"MFE program profile evaluation" master thread

Hello everyone,

Since the admissions season has started again and I am thinking of applying I would be very grateful if anybody would take the time to evaluate my chances for admission.

GRE/GMAT: Not taken yet but expecting 800 quant for GRE/50 quant for GMAT and about 600 verbal for the GRE.

Currently in the last year of a BSc in Econometrics & Operations Research at the University of Amsterdam (in The Netherlands) with a specialization in econometrics. GPA=8,6/10. (which is the highest of my cohort of about 70 students)

Participant in the honoursprogramme, which means another semester worth of coursework fitted on top of the regular 3 year study programme. I have taken all the finance related coursework available for undergraduates and did very well in them. GPA for finance related courses: 9.1/10.

Will be going on exchange to University of Melbourne (AUS) for a semester where I will take more advanced finance oriented courses.

No relevant full-time work experience.

Math: Did very well in all the math courses offered in my programme which included Linear Algebra, Real Analysis, Vector Calculus and Ordinary Differential Equations. (GPA 8.8/10)

Statistics: Completed two semesters worth of calculus based statistics/probability courses in which I did well (GPA 8.5/10)

Econometrics: Completed two econometrics courses with a GPA of 9/10.

In addition to the above my programme also included courses in macroeconomics, (advanced) microeconomics, game theory, operations research and international economics relations.

Programming experience in Matlab, Mathematica and Pascal. I realize I have a problem here since I did not take any C++ course so I am planning to do the C++ certificate quantnet offers to fullfill admission requirements.

I am aware that it is impossible to give an estimate of admission chances at any particular school, but I would like your opinion on whether I stand any chance of being admitted to any of the following schools:

CMU, NYU, Baruch, UCB and MIT.

Any replies are greatly appreciated.
 
I have a question about application deadline of some MFE program. Is it possible for me to take GRE in February and apply for MFE programs which have application deadline around March or April ?
 
Dear Friends,

Greetings to all! I have been reading about MFE/MCF/MQF programs and seriously considering applying for the summer/fall 2012 session. Before I take the GRE/GMAT and spend time/money in application process and doing more research, I want to be sure that if I have any chance of getting into any of these top/decent programs at my age and with my varied background/experience. The program/school websites are sort of vague and not that informative when it comes to defining eligibility/pre requisites for prospective students. That's understandable though as they have to attract more applicants.
I'm 35 ( I look 25, ok that's lame! )
Bachelors in Electronics Engineering (finished in 1998) from a regular state college in India with
average grades.
MBA from a brand name North American university, 2005 with 3.4 gpa (Marketing and International business concentration; did take 4 courses on finance and accounting)
Work experience in market research, strategy consulting, statistical analysis (SPSS, Advanced excel), IT business analysis and also couple of years of sales and business development experience. I have worked with a renowned professor of Intl Finance in my recent job and can get good recommendation from him.
I have also taught GMAT and GRE for Kaplan for more than 3 years. My scores in GRE and GMAT were 2200 (Q 780, V710) and 710 (Q49, V36) in 2001 and 2003 respectively. Ofcourse I understand that I have to take the GRE or GMAT again, but that's least of my worries. Lets assume I will repeat my earlier performance in GRE or perhaps even better it this time.

My main concern is that do i qualify to apply for Fin Engrr and quant fin. courses considering that the last I studied advanced algebra, calculus and advanced probability etc was around 15 years ago in my engg college and I dont remember a thing about it anymore? Yes, I did study probability and some stats in my MBA, but am not sure if that counts much. So my first question is, is there any way to get around this problem by taking some online courses or self studying and then convincing the admission people that by the time the program starts I would have brushed up my skills in these areas? Same holds for programming requirements..I have done some programming in my life and also studied C language long back, but my knowledge of C++ or SAS etc is non-existent at this point. I can surely self study all these subjects as I do have strong quant and analytical background, but I certainly dont have time to take college courses before the admission deadlines.. I can consider fast track online courses provided they are counted by the admission ppl.

Second concern is regarding my age. I'm surely on the wrong side of average age listed on their websites, though some programs do seem to have reasonable students above the age of 30. They might want to know why at this age I'm getting suddenly interested in finance when I have ignored it too long and they might have issues regarding my potential post program employ-ability in investment banks etc which prefer much younger hires. The honest reason why I want to do Fin Engrr is that I have committed some blunders in my certain career choices and I hope that good solid foundation in quant finance from a good school will put me in the right track. I do feel that I have in me to succeed as a quant even at this age and I'm very interested in making a career in the challenging, high stakes quantitative finance field.

So dear friends, based on your knowledge and experience, please shed some light on the issues I discussed above. Thanks a lot in advance.
 
why dont you take the gre now rather than taking it february? it shouldn't take you more than 2 weeks preparation time.
 
