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Decisions about graduate education

Phoenician

Joined
12/5/11
Messages
3
Points
11
Hello all, I'm new to the forums but I really want to get into the "quant" game. Since I was knee-high I've loved markets and finance. I'm an undergraduate at a fairly-well respected (small) school in the midwest. My grades are pretty average, with coursework in:

G.P.A.: 3.2
GMAT: 640
Major: Economics
Minors: Mathematics and Business
Programming: SQL, C, C++, Java. (R, Matlab, VB as well)
Age: 21
Aspiration: Work in a quantitative role at a bank/fund, etc.

I highly doubt that I will get into a top MFE/M.S. Quant. Fin. program (though I applied to a few), and I also applied to some more realistic programs for me to actually get into. In your opinion, am I better off focusing on a M.S. in Applied Math at one of these average schools and then applying again in a year or two to a bigger name MFE program, or should I simply enroll in a lesser known M.S. Finance program now?

I guess what I'm really asking is, how much does going to a top school (e.g. Baruch, Colombia) matter in this job field? Am I exponentially better off waiting it out hoping to get into one of those programs? Does an M.S. Applied Math convey serious payoff in the long run? Will getting an App. Math degree get me where I am trying to go, or is it really superfluous? If my application seems lacking from the above data, how would YOU go about making yourself a more ideal applicant if you were in my position? Also, on a barely related note, does passing actuarial exams look good on applications to Quant. Fin. programs?

I sincerely appreciate any and all constructive arguments and criticisms.

Thank you,
Phoenician.
 
Phoenician said:
Hello all, I'm new to the forums but I really want to get into the "quant" game. Since I was knee-high I've loved markets and finance. I'm an undergraduate at a fairly-well respected (small) school in the midwest. My grades are pretty average, with coursework in:

G.P.A.: 3.2
GMAT: 640
Major: Economics
Minors: Mathematics and Business
Programming: SQL, C, C++, Java. (R, Matlab, VB as well)
Age: 21
Aspiration: Work in a quantitative role at a bank/fund, etc.

I highly doubt that I will get into a top MFE/M.S. Quant. Fin. program (though I applied to a few), and I also applied to some more realistic programs for me to actually get into. In your opinion, am I better off focusing on a M.S. in Applied Math at one of these average schools and then applying again in a year or two to a bigger name MFE program, or should I simply enroll in a lesser known M.S. Finance program now?
Click to expand...

Is it possible to get admitted to an MS in applied math when you only have a minor in math in your undergrad?
 
In my case, yes. I have a lot of credit hours in math, and have fulfilled the majority of needed prerequisite courses (roughly 18 hours after integral calculus). Summarized, I'm about a semester and change away from a B.S. degree in math, I have completed most of the needed courses. My only real deficiency at the moment is modern algebra.
 
I almost always say no to MS but with your grades it might be a good idea. Maybe try to find a 1 year math masters and get a good GPA. Then take the GREs.
 
MRoss said:
I almost always say no to MS but with your grades it might be a good idea. Maybe try to find a 1 year math masters and get a good GPA. Then take the GREs.
Click to expand...

I appreciate your input. Ross, I see that you are 27, what did you do in-between university and Baruch?
 
I was a high-school teacher immediately upon graduating HS. I taught for 4 years and then started my undergrad. I did an extended 5 year undergrad. I majored in math and minored in finance, psychology, and education. Went straight from undergrad to grad.
 
what u mean by "quantitative role at a bank/fund"? There is a big difference between bank and fund. Funds often prefer Phd.
 
MRoss said:
I was a high-school teacher immediately upon graduating HS. I taught for 4 years and then started my undergrad. I did an extended 5 year undergrad. I majored in math and minored in finance, psychology, and education. Went straight from undergrad to grad.
Click to expand...
You can be a high school teacher with no education?
 
benzbubblecat said:
You can be a high school teacher with no education?
Click to expand...
It was a private at teens-at-risk school. I started as a sub dealing with troubled teens (I had an excellent track record as a counselor in camps). The kids and staff really liked me and I was promoted to teacher in the first year. It was an awesome experience.

Besides this all gives me a nice edge in financial engineering; I have tons of experience with risk. ;)
 
MRoss said:
I was a high-school teacher immediately upon graduating HS. I taught for 4 years and then started my undergrad. I did an extended 5 year undergrad. I majored in math and minored in finance, psychology, and education. Went straight from undergrad to grad.
Click to expand...

Hi MRoss, may I know more about your decision to extend your undergrad to 5 years? I am currently in my final year and my advisor who owns his own hedge fund recommends me to extend for one more year (take more math courses) and apply to MFE then. However, it's kind of a waste for one more year's study. Sometimes I feel confused. So I hope I could hear more insights from you. Thanks.
 
If you have taken Linear, Advanced Calculus, Probability, and basic finance courses do not wait another year. It is a waste of time and money. I did 5 years because I was originally going for psychology/education. After taking a couple of math courses I decided to switch to a math degree. I enjoyed it much more ;).

However, if his hedge fund is doing well maybe listen to him so that he'll hire you down the road :).... and then give him my number if he needs another hand. You can tell him I'm good with numbers and like really large paychecks. :D
 
MRoss said:
If you have taken Linear, Advanced Calculus, Probability, and basic finance courses do not wait another year. It is a waste of time and money. I did 5 years because I was originally going for psychology/education. After taking a couple of math courses I decided to switch to a math degree. I enjoyed it much more ;).

However, if his hedge fund is doing well maybe listen to him so that he'll hire you down the road :).... and then give him my number if he needs another hand. You can tell him I'm good with numbers and like really large paychecks. :D
Click to expand...

:) Thank you for your advice:) I'll think about it~ See you around in QuantNet and hope you all the best in Baruch!
 
OP, honesty it doesn't matter where you go but what you do for your education once you get there, how much time you spend outside of class learning stuff on your own. Everyone tries to go to top program which there is nothing wrong with but everyone is cut the same. 3.9 gpa, Math, engineering, high GRE/GMAT, etc. Take what you learned in your major and teach others through your own personal website, start trading on your own and keep track of your strats, do independent market research or send the reports of to potential employers, etc. Most people think that grades will get you in the door, they help to a point but the willingness to self teach and passion for the industry will get you a lot further believe me I know. I Spent time between my junior and senior year teaching myself fundamental analysis and accounting. I graduated from a non-target school( 3.2gpa, software engineering, Low GMAT), landed an internship (wealth management firm) and did that for a year and a half. Landed another internship( start-up hedge fund) did that for a year was offered a full-time position(transition from programmer to equity analyst) I am very happy with where I am because I get to work 1 on 1 with fund managers and I am not just a number in some big corporation. All this helped to build up my resume up which I used to get into a decent B-school(Carey). The point that I am getting at is that I spent A LOT of time outside my undergrad major and while I was on these internship self teaching myself and showing how much I wanted to be in this industry by doing things like stock pitching, econ reports, modeling, networking,etc this looked good to employers as well as admissions anywhere you go. I am not the high grades/test score type person so I had to stand out in other ways. If you take anything away from what I just said it should be to just make the best educational experience you can where ever you end up and everything else will fall into place.
 
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