Entry Quant Life

[CrazyRussian]

Hi,

I am trying to decide whether I should go through with an MFE program. My concern is that my lack of work experience will be a big hinderance in the job search after the program. So I have been exploring jobs lately, and so far I seem to be finding a lot of entry level jobs with a bunch of grunt work (data entry, drafting documents, etc). I understand that most entry level jobs are like that. I was just wondering is there this type of grunt work when someone starts a job after an MFE program. Or is the work a bit less mindless than just making sure data is correct.
I just want to have a good picture of how people start of in the quant world.

 

[Andy Nguyen]

What kind of job postings did you look at? "Data entry, drafting documents" seem to be more generic analyst jobs in IB and it has nothing with MFE degree.
There are lot of grunt work involved when you start as the new guy. If you don't like the idea of doing something beneath you, people will question your motive of doing this line of work.
Start finding ways to love what you will do. If not, you are going to burn out really fast. Nobody will hand you a plum job on a gold platter.

 

[CrazyRussian]

The job i'm describing is an analyst job at a rating agency.
I didn't say that I expect a plum job right away. I am merely comparing job growth of a person with an MFE and a person without that degree.

I guess my ultimate question is whether an MFE degree is worth the investment.

I would ultimately like to end up at a job that utilizes my problem solving skills. And judging from current financial trends, more fresh graduates from MFE programs are ending up in Risk Management, Operations, etc. positions. My guess is that this trend will continue for quite some time (considering the events in europe, and the end of QE2 and stimulus). These positions are fairly far from the glamourous trading positions that most people dream of on this forum. My concern is that one can get this MFE degree and end up taking a job that one could have obtained right after obtaining a bachelor's degree.

 

[Andy Nguyen]

The job i'm describing is an analyst job at a rating agency.

I figure this much. This is the job you can obtain with a bachelor degree.

I didn't say that I expect a plum job right away. I am merely comparing job growth of a person with an MFE and a person without that degree.

And here are the jobs from those rating agencies that requires an MFE
http://www.quantnet.com/forum/threads/job-entry-level-quant-associate-model-quality-review.5412/
http://www.quantnet.com/associate-cash-flow-modeling-structured-finance/

These positions are fairly far from the glamourous trading positions that most people dream of on this forum. My concern is that one can get this MFE degree and end up taking a job that one could have obtained right after obtaining a bachelor's degree.

Most people dreams of being a BSD trader for GS but they often don't get it. Some are more realistic and go where their skills are needed.
You can get an MFE and end up taking a job where your degree is not needed. And that's really your fault, isn't it?
Many programs will be so happy to have their graduates end up doing just about anything. Good programs will guide and prepare you so that you aren't taking crappy jobs. Even so, some people are just desperate enough to take on anything.
It's pretty much an individual choice so it's hard to generalize here.

 

[Lun]

Well.......

I think it's not just a case for MFE

For any industry, it's the same. The junior takes the least heavy (you can say "boring") tasks, like photocopying. Do you expect that the clerk will copy for you ?

Work for people when you're junior. People work for you when you're senior. Always in this way.