COMPARE Master Programs Comparison: Which quant program to choose?

@gkngm
Congrats on getting into these programs.
Can I request that you put your application timelines to the Tracker? Having the data points from a high calibre applicant like you helps our community a lot in accessing the chance to get into top programs.
Did you apply to other programs besides these 3?
Your choice really comes down to Imperial vs CMU. Columbia MFE has a 56% placement rate in the US 3 months after graduation so basically only half of their 100+ graduates get a job in the US.
Moving to Europe after working in the US for a few years is easier than doing the other way. You basically try to transfer to a UK branch of your employer. The compensation in the US is so much higher than the rest of the world so this is something to keep in mind.
I certainly see the point of living in Europe vs the US. Much more enjoyable life style vs the rat race in the US.
As for Imperial, their reviews indicate that the brand name attract enough employers that students can get jobs through the events organized by the program.
As you put your timelines to the Tracker, please let us know when you end up.
 
Hey @mihirr,

I think quant trading is one of the roles thats more program independent. If your resume/background is good, you'll likely get interviews no matter which program you choose, after that it's up to you to capitalize. I'd recommend you focus more on location, New York will give you more options in general but will be more competitive. Chicago would be ideal if you're targeting options trading firms. You'd be competing in a smaller pool in Chicago as well, which may be a plus.

As for the Tandon program, it's like you say, there is a huge variety of electives. Two students can really enter the program and come out with entirely different specializations depending on what they choose. Something that might not have been said on the forums yet is the program has been adding more rigorous doctorate level electives, which I think is really good. They're quite math heavy, but that definitely helps for quant trading (more so quant research though). The only piece we're missing for quant trading would be a dedicated market microstructure course, though bits and pieces are covered elsewhere. As for our career service, they will help you get to that interview, but landing the job is up to your skillset really. I should mention that quant trading is by no means the most common path from the program. What I most commonly see is alumni breaking into buy-side trading/research after having worked for a few years post graduation, typically as their 2nd job (particularly the big hedge fund names).

Another point that might have not been said on the forum is you'd also be able to take courses at different departments like Courant, Stern, etc, if you ever feel interested in another quant role. Not all courses are accessible, but there is variety beyond the MFE curriculum too.
 
markbogorad said:
Hey @mihirr,

I think quant trading is one of the roles thats more program independent. If your resume/background is good, you'll likely get interviews no matter which program you choose, after that it's up to you to capitalize. I'd recommend you focus more on location, New York will give you more options in general but will be more competitive. Chicago would be ideal if you're targeting options trading firms. You'd be competing in a smaller pool in Chicago as well, which may be a plus.

As for the Tandon program, it's like you say, there is a huge variety of electives. Two students can really enter the program and come out with entirely different specializations depending on what they choose. Something that might not have been said on the forums yet is the program has been adding more rigorous doctorate level electives, which I think is really good. They're quite math heavy, but that definitely helps for quant trading (more so quant research though). The only piece we're missing for quant trading would be a dedicated market microstructure course, though bits and pieces are covered elsewhere. As for our career service, they will help you get to that interview, but landing the job is up to your skillset really. I should mention that quant trading is by no means the most common path from the program. What I most commonly see is alumni breaking into buy-side trading/research after having worked for a few years post graduation, typically as their 2nd job (particularly the big hedge fund names).

Another point that might have not been said on the forum is you'd also be able to take courses at different departments like Courant, Stern, etc, if you ever feel interested in another quant role. Not all courses are accessible, but there is variety beyond the MFE curriculum too.
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Thanks a lot for the insights! I appreciate you taking the time to share this. It's really helpful to get an insider perspective on a program.

So, I’ve also been thinking a lot about how competitive the market is as well as the fact that landing a trading/research role straight out of the program can be unrealistic/tough (especially research). So I’ve been considering quant developer roles as a backup. I have a strong coding background and have taken several courses in computing, databases, and networking during my undergrad, along with major projects, so it feels like a solid alternative. Do you think this is a good approach?

I also, like I mentioned in the post have live market experience with backtesting and implementing options, as well as cross-sectional and time-series momentum systems, with a good track record over the past four years (retail). Additionally I have some experience using MATLAB from my modeling and simulation course during undergrad. Not sure how valuable all of this is, but is this something that’s taken into consideration or seen as a positive during interviews if I attempt trading/research internships along with general interview prep?

