Finished Undergraduate degree.. Need help with next step planning

[Ilya Rakhlin]

Hello guys. I appreciate in advance you taking the time to read this.

I will first explain my current situation and then explain what I am looking for help with.

Early this month I just graduated and received my degree in Electrical Engineering (BS) and Applied Mathematics (BS). I graduated with a 3.4 GPA in the Engineering program (2nd in the program), and did a bit better in Math. I have taken the GRE and the highest score was a Q:173 R:170 W: 5.5. I have had two internships both in Engineering, the latest was part of my year long graduation project, it included signal processing, programming and circuit design. Now I understand a lot of that does not necessarily direct toward a financial focus. For this reason at the beginning of the month I started studying for the CFA level I exam and am hoping to get this down this year.

Due to double majoring and working a job during all of my four years of my undergraduate education I was only able to apply to two programs for masters, one to continue in engineering (although this is not what I want), and the other for a Master of Quantitative Finance at Rutgers Business School. I was accepted to both. I have already made the decision that I am looking to enter the finance market and work toward becoming a Quant, thus the only option left currently is to attend the MQF program at Rutgers or wait a year.

Here is where all my questions start.
1. Does anyone know enough about the MQF program at Rutgers? The program is in the business school. I have read the couple reviews on this forum but it still does not give me a good idea about placement, ect.

2. With the current credentials I have (meaning without CFA exam) would I had stood a chance at getting into any other top programs on the East Coast?

3. How much will the CFA exam level I or II help in admissions if I was to wait a year to reapply to schools?

4. What can I do this year to increase my chances of admission to schools like MIT, Brauch, BU, Columbia?

5. I understand that getting an internship/job is a good way to increase my chances however will I stand a chance at landing an internship at a financial institution with a background in Engineering and Math? Many of the places I have looked at are looking for Business and Accounting majors which does not necessary make sense to me, but that is a whole other story.

Overall I am just looking for some advise, my end goal is to be able to get a good degree that will get my foot in the door of the financial industry. If you need me to clarify any information please let me know, again I truly appreciate any constructive criticism or input.

 

[Keith Tan]

1. Rutgers is respectable. don't let placement stats affect your academic interests.

2 & 3: CFA is useless in admissions. They only help during your coursework.

4. Admissions to these schools does not necessarily lead you to being a quant. Pick the schools with the correct curriculum. Good referees' letters and cover letter increases your chances. so know how your career goals closely relates to the coursework.

5. Maybe. but nobody's going to take you seriously and train you up to be a quant. There is a long queue of similar applicants in line. Do you have programming skills to offer? Perhaps they need help with new algos and formulas. Networking and good grades helps.

 

[Ilya Rakhlin]

1. Rutgers is respectable. don't let placement stats affect your academic interests.

2 & 3: CFA is useless in admissions. They only help during your coursework.

4. Admissions to these schools does not necessarily lead you to being a quant. Pick the schools with the correct curriculum. Good referees' letters and cover letter increases your chances. so know how your career goals closely relates to the coursework.

5. Maybe. but nobody's going to take you seriously and train you up to be a quant. There is a long queue of similar applicants in line. Do you have programming skills to offer? Perhaps they need help with new algos and formulas. Networking and good grades helps.

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1. I heard that Rutgers is a respectable school but I have seen some arguments that the MQF at the Business School is not the program that they mean, instead that the program in the Math Department that is well ranked.

2&3. Will schools really put no consideration into a CFA? How will it help with coursework other than already potentially knowing certain topics?

5. I understand that nobody will train me up to a quant. I am looking to work for 1-2 years to increase my chances of getting into a quality Financial Engineering program like Columbia, Brauch or MIT. I would be applying to entry level analyst positions. I taken years of programming courses including Java, C, C++, Assembler, MatLab and VDHL(not exactly programming), and have help a programming internship. I don't understand why I would be taken less seriously than a Business or Finance major who has taken less math, science and quantitative class vs someone with a complete Mathematical & Engineering background.

If it is not possible what kind of job would I be able to realistically get that would help with graduate applications? I have already had an offer for an Engineering job but I don't believe that will help in the process, correct?

 

[Keith Tan]

1. i don't know who's been arguing, but i don't let things like that, or even rankings or nice numbers blind me. if i had to make a choice, i would find out the curriculum, even talk to the professors or do my research on the internet. see what industry experience the professors possess, and how alumnis on linkedin are doing.

2&3. The Chartered Financial Analyst (CFA) Program is a PROFESSIONAL credential offered by the CFA Institute (formerly AIMR) to investment and financial professionals. http://en.wikipedia.org/wiki/Chartered_Financial_Analyst
Only practicing professionals are bestowed the CFA designation. Other than that, it's nothing. Read the curriculum: http://en.wikipedia.org/wiki/Charte...rriculum_and_CFA-approved_university_programs
You will be doing things like portfolio valuation, management and quantitative methods in a MFE program. To be a quant you don't need a CFA.

5. Biz or Finance major doesn't necessarily have less maths, but they are more relevant. The finance industry does not need Laplace transforms, signal analysis or Fourier transformations. They need more risk-neutral valuation, VAR, stochastics, probability distributions and black-scholes-merton calculations to squeeze every penny out of any market participant.

You have C++ and MatLab, which are things hedge funds are looking for. Typical interview screening questions are derivation of black-scholes formula, finding jenson alphas and time-series analysis in c++. Any job in the finance industry to get you started will work.

 

[Ilya Rakhlin]

As a rule of thumb at almost all undergraduate schools Biz and Finance majors typically study much less mathematics. I understand that a portion of the knowledge I have obtained may not be applicable but it seems that the majority of the things you have mentioned as typical interview screening questions are just "application" of fairly basic math concepts.

The recommendation of taking the CFA came from a very close friend of mine who graduated from Columbia's Financial Engineering school and works with Quants. I guess I had the wrong understanding of exactly the benefits of the exam.

I guess back to the major question, What is it that I can actually do to increase my odds all around? Is there something short term (1 semester) I can do to make my self look better for a financial job/internship to then help with my resume for a graduate school? Would you recommend taking a few high level class in the subject as a none degree student at my local university? If so, what should I focus on?

I did take stochastic calculus, two semesters of probability and statistics, differential equations, 2 semesters of advanced calculus and 1 semester of numerical analysis.

 

[Ilya Rakhlin]

Also, what would some potential job titles be for a role like I have mentioned? Are there any specific websites, companies you would recommend looking into? I am much more familiar with specific programming /engineering job portals than the financial ones.