Directly apply for MFE abroad vs pursue a Master’s in India first

Joined
2/9/25
Messages
4
Points
1
Hi everyone,


I’m currently at a crossroads in my career path and would appreciate some advice from those who’ve been through similar situations.


My Background:

  • Graduated in Mathematics & Computing from Delhi Technological University (tier 1 University in India at par with top nits) with a consistent CGPA of 8.8+.
  • Strong foundation in DSA, probability, statistics, stochastic processes, numerical methods, and financial derivatives.
  • Published a research paper presented at an international conference in London.
  • I had a lot of math and cs courses during my undergrad, some of the relevant courses I am mentioning

    Maths -
    Engineering Mathematics 1 and 2
    Probability and Statistics
    Linear Algebra
    Numerical Methods to solve differential Equations
    Scientific Computing
    Stochastic Processes
    Financial Engineering
    Real Analysis
    Abstract Algebra
    Discrete Mathematics
    Complex Analysis
    Differential Equations and its Applications

    Computer Science -
    DSA
    Machine Learning
    Artificial Intelligence
    Software Engineering
    Programming Fundamentals

    Miscellaneous Analytical Courses -
    Engineering Economics
    Physics 1 & 2
    Computer Graphics
    Electrical Engineering
    Theory of Computation

    There were a few other CS courses but I don't think they are much relevant from quant perspective like OS,OOPS,DBMS,CN etc.
    In all of the above courses I had scored 8/9/10 i.e A/A+/O


  • Professional experience:
    • Currently working as a Software Engineer in an MNC
  • Competitive programming exposure: solved 1000+ problems across platforms, Knight on LeetCode, top 2-3% of coders & Specialist on Codeforces
  • Good coding hold in Python, C++, JavaScript, and also some exposure to ML/AI.

My Dilemma:
I’m trying to decide on the right path forward to break into quantitative finance. Options I see are:

  1. Directly apply for top MFEs abroad (like CMU MSCF, Princeton, Cornell, Baruch, Berkeley, LSE) after improving my profile.
  2. Pursue a Master’s in CS/AI from IIT/IISc in India, improve my profile simultaneously by publishing more research papers, clearing cfa/frm l1 and do intern in data science/ml domain then apply for MFE abroad.
  3. Alternatively, strengthen my profile in India by clearing CFA/FRM Level 1, then apply for MFE later without a masters degree just with sde workex.

Questions I have:

  • Given my current profile, would it make more sense to apply directly for MFE programs abroad, or would an Indian Master’s + certifications like frm/cfa help significantly? Assuming I am able to get a good score in GRE.
  • What are the most impactful ways I can strengthen my profile over the next 1–2 years? (e.g., CFA/FRM, finance-related projects, research, internships).
  • How is the current market scenario for quant/strat roles for fresh MFE grads in the US/Europe?

I’d really value the perspective of those who’ve gone through an MFE or are currently working in quant roles.


Thanks in advance!
 
Last edited:
I see a lots of Indian applicants doing CFA/FRM as preparation for MFE. It is a lot of money and time invested for something that is not valued much by MFE admission committee.
What certificate/course would have more value instead?
Something like the C++ or Python certificate here as well as spending more time learning how each MFE program is different, the type of jobs each program prepares you for, etc.
Also, I think you should apply to MFE directly instead of spending more time studying another master in India. Not a good ROI.
Here is a journey by an Indian applicant who got into Columbia MFAN by customizing his preparation.
 
I see a lots of Indian applicants doing CFA/FRM as preparation for MFE. It is a lot of money and time invested for something that is not valued much by MFE admission committee.
What certificate/course would have more value instead?
Something like the C++ or Python certificate here as well as spending more time learning how each MFE program is different, the type of jobs each program prepares you for, etc.
Also, I think you should apply to MFE directly instead of spending more time studying another master in India. Not a good ROI.
Here is a journey by an Indian applicant who got into Columbia MFAN by customizing his preparation.
Thankyou so much for the reply, what all do you think I can improve upon to increase my chances at top univ if not cfa/frm. I am obv planning to take my gre soon so apart from that what would you suggest. I have also a good rating on codeforces and leetcode and will be trying to increase it further and in parallel study for gre. I was actually told cfa/frm L1 might help make my profile outshine to others. Also I am currently looking for a switch as well preferably in a bank or Fintech from my existing conventional sde role.
 
I see a lots of Indian applicants doing CFA/FRM as preparation for MFE.
Hi Andy, I'm probably not the most qualified to offer a take on this, but as someone in the CFA Program (Level III Candidate), I have a couple cents on this as an Indian MFE/MFM aspirant.

The CFA's often hailed as a silver bullet which helps you break into whichever role you want. Be it Corp Fin, IB, RX, Sales and Trading, and even quant. I think a part of this notion is attributable to mostly younger candidates studying for the CFA Charter, and this could be some sort of motivation or rationalization for their >= 300 hours per level spent in studying (a very flawed metric, but I digress).

The CFA's objective is to give someone a good perspective on what various roles look like. If you're not someone who works in equity research, it gives you the knowledge you'd need as an outsider to get a reasonably good idea about what the role does, what are some of the most popular methodologies, etc. The same goes for things like portfolio management, financial statements analysis or quantitative methods. You're not given an exhaustive understanding of it, because quite frankly, it's not possible to do that and then test that over a 4.5 hour long exam.

I'm currently studying for Level III and I've taken the Portfolio Management pathway. I see a lot of areas touched upon, such as the Black Litterman model, Reverse Opti, Mean-Variance Optimization, Trading Strategies for Indices and Options and things like constructing portfolios. A lot of it in the curriculum appears to "skip" the quantitative aspect of it (like, explaining quantitatively how you generated a frontier of weightings for a multi asset portfolio, or how you'd really construct a factor based portfolio) and goes to the conclusion. So yeah, I get why it doesn't have a direct translation towards what you're studying in an MFE/MFM course.

