CQF as a prep MFE

[wxyz]

Is the CQF a good preparation or background for an MFE? Would it make it easier to get into a program? Thanks for your comments.

 

[Mansi]

I am actually interested in responses to this question as well.

 

[Tsotne]

I am actually interested in responses to this question as well.

It is a good preparation really. I'm intending to do both MFE and PhD later (without CQF though) but I know some who have tried it and program courses are fully compatible with the MFE courses. You could add something or replace something but overall course does really help you. Moreover, for programming concentrated programs (MFE) you gain programming courses in CQF which solves 2 big problems: 1) Some of applicants lack programming experience of academic knowledge so you are given one here.
2) More importantly, you don't have to search for separate certification courses or wait for them for months. It also comes out to be a big problem since we follow the questions asked about C++ certifications.

So my personal opinion is positive. CQF helps you get prepared for MFE.

 

[Mansi]

what about a certification in FE from Columbia. Do you think the name associated with it would increase your chances of getting into a MFE program more then QCF?

http://www.cvn.columbia.edu/cert/fe_cert.php

Ofcourse you would not meet the C++ requirements this but in order to be accepted to a top tier MFE program, do you think that getting a certification from Columbia weighs more then QCF?

 

[darth]

CQF is a very organised and well thought out course. It sure can give you a very solid preparation for MFE or you may get a break
in the field without a further MFE. i.e., can act as substitute of MFE as well .They are working on their career services too.

 

[rajanS]

What is the point of a degree once you have the CQF certificate? The CQF costs $18500 dollars. Its definitely a good preparation and a well respected certificate. But once you take the CQF, you will probably repeat all of the same courses again. That plus the cost of a new degree would probably cost over 70k(including living expenses). If you want a good preparation, you should get the primer for mathematics for financial engineering. The columbia program is very good. But again, it costs $4500 per class which is atrocious. I took a class called stochastic processes for financial engineering over there, but dropped it after the 5th week and didn't pay a dime. I managed to download 7 lectures. they are really good actually. I needed help in the first few chapters, but after looking through the 7 lectures, I managed to get by the rest of the book on my own. Quite impressive. But, nothing beats free lectures.

 

[DominiConnor]

I have to declare an interest since Paul Wilmott is my business partner, and I teach C++ on the CQF

As Darth mentions there is work being done on careers, and there is a rumour that a mildly well known headhunter is on the faculty.

I actually don't know how various programs weight the CQF, they typically don't release such information and of course there is a lot of overlap between any given MFE and the CQF, so it's unlikely that any certification would do more for you. In any given cohort there are people doing the CQF alongside other studies, including finance PhD / MFEs.

 

[Lin]

hmm..if only it were not so expensive...
for most ppl the cost barrier rules out the possibility of doing both.

 

[wxyz]

Let's put aside the expense of the CQF. I think that the 6-month, part-time CQF can only teach you so much, there are a number of gaps in the curriculum, one being not teaching C++ (I dont know how to program), so a MFE would be more complete, plus the primary reason that the university would help with landing a job. So, I thought that someone applying to a program with the CQF would be more attractive to an admissions officer, since they would know that you have an interest in the field and that you have some background knowledge. Also, would this be looked at favorably when applying to Baruch?

 

[darth]

You can not compare a 6 months part time programme with a 1 year full time course in terms of content.
They have classes on C++ as well .
As per the cost part, they do provide some very generous scholarships to deserving delegates.
I am currently enrolled in the programme and very satisfied with the lectures and the content of the course.

 

[Mansi]

WXYZ, here is my take on it.
QCF program does not offer grades / transcripts so there is no way to measure your performance against your peers. Yes, it shows interest in the field but so does a certificate in FE from Columbia. With Columbia, you recieve grades. If you are trying to get into Baruch or NYU or any other ivy league, I think your application will weigh more if you have a high GPA to show for it, especially in the FE courses.

 

[darth]

"Also, would this be looked at favorably when applying to Baruch?"

If I am not wrong , I read somewhere on quantnet , a reply by DAN Stefanica (Baruch programme) that a CQF with distinction is
definitely considered impressive on a profile.

