MFE vs Self Study

[Sailor Sam]

Hey guys i was hoping you could help me figure out the cost of getting an MFE. It may not be worth the cost if I can study independently, but how much harder would that make it for me to be competitive for a job?

 

[TehRaio]

can't really compare self study vs MFE because it's not just the content that matters, brand also play its part,
and sometimes that's what you're paying for.

 

[Jedison]

It's not really comparable. Self study doesn't really mean much on a resume because there's no proof of your knowledge like a GPA. More over, one of the biggest reasons to get an MFE is simply for the recruitment opportunities they provide. I just wouldn't recommend going the self study route unless you felt it was impossible to afford a program and you were absolutely set on becoming a financial engineer.

 

[DanG]

Brand, student services (like career management services) and opportunities available at universities (like trading or case competitions) are things that you cannot get out of self-study. Moreover, the constraints imposed by a course channel your efforts so that within a given amount of time, you will have completed a course. Universities also provide the opportunity to bond face-to-face with people going through the same tribulations as you, which provides comfort to the human in you. Lastly, having access to a person who is paid to help you understand difficult concepts can save you *a lot* of time.

The hardest part of self-study without the constraints provided by a syllabus is the very likely possibility of a "diffusion" of your efforts. As you begin to study one thing, then check a reference and begin reading that and find a reference there which you begin to read, and... eventually, the months go by without you having learned (in depth) the first thing you began reading.

I find that self-study allows for the acquisition of a large amount of shallow knowledge while university classes allow for the acquisition of a limited quantity of deep knowledge.

However, these are my experiences and you may find it is different in your case. I suggest you try learning discrete-time models. Shreve vol I (http://www.amazon.com/Stochastic-Calculus-Models-Finance-Hardcover/dp/B008CM6PDY) is particularly readable, "short", and related to what you endeavour to do. Maybe you'll find that you are more capable of focused self-study than I am.

 

[Hemant Dua]

Agree wholeheartedly with Jedison. With self study comes no tangible proof of your abilities. And yes, the career services of an MFE program will give you a much better shot at a full-time employment than self-study. Let us not forget than being at University gives you a good chance to network with people, and that enhances your chances.