CFA + MBA OR MS Quant + MBA

[bluegenep]

Hi Guys,
I am Junior Undergraduate in mathematics major with minor in econ + computational science..I am really interested in portfolio management and financial modelling.. I wish to work for mutual funds, hedge funds but I am equally interested in investment banking and quant analyst...I dont know where i should narrow down my choice... My doing my CFA i can be more inclined to portfolio management at mutual funds and by doing MSc at quant i will be doing more on financial modelling. After this I would like to add an MBA to have prolific managerial skills...But i am wondering which path would be much beneficial and more worthy in terms of getting job and salary? Do you suggest me to do CFA + MBA or Ms Quant + MBA?? help needed

 

[rishab dhar]

I don't that that you should decide your career path on the basis on salary. Your highest priority should be doing what you like. I don't get it why you need an MBA. As a quant, I believe MBA has no benefit. CFA, perhaps yes, because it gives you broad overview of finance. Finally, there is no writing on the wall that only by getting an MBA you will learn managerial skills. I believe there is no substitute for work-experience. You will learn those skills while on work. Finally, again you are deviating from what you what to do : Do you want to code stuff/develop models etc or do you want to manage people -an administrative job.

 

[roni]

Some MFE students passed at least the CFA lvl 1 exam. They were either required or due to previous experience.
why not CFA+MFE+MBA? lol

 

[bluegenep]

Alright the problem is I love finance, but a mathematics major from a small liberal arts college..I do have background in economics as well as programming but not that broad...By professor/advisor say that it would be better for me to goto to a medium level mathematics department ( like lehigh, NC state) before rather than shooting for higher ones..that clearly defines that my mathematics department is not that quite good enough..and talking about programming skills I have only taken Matlab and Fortan/Unix ( a same programming language that i took which will be of no use in future)...I took matlab( actually i did independent study in it with one of my mathematics professor because i was interested as matlab being so much used in many feilds..I really liked it)...I have no idea about C++..so I am afraid that I am not good enough to compete with all the students in quant finance with intense background on programming and mathematics..
I also know for fact that there was one student who got accepted in rutgers ..to be honest he didnt have any programming and mathematics background at all...but as i look at the credentials of the students in quant finance at other schools I get afraid how experienced and exposed they are in these feild compared to me..suckss to be a sucker..
Actually I have started to read books from Goldman sachs reading list that was posted by this website... And i know it takes a serious time to get adept in programming and higher level mathematics..
I really like Portfolio management sector (at least what i have read so far i am really interested) ...I am equally fascinated by financial modelling MFE and have read a lot about it..but i am just afraid to join this feild because of my lack of intense programming and mathematics school..so I am in real dilemmmaaa...any help or suggestion will be highly appreciated...
Roni, if i can i would love to do three of them.. lol

 

[sleekmover]

MS Quant ... 3 - 5 years of work ex followed by MBA in finance seems to be a good choice to me.
to start contributing individually into modelling and structuring you'll need MS Quant... and an MBA for doing larger things in life. MBA is not just about administration. It also is about high end consulting, complex project management, inter departmental communication etc. skills that will be needed for larger work for eg setting up a new department/product line in a bank/financial institution that does not deal with that product. If the product is completely new that makes it more sweet and that is where your quant skills (gathered from MS Quant/work ex) will be utilized when you are managing this task

 

[bluegenep]

If i really think about it i am more inclined to investing and portfolio management since i have read quite bit of these topics..To be honest i have taken only two finance classes in my colg and I feel that i have better knowledge in finance than a lot of finance majors in my colg..I dont mean to boast about myself at all but a student can easily realize it in a small colg like mine..but i can say openly even though i am a mathematics major i dont have strong mathematics and computer programming skills to get accepted into really good MSF programs...

 

[sleekmover]

Replace MFE with CFA in your case?

 

[rishab dhar]

If you really want to be a quant. I think the first and foremost thing you need to do is get some programming skills, esp C++,VB. I don't how you are gonna model and implement those quant strategies without writing a high quality code in a fast language such as C++. I believe you need some course in C++ (probably an Open university/Community college) rather than an MBA. You should probably then work on some freelance projects that require implementation of C++ to get real life experience. You should get a CFA to get finance knowledge. You need to take math (advanced), again probably from an open university/community college- try graduate level courses . You can then probably work in finance domain of some company (bank), use CFA to your advantage. Then probably a MFE.

I don't think that MBA is gonna be of any use if you want to be a real quant.

Anyway, without work-ex an MBA wouldn't probably give you any leverage, even if you want to be a Manager. You will probably land into a debt hole. So again you should focus on getting a CFA and working for 3-4 years. Then, once you've worked in the field of finance for 3-4 years, you'll know whether you need an MBA or a MFE. Until, then I guess you should hold-off that decision.

This is all my opinion of course. It's your decision.

 

[bluegenep]

Thanks Rishab.. I really really appreciate your suggestion..I guess I am first gonna do CFA, try to get some experience then join MFE...and your comment of doing MBA only after having good work experience makes completely sense..but the only problem i see here is age..going to be 22 this august...by the time i graduate, have some experience and join MFE /MBA I will be around 25-26...this sucks...
Do you think by taking a year off after graduation will be a better option...meanwhile i will be improving my mathematics skills..give Mathsubject GRE's and do independent studies of C++ and VB and then go to grad school for MFE...( in all these time I am also planning to prepare for CFA other levels)..I am pretty sure if i manage to score 85%+ in subject math GRE's top MFE programs should not be doubt my mathematical skills....
I should have realized what i wanted to do in my freshman year..now I realize what i really want to do in life i feel i am already way too much back timewise...

 

[Andy Nguyen]

Realize that a good number of members here are in their late 20s and early 30s with many career changers among them. 22 is very junior as far as getting started in this field is concerned.

 

[sleekmover]

agree completely. I am 35 and applying for MFE. 3 - 4 yrs exp after that and possibly follow up with an MBA if time/resources permit

 

[Andy Nguyen]

One reason (biggest one) is that MFE is not main stream degree like Math/CS/MBA so high school counselors across the country have never heard of it. If you hear about it during early college days, consider yourself lucky. Most people heard about it when they are already done with some other degree.

I heard about it only 5 years ago after I have done with my MSc. Wish I had heard about it sooner.

 

[bluegenep]

Thanks guys..it really helps..I guess I am going to CFA exam this year then work for 1-2 years meanwhile polishing my mathematical skills and programming skills..now the problem is how tough is to break into a bank or organization with just CFA level?? any advices in getting into banks or financial institutional relating to mutual funds and hedge funds as a starter level?? Do you there is a decent chance of making it with just undergraduate level in Mathematics with concerntration in econ and computational science + CFA level I?

 

[bluegenep]

Can anyone suggest me the books that i need to read for CFA level I books....I tried to find it but it is so confusing what books are used.. Since I am from a mathematics background you can assume me that i have no background in finance...

 

[CN Chen]

Can anyone suggest me the books that i need to read for CFA level I books....I tried to find it but it is so confusing what books are used.. Since I am from a mathematics background you can assume me that i have no background in finance...

When you register for CFA, they provide you with all of the books you need. The cost is already included in the registration price . If you want to get supplemental books as well as some practice exams, I highly suggest getting the Kaplan Schweser Notes, which I think costs another $350. Schweser is a more condensed version of the material and easier to understand in my opinion. I used the Schweser Notes for all three levels and have never opened any of my CFA curriculum books.