MIT MFin MIT Master of Finance Employment Statistics?

marina said:
In countries like India, there is no Credit Score. What criteria will they use?
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All the universities give the $180K loan to ALL international students, even though they have no credit history in USA. No cosigner is required and no collateral is required. It is based on trust.
 
TraderJoe said:
All the universities give the $180K loan to ALL international students, even though they have no credit history in USA. No cosigner is required and no collateral is required. It is based on trust.
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Andy mentioned the following in his post: Students must meet MITFCU underwriting requirements as well minimum credit score criteria to be approved for a loan.
 
If you are from oversea, to secure a F-1 visa at your US Embassy interview, you need to secure an I-20 from school. And to get I-20, you need to prove your financial ability using bank statements.

It sounds like an infinite loop to me about this. To get this loan, you have to be a student, and to be a student, you have to get a visa, to get a visa, you have to show you have enough fund.

So, if we are to believe TraderJoe this is easy money, then assume you are a poor student from India who can secure admission to MIT, then apply online to get that 100K loan, then get I-20, visa without having enough money to pay.

Is that how thing done?
 
Andy Nguyen said:
If you are from oversea, to secure a F-1 visa at your US Embassy interview, you need to secure an I-20 from school. And to get I-20, you need to prove your financial ability using bank statements.

It sounds like an infinite loop to me about this. To get this loan, you have to be a student, and to be a student, you have to get a visa, to get a visa, you have to show you have enough fund.

So, if we are to believe TraderJoe this is easy money, then assume you are a poor student from India who can secure admission to MIT, then apply online to get that 100K loan, then get I-20, visa without having enough money to pay.

Is that how thing done?
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No, I just checked with some people. This is the way it used to be done UNTIL 2008. Then, they used to give the $180K loan to ALL the international students even with no credit history in USA.
Now it has changed. They still give the loan to international students. But the person must have 3 years credit history in the USA. Otherwise, the person needs to have a USA citizen or permanent resident as a co-signor for the $180K loan.
The poor students from India don't take out $180K loans. They do the PhD for free and then build their careers. The people who come to USA universities, mostly they were not able to get admission into IIM and so this is their only option available. For some it works, for others they just end up going back with the huge debt.
 
PennyLess said:
Does anyone who has attended an information session for MIT's master of finance program, or one of those online chats, found any information on employment statistics for the class graduated in June 2010?

I believe a lot of people are curious about this as well. With a tuition rate much higher than schools of equivalent ranks, MIT should have some convincing statistics to support the tuition charge. Has anyone attending an information session raised the question?
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Here you go, the 2010 employment report for the first class. 19/26 have found employment for a mean salary of $75,000. The other 7 students were not looking for employment for various reasons.
44% report finding job themselves (students facilitated) and 56% via school.

The second class will be around 60 students.
 

Attachments

Yes, that's the difference between a program run by Business School versus those by Math Dept, Engineering School.
Business Schools have some level of standardization when it comes to reporting stats.
 
I am a bit puzzled by that data point of $44 K salary. He must have meant $144 K. From $44 K salary, if he has to pay taxes and living expenses in New York City, how can he recover the $100 K MFin loan amount?
 
If it's a mistake, do you think the MIT Career office will let that $44K blip gets away and screw up the numbers?
It may not necessarily be in NYC, just look at the firm names, many of them are in various locations.
 
TraderJoe said:
I am a bit puzzled by that data point of $44 K salary. He must have meant $144 K. From $44 K salary, if he has to pay taxes and living expenses in New York City, how can he recover the $100 K MFin loan amount?
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He cannot.
 
You are assuming he/she has a loan. That might not be the case.
 
Interesting statistics. Only 73% of the class were seeking employment. A median salary of 75k seems pretty good given that the average age of the graduates is just 23. The salary figures of other MFE programs appear higher, but at the same time the average age of students enrolled in those programs are around 28-30.

Does anyone have any clue how the figures compare with other programs that offer the MFin degree?
 
