Business major transition to quant?

[Elsa]

Hi, everyone:

Currently, working in the back office at an investment bank, I decided to give my career a twist
by pursuing a master's degree in quantitive finance. My long term goal is to work as a researcher
in finance industry or as a research/professor at a university.

However, as a business major, when applying to finance programs which require advanced quantitive skills such as CMU, University of Chicago, etc, I find it difficult to compete with applicants with backgrounds in engineering or mathematics.

I have applied to finance graduate programs in general finance as well as those require more quantitave
rigor. So far, I only received admission notice from general finance programs.

Can anyone advise me on
(1) how I can gain competitive edge to transition to quantitive finance?
PS: I took Calculus, stats, business mathematics, economics while in college and am currently taking programming courses on weekends.

(2) If I manage to enter a financial engineering or financial mathematics program, would it be extremely
challenging for me to keep up with my peers who have strong programming skills?

(3) How successful are business or liberal art majors who switched to quantitative finance? What are their strengths and characteristics?

Thanks

 

[Yike Lu]

The main thing you're behind on is math skills. The typical applicant will have studied Linear Algebra, ODE, PDE at least. Programming is a nice and practical thing to learn, but math is the largest reason you haven't gotten into quant programs. As for how to remedy, I don't really know, others might be able to speak to that better.

 

[mhy]

I had calculus (single, advanced single, and multivariable), linear algebra, calculus-based probability and statistics, and combinatorics and got into an MFE program. You do not need ODE and PDE at least for my program (but it will help)

 

[bigbadwolf]

I had calculus (single, advanced single, and multivariable), linear algebra, calculus-based probability and statistics, and combinatorics and got into an MFE program. You do not need ODE and PDE at least for my program (but it will help)

This means the lecturer will have to cover the rudiments of ODEs and the heat PDE in class, and with this perfunctory and inadequate coverage then proceed to the Black-Scholes PDE and finite difference methods to solve it (it's another discussion as to whether this should be in an MFE curriculum).

 

[bigbadwolf]

PS: I took Calculus, stats, business mathematics, economics while in college and am currently taking programming courses on weekends.

How much calc? Just calc 1? And regular calc or business calc?

How successful are business or liberal art majors who switched to quantitive finance?

Are there any? Are there any in the ranking programs?

 

[Daniel Duffy]

The word 'calculus' conjures up stuff like Widder's book, yes? And l'Hospital's rule?

What happened to 'analysis' != calculus.

 

[bigbadwolf]

The word 'calculus' conjures up stuff like Widder's book, yes?

It's a fluid term, a "floating signifier." In some texts it is close to real analysis -- some semi-rigorous definition of the reals, some semi-rigorous proofs of the intermediate value theorem and mean value theorem.

 

[cxiao]

Programming and math are two weakness that you need to overcome. You can take the C++ Certificate on this website on the programming front. It will not turn you into programming wizards, but it is cost effective. Or maybe take a look at programming course at coursera/udacity.

For the math part, I think you definitely need to know probability and linear algebra. Maybe doing courses part time in a community college? Baruch also offers pre-MFE math course.

 

[Elsa]

Thank you all for providing insights

For me, taking C++ course (weekend division) while working full-time at an investment bank has driven me to extremes... I can't imagine adding extra workload by taking mathematics courses :S

Unsure if I should continue to struggle or just apply to finance programs that are more "soft".
Dose anyone know about UCLA MFE? I think it has more quant elements than general finance programs and MBA but less brutal than most MFE progams. Plus, the application deadline is in may 31. Should I give it a shot?

 

[tfors]

I am just an undergrad CS but I think you take the Math requirements too lightly.

 

[Walt]

I was a business major as well. I applied to UCLA and got wait listed because of a lack of a strong math background. However, I would tell you to apply. The worst thing that can happen is that they say no

 

[bigbadwolf]

I was a business major as well. I applied to UCLA and got wait listed because of a lack of a strong math background. However, I would tell you to apply. The worst thing that can happen is that they say no

Even worse is if they say yes and then you find you can't complete the program because of your weak math background. And maybe even worse is if you somehow limp through the program, spending tens of thousands of dollars, and then find you can't get a job.

