MFE after Phd?

[bubblegum]

Im currently doing a Phd in financial mathematics, and have considered doing a MFE afterwards. I have some questions

1. would the MFE be a bit of an overkill as Im doing my Phd in financial mathematics?
2. I'll be 34 when I finch my Phd, would the extra year or year and half for the MFE start making my age become a factor for job opportunities?
3. Im only at a top 15 Uni in the UK, would I have any chance at getting into a MFE in New York? I have already had a paper submitted and accepted if that would help?

The reason I have considered an MFE is that the Phd is very niche, and I would like to get a more rounded education in fin maths.

Thanks for any replys

 

[Dwsmith]

I am confused. Could you explain the difference of your PhD in Financial Math compared to a MFE? To me, I don't see a difference besides one is more researched based.

 

[IlyaKEightSix]

You have a PhD. Why would you need an MFE?

 

[bubblegum]

The Phd is very specific to a particular type of model and is heavy on stochastic differential equations and probability, it will not involve: interest rate models. credit risk, portfolio management, Market Micro-structure, Time series analysis, ...

Phd's in the UK are three years and do not provide a 1 year taught course at the beginning, as I believe they do in the US. I could spend my time self learning the MFE course material, but i practically live, sleep and breath my Phd research and so this would just be a distraction and might pull down my research.

 

[bubblegum]

You have a PhD. Why would you need an MFE?

To get a broader understanding? Another question then..

- Ive read a lot on this forum about how employers like to see a MFE from a top uni, are they satified with a Phd even if it is not from not a top uni?

My Uni is good, not top ten, but it is in terms of research, I just worry that all the other guys going for the same job will have a MFE from a top uni and this will push them ahead. Ive also read here that its not uncommon these days to do a MFE after a Phd?

 

[Dwsmith]

To get your PhD, you have to contribute something to the academic community via new research. What you write has to be peer reviewed and published. I don't think a bank can categorize you with MFE students. If anything, you should have a better understanding than the MFE students.

 

[TBeas]

To get a broader understanding? Another question then..

- Ive read a lot on this forum about how employers like to see a MFE from a top uni, are they satified with a Phd even if it is not from not a top uni?

My Uni is good, not top ten, but it is in terms of research, I just worry that all the other guys going for the same job will have a MFE from a top uni and this will push them ahead. Ive also read here that its not uncommon these days to do a MFE after a Phd?

People getting an MFE after a PhD are those who are getting a PhD in something that isn't already what an MFE covers (CS, pure math, engineering, physics, etc).

 

[bubblegum]

To get your PhD, you have to contribute something to the academic community via new research. What you write has to be peer reviewed and published. I don't think a bank can categorize you with MFE students. If anything, you should have a better understanding than the MFE students.

How can I have a better understanding of portfolio management when I have not studied them like a MFE would have? The same goes for a whole host of other areas, like C++, I will not need to do any for my phd but an MFE student would have done projects in C++. An MFE would have done a semester course on interest rate modelling, but I will not. etc... Ok I'll be far better at SDE's than any MFE student and have a much wider knowledge of distribution theory and statistics but that's just two areas?

I mean a Phd is great, I am doing it for the pure love of the subject and I could not think of anything better to do than spending three years researching into my niche area. I just wonder about employment prospects against the hordes of MFE's students from top Uni's with their, well rounded curriculum's, intern-ships and what nots.

 

[bubblegum]

So whats better

1. Phd in fin maths but not from a top brand name Uni

or

2. MFE from a brand name Uni

?

 

[Dwsmith]

You are supposed to be an expert in your niche research area. A bet there a banks looking for experts in your area. Like you said a MFE won't be able to compete with you there. Take a programming class every semester while you are working until you have the hang of it.

 

[kwlmy]

Isn't having a PhD suppose to mean that you can learn something?

 

[DoubleTrouble]

I agree with Dwsmith. Find a bank that's looking for an expert in your field. Then no MFE student will be able to compete with you no matter what university they graduated at.

 

[bubblegum]

Isn't having a PhD suppose to mean that you can learn something?

yes it does, its just that I work 10-12 hours per day on my PhD, six days a week and don't really want to reduce my research time to self study topics not directly related to my research. But yes I could learn it on the job, but that's my point why would they want someone working in portfolio construction who has not already studied it whilst the MFE student would have already spent considerable time studying that.

 

[kwlmy]

So assume that you want to apply to an MFE program - are you going to tell them that you need an MFE because having a PhD in financial mathematics isn't enough to get a job in the finance industry? It seems strange that you make it sound as if your PhD isn't worth the time and effort. So why do it then? I think an MFE is unnecessary. Perhaps you just need to market yourself better.

 

[MRoss]

I'm with everyone else here. Don't do an MFE. You have an excellent degree already. If you think you missed something just pick up a book and read up on it.

 

[Devdeep]

People getting an MFE after a PhD are those who are getting a PhD in something that isn't already what an MFE covers (CS, pure math, engineering, physics, etc).

Precisely!!! So bubblegum... I really doubt you would need an MFE degree after Fin Math Ph.D. ... to better evaluate the situation, however, apply for jobs and see what kind of response you get... make sure you finish "Heard on the Street", Mark Joshi, etc...

 

[rajanS]

Precisely!!! So bubblegum... I really doubt you would need an MFE degree after Fin Math Ph.D. ... to better evaluate the situation, however, apply for jobs and see what kind of response you get... make sure you finish "Heard on the Street", Mark Joshi, etc...

oyy...kaisai ho babu haha

 

[Zhechao]

i am with bubblegum. A degree like Ph.D doesn't necessarily prepare u better than practical skill sets that are directly applicable to industry jobs. Ph.D in fin math or applied math put heavy emphasis on theories and little on practical skills. And it takes time to build up practical skills too, probably a year or two. There are others dropping out of Ph.Ds. Most industry jobs (other than R&D) value bachelor with five year experience, masters with two year experience, and fresh Ph.D as the same.

on the other hand, MFE in top universities in us costs a lot (tuition almost the same as first year analyst salary), while a Ph.D in UK takes 3 years and u get paid during this period (I assume same as US system here?). The opportunity cost of finishing ur current Ph.D degree is not that high.

 

[Devdeep]

i am with bubblegum. A degree like Ph.D doesn't necessarily prepare u better than practical skill sets that are directly applicable to industry jobs. Ph.D in fin math or applied math put heavy emphasis on theories and little on practical skills. And it takes time to build up practical skills too, probably a year or two. There are others dropping out of Ph.Ds. Most industry jobs (other than R&D) value bachelor with five year experience, masters with two year experience, and fresh Ph.D as the same.

on the other hand, MFE in top universities in us costs a lot (tuition almost the same as first year analyst salary), while a Ph.D in UK takes 3 years and u get paid during this period (I assume same as US system here?). The opportunity cost of finishing ur current Ph.D degree is not that high.

What you have mentioned is correct... But I think you missed the original point to some extent. (S)he is ALREADY doing Ph.D. and will be done soon. It is not that (s)he is deciding between a Ph.D. and MFE. (S)he is asking whether (s)he needs to do MFE *after* completing the Ph.D. in Fin. Math. That, IMHO, could be redundant...

Comments welcome!

 

[myampol]

Find a job with an employer which offers an employee tuition reimbursement benefit, thereby getting them to pay you and to pay for your part-time MFE.