PennyLess said:
Interesting statistics. Only 73% of the class were seeking employment. A median salary of 75k seems pretty good given that the average age of the graduates is just 23. The salary figures of other MFE programs appear higher, but at the same time the average age of students enrolled in those programs are around 28-30.

Does anyone have any clue how the figures compare with other programs that offer the MFin degree?
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Well, it seems that they are one of the few MFin programs that even offer any form of employment statistics. I think the program might get better placements in the following years. It is a brand new program. Seems like brand-name alone won't get you placement as many students had to find jobs themselves.
 
All business schools follow some standard on reporting employments stats. Math/Engineering depts don't have too so you will see lot of MFE programs don't report them at all.

Finding job for 19 students is one thing. Finding jobs for 60 students is a different story.

Give them some time to develop their own brand. Don't get too worked up just because it's MIT.
 
I subscribe to MIT Sloan newsletter to get updates on the MFin program. They send out about a dozen email a month. In the email I received this morning, there is something interesting that caught my attention.
Here is the newsletter in detail
Dear Andy,

MIT Sloan Master of Finance (M.Fin) students are professionals who understand the evolution in analytical finance, have the preparation and applied experiences to meet market challenges, and the desire to be leaders in the world of analytical finance.

Students begin career planning during their first summer on campus, with direct access to both the MIT Career Development Center and MIT Sloan’s Career Development Office. Recognizing that careers in finance are specialized, MIT Sloan M.Fin students benefit from dedicated career counseling staff with direct experience in the world of finance. The center serves as a partner between students and employers offering integrated career planning services including, skills assessment, resume building, interview preparation, and job search and networking opportunities both on and off campus. Career fields for M.Fin. students include: investment banking, asset management, risk management, government/financial regulations, treasury & corporate finance, financial information systems and data providers, retail & commercial banking, venture capital & private equity, and corporate finance & restructuring.

Representative employers include, but are not limited to: Goldman Sachs, Deutsche Bank, Barclays, BNP Paribas, Morgan Stanley, D.E. Shaw & Co., Fortress, and Global Investment Management.

Want to learn more?

Thank you for your interest in MIT Sloan.

MIT Sloan Admissions Team
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I highlight the part where I find it interesting. If you look at the employment report of their first class, here is the list of employers
Employers Hiring Members of the Class of 2010
Barclays Capital
BlackRock
Booz & Co
The Boston Consulting Group
CITI*
Credit Suisse
General Motors
JPMorgan Chase*
Morgan Stanley
Nico Holdings, LLC
Novo Nordisk
OC&C Strategy Consultants
State Street Bank
UBS Financial Services
Waddell & Reed Financial Advisors
* Employers hiring two or more MIT Sloan Master of Finance students
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I don't see Goldman Sachs, Deutsche Banks, BNP, DE Shaw, Fortress, GIM on the list of their employers. The newsletter makes the impression that these are the ones that hired their graduates.
In fact, the only two companies in both list are Barclays and Morgan Stanley.

Another small detail: the list on the Employment Report is alphabetical while the list on the newsletter is arranged by prestige, brand name.

If you see DE Shaw, Fortress, GS, DB on the list, you would come away thinking the MFin program is very quantitative.

What do you think? Am I harping on non-important little points?
I pay a lot of attention to such details because it tells me a lot about how each program markets itself to prospective students who, more or less, are not very savvy when it comes to reading between the lines.
 
I really don't see what value any traditional credit scoring has for judging people who've spent pretty much their whole lives in education. As current events show, credit scoring ain't that good for people with work histories either.
 
The guys got really lucky to get into MIT Sloan the first with only 175 applications. I wouldn't be surprised if MIT Finance gets over 2,000 applications this year. Anyway they will have the MIT brand name on their resume for the rest of their careers, so that is a really lucky break for them.

At Wharton, 2 fresh MBA grads got $350 K BASE salary. In addition to that they get signing bonus and year-end bonus.

http://poetsandquants.com/2010/12/27/when-the-sky-is-nearly-the-limit-highest-paid-mbas-of-2010/
 

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