"MFE program profile evaluation" master thread

watermango said:
to make more money i guess, also I really want to have a master degree in a reputable school national wide.
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i don't mean to be harsh, neither of those reasons will cut it or are sufficient reasons to go into this field.

are there students that do mfes for that reason? yes...there are a ton. i'd argue, though, that they often times have tougher times finding jobs (because they don't know anything about the way markets work or they lack basic economic intuition). they then find themselves in seemingly less glamorous jobs where they're further from the money. result: unhappiness.

my firm belief is that there are too many schools in this field. if people were rational, this would self-correct, as approximately 80% of schools would shut down. however, this leads directly to my other firm belief: there are waaaaay too many people who think that doing an mfe is the way to get rich quick. a smart trader/investor would see this and run fast in the other direction. simply put, don't follow the herd...and there are already too many who want to do an mfe because they believe a) in credentialism and b) that it's the get rich quick path. that should tell you something.

you really should have a passion for markets or economics or something similar. for one, it'll make the long days a lot easier. but more importantly, if you want to "trade" (as it seems almost every aspiring mfe student wants to do as they've heard that's where the money is), traders will see right through you during interviews.

graduate school (esp. terminal degrees) should involve some major soul-searching. too few people do it. as an aside, i'd wager you can probably tell that from essays.

edit: wording.
 
thank you mfegrad
indeed i realize that starting a hedge fund with 4 years under my belt is a bit ambitious. at that point in my career, if i realize i can't work on my own, i will have to progress in my career which is why i will start considering an MBA - the idea is to get into an even better position in the industry after the MBA. Could you please elaborate more on
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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Also do you have any experience in applying to /studying at one of the MFE programs i listed above? it would be great to know more 'unwritten info' about the application process, acceptance probability, and school life
 
Hi
I have been a frequent visitor to this forum for quite sometime now . I am looking for some profile assessment and valuable inputs on how to increase my chances for MFE courses in top schools. Here are my details:

GRE
Score Range on the new gre : Verbal 570 - 670 Quant 750-800
Am expecting 600 verbal and 800 quant

Academics
Bachelors in computer engg. from ITBHU( or IIT Varanasi - one of the top 10 colleges in India) 2007
GPA : 8.2/10

Work Exp
June 2007- Sep 2010 as a sofware developer at Microsoft, India
Sep 2010- June 2011 as an Analyst at a hedge fund in India
(After that I got married and shifted to Orlando with my husband and haven't been working since then - Am wondering if this is going to decrease my chances:unsure: )
Also have a 2 months internship at Goldman Sachs, India, but tht was way too long ago (2005) and hence not sure if worth mentioning

I am looking forward to apply in Courant, CMU, Princeton, Columbia, Cornell, Rutgers, Chicago etc for fall 2012. What are my chances in these institutes?

Also, I heard from some other source that it would help if I could pick up some pre MFE course in Advanced Mathematics and add it to my resume. I did some search and found a relevant online course at UCB(http://mfe.berkeley.edu/academics/preprogram.html). Would this really add any value?

Thanks in advance!
 
I'm currently a senior undergraduate in the US.

School: Non-Target state school (ranked 50-100)
Major: Math
GPA: 3.7/4.0 (3.99 over the past 4 semesters)
GRE: Taking it next week. Will prob get between a 167-169 out of 170 on the quant section
Relevant Coursework: Mathematical Finance (grad-level, 2 semesters), PDE, Real Analysis, Numerical Analysis, Probability & Statistics (3 courses total), Data Structures & Algorithms, Artificial Intelligence, Micro/Macroeconomics, Corporate Finance (taking it next semester)
Work experience: Back office IT intern at one of Barclays/BAML/Citi (unfortunately the only coding I did was SQL)
Research Experience: None so far, although at the moment I'm looking for something to do next semester
Programming: Proficient in Java, SQL, MATLAB, PHP. I did a little C++ on my own in high school, but beyond that I don't have much experience with it. I'm familiar with the basics though.

My recommendations will be okay but nothing spectacular (I def regret not doing research, most of my professors don't know me beyond "that kid who got one of the highest grades in the class but rarely raised his hand or came to office hours"). My dream is to be a quant trader, but at this point I'd be willing to settle for something less glamorous like risk management if I have to. I feel like my courseswork/grades are all good but my work experience isn't that impressive compared to what most people in top programs already have.

I'm wondering if I have a realistic shot of getting into a top MFE program. Currently I'm thinking of applying to:
  • Columbia: shot in the dark?
  • NYU (the 6% acceptance rate makes me feel like I'm wasting my time here)
  • CMU: after going through the student profiles, it seems as though at least half the students there have already had front office trader/quant roles (which makes me wonder why they even need an MFE). Definitely a reach.
  • Cornell: somewhat of a reach but I've got a decent shot right?
  • Baruch, UC Berkeley (reaches)
  • UCLA
(Semi) Backups
  • Rutgers, Georgia Tech, UMichigan
Of course the only way I'll know my true chances is by applying, but I want to have an idea now as to how likely I am of getting into any of the programs in the top group. I'm not entirely convinced that it's worth forking out $60k for Rutgers, Georgia Tech, UMichigan, or even UCLA when I'd basically have to pay for everything through student loans. I might just be better off applying to masters programs in comp sci or statistics (with funding) and then maybe applying to MFEs later on when I can afford it or have the credentials to get into a top program. Up till now I hadn't really planned on applying to anything other than MFE programs, but the reality is starting to set in that 1. I may not be competitive enough to get into a good MFE program 2. $60k is a lot of money that neither me nor my parents have (especially when you consider that non-professional masters students practically pay nothing) 3. the job market sucks.

So I guess this also brings up the question, is it worth going to a lower-tier MFE program? If not, then I need to start seriously considering alternatives.

Sorry for the long post.
 
I don't know how the scores from the new GRE exam compare yet so it's hard to know if it's a good/bad scores.
From my experience, I can tell really quickly if an applicant is a good fit for a program if that applicant explains in detail how he selects a group of programs to apply to. It shows how much (or little) he knows about those programs and his strength/weakness.

As for the pre-MFE, it is good take it to fill a specific hole in your background, not for the sake of taking them because they may benefit little.
 
I would recommend not going to Tier 2 schools especially because of market these days. Masters in Stat can also land you the right job if you take right electives. And if you dont have to spend money there, i would advise you to take that option.

Also are you from one of the SUNY schools?
 
bansalmohit said:
I would recommend not going to Tier 2 schools especially because of market these days. Masters in Stat can also land you the right job if you take right electives. And if you dont have to spend money there, i would advise you to take that option.

Also are you from one of the SUNY schools?
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and which are tier 2 schools?
 
Half of CMU students had trader jobs? I doubt it... I don't think a trader needs to get an MFE degree (well at least a successful trader).
CMU does want experience, but if you have other strengths you might get in.

I think you have a good shot at all of your top picks. Do well on the GRE and write good essays.
 
ICanFly said:
Anybody who cares to reply to my profile? Any comments would be greatly appreciated.
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I took a quick look at your profile. Everything seems to be in order.
Take GRE, not GMAT. C++ would do you a lot of good. I haven't seen anyone learning Pascal in years (I learned it in highschool).
Check with programs you plan to apply about the 3-year bachelor degree and what their policy on it. I suspect you won't have a problem but need to make sure. Write top notch essays and get people to write you passionate recommendations.
Good luck.
 
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 Post
(I have posted this thread on the Quant Education forum previously, but hey this is the master thread right? :) )
 

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