Would love to hear your and @Andy Nguyen thoughts :)
 
I believe QD is a truly legit career path that many MFE graduates look down in favor of more glamorous QT/QR roles. The fact is that many roles are basically QD but dressed up in more fancy titles.
I have seen many members here got internships and FT jobs offers based on their strong coding ability. It's one of the secrets that nobody advertises. Program with strong placement stats do emphasis on the ability of their graduates to code well.

It's important to get in the door first and then move up the ladder towards your ultimate goal. If QD is your best shot to get in, then focus on that and beat the rest of the competition.
 
100% agree with Andy on QD roles. Your career will also be far more stable. QT/QR is known for having a very high turnover rate because of how PnL driven these roles are. Definitely not a bad back up - many facets of QD make it a better role in it's own right.

Your live trading experience would probably be an interesting talking point to them in later interview rounds. You're not going to get the opportunity to say much about it until you prove to them that you are very good at the basics, especially probability.
 
Here is the 2024 comp level for QD/QT/QR roles at different firms. They are not representative but at least give you some idea.
The QT/QR comp is very PnL driven. High stress and short tenure. A lot of these guys want to retire and raise cows as soon as they can.
For QD roles, depending on the tech stack, the skills may be very transferable to other tech/AI firms, etc.
Don't look down on this because the other roles are cooler or make more money. The downside is understated and underreported.

Andy Nguyen

Thread '2024 Quant Salary Bonus Compensation'

Below is a sample of compensation data collected through r/quant sorted by firms/location/role/YoE/etc. This will be updated over time as more data is available.
Disclaimer: No guarantee of accuracy is given. The data is self-reported so it may result in sample bias.
Nonetheless, these are real-life data that is hard to find.

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Hi,
I am an international student (CS undergrad, tier-1 uni). Got accepted to Rutgers MQF and UCLA MFE. I am a bit confused about which to prioritise as of now.

I have spoke to a lot of students and alumni at both the universities. General rankings wise UCLA > Rutgers. But I wanted to know if there’s really an edge that I will get while applying to jobs. Cause location wise Id prefer being closer to NYC. My major focus is learning, more math heavy program, networking opportunities. Wanted to get opinion of someone who has been working for 5-6 years in quant finance field.

I heard that UCLA had recent changes in administration and that they had a dedicated person in NYC for networking, but there have been recent changes in that as well.

Thank you for your time!
 
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UCLA MFE made recent changes to their team recently. A new executive director, new faces on the team. The NYC liaison person was no longer with the program as of the end of last year.
 
Which is the better program? I know the Yale Master in Asset program is relatively new as it started in 2021 but now it has some time to be established. The Columbia MAFN started a long time ago so it has builds its reputation strongly. Please let me know your thoughts?
 
kfghbc said:
Which is the better program? I know the Yale Master in Asset program is relatively new as it started in 2021 but now it has some time to be established. The Columbia MAFN started a long time ago so it has builds its reputation strongly. Please let me know your thoughts?
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What job are you aiming to do?

There's a forum about this somewhere.

Basically, if you want to go into TradFi, choose Yale. MAFN is a Quant program.
 
Andy Nguyen said:
UCLA MFE made recent changes to their team recently. A new executive director, new faces on the team. The NYC liaison person was no longer with the program as of the end of last year.
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Yes, I heard that precisely. Hence I was wondering what this would mean.
 
Some of my insights about both program I gather from my network and also from friends at Rutger MQF:

- Rutgers MQF does have many opportunity in many banking and trading firm across the tri-state (closest is Jersey City with Citi and JP Morgan, can be both access by public transportation), also insurance (Chubby also in JC, Prudential Financial just couple blocks away), finance risk (moody’s), and extend down to PA (with firms like SIG, PNC, Vanguard), the only downside is super competitive (not only with bigger school but also with other Master student at Rutgers main campus in Stats, DS and the FSRM program), however the job in Tri state is unlimited, the program and school reputation is definitely well known in many banks, you can definitely get something as I know the director of Rutgers MQF is super helpful (I have heard that prior to the current bad market the internship placement rate is really high)

- For UCLA MFE, 2 banks hire heavily from UCLA FE are EastWest and Cathay, while other are insurance quant analyst and major asset management company (like Ares, PIMCO, Capital Group) along with many smaller, private one so this is a huge advantage for UCLA MFE, if you are more into portfolio/asset side, this definitely a great place to go and network, Cap Group recruiter loves UCLA, UCI and USC and always prefer to hire many from there.

