General Education Advice

[AdamGH]

Hello all,
So I'm a rising sophomore currently enrolled in a Financial Engineering program at a medium/large sized research university. My long term goal is to pursue a Phd in Operations Research or Financial Engineering (my research interests aren't very well defined yet), and I have a couple questions regarding the path to this goal:

First Question: I'm under the impression that a Bachelors degree in Financial Engineering is generally looked down upon on Quantnet. Some of the reasons for the negative connotations associated with studying this field at the undergraduate level seem quite unfounded. The curriculum for the specific program I'm in is very broad, with the possibility to take graduate level coursework in computer science, industrial engineering, and economics. I will take three courses in 'Financial Engineering', and none in traditional finance. The one weakness of the program is it's relatively math light (only six actual math courses are required) but I can easily remedy this deficiency by adding four or five extra math courses (easily enough for a math minor), and possibly taking some graduate level coursework in mathematics. With the end goal of studying this (or a related) field at the Phd level, is a BFE really going to close the door to a lot of opportunities? I realize some other majors (CS, Math, IE, etc…) have their own strengths, but in terms of gaining exposure to a variety of relevant fields, FE seems pretty damn good.

Second Question: Rather than spending the summers doing internships, I intend to get involved with research. I realize work experience is usually imperative to success in the finance world, but since I'm more interested in an academic approach, wouldn't research be more important than work experience? Also I've heard the topics you research as an undergraduate are not nearly as important as the experience of actually performing academic research. Any opinions on that statement?

I apologize if the material has been covered on this site before, but after many hours of internet browsing my specific questions weren't really answered. Thank you in advance for any advice you can offer.

 

[SadKillarrious]

Its not that your major is bad. In general though, undergrad degrees aren't ment for total job readiness as much as just turning you into a well rounded-student hence the required gen eds. No doubt you will see what you've learned in the field. but undergrads really only cover the basic ideas you'll run into. The masters and phd's is for the niche you want to completely learn in and out.

Not sure why you wouldn't want an internships though. They are the best learning experience you can get. And they pay you $$$$

 

[AdamGH]

Not sure why you wouldn't want an internships though. They are the best learning experience you can get. And they pay you $$$$

There are research opportunities which also pay reasonably well and are incredibly important for getting in to Phd programs. I've heard some Phd programs actually perceive internships as 'not being committed to academia' and will be less likely to admit you. This may be a bit of an exaggeration, but I still think research trumps interns for my particular goals.

 

[Andy Nguyen]

If your goal is to enroll in a PhD program eventually, your path is different than most members here.
To get into a PhD program, your research experience counts more than anything that is regarded as job training experience. As such, doing a undergrad FE degree may not be viewed as positive.
Traditionally, you would get a strong undergrad degree in quantitative field, then do research projects with professors in the field, then apply directly to PhD programs.
People here usually use the MFE as a terminal degree to land internship and then a full-time job in finance industry.

 

[Lard Viks]

There are research opportunities which also pay reasonably well and are incredibly important for getting in to Phd programs. I've heard some Phd programs actually perceive internships as 'not being committed to academia' and will be less likely to admit you. This may be a bit of an exaggeration, but I still think research trumps interns for my particular goals.

Adam, could you expand a little on these opportunities please?
Can you also share some links where I can find more information regarding this?

 

[AdamGH]

Adam, could you expand a little on these opportunities please?
Can you also share some links where I can find more information regarding this?

Depending on where you go to school, it's not uncommon to work as a 'research assistant' for a professor. These positions can be paid or volunteer, but are a common and practical way to gain research experience and get a good letter of recommendation. To get a position like this, you should take a class with the professor you're interested in working with (and do well in it), and go to office hours to discuss the their past research (you should read some of their articles beforehand) and potential research opportunities.

There are also summer research programs at different schools that provide traveling, room and board, meals, and a stipend to work as a research assistant over the summer. These are usually pretty competitive but are awesome on a CV and can even lead to publications and letters of recommendation if you stand out. The most well known program for this type of experience is called an REU (Research Experience for Undergraduates) and is funded by the National Science Foundation.

http://www.nsf.gov/crssprgm/reu/

There's only one REU I'm aware of that deals directly with financial mathematics. If that's what you're interested in check out the link below:

https://www.wpi.edu/academics/math/CIMS/REU/

If you apply for next summer, good luck! I'll be competing with you for a spot! haha