- Joined
- 4/13/11
- Messages
- 2
- Points
- 13
Well, I have been sneaking around these boards for some time without making a post. I figured now that my search is done, It may be a good idea to outline my experience for future students in search of quantdom.
First of all, I am an undergraduate finance major at a State University (3.65 GPA) and have no full time work experience (although solid internship experience). I took the GMAT twice and scored a 590 on the first try and 690 (Q47/V39) on the second try (Yes it is possible!). Did not have a particularly quantitative background until second semester of Junior year (Yikes!). And it has been my dream to work in trading since I was in high school. I am an American born and raised.
I applied to IIT, UNC Charlotte, University of Illinois MSF, and University of Illinois Fin Eng. (You may be saying “What a lame list, where is MIT and U Chicago?” but I had to apply to programs I thought I had a chance of getting into and that appealed to my background) So far I have been accepted to all but havn’t heard back from Illinois Fin. Eng.
I have decided on University of Illinois MSF. Why?
1. Received a 6k scholarship
2. My wife only wanted me to take the shortest program possible (only 1 yr)
3. According to their office, the Illinois MSF Quant specialization is about half Finance / half Quantitative majors (they take more finance students than any other program I have seen which hopefully means they will be able to better deal with my math deficiencies)
4. Has Chicago trading companies actively recruiting students.
5. Program has been around for 50 years good history
6. Ranked highly on Quant Net! XD
Issues with Quant Schooling / Things I wish I knew when applying
1. There are opportunities for Finance students. Most of the people on Quant Net and most students for that matter come from mathematically based majors. At first I was baffled at how much more advantageous having a math degree is than a finance degree for breaking into trading and was very discouraged. While this is the case, you still have the opportunity to differentiate yourself from other students applying to these programs. I took Econometrics and Mathmatical Economics to show my ability to apply mathematical methods to finance. These are classes that other majors (besides business) wouldn’t have had the opportunity to take. I also scored a 1 year internship at Merrill Lynch, which could only be obtained by a business student. When applying to schools it is important to make sure the school wants Finance students because some just won’t consider you. So you must find the best fit for your background (why my list is such a hodge podge of programs). So embrace the fact that you are different and turn it into an advantage!
2. Being an American gives you an advantage. I know it’s kind of blunt but being an American student going to a US school gives you an advantage in this field. This field is dominated by foreign students. So many programs are handing out scholarships to domestic students in order to get more diversity! (This sounds so backwards to a white male like myself) But U of I Financial Engineering is giving away 12 6k scholarships to domestic students. I was very intimidated that these programs can be 90% foreign students. I figured if they came from half way around the world to do this, then I wouldn’t stand a chance. But the truth is most American Finance students are too scared of math to consider these programs and avoid derivatives like the plague in college. So if you have the ability it is worth a shot.
I would like to thank everyone who posts and contributes their experiences online. Your help has greatly contributed to me finding the perfect fit for my education. I will do an exit review for Quant Net when I graduate. Best of luck to all in you endeavors!
PS. I will answer any questions you have.
First of all, I am an undergraduate finance major at a State University (3.65 GPA) and have no full time work experience (although solid internship experience). I took the GMAT twice and scored a 590 on the first try and 690 (Q47/V39) on the second try (Yes it is possible!). Did not have a particularly quantitative background until second semester of Junior year (Yikes!). And it has been my dream to work in trading since I was in high school. I am an American born and raised.
I applied to IIT, UNC Charlotte, University of Illinois MSF, and University of Illinois Fin Eng. (You may be saying “What a lame list, where is MIT and U Chicago?” but I had to apply to programs I thought I had a chance of getting into and that appealed to my background) So far I have been accepted to all but havn’t heard back from Illinois Fin. Eng.
I have decided on University of Illinois MSF. Why?
1. Received a 6k scholarship
2. My wife only wanted me to take the shortest program possible (only 1 yr)
3. According to their office, the Illinois MSF Quant specialization is about half Finance / half Quantitative majors (they take more finance students than any other program I have seen which hopefully means they will be able to better deal with my math deficiencies)
4. Has Chicago trading companies actively recruiting students.
5. Program has been around for 50 years good history
6. Ranked highly on Quant Net! XD
Issues with Quant Schooling / Things I wish I knew when applying
1. There are opportunities for Finance students. Most of the people on Quant Net and most students for that matter come from mathematically based majors. At first I was baffled at how much more advantageous having a math degree is than a finance degree for breaking into trading and was very discouraged. While this is the case, you still have the opportunity to differentiate yourself from other students applying to these programs. I took Econometrics and Mathmatical Economics to show my ability to apply mathematical methods to finance. These are classes that other majors (besides business) wouldn’t have had the opportunity to take. I also scored a 1 year internship at Merrill Lynch, which could only be obtained by a business student. When applying to schools it is important to make sure the school wants Finance students because some just won’t consider you. So you must find the best fit for your background (why my list is such a hodge podge of programs). So embrace the fact that you are different and turn it into an advantage!
2. Being an American gives you an advantage. I know it’s kind of blunt but being an American student going to a US school gives you an advantage in this field. This field is dominated by foreign students. So many programs are handing out scholarships to domestic students in order to get more diversity! (This sounds so backwards to a white male like myself) But U of I Financial Engineering is giving away 12 6k scholarships to domestic students. I was very intimidated that these programs can be 90% foreign students. I figured if they came from half way around the world to do this, then I wouldn’t stand a chance. But the truth is most American Finance students are too scared of math to consider these programs and avoid derivatives like the plague in college. So if you have the ability it is worth a shot.
I would like to thank everyone who posts and contributes their experiences online. Your help has greatly contributed to me finding the perfect fit for my education. I will do an exit review for Quant Net when I graduate. Best of luck to all in you endeavors!
PS. I will answer any questions you have.
