Georgetown MSF vs. UCLA MFE?

[Prospera]

Background: I majored in finance and computer science at an undergraduate school considered to be a "semi-to-non-target" within the financial industry. Due to depression and personal issues, my grades during my first two years of undergrad were abominable. However, I was able to get my act together and achieve mostly A's during my final 2 years of undergrad, but this was only enough to raise my final cumulative GPA to a lackluster ~3.3/4.0. My extracurriculars aren't impressive, consisting of one internship at a local business, one internship at a small IB/PE firm, one externship at a mid-sized VC firm, and a few entrepreneurial endeavors. I've applied to hundreds of financial firms, from MMs to BBs, and I keep getting rejected, most of the time without even getting an interview. Since graduating in December 2023, I have been unemployed for five months.

Therefore, I have applied to several graduate programs, including various Master of Science in Finance, MSFs, to "reset my GPA" and enhance my prospects in the industry, as well as several Master of Financial Engineering, MFEs, to not only "reset my GPA" and enhance my prospects in the industry, but also immerse myself in the confluence of tech and finance to propel myself into a career in quantitative finance. In my undergraduate education, I obtained dual degrees in finance and computer science but did not receive an education that combined these two disciplines. Just to be clear, I would be happy with any role in the financial industry, whether it be consulting, investment banking, private equity, venture capital, hedge funds, or a more quantitative role, but I seem to keep getting rejected everywhere.

I recently took the GMAT Focus, achieving a score of 715 (99th percentile), and the GRE, scoring 337/340 (Q: 170/170, V: 167/170). Regarding the MSF programs I applied to, I was accepted by Georgetown and Villanova, rejected by Vanderbilt, and am awaiting a decision from UT Austin. As for the MFEs, I was turned down by Carnegie Mellon and Berkeley, am waiting to hear from Columbia, and was surprisingly accepted by UCLA today.

I had assumed that UCLA would not accept me, so I settled on the belief that Georgetown was the best school I could attend. As a result, I have already paid the $850 enrollment deposit at Georgetown and registered for classes.

Based on my situation, should I choose UCLA MFE or Georgetown MSF? UCLA's MFE would provide me with a more technical, quantitative education where I'd learn much more, whereas I probably learned everything in the Georgetown MSF curriculum during my undergraduate studies as a finance major (although one could argue that this would be a reason for choosing Georgetown since I would be more likely to achieve easy A's). Georgetown MSF is remote, while UCLA MFE is in-person. UCLA MFE has a far lower acceptance rate (Georgetown MSF is far easier to get into than Georgetown undergrad, I've heard the former accepts almost everyone). UCLA seems more prestigious. Which of these two schools has a higher placement rate within the financial industry?

At first, UCLA might seem like the obvious choice, but there are two factors that complicate this decision. Firstly, Georgetown is much cheaper. Georgetown is giving me a $40K scholarship, making my total program cost just another $40K. Additionally, the remote option would save me so much money on housing and other expenses. The UCLA program costs $85K in total, and I don't know how much scholarship I will receive yet, but it probably won't be anywhere near as much as Georgetown's. Secondly, although I wouldn't mind living in LA for a temporary 1.5-year program, I would hate to live there long-term. While UCLA might have better placements overall, I believe Georgetown has more placements in NYC than UCLA (correct me if I'm wrong). LA is near the bottom of my list of major US cities I would like to live in long-term, and I would STRONGLY, STRONGLY prefer to reside in NYC.

As an additional question, although I do not plan to do this, would it be possible to pursue both programs at the same time? Since Georgetown is a remote program and offers part-time options, I could easily do both at the same time if I wanted to. Do you think this would be allowed, and if so, would it be worth it?

Thank you for your time and consideration.

 

[Andy Nguyen]

Welcome to QuantNet. I'm glad you found the right place for this kind of question, program, and career.
Let me make it clear right away that a remote traditional finance program is a bad idea, no matter how inexpensive it may seem now.
It's clear that you recognize the program in question as not very selective. This is the first warning sign.

Now, it leaves you with only one option. Ideally, you would have several options to choose from, but that's not possible now.
If UCLA is not ideal for you right now, another option is to make your profile stronger and apply for more MFE programs for next year. If you join UCLA this year, it is possible that you can target jobs in NYC after the program.

Your #1 goal is to maximize your time in your master's program so you can get an internship and a good first job.
You sound like you are taking the standardized tests well, and hopefully, you will do well in interviews.
The problem seems to be that you are applying everywhere without a clear idea of what will be a good fit. It is hard to customize your profile for a target job when you have no idea.

Take some C++ course and Python course over the summer to beef up your resume and prep for your technical interview which should happen later this year. This will give you a leg up over your classmates and thousands of other MFE students who will be doing the same thing all over the country.

 

[MikeLawrence]

Don't take both masters degrees at the same time. That's a horrible idea; even if you passed with decent grades, you won't get even half as much out of either as if you sat down and devoted yourself entirely to one or the other.

There's no reason you'd end up in LA long-term when exiting UCLA's program. Most of their students go elsewhere.

If you get into UT's MFin I'd drop everything else and go there for pure signaling purposes. It is easily the best program out of those remaining on your list since you seem agnostic about what type of job you end up in. It'll open lots of doors, especially in Austin and Dallas. It's still a MFin, so the curriculum won't be anything crazy, but it'll do what you're looking for.

UCLA seems a clear choice over Georgetown.

If you've already covered most of the material in Georgetowns course,​

and the program is clearly less respected​

What does it have to offer you?​

​

A GPA 'reset'... sure? But UCLA's program isn't made out to be very hard either so that shouldn't be an issue if you've got your stuff together now (I believe one review on this website has a student who takes a jab at Baruch and Berkeley's MFE's because their students probably DON'T go out and party with each other every week ).


The only other point was mentioned by Andy, you don't seem to have any idea what role you want. I'd assume a good bit of that is desperation in the current situation. Whatever you do, make sure that it will set you up well for the future. If you decide you want to reach for a coveted position a few years later, but you locked yourself into a certain perceived ability level by settling for a so-so program then you'll have regrets. UCLA is good enough to give you a port in the storm and set you up for other things in the future. I'd say go for it.

 

[Prospera]

Welcome to QuantNet. I'm glad you found the right place for this kind of question, program, and career.
Let me make it clear right away that a remote traditional finance program is a bad idea, no matter how inexpensive it may seem now.
It's clear that you recognize the program in question as not very selective. This is the first warning sign.

Now, it leaves you with only one option. Ideally, you would have several options to choose from, but that's not possible now.
If UCLA is not ideal for you right now, another option is to make your profile stronger and apply for more MFE programs for next year. If you join UCLA this year, it is possible that you can target jobs in NYC after the program.

Your #1 goal is to maximize your time in your master's program so you can get an internship and a good first job.
You sound like you are taking the standardized tests well, and hopefully, you will do well in interviews.
The problem seems to be that you are applying everywhere without a clear idea of what will be a good fit. It is hard to customize your profile for a target job when you have no idea.

Take some C++ course and Python course over the summer to beef up your resume and prep for your technical interview which should happen later this year. This will give you a leg up over your classmates and thousands of other MFE students who will be doing the same thing all over the country.

Thank you for your advice. Could you please recommend some specific C++ or Python courses, especially for someone looking for a Quant role? Thank you for your time and consideration.

 

[Andy Nguyen]

Here is link to the C++ course that is taken by thousands of quant students.
And similar course for Python.
They are very, very good.