MFE Profile Evaluation for Fall 24

bahu · 10/4/23

Hello everyone, I've long valued the insights shared on this forum and am reaching out for guidance on my upcoming MFE applications.

Background:

Education: Statistics Undergrad from a top Canadian university with a 3.7 GPA.
GRE: Scheduled to take it this month.
Relevant Courses:
- Calculus 1 (C), Calculus 2 (A), Calculus 3 (A)
- Linear Algebra 1 (C), Linear Algebra 2 (A)
- Differential Equations (B), Probability (A)
- Microeconomics (A), Macroeconomics (A)
Skills: Proficient in R; familiar with Python; learning C++ online.
Work Experience: Banking role in Asia.

Target Schools:

Baruch
Berkeley
Chicago
CMU
Columbia MFE
Cornell
MIT
NYU Courant
Princeton
Stanford

Concerns:

Based on my academic background and work experience, is my application competitive for the listed programs?
I lack coursework projects and quant internships. Will this be detrimental to my application?
My first-year grades were subpar, and I will be taking longer to graduate due to personal circumstances. Will schools view this negatively?
In light of many schools no longer considering the GRE since the pandemic, how much emphasis should I place on it, especially if my score isn't strong?
I need 3 letters of recommendation based on my courses; who would be ideal to approach for these?
What gaps exist in my profile, and how might I address these to bolster my application?
Are there other reputable schools I should also consider for my application?

Appreciate any insights. Thanks!

MikeLawrence · 10/5/23

If you were a stats major from a top uni I bet you have several more relevant courses than you listed. Did you not take anything in regression, time series, dimension reduction or any other statistical methods?

Otherwise, your profile is pretty good. You have all the pre-reqs (and the Linear algebra 2 nicely compensates for the Linear 1 grade), and you will be able to code quite well soon (assuming the C++ course is the one offered on this site). Plus you've got work experience. I'd reckon you get into several of the schools you have listed.

bahu · 10/5/23

MikeLawrence said:
If you were a stats major from a top uni I bet you have several more relevant courses than you listed. Did you not take anything in regression, time series, dimension reduction or any other statistical methods?

Otherwise, your profile is pretty good. You have all the pre-reqs (and the Linear algebra 2 nicely compensates for the Linear 1 grade), and you will be able to code quite well soon (assuming the C++ course is the one offered on this site). Plus you've got work experience. I'd reckon you get into several of the schools you have listed.

@MikeLawrence Could you answer some of the questions please? Thanks in advance!

MikeLawrence · 10/6/23

bahu said:
@MikeLawrence Could you answer some of the questions please? Thanks in advance!

Answer my questions as well.

1) You are very well prepared, but not a rockstar. You should get into a good program, hard to say if it will be your dream school.
2) Projects seem to matter much less for apps than relevant work experience. Not have work experience won't kill you, but it would have helped. You have finance though which is not bad.
3) Your advanced module grades kinda rewrite the first version of those courses, so it won't be too big an issue.
4) Do your best to get a high GRE score. Not entirely sure how high it is rated, but it does factor in.
5) People who worked with you closely, upper level course profs who know you well and in whose courses you did well.
6) Don't overthink it. Put your best foot forward and let the chips fall where they may.
7) Just check the rankings. Or look for non-MFE programs.

bahu · 10/6/23

MikeLawrence said:
Answer my questions as well.

1) You are very well prepared, but not a rockstar. You should get into a good program, hard to say if it will be your dream school.
2) Projects seem to matter much less for apps than relevant work experience. Not have work experience won't kill you, but it would have helped. You have finance though which is not bad.
3) Your advanced module grades kinda rewrite the first version of those courses, so it won't be too big an issue.
4) Do your best to get a high GRE score. Not entirely sure how high it is rated, but it does factor in.
5) People who worked with you closely, upper level course profs who know you well and in whose courses you did well.
6) Don't overthink it. Put your best foot forward and let the chips fall where they may.
7) Just check the rankings. Or look for non-MFE programs.

Yeah, I've taken courses on regression, hypothesis testing, and time series. Most of my upper level courses are B's. I left them out earlier since many schools highlight the importance of probability, calculus, and linear algebra.