 

[darth]

WXYZ, here is my take on it.
QCF program does not offer grades / transcripts so there is no way to measure your performance against your peers. Yes, it shows interest in the field but so does a certificate in FE from Columbia. With Columbia, you recieve grades. If you are trying to get into Baruch or NYU or any other ivy league, I think your application will weigh more if you have a high GPA to show for it, especially in the FE courses.

They do have a final exam , on the basis of which you get a distinction plus there are module exams and you get a class rank as well....

 

[darth]

WXYZ, here is my take on it.
QCF program does not offer grades / transcripts so there is no way to measure your performance against your peers. Yes, it shows interest in the field but so does a certificate in FE from Columbia. With Columbia, you recieve grades. If you are trying to get into Baruch or NYU or any other ivy league, I think your application will weigh more if you have a high GPA to show for it, especially in the FE courses.

Assumption for making the above statement is that QCF = CQF

 

[Lin]

maybe the high price is a good thing...
coz what u have is thousands of international students linned up who would anything that would remotely improve their profile..
so if the CQF is say 500$..u'll have countless ppl with a CQF designation..many of them unemployed..
and then ultimately u'll have ppl sayin CQF cant get u a job!!

 

[rajanS]

"Also, would this be looked at favorably when applying to Baruch?"

If I am not wrong , I read somewhere on quantnet , a reply by DAN Stefanica (Baruch programme) that a CQF with distinction is
definitely considered impressive on a profile.

Yes. But I heard its not easy to get the distinction since you are covering so much material in a 6 month time frame. But, costs aside, then this program would be very good. I think they have an option of doing this on a module basis, so I would recommend you to take a particular module of interest. Why dont you take the pre mfe seminars from Baruch? You will learn so much. Plus you get to interact with the Director.

 

[rajanS]

maybe the high price is a good thing...
coz what u have is thousands of international students linned up who would anything that would remotely improve their profile..
so if the CQF is say 500$..u'll have countless ppl with a CQF designation..many of them unemployed..
and then ultimately u'll have ppl sayin CQF cant get u a job!!

I don't think thats the reason. its expensive because it has Paul Wilmotts name on it. Period. I think hes considered a guru on this field. Plus, I think CQF is turning more into an exclusive certificate. I think doing the certificate after a MFE is better than the other way around.

 

[Andy Nguyen]

Anything that gives you better training in math, programming is a good way to prepare for MFE degree. So in this sense, of course CQF is a good preparation, even better if you get the distinction.
That said, you need to ask yourself if CQF is the preferred way to prepare for MFE. First, you need to understand your weakness and draw up a plan to attack these. Over the years, I evaluated thousands of MFE applications and have come across many people with CQF/CFA/FRM/some-other-certification. I do not remember one instance where the extra certification makes or break his chance.

 

[dstefan]

"Also, would this be looked at favorably when applying to Baruch?"

If I am not wrong , I read somewhere on quantnet , a reply by DAN Stefanica (Baruch programme) that a CQF with distinction is
definitely considered impressive on a profile.

Indeed, a CQF with Distinction would be impressive.

However, one would most often take the CQF to break into the industry, not to prepare for an MFE program.

 

[rishab dhar]

So, since CQF is very good for breaking into quant finance, would this certification be ideal for a person who has completed his PhD in computers ( he does not want to waste time (1 year) and also wants to earn money at the same time (CQF is part-time) to break into quant finance rather than wasting almost $100k and 1 year of earnings ( total opportunity cost = almost $175k-$200k).

A student with aPhD, most often than not, has ample programming skills at C,C++, Java,Matlab, SaS (or any other modelling software) and usually has good quantitative skills. The only thing that usually lacks is the ability/knowledge on how to apply this knowledge to the field of finance. Besides, as I often see that PhD in Math/Stats/physics/Comp Sci is pretty much a requirement these days at most quant based hedge funds/BB firms. So, that guy doesn't actually need another degree, he only needs how to relate this knowledge to finance.