I need some guidance.

[Grant Barr]

Hi, guys. I've been reading threads for the past few months. I recently took the GRE. I have a couple of concerns, and hope to gain some insight. This is first forum that I've joined in a while, so sorry if my etiquette is off. TLDR on bottom.

My UG is Financial Mathematics & Actuarial Science at a state school, with a math department that adheres to MIT curriculum/standards(supposedly). The grading of the math department is ball breakingly unfair, so my gpa is low. I might be able to graduate just above 3.0/4.0(2.7 currently..?).

For a better understanding of my curriculum, these are the text books for three of the math courses for next semester:

Actuarial Mathematics for Life Contingent Risks by David C. M.
Simulation, Fifth Edition by Sheldon M. Ross
Derivatives Markets (3rd Edition) (Pearson Series in Finance) by Robert L. McDonald

I took the GRE last Friday, and I was really disappointed in the unofficial score, 163/157. The last four practice tests I took had Q scores of 169 & 170, with the last practice test on Wednesday being the highest, 170Q/159V. I'm attributing the low score to poor sleep & jitters. I felt totally unprepared when I sat for the test. Really foggy. Needless to say, I want to retake the GRE, and also to get new study material. I used magoosh. Any recommendations for GRE prep materials?

Back to UG. Many of the senior year classes parallel the first year MSMF classes, so I'm hoping if I can show proficiency in these classes, plus a couple of very unique ideas that I want to detail in the applications, that I can overcome the low GPA and, for now, low GRE. I'm planning to apply to programs in Jan 2015 after Fall 14 grades post, for the Fall 2015 start. So, I might be able to retake the GRE two more times before applications.

TLDR: Basically, I'm concerned about my low GPA(expecting 2.9/3.0), and GRE(163/157, retake pending). I'm planning to take the P-exam to demonstrate probability skills. I love the math, and the industry, and can handle the stress of both. I have a very thin resume. The closest street experience I have is at a data analytics company. I have some well connected social contacts, and one good Jefferies quant connection. I want to work at a bank and live in the NY area for the rest of my life. Looking for opinions of what to do to improve. Subject test? Work after UG Graduation? Should I retake the GRE until I get a 170? Are these programs realistic?

I've chosen these schools based on curriculum, location, and recruiting ops.

NYU
Chicago
RPI
Baruch

Princeton
Cornell
Colombia

I reasonably expect a fair chance of admit to the first four. And, depending on if my connections can give me some confidence in the applications, I'll also apply to last three. NYU & Princeton are by far my favorite.

 

[mastertrader]

NYU, Princeton, Cornell, and Columbia are out of the question with your GPA and little work experience even if you get a re-take and get a 170. Save your application money. I can't speak to the others. I would look at the Tracker to get a better sense of who's getting in, check out the class profiles, or email admissions if it's not listed. I did all of those before I applied to my first school (UCLA) a couple months ago.

 

[CasanovaJ]

With ScoreSelect, schools won't see the bad GRE score... retaking it and getting at least a 168 on the quant, though, is essential or you're probably screwed.

Questions:
1) Are we talking about a decently-ranked state school at least, with a good math department?
2) Could you get a recommendation from someone at the school (preferably someone reputable) to vouch for how difficult you're claiming the grading is?
3) What trajectory have your grades been on?
4) If you're going to start taking actuarial exams, you'll need to come up with a good reason for why you're actually interested in finance, or they'll wonder why you're not becoming an actuary
5) The subject test could help, but only if you do well on it-- improving the 163 on the General should be the higher priority I'd say
6) Why would it be specifically a bank that you'd want to work for?
7) Are you a domestic student, or foreign?

Worst comes to worst you can just apply and if it doesn't go well, work for a few years (in a job that's hopefully somewhat relevant to the financial industry) and reapply when you have some experience. My only piece of unequivocal advice would be that if you're rejected from the top tier, do not throw away $75k for a worthless second-tier degree. Work for a few years, and then take another crack at the top programs.

 

[Grant Barr]

With ScoreSelect, schools won't see the bad GRE score... retaking it and getting at least a 168 on the quant, though, is essential or you're probably screwed.

Questions:
1) Are we talking about a decently-ranked state school at least, with a good math department?
2) Could you get a recommendation from someone at the school (preferably someone reputable) to vouch for how difficult you're claiming the grading is?
3) What trajectory have your grades been on?
4) If you're going to start taking actuarial exams, you'll need to come up with a good reason for why you're actually interested in finance, or they'll wonder why you're not becoming an actuary
5) The subject test could help, but only if you do well on it-- improving the 163 on the General should be the higher priority I'd say
6) Why would it be specifically a bank that you'd want to work for?
7) Are you a domestic student, or foreign?

Worst comes to worst you can just apply and if it doesn't go well, work for a few years (in a job that's hopefully somewhat relevant to the financial industry) and reapply when you have some experience. My only piece of unequivocal advice would be that if you're rejected from the top tier, do not throw away $75k for a worthless second-tier degree. Work for a few years, and then take another crack at the top programs.

Good points.

The school is NJIT, 30 mins outside of FiDi. "A leader in applied mathematics, its Department of Mathematical Sciences is recognized as one of the most productive in the country." -wiki. Our professors publish lots research, but that's about it. Advisors from every other department know that the math department is heinous. We are next to Rutgers and when RU students take a math at NJIT, they WF every time. My grades are improving. I have all A's for my Corporate Finance Minor. I have a C in intro to probability, and a B+ in multivariate probability. If retake any 100 or 200 level class, I can fully replace the grade in gpa calculations. I can dramatically improve my gpa if I commit another semester, but I am 25 and don't want to lose any more time. If I don't get accepted anywhere, I will do the extra semester. I started college in 2011. I am a domestic student, US born.

As far as, 'why a bank?', I don't have a good reason. I love debt. I want to develop mbs and rates strategies, and try to figure out new ways to originate new debt. I'd be happy with any job, so I'm not opposed to a HF or anything like that. I've just never been of the mindset of getting IB expereince with a plan to move to buyside. I'll be happy to stay sellside.

I have spoken with a VP at Jefferies who runs a team of experience quants, and he told me to contact him for next summer. He doesn't know my gpa.

Is there any way to change my name?