Bachelor of Financial Engineering (BFE)
- Thread starter Reetsang
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I think it's very hard to say because bachelors in FE are very new degrees from my knowledge. But it would probably be a fairly narrow degree and I think there are better options. A classic undergrad recommendation here is to get a double major in math and computer science.
Most importantly though is what things interest you?
Most importantly though is what things interest you?
DominiConnor
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Is a Bachelor's Degree in Financial Engineering a good step to a career in Financial Engineering?
No
It is inferior to degrees in Physics, Mathematics, Economics, Engineering, the better kind of Philosophy and CompSci degrees. Some chemistry degrees are better, ditto Psychology and you might be able to wing it from biology, geology or geography if it has the stats options.
At P&D we don't count BFEs as quant qualifications at all.
Don't do it.
Don't burn the application form, keep it somewhere safe, and 20 years from now discover it and remember how you nearly fucked up your life, because a BFE is unlikely to be a recoverable decision.
If you want to do a course with more girls on it, do French.
No
It is inferior to degrees in Physics, Mathematics, Economics, Engineering, the better kind of Philosophy and CompSci degrees. Some chemistry degrees are better, ditto Psychology and you might be able to wing it from biology, geology or geography if it has the stats options.
At P&D we don't count BFEs as quant qualifications at all.
Don't do it.
Don't burn the application form, keep it somewhere safe, and 20 years from now discover it and remember how you nearly fucked up your life, because a BFE is unlikely to be a recoverable decision.
If you want to do a course with more girls on it, do French.
Then I have made the worst mistake ever because I'm about to finish my BFE. I am only left with 1 semester of which I wil be doing internship.
Is there any other way I can correct my mistake or all I can do is just to forget being a quant.
@DominiConnor, guess I wont be burning my certificate, probably for the rest of my life I would still remember I have wasted 4 years of my life.hehe
Is there any other way I can correct my mistake or all I can do is just to forget being a quant.
@DominiConnor, guess I wont be burning my certificate, probably for the rest of my life I would still remember I have wasted 4 years of my life.hehe
Just out of curiosity - why is it that you consider a BFE to be inferior to other degrees?
I assume that means doing a bunch of math, cs and finance related courses.
To me that seems more relevant than a degree full of quantum mechanics and so on. I’m in engineering physics btw
DominiConnor
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My dislike of BFE degrees is that it is too specialist too early, and too narrow.
Anielson asks the perfectly reasonable question about why quantum mechanics is somehow 'better' than pricing options.
The problem is that a sustainable career in finance requires that you have a broad skill set. If you only do the math techniques that can be done at undergrad level to deal with undergrad level financial modelling, pricing etc there will be chunks of maths that you don't do.
You might say that (for instance) number theory isn't big in quant work. However, one very well known quant stated quite clearly how this caused him issues once he started having to deal with the more advanced forms of random number generators used in modern finance.
That wasn't easily predictable, and I'm not going to even try and guess which flavours of maths will grow in value, but I'm completely certain that you will find yourself wishing you'd done more maths thant you had. That's independent of how much maths you have, the variable is how frequently you will wish it, and how much it will cost you.
"Modelling maths" which is not well defined, but I shall lump together as anything that predicts what physical systems will do, is critical to being a successful quant. The skill of being able to use the right methods, and having a good vocabulary of methods to choose from is a key predictor of you success.
That's why so many engineers and physicists go into this line of work, relatively few economists...
I reckon that I could take almost any 18 year old who has studied maths and physics and get him to manipulate Black Scholes, and do stuff like implied vols. By that I do not demonstrate my own value as a teacher, but the lack of value in that skill. To make money over the long term, you have to do something that most others can't. BS is not there any more.
You would be right to detect prejudice in my position on BFEs here, but remember what I do for a living. Part of that is reflecting the prejudices of the people I want to sell you to.
I guess I could have written that last sentence in a way that made me sound like a nicer person, but I see my role as calling it like I see it.
I don't believe a BFE is a fatal error, in fact I don't really believe in fatal career errors else I wouldn't have had one
I do believe in lost opportunities and realising you've screwed up as a way of dealing with where you are not where you want to be.
A BFE can be done well, at least compared to other BFEs, but I will share that no hiring manager has ever expressed to me that he would like to see candidates with a BFE, Not one. Ever.
Anielson asks the perfectly reasonable question about why quantum mechanics is somehow 'better' than pricing options.
The problem is that a sustainable career in finance requires that you have a broad skill set. If you only do the math techniques that can be done at undergrad level to deal with undergrad level financial modelling, pricing etc there will be chunks of maths that you don't do.
You might say that (for instance) number theory isn't big in quant work. However, one very well known quant stated quite clearly how this caused him issues once he started having to deal with the more advanced forms of random number generators used in modern finance.
That wasn't easily predictable, and I'm not going to even try and guess which flavours of maths will grow in value, but I'm completely certain that you will find yourself wishing you'd done more maths thant you had. That's independent of how much maths you have, the variable is how frequently you will wish it, and how much it will cost you.
"Modelling maths" which is not well defined, but I shall lump together as anything that predicts what physical systems will do, is critical to being a successful quant. The skill of being able to use the right methods, and having a good vocabulary of methods to choose from is a key predictor of you success.
That's why so many engineers and physicists go into this line of work, relatively few economists...
I reckon that I could take almost any 18 year old who has studied maths and physics and get him to manipulate Black Scholes, and do stuff like implied vols. By that I do not demonstrate my own value as a teacher, but the lack of value in that skill. To make money over the long term, you have to do something that most others can't. BS is not there any more.
You would be right to detect prejudice in my position on BFEs here, but remember what I do for a living. Part of that is reflecting the prejudices of the people I want to sell you to.
I guess I could have written that last sentence in a way that made me sound like a nicer person, but I see my role as calling it like I see it.
I don't believe a BFE is a fatal error, in fact I don't really believe in fatal career errors else I wouldn't have had one
I do believe in lost opportunities and realising you've screwed up as a way of dealing with where you are not where you want to be.
A BFE can be done well, at least compared to other BFEs, but I will share that no hiring manager has ever expressed to me that he would like to see candidates with a BFE, Not one. Ever.
I have done my bachelors in engineering(electrical). I have interest in doing MSc in financial engineering. Will my bachelors in electrical engineering affect getting admission in MSc course in finance. Also further what about the job prospects after completing my MSc course?
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It is a popular bachelors to have prior to MFE. Not bad at all.
A very successful COO of a large firm once told me: "Never look back on your decisions and say 'I have made a terrible decision'. Rather, say 'What I did was very well suited for me then and I learned a lot. I am certainly going to use it in the future and it will always be a part of my decision making process. I am glad I made that choice."
He told me this after I complained about have attended a sub-par undergrad and how that decision would affect my future. He said that later on in my career when I will be successful I will realize how things weren't so bad after all.
Smart guy.
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