MsC ETHZ Quantitative Finance - phd

[petrolmaniac]

Hello,

I am studying electrical eng. (French top school) and BsC Applied Economics ; I am considering MsC quant. finance in Zurich for 2011 - 2012, and i would like to know more about it :

do people have good opportunities for a FEng. phd in UK/Switzerland/USA after MsC graduation (eg. Princeton, Oxford, Imperial College)?

before applying for the MsC quant. fin., I have several choices to get my MsC degree in electrical Eng. . First choice is a last year in my Engineering School in France with specialization Applied Mathematics (signal treatment, C, Matlab, C++, intro. to financial products, statistics and probabilities ; 8 months prgm + 6 months internship with good relationships with French banks BNP/SocGen).

Second choice is a MsC CS at ETH Zurich (i would then have double degree, MsC electrical Eng. in France + MsC CS at ETH), with specialization Artificial Intelligence and minor Operation Research, with semester papers / possibility to achieve the master's thesis in a top UK/US shool.

Computer Skills are relevant for quantitative roles in a bank and ETH have good reputation in Artificial Intelligence/CS, but the French solution is efficient, with lots of programming too, and a six-months internship. I am interested in the ETH's CS program, but not in a career in Computing Industry.

Last choice would be a MsC in Electrical in Zurich, with statistics and stochastics, but no real opportunity for a good internship in a bank. It is a 1,5 years program. Only advantadge would be a diploma from a top-Europe University, whereas my Engineering school has got only a French reputation ;

What would be your advice? If you took the MsC Quant. fin in Zurich, what is your profile?

Thanks a lot.

 

[Connor]

First, it depends on the role you want in quant finance. A quant researcher will deal more with theory and developing of models while a quant developer focuses more on programming and implementation (some places have you doing both).

If you aren't interested in only doing programming than a MSc in CS probably isn't the right choice.

Things you will need to get into a good PhD program are good references from published researchers that can attest to your research ability and potential; therefore, getting some academic research experience is important. Also, brand name is important, so the better and more well-known the university where you get your masters is the more helpful it will be in getting into a good PhD program.

Something also to consider is where you want to get your PhD because programs in the US and Europe are very different. US programs are usually 4-5 years and include about 2 years of coursework while European programs are about 3-4 years and focus more on research.

I am alittle confused on your options. So you are getting a MSc in EEng. no matter what correct?

You could probably get into some US PhD programs without getting a MSc in quant finance, it sounds like you will have the background in cs, math, and economics.

If your goal is to ultimately get a job in industry than an internship at a top, name brand bank will be a plus.

 

[tobias elbert]

AI is quite relevant in the hedge fund/ high frequency space, but not so much (probably not at all at least I havent heard of it - which doesnt mean anything :D) in pricing or risk. I guess the question is whether you want to be a quant trader or a quant working on the pricing/risk end of things. For the former CS, stochastic filtering, stats, signal processing,.. are more relevant. Plus, knowledge of lower level languages such as C++ or C# even much more important than for the latter (even as a quant researcher).

 

[petrolmaniac]

Thanks for answer.

I think ETHZ MsC QF is quite well-known. I saw on web site some (rare) student took phds in maths/finance/operations research after this MsC, including one at Cornell University (but not all information about alumni are displayed) ;

I put my plan clearer : current and past studies are
2 years intensive program maths/physics (at Bachelor level, prestigious school, preparation for nationwide examination to enter Top Engineer schools)
MsC Engineering (CS, electrical eng., Information Technology, Applied Maths, Management, Economics) in top school (expected 2011)
BsC Applied Economics (expected 2010)

Next year, I can either take home courses, or prepare for a double degree at ETHZurich, MsC in Elec. Eng in both cases.
My French school is not visible enough to get a good phd in UK/US in my opinion. Moreover, I am quite sure I cant get a phd in Financial Eng. after this study path (no finance at all).
One solution would be to get a phd in Electrical Eng., and get started in the financial industry if i find relevant internships ; in that hypothese, best thing would be to go study at ETHZurich next year for a double degree MEng, much more visible abroad ;
another solution (the best in my opinion) would be to have a MsC in QF after Eng. graduation ; then background would be sufficient to either apply in a bank or to a phd in finance/financial eng.
If I choose the MsC in QF, a double degree in Electrical Eng. next year is of no use for me (I would already have the French MsC in Eng + Swiss MsC in QF), so that I have to choose now between both.

Regarding position, I would like to find a quantitative role (models, algorithms), but I also want to deal with finance ; I am not looking for a role with maths disconnected to markets reality ; maybe I rather want to work as exo trader, or risk analyst, or even in structuring with client focus ; since I have no experience yet, I cant really figure out what positions are suitable to me (first Hedge F. internship this summer) ; I think a MsC in QF enables broader possibilities in the industry, with or without phd, and that it gives the best chances to go on with a phd.

I would like experienced people to give advice / own opinion :

- a double degree MEng electrical + PhD to work directly in finance industry?
- MEng degree in France + MsC QF in Zurich +/- phd finance/maths?
- chances to get into a phd US (Electrical Eng / Financial Eng.) after only French MsC (today GPA 3.7, high honors) ? better chances with a double MsC ETHZurich in Electrical Eng.?
- what backgroud for good phds financial Eng / Computational Science / Electrical Eng. at Imperial College, Oxbridge... ?

Thanks a lot for reading until here.

@Connor : I hope I am clearer here. What do you think?

 

[Connor]

Think I'm leaning towards the MSc Quant Fin.

Main background needed for PhD in finance/FE is the math and some programming, exposure to finance is good but I believe if you look at US PhD finance programs at least a number of students have engineering backgrounds.

 

[petrolmaniac]

thanks for advice Connor ; maybe both paths are relevant, but MsC QF makes more credible for interviews in finance industry ;

other advice are welcome! (maybe are some people here MsC QF ETH alumni or know about it...)