.6
Math: Calculus-Multivariate, Linear Algebra, Abstract Algebra, Real Analysis, Numerical Analysis (schedule permitting), ODE, PDE, Stochastic Process, Probability Theory, Statistical Theory, Graduate Statistical methods 1 & 2.
Finance: Micro, Micro Theory, Econometrics, Financial Accounting, Finance, Derivatives & Risk Management.
Computer Science: Intro/C++, Java 1, OO prog, Data Structures, Probabilistic models (Monte Carlo)

I feel like I have planned out my curriculum to the last detail and was excited to apply to Baruch/NYU/Princeton, but seeing as I have only 1 crumby internship and only experience as a math tutor and a stats consultant, will my application be seriously handicapped? The problem is my school is located in New York no-wheres-ville and the best I will be able to do before graduation is research/internships. Should I try to get a job as a financial analyst for a couple years after grad'ing?

Thanks in advance; any responses are valued and highly appreciated.

 

[Andy Nguyen]

When will you graduate? What about getting a job after UG and study part-time or do it full-time after you save up on some money/get some relevant exp/boost your profile/know what you want to do.

 

[CGiuliano]

2011--I'm going into junior year (yes I'm way ahead of myself lol).

So def look for a job first? I kinda just wanted to bang it out while I am fresh... I know you can only make a very rough approximation, but would I have a shot at Princeton/Baruch/NYU with minimal work experience?

Thanks

 

[Andy Nguyen]

You sure can. Two years is a long time to plan and execute your master plan to perfection.
By the way, your practice AW score should be 4.5, not 4.6. Each increment is 0.5 point

 

[CGiuliano]

oops

it took me 3 practice tests to get Q800-- the other scores deviated, I'm not even going to prepare for anything but quant.

 

[bluechimp]

Most definitely you can. I did just that; in fact, my profile was quite similar to yours from GPA, scores and coursework standpoints. I did, however, have one crucial junior-year internship in the corporate finance division of a large investment bank.. after which I decided I'd like to move to the buyside, and went to graduate school. Using that profile, I gained admission to several pretty good schools, including the ones you mentioned.

I think an internship/work experience will be extremely valuable for anyone, not only for the sake of improving your profile for graduate school, but also to get a reality check on how really the business is being done on the Street. For the longest time I wanted to do investment banking like my fellow monkeys, but one disastrous summer changed what I wanted to do. In the same light, I don't think being a quant is as beautiful or sexy as it is often described. You really gotta do it to know you want to do it. Doing an internship at a large institution affords you the opportunity to look around, compare, and feel where you'd fit best.

If I could do it again, I'd probably work for a while before heading to graduate school. After my junior year internship, I decided to pursue graduate school because I felt it added substantial knowledge to my undergraduate major (Applied Maths, no finance/econ). However, in your case, it seems that you have a fairly good base combination of everything. So, I'd echo what Andy said and support the advice to get some work experience first.

Now, Cornell is not in Manhattan, but recruiters definitely come there to do some serious recruiting. Since you're a rising senior, you'd have the whole Fall semester to network, and get used to how recruiting there works. To my understanding, 2010 summer internship interviews don't begin until the Spring semester. Then, turn that internship into a full-time offer, which you can then shop around if you don't like the group placement etc. You can do it.

 

[CGiuliano]

bluechimp- exactly what I needed to hear thanks :tiphat: