As a recent graduate from a reputable MFE program, I find it in my good conscience to help people to make decision before being misguided by all FE program ambiguities. I had interactions with many graduates from reputable programs, seen the job market, interviews and the salaries (and drama I guess). Luckily got a job not so quanty at a quant shop after graduating. Be vary and advised as some of these programs can actually significantly reduce your value.
1) I see lots of people come to these programs with the attitude claiming they don't like math/statistics or programming (or never coded before), that's why they wanted to move to finance. These programs focus solely on advanced math and programming if this is your reasoning don't even apply. You are wasting your money/time and effort. Also it doesn't make sense when you go to an interview with a master's degree in FE and can't even do basic probability. I also see tons of people who believe 6 figure jobs are an entitlement after these programs too. Nobody is going to pay you that unless you are some kind of exceptional case or have some real quant experience. I see people finishing these programs within top 5 in the class and not be able to find any real quant work or be happy with your regular 70K Master's salary.
2)The admission numbers and number of programs are exponentially increasing, but the number of job openings are shrinking. No need to explain that any further. Most of the programs lie about their employment/internship and salary rates. Always contact alumni or graduating seniors for information as they are more likely to tell you the truth. A good chunk of these school look at these programs as income to their treasury as the demand is high.
3) Most of the high level quant jobs are filled by 3rd party recruiters. These people have no idea what you learn or know, they are sales people. So they say ok everybody in these positions have a PhD so I won't waste time on a candidate with no PhD. At the same time if you are going to pay the same salary why bother hire the MS when the PhD is available. There are also your crazy egotistical people in the field who simply refuse to work with people without PhDs. (Yes they exist and working with them sucks anyway)
4) America is recovering from a recession. If you are an international student it is highly possible that you won't find a job in US given H1-B quotas are at an all time low. Most applications state they don't consider candidates with F1 visas. There are a ton of graduates doing internships and scared they will have to go back to their countries as they didn't get sponsored for H1Bs or already went back. If the ultimate goal is to get a job in the US then go do an MS in Computer science or some other Technical/Engineering field.
5) Most of the big banks care more about your label then your merit. A history undergrad from Harvard is more likely to get the junior quant role at a big bank then an MS from a non-ivy league school. Check the prestige of your school. I know a few crappy programs at A schools but students get hired better than a great program at a B+ school.
6) Some of the best MFE programs like Berkeley, Columbia and Cornell have connection with the banks and the banks come to recruit from these programs. Majority of the other programs don't. Make sure the program you plan on going have some professional connection.Check campus recruiting for companies that come to your school and reach out. If you are attending NYU and there is a career event at Columbia, go! Even if it says Columbia students only find a way in and go. (school names just for example)
7) Finally luck/connections are big factors! I was talking to a small FX quant shop CEO and the guy admitted for 3 opening he posted he got about 3000 applications. 80% was unqualified for his point of view. Still 600 qualified people for 3 positions? He said he interviewed 200 people for first round. And this a fairly new and small shop. At the same time there are a ton of people who gets recommended by their family friend who works at a certain company and get called in for interviews. Bottom line, nobody wants to go through 3000 resumes if a trusted connection says he got someone good for the position.
I hope all of you succeed and get the job you want, life you want to live and the salary you desire. My intention is not bad mouth programs but instead provide a reality check to young and ambitious people. World is a messed up place, and if you are looking at it with some pink glasses on or got misguided by some school web page it is time to have the "red pill".
1) I see lots of people come to these programs with the attitude claiming they don't like math/statistics or programming (or never coded before), that's why they wanted to move to finance. These programs focus solely on advanced math and programming if this is your reasoning don't even apply. You are wasting your money/time and effort. Also it doesn't make sense when you go to an interview with a master's degree in FE and can't even do basic probability. I also see tons of people who believe 6 figure jobs are an entitlement after these programs too. Nobody is going to pay you that unless you are some kind of exceptional case or have some real quant experience. I see people finishing these programs within top 5 in the class and not be able to find any real quant work or be happy with your regular 70K Master's salary.
2)The admission numbers and number of programs are exponentially increasing, but the number of job openings are shrinking. No need to explain that any further. Most of the programs lie about their employment/internship and salary rates. Always contact alumni or graduating seniors for information as they are more likely to tell you the truth. A good chunk of these school look at these programs as income to their treasury as the demand is high.
3) Most of the high level quant jobs are filled by 3rd party recruiters. These people have no idea what you learn or know, they are sales people. So they say ok everybody in these positions have a PhD so I won't waste time on a candidate with no PhD. At the same time if you are going to pay the same salary why bother hire the MS when the PhD is available. There are also your crazy egotistical people in the field who simply refuse to work with people without PhDs. (Yes they exist and working with them sucks anyway)
4) America is recovering from a recession. If you are an international student it is highly possible that you won't find a job in US given H1-B quotas are at an all time low. Most applications state they don't consider candidates with F1 visas. There are a ton of graduates doing internships and scared they will have to go back to their countries as they didn't get sponsored for H1Bs or already went back. If the ultimate goal is to get a job in the US then go do an MS in Computer science or some other Technical/Engineering field.
5) Most of the big banks care more about your label then your merit. A history undergrad from Harvard is more likely to get the junior quant role at a big bank then an MS from a non-ivy league school. Check the prestige of your school. I know a few crappy programs at A schools but students get hired better than a great program at a B+ school.
6) Some of the best MFE programs like Berkeley, Columbia and Cornell have connection with the banks and the banks come to recruit from these programs. Majority of the other programs don't. Make sure the program you plan on going have some professional connection.Check campus recruiting for companies that come to your school and reach out. If you are attending NYU and there is a career event at Columbia, go! Even if it says Columbia students only find a way in and go. (school names just for example)
7) Finally luck/connections are big factors! I was talking to a small FX quant shop CEO and the guy admitted for 3 opening he posted he got about 3000 applications. 80% was unqualified for his point of view. Still 600 qualified people for 3 positions? He said he interviewed 200 people for first round. And this a fairly new and small shop. At the same time there are a ton of people who gets recommended by their family friend who works at a certain company and get called in for interviews. Bottom line, nobody wants to go through 3000 resumes if a trusted connection says he got someone good for the position.
I hope all of you succeed and get the job you want, life you want to live and the salary you desire. My intention is not bad mouth programs but instead provide a reality check to young and ambitious people. World is a messed up place, and if you are looking at it with some pink glasses on or got misguided by some school web page it is time to have the "red pill".
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