Help with degree evaluation for future in financial engineering or operations research

[andremcconney]

Hello all, my problem is that I am currently doing an undergraduate degree in Banking and Finance. I am doing this degree because I want to work in a retail bank doing financial engineering. The only subjects that I have done that are relevant in my opinion are basic econometrics, advanced econometrics, derivatives and financial engineering, portfolio management, financial markets and derivatives, mathematical statistics, basic operations research and advanced operations research. Do you think that these courses are enough to get a university to approve my application for a masters in financial engineering or would i have to do a masters in operations research? My GPA is currently 3.12. Thank you for any responses.

 

[cstassen]

Hi

I'd say you need more probability theory, and also some more diff.eq. posture. Have you done any of this? What about programming (that is often needed too)

 

[DominiConnor]

I wonder if we're looking at the right question ?
Could we rewind back to what you feel you are best at, and then work out where you will succeed.

 

[IlyaKEightSix]

Honestly, I think what you need is an internship in a retail bank. Odds are, you will find that due to all of the regulations surrounding commercial banks that your FE and OR ambitions will get you nowhere fast in such an environment.

But in terms of banking and finance and going into financial engineering, all I have to say is this:

Get Ready.

The math will blow you out of the water. At least as far as comparisons between engineers and business majors at my university go. The school of business students can't hold a candle mathematically to us IEORs.

 

[DominiConnor]

The large retail banks have the same sort of need for OR etc as any other retailer. Optimising prices vs turnover vs profits.
Also retail banks do risk management. Yes, really. I know people who do this.

Actually, that's a lie.
I guess there must be some American banks who use maths to judge the riskiness of their loan book, but I'm pretty sure we've never talked to anyone who does it.
We see that in other countries but not the USA.

My guess is that this is a variant of the hiring practices of ratings agencies. IE hire a small number of cheap people and make sure they know their job is to produce reports saying "all is well".

 

[andremcconney]

No more FE or OR

Thank you for your responses. After reading them i realised that my best subjects are derivatives, portofolio management and business and economic forecasting. This made me also realise that a masters in neither financial engineering or operations research is for me and after more research into that i see a future in financial forecasting and investments, so i will be applying to the university of glasgow to do the masters in financial forecasting and investments.
Thanks again.

 

[IlyaKEightSix]

The large retail banks have the same sort of need for OR etc as any other retailer. Optimising prices vs turnover vs profits.
Also retail banks do risk management. Yes, really. I know people who do this.

Actually, that's a lie.
I guess there must be some American banks who use maths to judge the riskiness of their loan book, but I'm pretty sure we've never talked to anyone who does it.
We see that in other countries but not the USA.

My guess is that this is a variant of the hiring practices of ratings agencies. IE hire a small number of cheap people and make sure they know their job is to produce reports saying "all is well".

Quotes like these are among the top of the list to frequent this site.

Sir Connor, have you ever considered doing standup comedy?