COMPARE CMU MSCF vs Chicago MSFM

[Siiilvaaa]

Even taking into account the scholarship, CMU has by far better career outcomes; $20,000 or $30,000 is the margin of error, so I would choose CMU without hesitation.

 

[quant_alpha]

I am in a similar position. I would choose CMU without hesitation. I believe that choosing CMU will be a +EV move accounting for the first several years of my career.

 

[rajdeepc]

Hi everyone! I have got an offer from UChicago MSFM with 20% scholarship and got waitlisted by CMU MSCF. CMU MSCF advised to look at current class profile and strengthen my application. I wanted to know what are the realistic chances of conversion from waitlist to being admitted? I kind of get the sense that the CV I submitted was bit off (I misunderstood when they said it can be 1-2 pages) and have an updated one (standard 1 page used for Jan submissions) with relevant projects and talking points. I also have completed advanced statistics courses since then and plan to do 1-2 more math ones as refreshers. At this point this is the only amendment I can make to my profile with the given timelines.
UChicago requires to respond by March 21 and Visa processing is also a time consuming factor with me being an international student. Chances of CMU MCSF process are looking pale and high risk and I am excited about UChicago after reading the reviews, curriculum and placements. I would very much appreciate all your inputs to assess this "tail" situation many thanks in advance!

 

[Andy Nguyen]

Here is latest employment report from CMU MSCF (Dec 2023 grads). Read all the details, fine prints to find where their grads end up.

 

[neill_gonz]

Here is latest employment report from CMU MSCF (Dec 2023 grads). Read all the details, fine prints to find where their grads end up.

How many of these 91 students already had at least 1 internship before starting the MSCF? How many had full time experience before the MSCF? same case with UChicago MSFM.

Placements are one thing but those numbers may be skewed with the context that employers prefer those with experience already whether they be related or slightly unrelated experience.

It will be interesting to know if there were actually students admitted by CMU MSCF and UChicago MSFM who had nothing at all, got into these programs, and managed to get at least one placement (internship/job).

 

[kombuchalover]

How many of these 91 students already had at least 1 internship before starting the MSCF? How many had full time experience before the MSCF? same case with UChicago MSFM.

Placements are one thing but those numbers may be skewed with the context that employers prefer those with experience already whether they be related or slightly unrelated experience.

It will be interesting to know if there were actually students admitted by CMU MSCF and UChicago MSFM who had nothing at all, got into these programs, and managed to get at least one placement (internship/job).

81% of CMU students had no full time work experience in 2024 according to the 2024 class profile…

 

[neill_gonz]

81% of CMU students had no full time work experience in 2024 according to the 2024 class profile…

of those 81%, how many had prior internship experience? (It's a lot easier to get placements with prior internships)

 

[kombuchalover]

of those 81%, how many had prior internship experience? (It's a lot easier to get placements with prior internships)

If you haven’t had an internship you have no chance of landing a higher end quant internship anyway (hedge fund / prop shop trading/research) to be honest with you. Having an internship is a very low bar. I don’t think students having an internship discredits CMUs placement if that is what you’re getting at.

 

[neill_gonz]

If you haven’t had an internship you have no chance of landing a higher end quant internship anyway (hedge fund / prop shop trading/research) to be honest with you. Having an internship is a very low bar. I don’t think students having an internship discredits CMUs placement if that is what you’re getting at.

Usually, yes, but in the current market where a good amount of firms don't take in a lot of interns (say 10/2000 from my experience), those without internships/experience will be forced to go for a master's to avoid CV gaps

 

[Siiilvaaa]

These are objective opinions from the data that CMU MSCF is superior to UChicago in various aspects.

- Rankings
As you can see from the QuantNet ranking, CMU is #3 behind Princeton and Baruch, but UChicago is #7.

- Carrier Outcomes
CMU has one of the strongest connections in New York (because CMU MSCF has a campus there), where top-tier funds and investment banks are most concentrated, alongside of Baruch, MIT and Columbia, so if you want a job in New York or Pittsburgh, CMU is your better choice. My friend also attended CMU New York campus and received an offer from a hedge fund. (The basic premise is that the market has been bad for the past few years, so employment results have been down everywhere.)

- Expected Salary.
According to official data, the average salary at CMU MSCF is $165,025, while UChicago MSFM is $134,285. If the scholarship from UChicago is $20,000 - $30,000, I will chose CMU. Because there is a $30,000 difference in just the first year, and this difference is compounded and widened every year if you can work in NYC, the financial capital of the world.

- Quality of Education
Regarding cohort size, CMU is 101 (NUC: 53, PGH 48) and Chicago is 153; CMU is more likely to have a higher quality education with closer distance to professors. Financial engineering professors are usually well-known practitioners in the industry, so connections with them are very important. Actually my friend I mentioned got a summer internship (and was subsequently hired) at HF in NY through a professor's referral and recommendation.

 

[Andy Nguyen]

Hey everyone! I was fortunate enough to be accepted into both these prestigious programs and want to decide between these two universities. After comparing final costs (includes living costs + tuition - scholarship) UChicago would be cheaper by about 25-30k for me. I wanted to gather input on whether it is worth picking CMU over UChicago and what factors lead to the differentiation between the two. For context: I am okay with the Chicago weather (used to the weather) and I will not be taking any loans to fund my masters (however, the 25-30k will be a bit of a strain on my finances). I appreciate your input! I would love to hear any nuanced opinion as I have done my preliminary search online and talked to a few students from both the universities. Thank you in advance!

Looks like you picked CMU based on the advice from the other members.