"MFE program profile evaluation" master thread

[maldini]

If you want to be successful as a quant you should be perfectly capable of solving some basic geometry and algebra II problems. The depth of knowledge required to answer them is very small, and 28-29 of the 30 are bound to be [almost] completely straight forward.

If you are perfectly capable of doing it, you should then be perfectly capable of demonstrating it. When I applied to grad schools, I did not view getting a perfect score on the quant section of the GRE as an accomplishment, but rather as a prerequisite, but I suppose that is also partly me. What is not a matter of personal taste, however, is that if you do not get an 800, you are at a substantial disadvantage to everyone else that did.

As proof of this, I cite that the 25th percentile quant GRE scores of Baruch's latest incoming MFE class is 800, with an average of 796. Take from this what you will.

Also, to contrast what has been previously said - do not take the GRE more than two or three times. Like all other standardized tests, the more you take it, the better you do. And colleges get all your scores, not just the last ones. And when they see 12 scores on that list instead of two, you can imagine this probably looks very bad.

I totally agree with you on this aspect..If one is good enough one needs to be capable of proving it... But I actually messed up in couple of fairly simple questions ..Just lost my composure a bit and knew it while giving the exam that Ive made a mess of those questions. As a result it was playin on my mind throught the remaining questions and it just was a cumulative effect that musve led to a 780 ..... I know Im good enough cause my undergraduate math grades are fairly good...And I have had exceptional grades in math throughout...I also in fact held the position of a TA in business stats...But somehow managed to mess up the one thing that counts........
anyway taking the test again is out of the question for me as of now.Im pretty squeezed for time . I guess I have to depend on the other aspects of my profile to make it up.....and hope for the best

 

[Lyosha]

I totally agree with you on this aspect..If one is good enough one needs to be capable of proving it... But I actually messed up in couple of fairly simple questions ..Just lost my composure a bit and knew it while giving the exam that Ive made a mess of those questions. As a result it was playin on my mind throught the remaining questions and it just was a cumulative effect that musve led to a 780 ..... I know Im good enough cause my undergraduate math grades are fairly good...And I have had exceptional grades in math throughout...I also in fact held the position of a TA in business stats...But somehow managed to mess up the one thing that counts........
anyway taking the test again is out of the question for me as of now.Im pretty squeezed for time . I guess I have to depend on the other aspects of my profile to make it up.....and hope for the best

Not all MFE programs have the same deadlines. If you are applying to more than one program it is likely beneficial to you to schedule another test ASAP and try to get that 800 (and submit your application a few weeks later or something... assuming this isn't your fourth attempt or something...) to help your chances on programs with less stingy admissions deadlines.

I didn't get an 800 on my first try either. I double checked the "easy" questions for too long and ran out of time for three of the "hard" ones later on in the test on my first try. But a second attempt and better time management remedied that

 

[latency]

most MFE jobs don't need a CFA. A CFA is only useful if you are trying to get in to asset management etc (places like pimco, blackrock). Otherwise, a CFA is not very useful for quant finance/trading/financial engineering jobs. Its a nice thing to have on your resume but that's all.
In the current scenario, it is pretty hard for international students to get jobs in the US. There are a lot of people on the street with experience and employers know this, they are taking their time to find the best candidate. Second, trading volumes which were seen in the first quarter of the year are not likely to continue. As a result, banks are likely to slow down on hiring.
Keep these things in mind when applying.

Hi guys, after MFE....does CFA L1 or L2 help....or you have to have passed all 3 levels to make a difference to your employment prospects?

Also, i know it may seem like a kiddish question, but any idea regarding the percentage of students who secure jobs or internships after their course....lets say you consider a tier 2 college like michigan or rutgers? Around 50%?? I am asking cause i dont want to be stuck in situation without a job after my degree...(I am an Indian, my employer will need to sponsor my H1-B)....

 

[Brian Williams]

Please Read

I have a 3.8ish GPA in a Pre-Med/Humanities with a math minor that includes calc 3, stats with calc, linear algebra , GRE-800q

do i have a shot at making it to a top mfe? or am i wasting my time if i go and take more math classes if the only reason is mfe. thanks a lot

 

[atreides]

Take a look at the master reading list Master reading list for quants, MFE students | Quant Network.

Also, search through the forum, similar questions have been answered.

 

[AndrewChang]

Hello Everyone !

I previously posted my profile here on quantnet but I didn't get a response so here goes! I plan on applying for the Fall 2011 semester.

I am 20 years old and currently a double major in Baruch in Actuarial Science and Economics with a current GPA of 3.86. I am doing this double major in 3 years instead of the typical 4 years and I plan on graduating in Spring of 2011. I have taking 21+ credits since my sophomore year and I got an 800q and 550v and I have passed the FM exam and P exam for actuaries.

