MIT MFin vs. Columbia MFE vs. NYU MathFin

NewK · 4/8/15

Hi guys,

I actually already paid my deposit, then I got an offer today from NYU. I was quite impressed with its director Peter Carr aftering meeting him in person and I heard good things about the program, so now I am reconsidering. Please let me know what you think about the programs.

I'm really interested in trading strategy/algorithm trading, which steers me towards Columbia and NYU since I heard that they have better placement in quant jobs. If I choose MIT, I'd probably work towards fixed income asset management which is something I'm also quite passionate about. I did two internships in this area. (Are people allowed to have two interests? XD) My main concerns are job placement, networking opportunities, and program quality, in that order.

This is my first post! I have learned a lot from reading this forum and I'm looking forward to hearing what you guys think! Thanks!

cxiao · 4/8/15

No offense, but MIT MFin is not in the same tier as Columbia MFE and NYU.

nageshuilei · 4/8/15

Did you get notification letter of NYU from math department or GSAS? I also applied for this program, but no any update so far...

NewK said:
Hi guys,

I actually already paid my deposit, then I got an offer today from NYU. I was quite impressed with its director Peter Carr aftering meeting him in person and I heard good things about the program, so now I am reconsidering. Please let me know what you think about the programs.

I'm really interested in trading strategy/algorithm trading, which steers me towards Columbia and NYU since I heard that they have better placement in quant jobs. If I choose MIT, I'd probably work towards fixed income asset management which is something I'm also quite passionate about. I did two internships in this area. (Are people allowed to have two interests? XD) My main concerns are job placement, networking opportunities, and program quality, in that order.

This is my first post! I have learned a lot from reading this forum and I'm looking forward to hearing what you guys think! Thanks!

Chris D. · 4/8/15

I am also curious to hear what the members of this site have to say about NYU MathFin. So far I have not be able to find many recent reviews or comments about the program

Zhenghao Li · 4/8/15

I don't know much about NYU, but people around me who went to Columbia MFE generally have more impressive background than those who went to MIT MFin. Therefore I guess I agree with cxiao.

ColinB · 4/8/15

NYU and Columbia would both be better for your career goal. MIT may give you the deposit back (or portion of it) if you contact them.

aqguomfe · 4/8/15

I think NYU may be one of the top programs among those in related fields. MIT has too many students~

NewK · 4/9/15

cxiao said:
No offense, but MIT MFin is not in the same tier as Columbia MFE and NYU.

Thanks cxiao! So between the two which one would you go? Also, the reason why I didn't rule out MIT is that I heard it helps with careers in AM/PE/VC. Would Columbia/NYU close that career path for me?

NewK · 4/9/15

nageshuilei said:
Did you get notification letter of NYU from math department or GSAS? I also applied for this program, but no any update so far...

Hey nageshuilei, I got an email from the program. It also says to expect a letter from GSAS in a few days. So I guess they haven't hand out all offers yet. Good luck!

cxiao · 4/9/15

NewK said:
Thanks cxiao! So between the two which one would you go? Also, the reason why I didn't rule out MIT is that I heard it helps with careers in AM/PE/VC. Would Columbia/NYU close that career path for me?

I am honestly not that familiar with NYU. But I have heard that it is more math heavy. Depend on your personal preference really.

On a totally unrelated note, one thing I really dislike about both Columbia and NYU is that they did not disclose placement stat like average base salary. This make the decision much harder.

MarekSabata · 4/9/15

I've found some statistics concerning Columbia's MFE job placement (though not really informative). Don't know where they got the info, but at least it might tell you something...
http://www.happyschools.com/ms-financial-engineering-columbia/

pingu · 4/9/15

cxiao said:
No offense, but MIT MFin is not in the same tier as Columbia MFE and NYU.

how do you know this? which program are you attending now?

pingu · 4/9/15

Zhenghao Li said:
I don't know much about NYU, but people around me who went to Columbia MFE generally have more impressive background than those who went to MIT MFin. Therefore I guess I agree with cxiao.

What's "an impressive background"?

Zhenghao Li · 4/9/15

pingu said:
What's "an impressive background"?

Generally higher GPA, more rigorous course works, and better internship experience. Also, the average salary after graduation for MIT is only $75,000. It's $95,000 for CMU MSCF and Columbia MFE is considered to be in the same tier with CMU MSCF. I'm not saying MIT MFin is a bad program. It's certainly great for those who doesn't want to be a quant, but the average salary definitely tell you something there.

The numbers all come from their official employment report. Columbia MFE doesn't public detailed statistics because it's not under the business school like CMU and MIT.

cxiao · 4/9/15

pingu said:
how do you know this? which program are you attending now?

Look at MIT's placement report. Average base salary is 70K - 75k, compared to 90K-100K in CMU and Baruch. I don't have exact number for Columbia and NYU, but anecdotal evidence suggests that both have similar starting salary as CMU and Baruch. Also people who have higher base salary tends to have higher bonus. So the total compensation difference could be very large between MIT and CMU/Columbia/NYU. That's why I believe MIT is not the same tier as Columbia/NYU.

I think the lack of internship really hurts MIT. My understanding is that a lot of students DO not have prior full time experience. Without a strong internship, it is tough to get a good job.

I got CMU, Baruch and Columbia MFE. I will go to CMU.

Zhenghao Li · 4/9/15

cxiao said:
Look at MIT's placement report. Average base salary is 70K - 75k, compared to 90K-100K in CMU and Baruch. I don't have exact number for Columbia and NYU, but anecdotal evidence suggests that both have similar starting salary as CMU and Baruch. Also people who have higher base salary tends to have higher bonus. So the total compensation difference could be very large between MIT and CMU/Columbia/NYU. That's why I believe MIT is not the same tier as Columbia/NYU.

I think the lack of internship really hurts MIT. My understanding is that a lot of students DO not have prior full time experience. Without a strong internship, it is tough to get a good job.

I got CMU, Baruch and Columbia MFE. I will go to CMU.

Dude, I'm going to CMU too. See you in August!!!

IntoDarkness · 4/9/15

base salary is not everything. job funtionality and what company one works for are generally way more important. Some WS jobs start "low" but have very high ceiling. and a lot of "quant" jobs won't give u much raise in the next 5 years...

TehRaio · 4/9/15

I fail to understand why are people comparing starting salaries from MIT: it's a degree is Finance (I can't believe nobody picked that up);
against CMU, NYU, Baruch, Columbia which are all degrees in MATHEMATICAL FINANCE (Holy sh*t)
People who are admitted to MIT don't necessarily want to be "Quants" they don't have same salary expectations and career paths.
I'm certain there is way more job diversity inside the pool of MIT graduates, it's less specialized and offers much more flexibility: which is its appeal.

Answer is simple, if you think you want to do something else than Quant later on, and you want to prepare for that, you might want to consider MIT. hope this helps.

Hirtzzz · 4/9/15

In the exact same boat as you (MIT vs NYU vs UCB). Going to MIT for the exact reasons listed above (diversity of options within finance). Also shouldn't starting salary be almost an irrelevant stat for programs with younger age at enrolment? I.E. junior trader making less than a mid level quant year 1 but then getting a huge bonus in year 3...?

nageshuilei · 4/9/15

NewK said:
Hey nageshuilei, I got an email from the program. It also says to expect a letter from GSAS in a few days. So I guess they haven't hand out all offers yet. Good luck!

Thanks so much.

MIT MFin vs. Columbia MFE vs. NYU MathFin

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