 

[Elsa]

To Walter Kissling: Big congrats! Getting on waitlist is a good sign! (Better than a flat rejaction or nothing)
Is it too late for me to apply to UCLA for this fall at this moment? Is the vacancy all filled?


Also, can anyone tell me how I can remedy my insufficiency in mathematics while living a life?

Taking mathematic and programming couses at division of continuing education?

Taking GRE math subject test?

Any advice or feedback is welcome

 

[Elsa]

To cxiao: Thank you for your advice!

I will consider getting C++ certificate to prove that I am really committed!

Does Baruch offer online pre-MFE program? I am currently based inTaipei (I am an international applicant from SE Asia) so I won't be able to make it to NY at this moment...

 

[DannyF]

To Walter Kissling: Big congrats! Getting on waitlist is a good sign! (Better than a flat rejaction or nothing)
Is it too late for me to apply to UCLA for this fall at this moment? Is the vacancy all filled?


Also, can anyone tell me how I can remedy my insufficiency in mathematics while living a life?

Taking mathematic and programming couses at division of continuing education?

Taking GRE math subject test?

Any advice or feedback is welcome

Probably not GRE math subject test, because I think it has pure math on it. The math courses at the division of continuing education would work; I'd say probability, differential equations, and linear algebra should be enough. I'd rather do that than do the Baruch classes.

 

[Elsa]

Also, can anyone evaluate my profile?

UG: Business Administration
GPA: 3.51
TOEFL: 103
GMAT: 720

Is my moderate GMAT score pose a problem for me?
People that I knew who got admitted to UCLA MFE had an average GMAT score of 750.

 

[TehRaio]

Also, can anyone tell me how I can remedy my insufficiency in mathematics while living a life?

Taking mathematic and programming couses at division of continuing education?

Taking GRE math subject test?

Any advice or feedback is welcome

Taking GRE math subject proves nothing since you haven't deeply studied mathematics.
It's like admitting someone to a PhD in Physics just based on the Physics GRE Subject test, would you do it? it makes no sense.
Take undergraduate pre-requisites at your local college before applying: but that not necessarily easy because you have to find time to do it.
If you don't have those pre-requisites, make your life easier and don't waste your time with a Msc in Quant Finance because you're not prepared for it.

Be smart about it, you have to take another route to your goal. if you got admitted to a PhD program in the US, you should know that you can take electives inside your program, and tailor your degree to your needs. You can make a regular Finance PhD into a very quantitative one. You just need to select the right program, find out if they offer the courses that you need to take etc...

 

[CasanovaJ]

Even worse is if they say yes and then you find you can't complete the program because of your weak math background. And maybe even worse is if you somehow limp through the program, spending tens of thousands of dollars, and then find you can't get a job.

I can't emphasize how seriously you should take this comment-- the math prereqs for MFE programs are not just formalities... think about whether you'll be able to get through PhD-level math courses without at least a basic level of math knowledge (and business calc doesn't count).

 

[Jedison]

Can you explain to my why you'd want to become a quant if you have virtually no quantitative background? Not to be a jerk but that's like me saying my dream is to become a professional violinist when I've never studied music on any level.

 

[bigbadwolf]

Can you explain to my why you'd want to become a quant if you have virtually no quantitative background? Not to be a jerk but that's like me saying my dream is to become a professional violinist when I've never studied music on any level.

Because, er, they've always been fascinated by the sexy but arcane world of quant finance (while knowing bugger all about the details) and the siren song of big money is irresistible. For some inexplicable reason they never took calc in high school and took psychology or political science in college and now, could someone please tell them how to complete the math requirements of the MFE cheap rapidly, cheaply, and effortlessly? These posts are all frivolous and there are too many of them on this forum, and submitted by people who have no intention of going through the hard and sustained slog of building a real math background. In short, they're trolls, asking pointless and frivolous questions which have already been answered umpteen times on this forum or can be found with a Google search.