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Chris Dolan's Thread

chrisd

Joined
11/20/07
Messages
49
Points
16
Hi everyone!

My name is Chris, I'm an applicant for Fall 2008. I just graduated from NYU (technically, the date my diploma is posted is 1/25, but I digress). While there, I majored in Math. I took a lot of grad-level courses there, mostly in pure math. To be more precise, I took two semesters of Algebraic Topology, Real Analysis, Algebra, Differential Geometry, as well as a few seminars in Analysis, Geometry, and Topology, as well (non-grad) courses in Differential Equations, Complex Variables, etc. At some point, I realized that being a pure mathematician wasn't really for me, and neither was being an academic.

As far as my motivation for doing an MS in Financial Engineering, quant roles were something I learned about a few years ago and always kind of had in the back of my mind (although my course selection over the last few years doesn't really reflect it). I started doing some reading - I read Hull's book to get a more academic perspective, and read through Derman's book to get an idea what a career might be like - and I decided that this would be what I wanted to do, and that applying to FE programs was the way to get my foot in the door.

I have a few questions to start:

1) Obviously, my finance background is a bit lacking. I've read through Hull... are there any other books that you guys would recommend reading/studying before I start a program in the fall? While not exactly relevant to financial engineering, I can't imagine that it would hurt to read a book on corporate finance, as well, at the very least to make one more well rounded. Any books you'd recommend for that?

2) My programming background isn't terrific. Of course, the prerequisites for the program are one semester of college-level programming, and technically, I took two semesters of AP CS in high school. So, if I were to take, Mark Joshi's book on Financial Programming, and work through, would you say that I would be amply prepared to enter a program this fall?

3) To the best of your knowledge, how does the curriculum at Baruch differ from the other financial engineering programs in New York? How do you think it is better or worse? I don't really expect you guys to have extensive knowledge of the other programs, just anything you guys might happen to know.

4) How are the courses structured? Are they more problem-set oriented? Or are they more project-oriented?

5) I don't know if any of you would know about this, but on the application there was something about graduate assistantships, presumably TAing. Have any of you done this? How is it?

Any answers, or comments would be great. Thanks!
 
Hi Chris,
I took a bunch of grad math courses so I know how you feel.
1) Read the following books for fun. As a newbie, I learn a lot about the Wall street culture, mentality
How I Become Quants
Poker's Liar
Working the Street
Starting Your Career as a Wall Street Quant

The links to those are in Master list of useful Quantitative Finance books - QuantNetwork - Financial Engineering Forum

2) Joshi is not the best book to start learning C++. Get something more introductory. Walter Savitch is my fav. I learned C++ with that book 10 years ago.

You also need to get yourself proficient in Excel/VBA as well. List of programming books is at
Master list of useful Quantitative Finance books - QuantNetwork - Financial Engineering Forum

3) In my opinion, Baruch has one of the most demanding programs. I would put it in the top 5. I don't know any other program beside CMU that has a comparable programming training. There is C++ and nothing else allowed in the program.

I know some other programs teach Matlab, VBA instead of C++ and that just impacts graduates employability. An acquaintance of mine who is a NYU Math Finance graduate and he couldn't get any of the more lucrative positions because he didn't know C++. He only knows Matlab and end up working at Numerix doing the models in Matlab.

I think the Baruch program is very practical. They don't teach History of Finance like at the Poly program. They don't teach VBA/Excel/Matlab/SAS/R or that sort. (Come on, if the students are very smart, they should be able to learn those easy languages on their own).

I think the strength of the Baruch program is that they give the students really good training that can be adapted in various positions. I have plenty of friends at other programs and I have a good idea about how Baruch compared. But I'll let you find out for yourself. I'm biased by association ;)

4) most courses are projects oriented. Almost all is done as team of 3-4. Problem sets are so much that you have to work as teams to get through them.

5) A few students have TA teaching undergrad courses at Baruch.
 
Hi Chris,

Regarding your question about books, Hulls book is basically about derivatives (and is a great book), but since you said your finance background is bit lacking, I would highly recommend:

Investments by Zvi Bodie, Alex Kane, and Alan J. Marcus

This book gives much broader idea about Investment Finance.

Satnam
 
Satnam - a few of my friends have recommended that book to me. I'll be sure to check it out. Thanks.

Andy - Thanks as well. Liar's Poker is one of my favorites. One of my friends, who works in finance, recently had to work on a deal with the Human Piranha. Apparently he doesn't drop f-bombs all the time via email, though.
 
In general, what would you guys say is the amount of C++ one should know coming into the program? I mean, obviously, the more, the better, but what would you say is the minimal level one would need to be comfortable in the first semester classes here?
 
Hi Chris,

It is very nice to meet another guy posting on this special forum. Greetings =D>

Although I am not a current MFE student here, I think I can try to answer your first question from my three years experience studying the finance and economics.

Brealey & Myers's Principles of Corporate Finance is a great corporate finance book introducing the discounted cash flow, capital markets, capital structures, options and M&A, etc. More advanced books include Financial Theory and Corporate Policy which requires some microeconomic basis. Zvi Bodie's Investment is a very comprehensive book introducing every major market and it is also a great one. Another book about investment I personally like is Investment Science by Luenberger. This book is relatively more quant-oriented, so you may like the style in which the author discusses investment theories. If you want to get more details of market conventions, refer to some MBA-level textbooks elaborating on each market like International Financial Markets: Price and Policy, Fixed Income Securities, Handbook of Alternative Investment, etc. And some exposures to Macroeconomics and Financial Accounting are also definitely helpful to get well rounded.

To your third question: As Andy said, C++ is the most important language. You can easily pick up almost any language after you get proficient at C++. I think Bruce Eckel's Thinking in C++ Vol.I would be a good start. Of course, other advanced topics like Generics and Design Patterns are also of great importance.
 
Hey guys, just to let you know, I'll be sitting in on the Market and Credit Risk Management Class on Monday night... if any of you are in the class, or are otherwise around, and want to, say, grab a drink afterwards, let me know.
 
Weekly drinking tournaments? :D what are they drinking? I might stop by one day to participate (well, you know that vodka was invented in Russia :) ).
 
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