Graduate school advice

[Crador]

Hi guys, I'm writing for some advice regarding graduate school programs.

Until recently I've been waltzing through undergrad changing my majors every few semesters, starting from neuroscience/math with the former being switched out until I've finally settled on applied physics/math. The problem is that despite wandering through a myriad of sciences and even some economics and literature I never struck against something that I really want to do, that is, I am fascinated by the knowledge I have obtained but I can't see myself specializing in a set field as this requires a certain "tunnel vision" in order to truly become an expert in a small area therein. This changed as I became aware of quantitative finance (in my school there is sadly a "dumb business student" stereotype that had entrained a prejudiced aversion to finance in me). Somehow it holds my attention simply because it is, as far as I can tell, the science of making good financial decisions, or equivalently how to reduce risk, or make money -- I would not enjoy a career that culminated in some new plastic or such but rather one which dealt more on the macro scale if you will.

I am sure that I want to pursue a PhD before heading to Wall St. or some equivalent place for personal reasons. Then it seems natural to look at something like FinMath at FSU or ORFE at Princeton etc. (no MFE or other masters)

The problem seems to be the following:
I am reasonably sure that I could get into a PhD program at FSU or some other lower caste school, but then as far as I've read I will be dead in the water in terms of a career on the street. On the other hand I think the chances of getting into a top10/ivy school for a quant finance related phd (ORFE, applied math, whatever), which it seems is the only way to go aside from an MFE or equivalent if you want to land in New York, are basically close to zero.

Am I wrong in thinking this, and if not how could I resolve this problem?

Perhaps a little info to help:
GPA: above 3.9 for now, hopefully will catch summa cum laude on diploma (entering senior year)
Clubs: Brazilian jiu-jitsu president for a year (so what)
EC: BJJ as above, boxing, founded company based on some thing I invented (all unrelated to quant finance, the latter requiring mostly physics intuition and the ability to sweet talk investors)

Math/physics Olympiads? Nope
Internships? Nope.
Honors? #1 in math for my year at uni this year, but we are not that well ranked in math anyway, and I see CV's of accepted students with things like Phi Beta Kappa etc....

Thanks

 

[kwlmy]

If you want to do a PhD, remove the unnecessary and focus on the essentials. The first step is to first ask yourself if you really like doing research in a particular field (subareas of finance, sciences, whatever). To get an idea on what research is like, look at the research program requirements and relevant papers. Then select a school based on your research interest and availability of funding. It is pointless to speculate on schools - take the entrance exams, apply and you will know whether you get admitted and funded. It is premature to do a PhD with the intention of working in a specific area 5 years later. Things change. You change. When you get into a PhD program, you will be busy with courses, qualifying exams, candidacy exam, research, and producing papers to graduate. In research, you will need to come up with a (usually narrow) research topic and focus on that for several years. General advice is first think of the graduate school life that you will potentially be facing instead of what comes after. If you do well, develop a good skill set, have the ability to learn, and graduate, you will find opportunities. At that time, for all you know, you may not be interested in finance anymore.

 

[Crador]

Thanks for the insight - I suppose I should focus on graduate school first and see what happens later (besides I have a biased opinion that a real superstar from FSU would find it easier later on than an average princetonite, with superstar status being more under my control than choice of school)

Interesting point that I might not be interested in finance after grad school -- would it then be wise to do something like financial math (transferable skills to tech? I guess programming is one) or better off looking at applied math or ORFE-esque programs that are more general?

Thanks again

 

[Quant4Life]

I was, and kinda still am, in the same spot as you. I applied to a bunch of good phd's but got into FSU (with funding, given only to two top applicants, got lucky...). I thought that is my top choice. On Friday got in CMU's MSCF with a partial scholarship. Although, I want to get a phd, it might be a good idea to do it after working a few years (especially for quant fin). I talked to Rick, program director at CMU. He said about 1-2 MSCF graduates every year go into phd either right from the program or after working a few years. Working a few years after MFE will get you a feel on the industry. That could help you understand whether you need a phd at all (I want one as a personal academic goal and desire to do high end research). Also, after work experience you could be more clear on a research topic that is also very relevant with the industry needs. PhD in quant fin isn't the same as math, physics, CS etc. at least imo. If being a quant is your top priority then you can go through MFE, work a few years and decide about phd then. That is my opinion and I'm about to make a decision myself, definitely hard. Especially knowing that FSU is free but CMU costs 70K...