So, my GRE would still be considered. That's what I want to know. Thanks bansalmohit !
@ rajanS: If I take the GRE now, I have to take GRE PBT at my place. Moreover, it's over for registration, even for late registration for the test in 19th November.
One more question: what will happen if my Verbal is bad, but my Quantitave is good (168~170, you know) ? Will I have to retake GRE test for a better application profile ?
 
trungpham said:
So, my GRE would still be considered. That's what I want to know. Thanks bansalmohit !
@ rajanS: If I take the GRE now, I have to take GRE PBT at my place. Moreover, it's over for registration, even for late registration for the test in 19th November.
One more question: what will happen if my Verbal is bad, but my Quantitave is good (168~170, you know) ? Will I have to retake GRE test for a better application profile ?
Click to expand...

I got a 420 verbal 800 q but they said it is fine since I am an american born
 
i think if a university had a bunch of 800s, getting that 700 in verbal will distinguish you from the rest of the applications.
 
Your profile is not unique, which is both a good and bad thing.
Good: many people in their 30s with similar background have done MFE route and able to move into quant finance roles out of IT, etc roles.
Bad: programs flush with applications from freshly graduates who have perfect standard test scores, GPA, etc so it is very hard for you to stand out and make a case that they should admit you. Convincing people that you are genuinely interested is important. You may want to take a look at this http://www.quantnet.com/forum/threads/passion-for-finance.7741/

Picking out a few programs to apply is a huge task by itself. I'm very confident that there are many programs out there that you will get into. I'm less certain if they will benefit your career goal. Like match making, you have to ask them direct questions, talk to alumni, visit open house to get a feeling of the people and the place that you will spend $100K and the next two years of your life.

At the end of the day, MFE programs are all about providing basic knowledge and superior career support that can take a 35-year-old guy into quant finance.

Ask about their track record on placing people with your profile.
 
Andy: Thanks a lot for your reply. You nailed down all the important issues. I doubt there is a better reply to my post than what you wrote. See, way I see it -I might be wrong- the only options I have to break it into Quant field is by either entering the financial world through a regular job and then working my way up/taking part time courses etc or by doing a MFE or equivalent course. I have tried a bit the former channel and its increasingly becoming difficult to get an entry even via the route of business analysis of financial services etc..and I'm not getting younger.
I agree 100% with you that top programs are going to be stretch for me even if i manage perfect GRE scores and other programs might not be worth the money and the time at this age. But my preliminary research of most MFE programs show that almost all of them seem to be quite competitive and good with 90-100% placement rate. Besides, the skills acquired through this degree are hard core and even in the case of not having a job right after graduation, it wont take that long to find a decent job in the quant field.

Do you any suggestions for safe programs to apply in case I cannot get into any of the ivy leagues? Finally, regarding my earlier question, what is your take on satisfying pre requisites condition for a candidate like me who has studied engineering long back?
I will be be asking them direct questions and will be talking to alumni as you suggested.
Thanks again!

P.S. You mentioned 'spending two years of your life' suggesting programs are of 2 year duration. From what I have seen till now, most programs are of 1 year or 1.5 years, except Princeton which is 2 years. Am I missing something here?
 
Hi, all
I've been reading this forum for awhile and finally decide to make my very first post, here's some information about me.

Background,
-Bachelor in Electrical Engineering, gpa3.62/3.29 (core/cum)
top state university in California, was in computer-science for 2 years before switching to EE.
-Master in Electrical Engineer, gpa3.53
from same school, took me 1 year to finish the 2 year program.
- I've taken classes in advanced calculus(mostly A-/B+), in programming such as C/C++/Java/python etc(mostly As). and also classes such as random process/ stochastic (got B-).
- got A for both Micro and Macro econ(if that helps..)

GRE and etc,
- scored 1250 two years ago, 800(quantitative) 450(verbal)
- was on dean's list for 2 years, also in a academic honor society.
- had couple paper published, even went to a conference to present.
- vice president for a school club for an year.

Working Experiences,
- temporary programming staff in a local university com-sci department for about 2 month.
- have been working as graduate R&D intern at a big name commercial company since June, 2011

I want to retake my GRE by the end of this year and hopefully boost it to the next level, say 550, what kind of school would I be looking at with my academic record? (or at least have a shot for).
 
If you are doing it for the money, you might have a better chance to get to $$$$ by joining a start up.
 
Alexei Smirnov said:
there's no "might" about it. Tech startups are the only "get rich quick while young" scheme out there.
Click to expand...
let's say if with my MSEE degree I am able to find a job that pays me 75k/year, but usually with the mean starting salary of having MFE is around 95-100l/year, wouldn't it be a good investment in the long run to have MFE?
 
The answer to the OP thread's title is yes. The question is which type of MFE programs and if they will make OP more money than he can otherwise. There are around 70 programs in the US alone that can be grouped under the MFE umbrella and it is difficult to know how majority of these program have helped people like OP achieve their personal goal.

