International student got the question from experience Quant

[mickey]

Dear Exp Quant:

I’m Mickey, graduated in Computer Engineering, worked as stock broker from Thailand and moved to Chicago for few years. I should be done my Master degree in Accounting by the end of this year. I love trading and finance since I was 20 (Now 27). My dream is to become Hedge Fund Manager but it seems so far away since I found you guy and realized that what I want to do is to work in the Quant Field.

I don’t know how many of you guys are international student as me or maybe not at all? I went to study MSA instead of Finance or Math because I hope to get the job after I am done school. When my status is ok (H1visa), I would continue my study to move forward to Quant field.

I have 4 options in my mind if I can get the job permit here, I will continue study as the part time basic. Which one should be the best way to go to Quant?

1) Continue part time at MSFM in 2011-2012 (U of Chicago) (3 years program)

2) Continue right away in MS Applied Math (2 yr) at my same college (not well known at all) while waiting to apply PhD Finance at IIT (5 yrs) because they offer the part time

3) Continue MS applied Math (try to make it 1.5 yr), continue MSFM (try to make it 2 yr) and continue PhD Finance at IIT. <<<< This plan is crazy but possible.
4) Try to get the the full time PhD in Math/Finance from top school


PS. If I got the job in TAX (possible) or Accounting, it won’t help me that much for Quant. When I am done those schools without Quant Experience. Will the company look at me like Idiot or entry level? (I may be 35 yrs by that time)

Thank you so much for you guys. I will be a good member of this society.

 

[Uncle Max]

To be a hedge fund manager you pretty much have to be a partner, which means you have to invest a lot of money in this hedge fund. Otherwise, nobody will trust you with managing their money when you have nothing at risk.

Answers to your questions depend a lot on the fact that you can get accounting/tax job on H1B right out of the school. It doesn't look like an easy task for me, but I don't know much about that market.

If you get a job in a good company, you will spend 3 years working and studying part time. During this time you might build a good starting career and changing it won't be so romantic anymore.

PhD seems even more strange path. Looks like you haven't decided what do you want. PhD is a research direction, and if you are not interested in 5yrs of research with no money paid, don't even think about it.

There are a lot of people on this forum past their 30th birthday who are entering quantitative finance field. Nobody looks at them like on "Idiots", don't worry about that

 

[Subramaniam]

First thing: Age is not such a major factor in the USA as much as it is in other parts of the world. I know people in the 40s who enter the phd programs to do research and do not think its a big deal.
But the bigger factor is getting into good phd programs. I am not sure what your background is apart from accounting. However, getting into a good quantative math phd program is a hard nut to crack.

If you feel you lack the background for a quant phd is not enough, I would suggest that you work for some time and take classes in parallel(maybe even the part time master's program) as you suggested.

But even before you do a phd you must be sure that you have got really lot of passion for the field. getting a phd from a good quant math program is by no means trivial and it is extremely time consuming.

 

[mickey]

Me again:

Thank you so much for such a quick response. Frankly, I have strong passion about become “Quant” but as an international student’s issue; it is impossible to get the loan for most reputation MFE program. Only 2 options are 1) getting the sponsored job and studying as the part time or 2) getting accepted in PhD program as a full time.


In my case, I’m done a lot C++, VC++ and MATLAB but it is not about finance coding and they are almost gone. I am doing a MSA in the state college because they offered me the full scholarship for 3 yrs as a TA who taught 3 courses in Business Stat, Operation Research and Management Since (most of them used Stat like SPSS, Minitab and Excel Macro). Additionally, I got short internship in public finance which focused on Muni Bond and used Bloomberg terminal. Unfortunately, I am ended up with summer internship in the big TAX Software company and doing the code and tax (very simple, don’t help me to refresh my C++ at all). So, I think that I may get hired by this company for 60%.


Additional Questions:


1) If I got the job, I can start right away by Spring 2010 in MS applied math program but it’s very very unknown college for this area but it’s flexible with my time and their course are very good (ODE, PDE, Complex Var, Linear Algebra, Multivariate Stat, Intro Stochatic, Numerical Analysis, Simulation and Math modeling)

Or should I just wait to get in MSFM at U of Chicago? (I knew there are many good ones in NY but I love Chitown)
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2) I felt like even you are graduated from Top MFE program, you are still underneath most of PhD graduated. That why I really want to go for PhD even I can get degree in applied math/MSFM. By the way I did some research in accounting (Bond rating and Bankruptcy Model by SPSS). I felt love to do research and modeling. But my concern is the earn PhD at IIT or not top PhD could overcome most of top MFE program?
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3) One of my scared problem is to work in TAX/Accounting field for few years and got a good fit. When I come back for Quant again, it’s totally like new beginning? Have you guys had that experience?


I am absolutely sorry to ask you many questions but I am very appreciated your response because I am kind of confused now. I like to plan in advance for my life; however, I’m kind of stuck at this moment. Your suggestion would be a BIG THANKS from me. Thanks again

 

[Uncle Max]

1) Don't waste your time and money on "unknown" program unless you really know what are you doing. There are so many MFE programs which are created only to collect money. You will be better off with CFA certification.

2)If you have PhD usually you will get a higher starting salary. Also, you can apply for more quantitative positions (like developing models). MFE is more practical niche.

3)If you work and study, you will still be using your quant skills. And Accounting experience will never hurt you in Finance. Especially if you get CPA.