However, I think the CFA would have an indirect positive support. You'd potentially be less likely to fall victim to data snooping, and having a better understanding of why you're doing something irrespective of you being a QR/QT or a risk professional since you have a solid understanding of economic drivers and financial theory. Then there's also the added advantage of being able to leverage the local CFA society (if you're in NYC, Chicago or Boston) to get you good referrals, or potentially a job or an internship. I'm just 22 years old, so I may not be entirely correct in my assumption of the CFA society being beneficial since I'm basing this on how CFA India's been very proactive in the space.

@Andy Nguyen , I'm very happy to share the details of the CFA program with you if you'd like to see what the course entails, but I think if the allusion of it being able to magically land you a Point72 QT role is taken away from it, it has some serious benefits and ultimately what you make of it.
 
Last edited:
I see a lots of Indian applicants doing CFA/FRM as preparation for MFE. It is a lot of money and time invested for something that is not valued much by MFE admission committee.
What certificate/course would have more value instead?
Something like the C++ or Python certificate here as well as spending more time learning how each MFE program is different, the type of jobs each program prepares you for, etc.
Also, I think you should apply to MFE directly instead of spending more time studying another master in India. Not a good ROI.
Here is a journey by an Indian applicant who got into Columbia MFAN by customizing his preparation.
I do not agree with this tbh. If an undergrad degree from a premier institute which contains courses in DSA, OOPS etc. and experience as a software engineer won’t signal programming prowess, getting a certificate in C++/Python won’t either.

The CFA, on the other hand, adds a lot more value for the OP’s profile. Berkeley has L1 as one of their pre-reqs and a lot of other programs do look favorably at L1 as well if the applicant doesn’t have much relevant experience within the finance industry imo. Additionally, within the Indian market, the CFA/FRM L1/L2 can help you get through the HR filter which is extremely difficult if you aren’t from the IITs. India is not a mature market for quants and recruiters do not have as nuanced a view of the quant skillset as in more developed markets like the US.

Thankyou so much for the reply, what all do you think I can improve upon to increase my chances at top univ if not cfa/frm. I am obv planning to take my gre soon so apart from that what would you suggest. I have also a good rating on codeforces and leetcode and will be trying to increase it further and in parallel study for gre. I was actually told cfa/frm L1 might help make my profile outshine to others. Also I am currently looking for a switch as well preferably in a bank or Fintech from my existing conventional sde role.

I do not think getting another masters will help your profile much. If you want to take some time, I’d much rather recommend trying to get some relevant work ex. I had almost exactly the same profile as you and getting relevant work ex helped me a lot with admits. Work ex does drastically improve your profile and, more than that, makes your job search after starting the program a lot easier. I do think CFA/FRM L1 can help you get interviews in India. If you aren’t on a clock, I would recommend taking around 2-3 years if you can work on getting work ex. The job market in the US is not the best right now and the upside of coming in with work ex can be very significant.
 
Last edited:
I do not agree with this tbh. If an undergrad degree from a premier institute which contains courses in DSA, OOPS etc. and experience as a software engineer won’t signal programming prowess, getting a certificate in C++/Python won’t either.

The CFA, on the other hand, adds a lot more value for the OP’s profile. Berkeley has L1 as one of their pre-reqs and a lot of other programs do look favorably at L1 as well if the applicant doesn’t have much relevant experience within the finance industry imo. Additionally, within the Indian market, the CFA/FRM L1/L2 can help you get through the HR filter which is extremely difficult if you aren’t from the IITs. India is not a mature market for quants and recruiters do not have as nuanced a view of the quant skillset as in more developed markets like the US.



I do not think getting another masters will help your profile much. If you want to take some time, I’d much rather recommend trying to get some relevant work ex. I had almost exactly the same profile as you and getting relevant work ex helped me a lot with admits. Work ex does drastically improve your profile and, more than that, makes your job search after starting the program a lot easier. I do think CFA/FRM L1 can help you get interviews in India. If you aren’t on a clock, I would recommend taking around 2-3 years if you can work on getting work ex. The job market in the US is not the best right now and the upside of coming in with work ex can be very significant.
My undergrad courses, codeforces and leetcode ratings, quant projects and sw workex won't contribute to anything?
 
My undergrad courses, codeforces and leetcode ratings, quant projects and sw workex won't contribute to anything?
They would. That is what I said. You have extremely strong evidence (and then some) of programming skill. You do not need a Python/C++ certificate and it won’t add any value to your profile. What will make you a competitive (and attractive) candidate for the top MFE programs is relevant work ex. I’d recommend working your way towards that. You already have a good profile. The work ex bit will make it great. Another masters or a C++/Python cert won’t.
 
They would. That is what I said. You have extremely strong evidence (and then some) of programming skill. You do not need a Python/C++ certificate and it won’t add any value to your profile. What will make you a competitive (and attractive) candidate for the top MFE programs is relevant work ex. I’d recommend working your way towards that. You already have a good profile. The work ex bit will make it great. Another masters or a C++/Python cert won’t.
Okay got it and what would you recommend clearing cfa or frm l1?
 
Okay got it and what would you recommend clearing cfa or frm l1?
I did the CFA and did find it useful. L1 does help you get up to speed with a lot of financial jargon you’d be expected to know when you interview. I can’t comment on FRM much. It does help in getting into risk tho and risk roles would prolly be the most accessible ones if you try to break in.
 
Back
Top Bottom