By the end of this fall, I will have taken

Math/statistics courses
Calc 1,2 (AP credit scored a 5)
Calc 3 B+
Linear Algebra (currently taking this class but I will get an A)
Probability A
Statistics A
Econometrics A-

Economics/finance
Micro A
Macro A
International economics/finance A
Money and banking economics A
Intermediate microeconomics A
Intermediate macroeconomics A
Monetary economics (currently taking)
Advanced macro (currently taking and this class is calculus based)
Advanced micro (currently taking and this class is calculus based)
Intro to finance A
Corporate finance A-

Programming
Intro to C++ A

This winter, I plan on taking a 2nd probability class and a 2nd C++ class because Cornell has a mandatory set of prereqs. I will be taking stochastic processes, monte carlo simulations, partial differential equations, mathematical finance and considering a higher econometrics course and another programming class. I have never worked in anything related to the field but I am currently working towards getting an internship.

1. Does what classes I take in the spring matter though? I am definitely taking these classes for my general purpose of my knowledge but will the schools I apply to see that I am taking these classes?

2. I'm also wondering what my chances are for Columbia MS in FE, Cornell MEng in FE, NYU Mathematical finance, Baruch MFE, CMU MS in computational finance, University of Chicago Financial Mathematics and Boston University Mathematical Finance.

Thanks in advance!

 

[Connor]

What classes the admissions see will depend on the transcript you send, but depending on when you apply, your transcript could show the current semester courses without grades.

The math courses you listed that you will be taking looks pretty good, but I think you may be on the weak side for programming.

An important question that I think you will need to answer/explain in your admissions is why a MFE? Why not actuarial science?

 

[alanschezar]

whatre my chances

School: Top 10 Undergraduate (think Duke, Dartmouth,Upenn, Columbia etc.)
GPA: 3.7
Major: Economics/Math (Honors in Economics)
GRE: 800Q/660V/5.5AWA

Research: 4 academic EMPIRICAL research projects in economics/applied mathematics/finance, in preparation for econ/finance PhD programs. Nothing published, though results could be leverageable for this purpose.

Programming: Extensive, internships at a big technology company (Amazon) and a hedge fund in the technology division. Main languages include MATLAB, R, C#, SQL, PHP, with dabbling in Java, Haskell, C, etc. I don't know C++ in particular, but I am a very capable coder and might just write that I know some after doing some online courses.

Work Experience: New, increasingly but not yet well known quantitative trading firm (though I haven't done much maths here, I make some basic mathematical models). I program everyday. Will be 2-3 years out by the time I apply.

Coursework: Math thesis (applied math project, very coding intensive), Mathematics seminar in clustering methods, advanced probability/statistics, graduate level micro, macro, econometrics, linear algebra, basic probability/statistics, diffy q's.

What are my chances? How about CMU/Pton/Berkely, or should I aim lower? I figure Pton is the best fit due to research.

 

[Connor]

School: Top 10 Undergraduate (think Duke, Dartmouth,Upenn, Columbia etc.)
GPA: 3.7
Major: Economics/Math (Honors in Economics)
GRE: 800Q/660V/5.5AWA

Research: 4 academic EMPIRICAL research projects in economics/applied mathematics/finance, in preparation for econ/finance PhD programs. Nothing published, though results could be leverageable for this purpose.

Programming: Extensive, internships at a big technology company (Amazon) and a hedge fund in the technology division. Main languages include MATLAB, R, C#, SQL, PHP, with dabbling in Java, Haskell, C, etc. I don't know C++ in particular, but I am a very capable coder and might just write that I know some after doing some online courses.

Work Experience: New, increasingly but not yet well known quantitative trading firm (though I haven't done much maths here, I make some basic mathematical models). I program everyday. Will be 2-3 years out by the time I apply.

Coursework: Math thesis (applied math project, very coding intensive), Mathematics seminar in clustering methods, advanced probability/statistics, graduate level micro, macro, econometrics, linear algebra, basic probability/statistics, diffy q's.

What are my chances? How about CMU/Pton/Berkely, or should I aim lower? I figure Pton is the best fit due to research.

Your profile looks pretty good and I think the programs were mentioned are appropriate. General strategy is to apply to the programs you want to be in plus a few "lower" programs as safeties.

But why would you want to get a MFE if you already have a job at a quantitative trading firm?? I don't know what you want to do but seems to me that a MFE may not offer much at this point for you.

 

[abcdefh]

Ditto. Waste of time and money. Unless you like going back to school for the fun of it.

 

[alanschezar]

Re: why i am applying

Well, right now I work with a very specialized asset class, and since what I do is reasonably specialized, I don't know that I have any transferable skills. I'm interested in

a) a different, more mainstream asset class such as equities, FX etc.
b) possibly a research oriented job (I know PhD would be better for this, but it's more for academia).
c) a job with a more quantitatively steep learning curve.

So, while I am already at a trading firm, not all roles are made equal and I feel kind of stuck where I am. The MFin. seems like it'd give me credibility to do a broader set of finance related jobs.

