MMF/MFE/MAFM Personal Statement Essay Advice

[CNS]

Hi guys, I am applying for upcoming Fall 2013. I realize each essay has to be unique obviously, but I just wanted some general guidelines it. Let me tell you a bit about my background. I graduated from an Australian (Top 5) university double majoring in Economics and Finance. I have a solid GPA and decent internship experience. I realized my strong interest in FM after graduating and hence currently improving on my math skills (discussed with a couple of admission officers and they appreciate the courses I am taking) by completing a Math Diploma and have learned C++ as well.

Now, about the personal statement. First, I was wondering whether I should introduce a lot of technical terms about fin mathematics and/mfe as to why that interests me? Or is it better to write in more simple language why I want to do the MFE/Fin Math program. Also, some of the personal statements require you to write about your immediate career plans. I was talking to some individuals in the finance industry and who have already done their masters from top schools itself. They were telling me that its good to be confident and have a plan but not to show to the admofficers that I am too focused on one thing? Is it true? And do I really need to portray that I know a lot about quant finance in my essay or can I just write why I am moving towards a more technical area of finance and what i can expect to gain out of it?

Would be pleased if anyone could help.

 

[Andy Nguyen]

The best approach in just answer the essay questions straight to the point. Keep in mind that applicants such as yourself have no real world experience in quant finance so the more you talk about it, the more chance it will show your lack of understanding about the field, the job requirement, etc.
If you decide to talk specific, make sure you express and convince people that you have done enough research/talking to practitioners.
It's a tight rope you have to walk. You don't want to sound clueless by talking nothing or too way out of your head. It's a pretty sure bet that when you graduate you won't be doing something you say you plan to do in your essay.

 

[CNS]

Thanks for the feedback Andy. Yeah, I was wondering the same because I know very little about the quant side of finance. Frankly, I am inclined towards a S&T graduate program and then try to get into trading (i know how tough it would be though). But first thing first, I need to get into a good program hopefully. I am aware that schools take people from different backgrounds. You think if I manage a good GRE score and good essays, I have a good chance ? It all comes down to the adm officers at the end of the day but just wanted an opinion.

thanks again.

 

[Andy Nguyen]

A lot of time, it comes down to your essay and how your resume looks on screen. Lot of people have similar profile, scores.
If you want to have empirical data on your chance, look at the Tracker.

 

[CNS]

I understand. But am I at a disadvantage because I come from an Australian degree and not a US undergrad degree? Yeah, I was going through the tracker sometime back. I pretty much come to this site often for advice/ information.

 

[Andy Nguyen]

I understand. But am I at a disadvantage because I come from an Australian degree and not a US undergrad degree?

How so? I know more programs are trying to diversify their income student profile so it is not made up of 90% of Chinese/Indian applicants.
You see where you can play up your different education background now?

 

[DeeH]

I agree with Andy. I come from Australia too but I think if you are still worried about people not being familiar with an Australian degree, you could perhaps find out if there is any alumni/current student from the programs that you are interested in.

 

[CNS]

How so? I know more programs are trying to diversify their income student profile so it is not made up of 90% of Chinese/Indian applicants.
You see where you can play up your different education background now?

Thanks for the information Andy. Yeah I get what you mean. The online applications are opening very soon and I have started researching for my personal statement. Like some of the programs, they specifically ask about "a 5 year career plan". Now, if I get into a decent school, I plan to join in the S&T Grad program as I had already mentioned above. But I don't really get how to write about a 5 year plan. I would love to join an interest-rate derivatives desk but then again I wouldnt mind a structuring role or a trading role. So, considering I have minimal financial industry experience and would most likely start in an analyst training program (if i do get the job hopefully) what do I say about a 5 year plan with it?

Also, if I am too specific about my plans after grad school, am i at a disadvantage?

I would be pleased if you could give me a heads up.

 

[Andy Nguyen]

It is to gauge if you are genuinely interested in the field and have done homework. Imagine putting on your essay "I'd like to work on a prop trading desk at a BB after the MFE".
You can say you want to do interest rate derivatives or whatever but be prepared to show you've done your HW. If you have talked to a lot of people and read a lot of books and keep up with the news, you should have no problem with this essay. Otherwise, it's like blowing up smokes and people can see this easily.