Master Programs Comparison: Which quant program to choose?

[bigbadwolf]

I was wondering if anyone out there could tell me what they honestly think of these programs? How is the job market for people who graduated from Cornell/CMU this past December? LSE last May?

Many of these programs are not releasing information on how their alumni are faring or how many people they're placing in internships. Andy has sent questionnaires to these places (and others). If memory serves, I think only Princeton replied.

If, on the other hand, you want hearsay and anecdotal evidence, you must agree this provides a fragile and unreliable basis for a rational decision. For what little it's worth, I'd probably choose CMU from the list you've provided. It's probably the oldest program around; it has a reputation in the market; and its faculty are seasoned (like Steven Shreve). More than this I cannot say. Caveat Emptor.

 

[rochg]

Hi All,
I am Sr. Software Developer/Architect with 10+ years experience, mostly using Java/J2EE . I hold a masters degree in computer science from athabasca university.
I am interested in pursuing financial engineering as a career.
So, I was wondering if CQF http://www.cqf.com is considered reputable?

Also, in which all (other) schools do I stand a chance ?

Thanks for all the replies,
R

 

[DominiConnor]

I have to first declare an interest since I teach C++ on the CQF, and Paul Wilmott, is a founder of the firm I work for...

A challenge you will face is that it has been a while since you did maths, and unfortunately they were mostly the wrong kind for quant finance. So much so that I do a lecture in remedial logic for quants

Also Java is not common in this line of work, but I assume that your Java is good enough that it is a sound base for learning C++ and/or C# The CQF does not assume you know any C++ before you start, but it is useful for getting a job after.

The path of least resistance for you is as some form of quant developer, which typically pays better than most other forms of s/w dev.

So before we think too hard about the way forward, it's a good idea to work out where you are now. Dan Stefanica has done a primer on financial mathematics, which although it is designed to teach, I've found that it is a good self-test for whether you are ready to spend this scale of money and time.
I do not say that you should be able to waltz through the book trivially, but if it is clearly beyond where you are, you've found out something important for a tiny fraction of the cost of doing something you are not ready for,

Dan Stefanica's A Primer for the Mathematics of Financial Engineering - Forum | Quant Network

You then have to decide whether to fill in some holes, or find a different way forward in your career.
The CQF includes the CMM, which is optimised for such hole filling, but you don't try and build a whole wall with the gunk you patch holes with. That applies to all finance courses.

 

[dstefan]

A CQF designation with Distinction is prestigious. I also like that people with a CQF have free access to CQF videos and materials for an unlimited time upon graduation.

Whether to do an MFE or the CQF depends on your background and goals.

 

[DominiConnor]

Yes, although the CQF has a final exam, you never actually finish it, unless you want to.

Personally I think all finance courses ought to be like that, since new stuff comes along, you forget the old, and you never know which things you learn will turn out to be useful 5 years later, long enough that you want it refreshed.

As Dan says, you need to have some idea of where you want to be in order to make good decisions about education. I accept this is hard, since the point of the education is that you don't know enough yet, which is why I suggested quant developer as av potential role for you.

A rough and simplistic calculation is to look at the pay of entry level QDs compared to what you're on, and see this as a possible outcome of the course.

Note that I say entry level, even though you've a decade of experience, plus extra education. Think through whether you'd be happy with that.

Note I'm not telling you what to want, mostly proababilities and possibilities of what you can get, it's not my job as a headhunter to tell you want you want, it's my job to help you get it.

 

[Joy Pathak]

I like the idea of having videos. I know of some MFE programs that do that too.

Maybe CQF can sell videos for a fee. hahah

 

[dstefan]

It is much better to have the videos free for all CQFs, and only have a few available for general viewing as samples.

 

[Andy Nguyen]

I just want to mention that we have reviews of CQF by their delegates

Review of Certificate in Quantitative Finance (CQF) program

This review was submitted on 1/24/2010 by a student who studied in the certificate program from 1/2010-6/2010 Can you tell us a bit about your background? University Gold Medalist in Information Technology, Linux Kernel Developer, Was working as analyst in Lehman Brothers and knew the basics of...

quantnet.com

And reviews for over dozen MFE programs

Resources

www.quantnet.com

 

[rochg]

Thanks for all the great replies.
My goal as asked by Dan and DominiConnor is to become a quant developer and take it from there. After reading the reviews of CFQ, I think I am inclided towards the course. Am I right?

