Doubt about myself in application

[clinicw]

Dear all, I really feel nervous these days on my MFE application of Columnbia U and here ask for some advices.Many thanks for give me some instructions!

I am a Ph.D student majoring Biochemistry together with a MD from China. I've made my mind to switch to financial engineering and take a double degree of Economics while pass the first 3 exam(P/FM/MFE) of acturial science., and have some part-time interns on risk management.

Last month I applied to MFE in FU School of Engineering, yet only to found most of the students applying for the program are majoring in CS/Math/Statistics.I feel a little depressed on my previous courses in math/programming.

So I am floundering.Should I still chase my dream to be in MFE,which seems hard for me because of my background; or should I swith my career goal to consulting in Biomedicine or euqity research?I am a girl of 26 years so there's no extra burden of family.

Thank you all very much !

 

[euroazn]

Just for some perspective, why become a quant (as opposed to say consulting or equity research, or something more related to biology)? And in general, why finance at all, with the time you dedicated for your MD/PhD?

Also, FU stands for which university? Simply having a degree doesn't mean you'll be hired... if this is a lesser known university, your chances become are less.

 

[clinicw]

Just for some perspective, why become a quant (as opposed to say consulting or equity research, or something more related to biology)? And in general, why finance at all, with the time you dedicated for your MD/PhD?

Also, FU stands for which university? Simply having a degree doesn't mean you'll be hired... if this is a lesser known university, your chances become are less.

There's more and more Ph.D of biology graduated every year who focus on equity research, and I think if I have more quantitative background than them I would be more competitive in finding a job.
And Quant Background might helps for a foreigner to get a job in US?That is the basic reason...I thought..

And about Finance Ph.D? Oh you know, the Ph.D enrollment rate in Business School is around 1% which seems impossible for me. I take the Ph.D partly for the reason that I can access to the double degree of economics as a fulltime student, as well as have enough time for the acturial exams...Biochemistry is not so difficult so I still have time for math as well as internship

FU is the Fu Foundation School of Engineering & Applied Science of Columbia U, which I applied this year. I got all my degrees from PKU, the top-2 University of China. So...that is to say,you advice me to turn to a easy life in equity research?
Thank you !

 

[euroazn]

If you want a quant degree to become more hire-able in equity research, I would definitely try to apply for positions and see what you get... if you get in, then you saved yourself time and money.

That being said, foreigners don't get a boost in Quant programs because Quant programs are usually full of foreigners (particularly Asians) anyway.

That being said, I'm no expert.

 

[Andy Nguyen]

How did you like your internship in risk management?

 

[clinicw]

How did you like your internship in risk management?

To be honest, I like it pretty much.
At first I was selected to do an internship in managing the risk of Diabetes using inputs like blood glucose level/ages/years number of suffering,I like the indications of numbers when I got the results .

Later my advisor taught me to make models of predication ,and he said I could turn to risk management if I enjoy prediction.Of course he might infer the risk management of disease.But the risk management in marketing seems more proficient and interesting.

So I took another internship in a Global 500 company SinoChem and spent 3 months on risk assessment and risk control. Compared with the uncertainties in bioexperiments, the confirmed numbers assuage my feelings of insecurity(Please do not laugh at me....Just thinking of you face two cages full of rats .You have to discrete the "FAT"from "Normal" only to find the "FAT"ones are thinner than "Normal"ones because the "FAT" are scared by their cardiopathy neighbours....FML!)

So I feel safe here ,with numbers...I really enjoy the safety from dealing with numbers here..

 

[clinicw]

If you want a quant degree to become more hire-able in equity research, I would definitely try to apply for positions and see what you get... if you get in, then you saved yourself time and money.

That being said, foreigners don't get a boost in Quant programs because Quant programs are usually full of foreigners (particularly Asians) anyway.

That being said, I'm no expert.

What is fatal:I am not in US now,so it might be extremely difficult for me to directly get even a tiny intern position in US.And this degree helps me in getting a permission of interns in US.
Working position of equity in Asia are often offered to those with a US degree. That is the truth in HongKong, and I don't know what the employer really thinks by doing so.
FE really make my PHD/MD nonsense....but I could not think out a better choice...

A pretty dilemma of my life, isn't it?Thank you very much for your advice!

 

[Andy Nguyen]

My advice would be to have some low expectation for your MFE degree, regardless of where you will obtain them from.
The number of MFE students from China/India graduating each year struggle to find jobs is something you can't ignore. A degree won't necessarily improve your marketability. Do you have something that the market needs that they will pay for?

Can you code better than CS graduates? Can you come up with better models? Or are you just one of the hundreds people each year looking for the same thing?

 

[clinicw]

My advice would be to have some low expectation for your MFE degree, regardless of where you will obtain them from.
The number of MFE students from China/India graduating each year struggle to find jobs is something you can't ignore. A degree won't necessarily improve your marketability. Do you have something that the market needs that they will pay for?

Can you code better than CS graduates? Can you come up with better models? Or are you just one of the hundreds people each year looking for the same thing?

A little depressed...That seems no future for me.Of course I cannot code better than CS people and models better than math people.The equity research do not need ones without US degrees, at least in HongKong.What should I do?.Thank you Andy, at least you make me face the truth.