Just my total 2cent of insights I gather from my network and observation. Hope this helps!
 
Ok, I have no idea what to choose if I'm admitted to MIT MFIN. I already have an offer for msc mathematics and finance from Imperial. My goal is too work in London at bank ass a trader.
 
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sidg said:
Hello! I am currently a Masters of Engineering student at Lancaster University, Class of 2015. I have applied to 8 universities for the MQF/MFE programme for Fall 2015. My profile is as follows:
GRE: 319 Q165 V154
CGPA: 62%, 3.0
TOEFL: 106
Excellent extra curricula, 3 internships, 3 good projects (one fully funded by Mitsubishi Electric).
Very good at C/C++, Java certified
I have applied to universities that are rather safe/moderate for my profile and I have received acceptances from 3 univs so far.
1. SUNY Buffalo
2. Singapore Management University
3. Boston University
I am having a tough time picking one of the three. BU is extremely expensive and I am not sure if it is worth the investment for somebody from a middle class family like me. SUNY B and SMU both have a good course structure and nominal fee. Could you please help me select! Job scenario is one of the main criteria.
Please reply ASAP.
Regards :)
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SUNY Buffalo
 
Please add your application timeline details on the Tracker. Thanks
Getting into the Imperial program is a good sign.
MIT is so different from Imperial and they are in two different continent.
Nobody can advise unless they know what you want to do out of the program.
 
karelm said:
Ok, I have no idea what to choose if I'm admitted to MIT MFIN. I already have an offer for msc mathematics and finance from Imperial. My goal is too work in London at bank ass a trader.
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Choose MIT.

It's interesting at how both universities have similarities. I would call Imperial the MIT of UK.

Imperial MSc Math and Fin: more for quant roles, of course. Very hard course. Their courses are more theoretical/pure math. Imperial will try to place you in an industry internship with your dissertation. Their program director is well known with strong connections. Well done for getting an offer.

Good stuff: math fin at imperial is well known in UK. Career service is amazing. their modules are good.

Downside: 7 core modules and 5 electives from october to april, then exams. then dissertation until september. You will really work lol. London salaries are bad relative to cost of living. The stories I heard about Imperial are discouraging and you will feel like you're in hell. If you want that then please be my guest.

MIT MFin: you can choose concentrations and you will be surrounded by truly amazing people. course isn't as pure math heavy and more relevant to finance. Imperial is more on quant. MIT's MFin is under MIT Sloan School of Management - it is at its base more on finance. MIT Sloan is part of the M7 Business schools.

Good stuff: to follow on from the reviews, it's MIT. Boston is a cool place, european like. Career services are amazing. You can choose an 18 month course, which gives you time to learn stuff in greater depth. US universities are generally easier than their UK counterparts (but why do people go to US colleges? because the universities are more prestigious, which is what matters most). The people you meet at MIT will be amazing. Network with them. Be their friends. You never know, they may start billion-dollar mc companies and may get you a job one day. With US universities, your top aim should be to network. Networking gets you jobs. Hard programs bring you tears.

Downside: courses can be crowded with others but it's alright. Tbf they have double the cohort as imperial. MIT is more expensive. Some have said it's a certificate course lol...but it's MIT. You are paying for the name, the prestige, the network. Boston does not have as big of a financial center as London but as you said, you will be back in London, so it shouldn't matter.

Overall I say MIT because of the name and opportunities at your doorstep. At the end of the day, no one cares how hard you work. Sorry to say that but that's life. Employers don't care how difficult a course is. Imperial has good name but MIT has a better name and you can achieve your goals by working less. Remember, you are trying to get a good job to pay your bills, not flex on people that you did a hard course.

At this time, UK is not good. Economy is not great and has not been great for 17 years. It is moments like this you need to stand out. MIT > Imperial.

Also you did not specify what type of trader so I assumed you just wanted to be a tradfi guy.

I hope you get into MIT. If you do, only look back to London for jobs, as you stated since it's what you want.
 

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