If you can make 70K now, spending 100K to get a job that makes 80K isn't a good return in investment.
 
Hello!
I have been looking at this forum for a while and I am looking for some opinion regarding my application. I think this forum's audience is best suited to judge this:
In short here are my credentials:

Education:
BS in Mechanical Engineering from a non-target university (although this school is a satellite campus of a top 10 schools, and is itself a highly regarded school in the region). I graduated top of my class with a GPA of 3.94 and a minor in mathematics.
Relevant Classes:
Math (Advanced Analysis, Advanced Calculus, Linear Algebra I&II, Statistics) Programming (C++, Numeric Analysis with Matlab and C)
Extra Curriculars:
Student Government / Events Coordinator of a Student Society
Research Projects:
Automating a vehicle to drive itself / Modeling a turbine in a wind tunnel
Standard Exams:
GRE 800Q 630V
GMAT 760 (50Q 43V)
Work Experience:
One Year as a product engineer at one of Ford/Chrysler/GM. Job is highly quantitative, daily usage of MATLab and Excel programming, as well as statistical data analysis: Running experiments and analyzing data to optimize and model engine systems. A lot of work with international colleagues.
Recommenders:
1) Assistant Chief Engineer at my company or at least my direct supervisor
2) Chief Engineer at a Global 500 company whom I delivered work to and got to know him personally
3) A professor at my university
(I have a good relationship with all these people, and most likely they'll ask me for a draft letter to base their recommendation on)
Reason to Attend Such a Program:
I am currently doing a lot of modeling, simulation, and optimization. I would want to transfer these skills to a more interesting career, with more daily rush (i.e. risk). The auto industry is dull and i want to go to a more challenging industry with a bigger global impact.
Plan after the Program
Become a trader, work at a big bank or hedge fund, ideal position would be derivative trading or algorithmic trading. After 4-5 years of experience, start my own hedge fund (if i feel confident of doing such a step) or Get an MBA work a bit more (<3 years) and then start my own fund.
Personal Background
Middle Eastern Nationality
Currently US permanent resident (some schools pool me with US citizens others with international students)

As for the programs I am considering right now (ordered according to my preference):
  • Columbia MS FE
  • Stanford MS FM
  • CMU MS CF
  • NYU Courant MS FE
  • CUNY Baruch MFE
  • Rutgers MSMF
I chose these programs since they are 3-semester programs and will allow me a summer internship - which will be a must for me. I don't have a problem with math or programming, I read math for fun and program almost daily. My applications weaknesses are:
LACK OF FINANCE EXPERIENCE AND FORMAL EDUCATION!!!
NON-TARGET UNDERGRADUATE INSTITUTION
What do you think? i first thought i had a solid application, but with admittance rates at 5% in the programs i listed above, and with my two weaknesses, I am becoming more and more discouraged. Unless i know i have a very good chance to get in at least 2 of those 6 programs I will not apply
I hope you can share your opinion :)
Thanks for reading this pretty long First thread!!
 
Looks like a profile of a top applicant. I've seen people with no financial background either take 1-2 finance courses or pass the CFA lvl 1.
Good Luck!
Also, I don't think Columbia has a summer internship period in the middle of the program. If I'm not mistaken, you graduate right before the summer, you can get a summer internship but after that you don't go back to school...
 
Thanks for the quick reply roni! and thanks for the vote of confidence... to be clear about columbia, their standard program can be finished in two semesters, however they also have the option of studnets spreading their coursework over three terms in which case students leave for a summer internship and graduate in december. How critical do you think is the brandname of the undergraduate institution to the application?
 
indeed, columbia reorganized their program in the last year or so to include the internship option. that, in itself, should speak volumes...

re:
"Reason to Attend Such a Program:
I am currently doing a lot of modeling, simulation, and optimization. I would want to transfer these skills to a more interesting career, with more daily rush (i.e. risk). The auto industry is dull and i want to go to a more challenging industry with a bigger global impact."

that's actually a better (or at least better thought out) reason than (imo) 90% of people applying for mfe degrees provide. that said, the whole "fast paced environment" is rather cliche. it will be fine for your application, but i wouldn't use it in an interview.

re:
"Plan after the Program
Become a trader, work at a big bank or hedge fund, ideal position would be derivative trading or algorithmic trading. After 4-5 years of experience, start my own hedge fund (if i feel confident of doing such a step) or Get an MBA work a bit more (<3 years) and then start my own fund."

unless you're killing it, starting a hedge fund four years out will be next to impossible. that's also the very common and very naive (and i don't mean that negatively) view of how things work. andy's mentioned numerous times that he's read apps where students say they want to do an mfe, go work at a bank, and then return to their home country and start up a hedge fund. for now, focus on what you want to trade and why you want to trade. and, in my not so humble opinion, don't do an mba. if you're going to do it, do it at the same time as your fe.
 

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