 

[D Serg]

A little depressed...That seems no future for me.Of course I cannot code better than CS people and models better than math people.The equity research do not need ones without US degrees, at least in HongKong.What should I do?.Thank you Andy, at least you make me face the truth.

you may get something related to the quant job, but it is probably that you will have a zero success.
Why don't you use your bio skills and do not work in Bioinformatics?
It's really cool field (bio stuff, statistics, computer science, artificial intelligence) with less competition.
Equity research? Maybe in the Bio field? Drugs, medical equipment, etc...
But for my location we probably have twice more CFAs/MAFs than our banks need.
Competition is very high. Probably thousands resumes for one position.

 

[alain]

You seem to be all over the place. PhD, MD, actuarial exams, MFE, what exactly do you want to do?

Where do you want to study/work? in the US or in Asia?

The demands for MDs in US is big... unless you didn't like to be a medical dr at all.

 

[clinicw]

You seem to be all over the place. PhD, MD, actuarial exams, MFE, what exactly do you want to do?

Where do you want to study/work? in the US or in Asia?

The demands for MDs in US is big... unless you didn't like to be a medical dr at all.

I just got a MD in China, if I want to be a doctor in US I need more exams as well as clinical practices in America.The experiences here are not directly recognized by US hospitals.Maybe at least 5 years of interns are required for me to be a leagel practionor here ,that's too long. And I am just following my grandfather's last words to be in MD,in Asia the olders are most respected and I had to obey though don't like it so much.

There once was a friend, he told me to focus on riskmanagement, and later could expand myself in Ventral Capital using the risk management as well as biomed knowledge.So that is the main purpose I tried to pursue in the past 3 years:Acturial exams and MFE are for risk management,and both risk and biomed for VC.He depicted so nice a picture that I was persuaded to turn to FE,

Maybe the opinion is too naive to be realize,?Or I wonders you all professional recommondation, can I follow this way of VC?and what extra should I do ?

Bio

 

[clinicw]

you may get something related to the quant job, but it is probably that you will have a zero success.
Why don't you use your bio skills and do not work in Bioinformatics?
It's really cool field (bio stuff, statistics, computer science, artificial intelligence) with less competition.
Equity research? Maybe in the Bio field? Drugs, medical equipment, etc...
But for my location we probably have twice more CFAs/MAFs than our banks need.
Competition is very high. Probably thousands resumes for one position.

I know well of a colleague in Bioinformatics ,that fits more of people from CS than of us experimental technicians.So does the artificial intelligence. Really different skills requirement keeps me away.

So I guess from your words that you recommended equity research?I am quite familar with any kind of drugs and that seems really a better position...What are required if this way?You lighted me!Thank you !Oh ,you referred to CFA, and I am preparing for CFA I and FRM I this year...seems not so useful to me..

 

[D Serg]

I know well of a colleague in Bioinformatics ,that fits more of people from CS than of us experimental technicians.So does the artificial intelligence. Really different skills requirement keeps me away.

So I guess from your words that you recommended equity research?I am quite familar with any kind of drugs and that seems really a better position...What are required if this way?You lighted me!Thank you !Oh ,you referred to CFA, and I am preparing for CFA I and FRM I this year...seems not so useful to me..

I give you one more advice: you need to be very very focused.
You should have only one direction in order to succeed.
CFA and FRM are different directions.
To understand what you need to choose: you need to ask yourself what do you really like.
As for me, I don't have CFA, but I have bought used CFA books from one guy for 100USD and read them when I have time - they are very easy to read and I don't spend a lot of time to understand every detail and to pass an exam, also I save my money for other educational investments.
So, I have an overview and also I may dedicate my time to what I really like.

 

[clinicw]

I give you one more advice: you need to be very very focused.
You should have only one direction in order to succeed.
CFA and FRM are different directions.
To understand what you need to choose: you need to ask yourself what do you really like.
As for me, I don't have CFA, but I have bought used CFA books from one guy for 100USD and read them when I have time - they are very easy to read and I don't spend a lot of time to understand every detail and to pass an exam, also I save my money for other educational investments.
So, I have an overview and also I may dedicate my time to what I really like.

Hmmm...I seem to like both of equity research and risk management...That 's the question. I thought if I were graduated from MFE I can get position both from equity research and risk management?That surely boost my chance of finding a job but I am not sure if feasible...Thank you for your advice!

You reall get the point. I've always have the problem to make a decision, which hurts me a lot.PS:I got all 3 CFA levels books and notes from Schweser in PDF edition. If you need it I would like to send a copy to you.

 

[Andy Nguyen]

MFE is not an end all, be all like many people naively believe. Do something that you enjoy for long period of time (10+ years) is more important. A lot of people in finance burn out after few short years.

There is no point in mortgaging your future on something you will quickly hate. Look at your past 5 years and see what you have enjoyed doing the most? It may not be something that made the most money, but something that you look forward to each day.

 

[clinicw]

MFE is not an end all, be all like many people naively believe. Do something that you enjoy for long period of time (10+ years) is more important. A lot of people in finance burn out after few short years.

There is no point in mortgaging your future on something you will quickly hate. Look at your past 5 years and see what you have enjoyed doing the most? It may not be something that made the most money, but something that you look forward to each day.

OK, I'll try the risk management and equity research, Thank you all very much !