Need help! Economics student apply for mfe

[karenxxuan]

I am currently a forth year student major in Economics and got some outstanding academic achievements in Economics. But I realize I actually want to study in the area of quatitive finance. I have taken most of the foundamental undergraduate mathematical and statistics courses.
Is there any program that may be friendly for economics students? or any program that can have better chance for me to get in?
or if you know someone whose background is economics but now enroll in any mfe program.

Many thanks!

 

[Andy Nguyen]

Economics major isn't what will prevent you from getting into a program of your choice. Your lack of formal mathematic and programming courses would likely prevent you from getting into the top programs.
If you are just trying to get into any program, I'm sure a handful of them will accept you.
How are you going to address the lack of required course? Are you going to just apply with what you have? Maybe look into Master of Finance programs instead?

 

[karenxxuan]

I have taken most of the required course, like advance calculus, linear algebra, analytical probability, and statistics, differential equation. But I'm not sure whether they will look at those.
I asked few of the program coordinator, but they just said they wouldn't do any pre-view on any application.
BTW...Is the GRE subject test helpful?

 

[GoIllini]

I have taken most of the required course, like advance calculus, linear algebra, analytical probability, and statistics, differential equation. But I'm not sure whether they will look at those.
I asked few of the program coordinator, but they just said they wouldn't do any pre-view on any application.
BTW...Is the GRE subject test helpful?

Looks like you're in better math shape than we thought.

The GRE subject test is helpful, but only submit it if you score a 700 or higher.

 

[Hector]

Hello, i am new member!
Economics at bachelor level does not have many mathematical courses as you mentioned..unfortunately. I am also in the last year of BSc Economics and i do not know whether or not it is wised to choose a quantitative path through a master in quantutative finance..although it sounds intriguing. I think it is very difficult for economists to do a MQF or MFE isn't it? We lack of mathematical background, as Mr Andy. In case, we are accepted, we will find hard times there in order to study without knowing advanced mathamatics in detail.

I have taken during my 4 - year program, eight mathematical courses, which includes 2 statistics, 3 mathematics, 3 econometrics, i have attended time series analysis and differential equations from other department and i now prepare my udergraduate dissertation in panel data analysis (which is not taught in bachelor level) concerning the growth level of european union and its macroeconomic stability, but still, i dont sleep very easy having seen before the mathematical and programming courses in MQF..

Personally i know i have a lot of gaps in mathematics, such as real analysis, stochactic calculus, linear algebra, and i will find it hard to study those things alone, they are not novels..I suppose students having degrees in exact sciences, such as Statistics, Mathematics, Physics or Engineering, have more odds of being accepted to masters instead of economists, correct me please if i am wrong, i would like to.

 

[neohio]

i think you need to decide what you really want to do first. do you like economics? why a change to a finance? if you are dead set of MFE i would expect you would need to make up the course deficiencies you have before being accepted to a top program. you might be able to do this through extra elective IF you have time (i know you are a senior). if not possibly a masters in math with CS electives. i'm sure other people will have input too i'm just giving my opinion

 

[Dwsmith]

Looks like you're in better math shape than we thought.

The GRE subject test is helpful, but only submit it if you score a 700 or higher.

If this individual obtains a scaled score of 700 or higher, they should just apply for a PhD in Math.

Here is the practice book:
http://www.ets.org/Media/Tests/GRE/pdf/gre_0809_math_practice_book.pdf

The actually test isn't this easy (you may not call this easy though).

 

[myampol]

Hello, i am new member!

Personally i know i have a lot of gaps in mathematics, such as real analysis, stochactic calculus, linear algebra, and i will find it hard to study those things alone, they are not novels..I suppose students having degrees in exact sciences, such as Statistics, Mathematics, Physics or Engineering, have more odds of being accepted to masters instead of economists, correct me please if i am wrong, i would like to.

You would learn Stochastic Calculus on your MFE program; you are not expected to have already seen it.

It would be very helpful if you have already studied Real Analysis, but most MFE students have not studied it before entering their program.

However, it is absolutely essential for you to take a course on Linear Algebra now, as this is regularly taught at the undergraduate level and proficiency is expected of MFE candidates. Without Linear Algebra, you will be at an extreme disadvantage.

Also, most people find Linear Algebra to be less difficult than Real Analysis and Stochastic Calculus.