Regards,
R

 

[Andy Nguyen]

I would like to hear a bit from Dominic or anyone familiar with CQF career service. I read the reviews and a couple people mentioned it did not exist or they don't need it.
It's one thing for people already working in the field, taking CQF to learn new things, while getting reimbursed by the company, it's another thing for people from China/India wanting to get into the field using CQF as a mean.

Since majority of CQF delegates take this online, what does career service exactly entail? Does Dominic's recruiting service play any part in this?

In short, how does a guy from India, China finishing this CQF get a job on Wall Street or in any of the financial centers?

 

[zyz]

I would like to hear a bit from Dominic or anyone familiar with CQF career service. I read the reviews and a couple people mentioned it did not exist or they don't need it.
It's one thing for people already working in the field, taking CQF to learn new things, while getting reimbursed by the company, it's another thing for people from China/India wanting to get into the field using CQF as a mean.

Since majority of CQF delegates take this online, what does career service exactly entail? Does Dominic's recruiting service play any part in this?

In short, how does a guy from India, China finishing this CQF get a job on Wall Street or in any of the financial centers?

I was going to ask the same question. Thanks Andy.

 

[marina]

I would like to hear a bit from Dominic or anyone familiar with CQF career service. I read the reviews and a couple people mentioned it did not exist or they don't need it.
It's one thing for people already working in the field, taking CQF to learn new things, while getting reimbursed by the company, it's another thing for people from China/India wanting to get into the field using CQF as a mean.

Since majority of CQF delegates take this online, what does career service exactly entail? Does Dominic's recruiting service play any part in this?

In short, how does a guy from India, China finishing this CQF get a job on Wall Street or in any of the financial centers?

Have you attended any CQF info/preview sessions? Lot of people ask these questions but they don't get any convincing answer from the speaker.

 

[Andy Nguyen]

No I have not but it sounds like a good idea to attend and get a better sense during Q/A session.
Note to self: make plan to attend these events soon.

 

[rochg]

That entails that CQF doesnt offer any kind of career service (other than maintaining a job board).
It would be great to have career service..
Regards,
R

 

[Lyosha]

Why limit yourself to only one option? I don't know about CQF, but I know good MFE programs are supremely difficult to get into. In my opinion get admitted first - decide where to go afterwards.

 

[sidg]

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

 

[Daniel Duffy]

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

Have you looked at UK?

 

[sidg]

Nope, I haven't. I do not want to study in the UK because of the strict and unfriendly policies and permits for international students. You are literally asked to leave the country as soon as you graduate. I wish to work at the place where I can work after my MQF/MFE programme. That is why availability of jobs options for international students is the major thing.

 

[TheComplexUnit]

Nope, I haven't. I do not want to study in the UK because of the strict and unfriendly policies and permits for international students. You are literally asked to leave the country as soon as you graduate. I wish to work at the place where I pursue my MQF/MFE. That is why availability of jobs options for international students is the major thing.

Wise man. The immense intake of middle-class internationals into UK university programmes is undoubtedly one of the biggest scams in capitalistic academia. If you're a citizen of a country outside of the Eurozone, you might as well pack your bags upon completing your programme.

Of course, this deplorable situation is fundamentally tied to the abolition of the post study work visa. What a marvellous man, that David Cameron!

 

[evan guggenheim]

Nope, I haven't. I do not want to study in the UK because of the strict and unfriendly policies and permits for international students. You are literally asked to leave the country as soon as you graduate. I wish to work at the place where I pursue my MQF/MFE. That is why availability of jobs options for international students is the major thing.

I would think SUNY would be a better choice than the school in Singapore, but I don't have any facts for that. Would you rather work in the U.S. or Singapore?

From my experience applying to finance positions in south east asia, they usually only chose candidates that spoke the native language, even though I'm sure most of business is done in English.