 

[esahione]

Well, right now I work with a very specialized asset class, and since what I do is reasonably specialized, I don't know that I have any transferable skills. I'm interested in

a) a different, more mainstream asset class such as equities, FX etc.
b) possibly a research oriented job (I know PhD would be better for this, but it's more for academia).
c) a job with a more quantitatively steep learning curve.

So, while I am already at a trading firm, not all roles are made equal and I feel kind of stuck where I am. The MFin. seems like it'd give me credibility to do a broader set of finance related jobs.

Why not just apply to different jobs? You're taking the long route.

 

[Connor]

Why not just apply to different jobs? You're taking the long route.

I agree you should just try applying to other jobs in a few years.

And you should explore your interests more deeply because I would recommend different things for each thing you mentioned:

a) Your current work experience should be good for getting into equities, etc. The CFA wouldn't be a bad idea. If you just wanted to go back to school then a MBA or masters in finance would probably be the way to go.

b) Like you said PhD for heavy research

c) MFE could work for this option, maybe...

 

[aditshankar]

Math test

Hey

I am planning to write the GRE Math test. Can anyone tell me how much it ll help my application? Also what sort of a raw score should i be looking at for NYU or Columbia.

Another completely different question

Does Columbia enroll in a rolling admission style or a deadline style for their MFE?

Thanks
Aditya

 

[AndrewChang]

It's a December 1st deadline so.. if you are starting all your things now. GOOD LUCK.

Hey

I am planning to write the GRE Math test. Can anyone tell me how much it ll help my application? Also what sort of a raw score should i be looking at for NYU or Columbia.

Another completely different question

Does Columbia enroll in a rolling admission style or a deadline style for their MFE?

Thanks
Aditya

On a separate note, thanks for responding to my profile Connor. The main reason why I am not doing actuarial science and doing financial engineering is because even when I applied for actuarial science, it was just a dummy major for me to take the math classes. While I'm not saying actuarial science is a bad job and all, I just love the interaction from being a quant as well. With actuarial science, you basically get a job and you basically stay at that job for life basically like tenure but with financial engineering, I love the thrill and excitement of sometimes losing and sometimes winning and I love the risk factor and the psychology of the system as well. I know financial engineering is more like a 10 hour + job vs the 9-5 for actuaries but like with woman, you know sometimes we can't control what we like and I just happen to love the financial system.

Also Connor, is it realistic for me to apply to the programs I mentioned? And what courses in programming would you recommend I take? Thanks.

 

[Andy Nguyen]

I just love the interaction from being a quant as well.
I love the thrill and excitement of sometimes losing and sometimes winning and I love the risk factor and the psychology of the system as well.

What exactly do you think us financial engineers/quants do on a daily basis? interacting with traders/clients? watching our trades PnL numbers jumping every second?

I'm afraid majority of people here has a skewed image of the nature of the job and many will have a big disappointment when their 100K investment turn into a job with a boring routine. What is being portrayed in movies and books aren't what you face in real life.

 

[Ken Abbott]

andrewchang, once again, Andy's right. If you become a quant because you think it's exciting, you're in for a big disappointment.

 

[abcdefh]

That's a perfect description of gambling.

Hey, if you play poker, etc., that pretty much fits of what you are looking for ..

 

[PennyLess]

Or play blackjack. Sometimes you lose, sometimes you win, but overall you will make some money in the long run by law of large numbers. There was definitely a lot of excitement seen in the movie "21" that portrays blackjack team plays by MIT kids. There is also this phD in Finance from Stanford who lives a life as professional gambler and authors several books on blackjack theory instead of working a quant job - he goes by the pen name Stanford Wong.

Some actuaries work pretty close to the market - those who work in dynamic hedging are constantly trading/rebalancing the insurer's portfolio to stay hedged with the products they sell. Boundies are blurred between those actuaries and financial engineers.

 

[achilles]

hi everyone

had my GRE today (under bad circumstances) and could only manage 1330 (Verbal - 530 , Quant - 800 ) , Now am equally worried whether this score is enough and should I go ahead and apply to tier 1 MFE programs .or should I retake the GRE for improving verbal scores. I really cant risk taking up a course in other MFE programs with the US economy fearing another recession.
I read that verbal scores dont matter much , but if that had been the case , why would anybody take the trouble of studying it or even taking it ?
So, kindly advice regarding my scores and the path ahead. I would highly appreciate it .

Also, below is my profile in brief :

Completed Engineering this year in May from a reputed/avg college in India (Information Tech major )
did my summer internship from IIM Calcutta in 2009 ( 2 months )
worked as a sub broker dealing for clients in Indian markets (3 months )
working as a part time tech writer at a firm - involves analysis of stocks in NASDAQ, NYSE
would be joining TCS (Software programming job )full time within a month (awaiting joining )
apart from that did my Undergrad major project on Stock Market Analysis using ANN.
1 financial certification from National Stock Exchange, India
undergrad % age - 73 %

Thanks
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