MFE -- really worth it?

[acol]

Hi,

I'm a senior undergraduate (Computer Science and Engineering) at the Indian Institute of Technology, Madras, India.

My attention has been drawn recently to a job as a quant, as it combines math, physics and computing, all of which are my interest areas (and I have a good track record in each).

But I'm doubtful about MFE being the ideal means to secure such a job. This has been the main precipitating factor.

The link essentially draws the following inferences --

• A 1 year program is not sufficient to learn the nuances of a job in quantitative finance
• What math we learn in an MFE program would rarely be used (no point knowing 3 ways to solve the BS equation)
• MBAs are more likely to get front desk jobs; managers would not trust quants with client interaction.

Of course, it is just someone's personal opinion, but include frighteningly vociferous allegations against MFE -- enough to make me think thrice before applying. Having said that, does it make sense to continue with graduate studies in CS (masters), probably taking courses in applied math?

 

[marina]

• A 1 year program is not sufficient to learn the nuances of a job in quantitative finance
• What math we learn in an MFE program would rarely be used (no point knowing 3 ways to solve the BS equation)
• MBAs are more likely to get front desk jobs; managers would not trust quants with client interaction.

Of course, it is just someone's personal opinion, but include frighteningly vociferous allegations against MFE -- enough to make me think thrice before applying. Having said that, does it make sense to continue with graduate studies in CS (masters), probably taking courses in applied math?

If 1 year is not enough, then join a 2 year MFE.
Even some courses from CS are rarely used. How many people write compilers? How many people program in Assembly? Still CS students learn these.
Can you get into top MBA programs without experience? It is their past experience that gets them front desk jobs.
You can get a Quant developer job with BS also. Lot of banks in Mumbai hire them from IITs.

 

[TraderJoe]

Dude, if you have BTech in CS from IIT (not SC/ST category), then you are a really smart dude and will make a lot of $ on Wall Street.
The MOST important thing (MFE or MBA) is the ranking of the school from which you get the degree. I would say schools like UC-Berkeley, Princeton, CMU, you can definitely take admission and don't worry about loans. For other schools like Stanford, Columbia, NYU, etc. you may have to think a little deeply because you will need visa sponsorship to work in USA and these days the companies have become very reluctant to sponsor the international students. Even PhDs are having problems in getting jobs if they need visa sponsorship for work permit.
But you are a real smart guy and you should not let your brains get wasted doing back-office work for these IBs in India. Just come to Wall Street and make $.

 

[acol]

Dude, if you have BTech in CS from IIT (not SC/ST category), then you are a really smart dude and will make a lot of $ on Wall Street.
The MOST important thing (MFE or MBA) is the ranking of the school from which you get the degree. I would say schools like UC-Berkeley, Princeton, CMU, you can definitely take admission and don't worry about loans. For other schools like Stanford, Columbia, NYU, etc. you may have to think a little deeply because you will need visa sponsorship to work in USA and these days the companies have become very reluctant to sponsor the international students. Even PhDs are having problems in getting jobs if they need visa sponsorship for work permit.
But you are a real smart guy and you should not let your brains get wasted doing back-office work for these IBs in India. Just come to Wall Street and make $.

I'm not SC/ST, have a decent GPA (9.0), but no work experience. A lot of MFE programs that are affiliated to business schools (Tepper, Sloan, Haas) strongly recommend previous employment (which I do not have). Hence, I will probably apply to schools like Columbia/Courant, where MFE is housed in the IEOR/Sciences departments.

I am also considering Baruch -- their site is pretty transparent regarding employment statistics, and it looks quite impressive. Not sure about the ranking though.

 

[marina]

Dude, if you have BTech in CS from IIT (not SC/ST category), then you are a really smart dude and will make a lot of $ on Wall Street.
Just come to Wall Street and make $.

Not all IIT guys make $$ on Wall Street. Some IIT guys end up in jail also. http://www.businessweek.com/news/2010-11-19/ex-socgen-trader-found-guilty-of-stealing-secrets.html

 

[Connor]

You could get a job in finance with a masters in cs.

If you can get a job at a bank with just your BS, I say try that for a year or two then decide whether you want/need to pursue an MFE. With a few years of relevant work experience and then a masters (MBA, MFE, etc), you will have an easier time getting a post-grad job.