Hi, I need suggestion (MFE or MBA)

ellazx

New Member
As I like to experience the dynamic not routine working style, I hope to enter a finance industry.



I have checked some things related with MBA degree focusing on Finance and MFE degree. Till now, I know one is more technical and one is less with technical which deal with fundamental analysis or more people related.



I am really not sure which one I would like better, Can anyone give me some suggestions?


Maybe describe me a little bit about the common working day for a finance engineer and a MBA focusing on MFE? what is the key success factors?



I heard from my friend the placement is limited comparing to MBA, is this true? And doctor degree holders may be also suitable for this job.



How difficult is math?


Below is my background

29years old


Female


Bachelor: Electronic Engineering 3.5/4


Master: management science took about 5 courses in Finance 3.7/4


1.5 working experience in Capital one as software engineer in Java application


2.5 years in Siemens as a software engineer (C++) and configuration management engineer.


0.7 year configuration manager (actually 2 people under me)


CFA 1 passed, CFA 2 exam next month
 

alain

Older and Wiser
which schools do you plan to apply for your MBA? Could you get into one of the so called Top MBA schools?

There are big differences between FE and MBA. What exactly do you want to do?
 

alain

Older and Wiser
By the way, the math in an FE degree could be very difficult and abstract.
 

ellazx

New Member
which schools do you plan to apply for your MBA? Could you get into one of the so called Top MBA schools?

Alain, Thanks a lot for your advice.

I plan to apply for top MBAs. yes, I am not sure if they will accept me. Maybe I can learn from you how I can be sure to get in a top MBA. : )

I hope to do as a financial analyst. so it's a big scope.

Could you tell me a little bit about the difference between the two?
Which one is the core department in a financial company? which one has more pressure during the work? which one always has many new things need to learn and maybe only suitable for young people?

Sorry for these silly questions. Thanks a lot.
 

ellazx

New Member
I think I need to read the related math book first to see if I really like it and can handle. which course of math should I learn for MFE?

I have learned Probabilities, Calculus1&2, Linear Algebra and other engineering math.
 

Yuriy

MFE Alum
In my opinion, you need to like math in the first place to become an FE. And, yes, math is hard in FE. If you are working as a manager and like it, then MBA might be the right idea.
 

EricFleming

New Member
if you want to be a quant, get a PhD in Physics, not Finance.
 

ellazx

New Member
really? To my understanding, MFE is the program for being a quant, and will physics be a similar or better quant? I think i will definitely no chance to be a phd in physics.

What will PHD infinance do besides being a professor?
 

alain

Older and Wiser
really? To my understanding, MFE is the program for being a quant, and will physics be a similar or better quant?
Somehow PhD in Physics make better quants than Finance or Math PhDs. I'm not sure why. I think it has to do more with the fact that Physics is an applied science. Also, they are used to model phenomena of different types using math equations.

MFE is a shorter path but PhD in physics tend to get quant jobs easier at the end if they want to pick up the finance part. The only issue is that Physics is a hard subject and not for everybody. Also, doing a PhD takes some time.
 

ellazx

New Member
I like more to be a analyst then to be a manager. maybe to get a phd and to be a researcher is good for me.

I still have the following questions:
1 I know there are two kind of financial analyst. one is more quant related another one is for mainly the people from MBA(finance). who is more popular now?and what's the difference in core skills and career path?

2 I have not got the math degree, and I am not sure if it's very difficult to swith to MFE and to compete the phds. and I am about 29 now, is it too late to learn math?

3 The biggest problem for me is that I feel the things I learned from CFA is a little bit simple. I am wondering if this will help me build my skill and success in the future. So I am thinking about a MFE degree.
4 does anyone know why so many MBA(finance) and financial analyst study MFE again for a career change?
5 do CFA of MBA(finance) have any relation with MFE or MFE is a totally different program?
 

Andy Nguyen

Member
I like more to be a analyst then to be a manager. maybe to get a phd and to be a researcher is good for me.
The problem is that you don't know what you want and what each career entails. Until then, it's very hard for people to give you feedback to your too general queries.

I know there are two kind of financial analyst. one is more quant related another one is for mainly the people from MBA(finance). who is more popular now?and what's the difference in core skills and career path?
This sounds like a good time to head over to the Master reading list (it's in my signature), download the free guides, buy the intro books and read them.
By the way, Quantnet is for quant career and we don't general discuss MBA related issues. There are forums out there that cater to that specific field.