I'm currently enrolled in the C++ course on Coursera that Berkeley suggests. I'd love to take the QuantNet one, but it's a bit out of my budget right now.

1) What do you mean by rockstar? Do I have a chance at the top 3 programs (Baruch, Princeton, Berkeley)? Anything else I can do at this point before January?
5) Should I focus specifically on math and CS profs? What about econ?

bahu · 10/6/23

@Andy Nguyen I'd greatly appreciate your advice as well. Thanks in advance!

QuantCoach · 10/6/23

Top Canadian schools are generally not highly regarded by the US in general, and getting a C in linear algebra and having "most of your upper level courses as B's" is not a good sign. There are many straight A students applying for MFEs, and in the industry straight A students are a dime a dozen. My honest opinion is I don't think your profile is competitive for top 5 MFE programs (unless you did well on Putnam or have something else that stands out to compensate for your grades/lack of internships), and you should assess getting a finance job in Canada. Even assuming you do get into the best MFEs most people fail to realize many MFEs are struggly to land the full-time employments that they want.

Andy Nguyen · 10/6/23

QuantCoach said:
Top Canadian schools are generally not highly regarded by the US in general, and getting a C in linear algebra and having "most of your upper level courses as B's" is not a good sign. There are many straight A students applying for MFEs, and in the industry straight A students are a dime a dozen. My honest opinion is I don't think your profile is competitive for top 5 MFE programs (unless you did well on Putnam or have something else that stands out to compensate for your grades/lack of internships), and you should assess getting a finance job in Canada. Even assuming you do get into the best MFEs most people fail to realize many MFEs are struggly to land the full-time employments that they want.

Reality check right here.
Most people don't realize that getting into MFE degree is just one of the many steps before you get your first job in the finance industry. The struggle is real and you should plan long term and see where you will land 3 years, 5 years from now.
That said, many people here took the same journey and still around to give their 2 cents. Just realize that it is a very competitive field where you compete with MFE grads from around the country as well as many STEM graduates.
Be prepared, not afraid. You are already ahead of many people since you are here, asking questions and learning.

MikeLawrence · 10/7/23

QuantCoach said:
Top Canadian schools are generally not highly regarded by the US in general, and getting a C in linear algebra and having "most of your upper level courses as B's" is not a good sign. There are many straight A students applying for MFEs, and in the industry straight A students are a dime a dozen. My honest opinion is I don't think your profile is competitive for top 5 MFE programs (unless you did well on Putnam or have something else that stands out to compensate for your grades/lack of internships), and you should assess getting a finance job in Canada. Even assuming you do get into the best MFEs most people fail to realize many MFEs are struggly to land the full-time employments that they want.

This is true, but not all the school OP listed are top 5. Bahu has a solid shot at several of the others, whose acceptance rates really aren't that low, since he is prepared and covers most of the bases.

Many B's is not a good sign though, this new info doesn't help Bahu's case.

bahu · 10/11/23

@Lukee @MRoss I've noticed your comments on other posts. I'd really appreciate hearing your advice on this as well!

Lukee · 10/11/23

bahu said:
@Lukee @MRoss I've noticed your comments on other posts. I'd really appreciate hearing your advice on this as well!

Quantcoach and Mike Lawrence have already addressed most of my thoughts were but I'll reiterate the important parts.
- B's in upper level classes won't kill your application but it will hurt it
- Your upward trend in grades is a positive signal, if you are still in school now try your hardest for perfect grades until graduation
- While ideal, quant internships aren't a necessity for your application. I have seen plenty of MFE students on linkedin who worked in adjacent fields before starting grad school
- Keep up with the programming, the quantnet cert seems to be the gold standard for many programs but if you can't afford it then stick with coursera for now
- I can't comment on likelihood that you'll be admitted, I haven't gone through the application process myself yet. I think getting into a top 5 program is unlikely but there are plenty of other solid schools.
- I'd recommend you study up for the GRE. Idk how it is viewed in the admission process but maybe it'll help counterbalance some of the lower grades in math courses.

At the end of the day you won't get a definitive answer here. The admission process is tricky, on the tracker I've seen plenty of candidates overplaced into good programs while also seeing many underplaced into subpar programs.

Goodluck with you application. Remember that even if you don't get into a top tier program you can still have a very successful career. Your MFE is just the start.