Course based or research?

[JulianT]

Hi,
I'm trying to figure out if an MFE is the right thing for me. Both my parents having PhDs in biology, they are trying to convince me that course based masters programs are simply cash grabs offered by the university. They think I would be better served doing a PhD or at the very least a research based masters. While the idea of getting paid to go to school instead of vice-versa is very appealing, I don't know what is the best way to get ahead in my career while offering stimulating intellectual challenges. I am curious as to what members of the forum would have to say. Right now I have a broad range of interests, principally FX, fixed income and derivatives. I'm also not so sure I can stomach the thought of spending another 5 years or more in school doing a PhD, so my question is more relevant towards masters programs.


My profile:
2nd year Undergraduate student specializing in Mathematical Finance
GPA 3.86/4.3
Previous internship on the trading floor of an international bank in Shanghai
upcoming summer internship in sales and trading in Montreal
research associate for an extra curricular portfolio management program, with $1.5M CAD assets under student management (1st year of the 2 year program)

by graduation I will have completed course work in
Multivariable calculus
Linear algebra
Real Analysis
Measure theory
ODEs, PDEs, SDEs
stochastic processes and advanced probabilities
statistics (simulations, time series and forecasting)
finance
applied investment analysis and portfolio management
options and futures, advanced derivatives
mathematical finance courses (multi-period binomial model, monte carlo, exotic derivatives, etc)

one area I know is lacking is on the programing side. I only have one C++ course, and it barely scratched the surface of OOP. I do know basic Java and VBA (in excel) having taught myself the basics of it.

Your thoughts are very appreciated!!!1

 

[Joy Pathak]

Hi,
I'm trying to figure out if an MFE is the right thing for me. Both my parents having PhDs in biology, they are trying to convince me that course based masters programs are simply cash grabs offered by the university. They think I would be better served doing a PhD or at the very least a research based masters.

Yes. I went through the same issue with my parents. My dad is a professor in fin accounting and he looked down upon course based degrees. MFE is a legitimate program DEPENDING on where you go. It is a cash cow for every university but some will actually give you a good return on the investment. Pick wisely. Some programs involve doing a small thesis which involves a good amount of research. At Baruch we have to do a capstone project which is basically like a thesis. You use all the knowledge you have gained over 2 semesters and put it into a project and write up a paper about it.

You mentioned these asset classes but what do you want to do with them? you want to trade them? Do a good job in your S&T summer internship and you won't even have to do a masters to get a good job. Work for 2 years as an analyst and then go for an MFE or MBA.

If you want to be a quant trader in those asset classes you might need to build up on your programming.

 

[JulianT]

Thank you for your input!
I am principally interested in trading, but am keen on doing some research to further my knowledge. I still have time before I need to seriously consider grad school. As to the programming, what is the general assumed level of programing upon entry of a masters?