I am not sure if it's very difficult to swith to MFE and to compete the phds. and I am about 29 now, is it too late to learn math?
Some people got their Math PhD in late 30 or 40. If you are smart, it has nothing to do when you study math.
Use "age" as a search key and you will come up with no less than 3 threads.

does anyone know why so many MBA(finance) and financial analyst study MFE again for a career change?
Because their current job sucks?

do CFA of MBA(finance) have any relation with MFE or MFE is a totally different program?
No. MBA students don't do stochastic problems or write C++ code for homework.
 

Chuck

New Member
I'm at a similar crossroads as ellazx.

The past two years I've been a software developer at Microsoft, and have decided to mix it up. I also have a Master's in Applied Math, and miss the complex problem solving required in grad school.

The crossroads: I wish I had more insight into our company's business strategy, particularly in Entertainment & Technology. Because of this, I've been looking into an MBA but I'm finding there's not as much computation as I'd like, and a little more networking than I'd like. I enjoy talking to people, but the thought of "it's who you know" leaves too much of a gray area. On the MFE side, I love computational modeling, but I need some real-world stimulation. I don't want to be locked up in a cube somewhere.

Also, if I go for an MFE, should I retake the GRE? I took it last minute, and scored a Verbal 540 & Quant 800 with a 4.0 writing. I'm interested in Columbia.

Any advice would help. Thanks in advance,

Chuck
 

samiam

New Member
Sounds like you want to be a financial analyst in banking or asset management since you got the CFA 1 and 2.

When I think financial analyst, I think either corporate financial analyst (working with accounting, budgets, variance analysis, strategy, projections) or I think of equity research analyst in IBank (those guys that write the reports and have Buy or Sell recommendations) or in asset management, like Telecom sector analyst at Fidelity.

To do any of these things, IMO it would be easier to get these jobs with an MBA focused in finance along with your CFA.

If you're gonna just be a corporate financial analyst in a regular company, it would be better to get the CPA since you are on a track to becoming the controller, vp of finance, or CFO.

For either of these jobs, the MFE is irrelevant because that kind of stuff you will hardly use unless you go into a quantitative asset manager where you have to design excel spreadsheets that shows a universe of stocks that have a buy/sell indicator based on certain triggers it hits.

But this kind of stuff you can learn how to do buy taking the high level econometric classes in MBA and some VBA Excel courses at a community college.

Lastly, you being a woman, you have an easier chance at gaining acceptance, especially to MBA's because companies want to hire more woman for upper level management. It could be the same for the MFE's as well, but I'm not sure.

If you still want to do the MFE, you should take Numerical Analysis, Real Analysis, Calc 3, C++ Programming, ODE, and PDE to make your profile competitive with the rest.

As the market stands right now, there are way more opportunities for MBA's that have a CPA or CFA than MFE's. Way more.

Although everyone always talks about the transition of finance going into pure quant stuff where everything is automated and programmed, I still think that is gonna be like 20 years down the line.

There are way more jobs that ask for MBA/CPA than a CFE. The only problem is that there are also a ton of people that have MBA/CPA and now even CFA. In places like NYC there are also a ton of MFE's as well.

It is all relative, but no doubt the pool of CFE's are growing every day while the number of jobs have been shrinking the last year. By next year, that pool is again going to increase by like 25% with the number of new grads. Yet I doubt the number of jobs will increase by that much.

Until other mainstream companies start picking up on the value of MFE's, I think MFE's are sort of in trouble.

You can tell by the job placement data for most programs. Unless you're in the best of the best programs, it appears more or less that a little bit of half the class gets a job upon graduation at the average MFE program. Contrast this to the MBA program. Their percentage points in job placement are all close to 75% roughly if not more for all of the top 30 programs upon graduation..

The bottom MFE programs, I don't even think those guys get jobs. They graduate with no offer and have to spend like 6 months to go find something. In the meantime, they are in 50K debt.

The business world is just not quantitative enough and not advanced enough in practices to accomodate MFE's at the moment, and the real world where they are needed, the Wall, well they are in the toilet right now and might be for another year or maybe going to be in a cyclical bear market for the next 4 years, who knows.
 
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