 

[JasonH]

I guess I'm lucky my Quantitative and Mathematical Economics (with minor in comp sci) covers alot of math and stats, including real analysis, stochastic processes, ODE, Linear algebra and so on. Just in time for back to school for me too :D Hurray for this wonderful forum, keeping me focused during my off time from school

 

[myampol]

I guess I'm lucky my Quantitative and Mathematical Economics (with minor in comp sci) covers alot of math and stats, including real analysis, stochastic processes, ODE, Linear algebra and so on. Just in time for back to school for me too :D Hurray for this wonderful forum, keeping me focused during my off time from school

Please don't confuse stochastic processes with stochastic calculus.

You can learn a lot about stochastic processes without ever touching measure theory, real analysis, etc.

By stochastic calculus, we are referring specifically to those techniques which were invented in the 1940s by the late Japanese mathematician Kiyoshi Ito,

http://www.nytimes.com/2008/11/24/business/24ito.html
http://en.wikipedia.org/wiki/Kiyoshi_Itō

and used a couple of decades later by Robert Merton to help Fischer Black and Myron Scholes to solve their option pricing model.

 

[Hector]

i think you need to decide what you really want to do first. do you like economics? why a change to a finance? if you are dead set of MFE i would expect you would need to make up the course deficiencies you have before being accepted to a top program. you might be able to do this through extra elective IF you have time (i know you are a senior). if not possibly a masters in math with CS electives. i'm sure other people will have input too i'm just giving my opinion

I change because economics in the quantitative level i wanted to does not exist inside banks, companies. In other words, it is too classic. Everyone most seeks accountants, people either with business adiministration or finance skills in the market. I respect my science a lot and i do not regret of studying it, but Economics is not "commercial, it is far way from real market. In my opinion economics gives you a brilliant way of thinking market, not odds to work in it (like finance, shipping, accounting etc), at least when you are young and you do not have many research papers. I would like to do some research papers, but for myself, my interesting in science, not for living.

I guess I'm lucky my Quantitative and Mathematical Economics (with minor in comp sci) covers alot of math and stats, including real analysis, stochastic processes, ODE, Linear algebra and so on. Just in time for back to school for me too :D Hurray for this wonderful forum, keeping me focused during my off time from school

You should be lucky! The positive aspect is that i can attend all these courses (and also twice) in the department of statistics and informatics. I have one year..

I would like to ask you if econometrics [ panel data analysis, time series analysis, cross section data analysis (duration models, binary, ordered and multinomial choice models), Bayesian Econometrics (have told me these are becoming popular) ] play any crucial part in financial engineering-quantitative finance. The more i get informed, the more i think that programming and mathematical skills are basically the key point for these two finace directions.

 

[JasonH]

Please don't confuse stochastic processes with stochastic calculus.

You can learn a lot about stochastic processes without ever touching measure theory, real analysis, etc.

By stochastic calculus, we are referring specifically to those techniques which were invented in the 1940s by the late Japanese mathematician Kiyoshi Ito,

http://www.nytimes.com/2008/11/24/business/24ito.html
http://en.wikipedia.org/wiki/Kiyoshi_Itō

and used a couple of decades later by Robert Merton to help Fischer Black and Myron Scholes to solve their option pricing model.

Maybe my post was misinterpretted, I wasn't trying to say I'd be covering stochastic calc. Point I was trying to make: at my school, before they came out with this wonderful combo degree, there was barely any math required of econ students aside from half year of calc/linear algebra + 1 year of stats and a half year of econometrics. Now with this happy slappy new program, all those courses I mentioned are required and I can take more above that without having to jump through hoops getting departmental permission to register for classes reserved for honours math students.

 

[myampol]

Maybe my post was misinterpretted, I wasn't trying to say I'd be covering stochastic calc.

No problem, Jason, I was looking back to both your comment, as well as the earlier post of Hector

Personally i know i have a lot of gaps in mathematics, such as real analysis, stochactic calculus, linear algebra, and i will find it hard to study those things alone,

and my earlier remark

You would learn Stochastic Calculus on your MFE program; you are not expected to have already seen it.

and I wanted to ensure that readers who do not yet know what these things are, do not confuse them with each other.

It would indeed be very helpful, though not required, to have studied stochastic processes before starting an MFE program, while stochastic calculus would be covered in the MFE program.