NYU: MSMF -> PhD or PhD -> MSMF possible?

[Gavin L]

Hi guys and gals,

Just a hypothetical / wondering if anyone knows of this happening - is it possible to switch from NYU's MSMF to a PhD part way through? Conversely drop down from the PhD to MSMF? Although it's a long way off (2 years) for me, unsure of whether an MFE or PhD would be appropriate, and would like to know if there is some flexibility if I do change my mind. From what I've gathered, PhD's in mathematical finance can take the MSMF courses - is this correct? I know the fee structure is quite different for the MSMF and the PhD (lol.)

NB: I don't want this to turn into an MFE vs PhD thread...

Thanks

 

[C S]

Hi guys and gals,

Just a hypothetical / wondering if anyone knows of this happening - is it possible to switch from NYU's MSMF to a PhD part way through? Conversely drop down from the PhD to MSMF? Although it's a long way off (2 years) for me, unsure of whether an MFE or PhD would be appropriate, and would like to know if there is some flexibility if I do change my mind. From what I've gathered, PhD's in mathematical finance can take the MSMF courses - is this correct? I know the fee structure is quite different for the MSMF and the PhD (lol.)

NB: I don't want this to turn into an MFE vs PhD thread...

Thanks

No concrete info about NYU. But from experience I can tell you that *switching* from MSMF to PhD is virtually impossible. The fee structure is different for a reason. If you mean apply like any other applicant, of course that's possible.

And taking MSMF courses while doing your PhD is quite doable and I've known people that do it. But that's basically an exit plan. I wouldn't advise jumping ship for someone just starting that can meet the PhD admissions standards. For such a person I'd recommend getting the PhD while taking some MSMF coursework.

 

[Gavin L]

Thanks for that.

 

[TehRaio]

It's possible: the people teaching the MSMF are all researchers in the maths department there, and they do research in Mathematical Finance.
However I read on their website that a MSMF is not a proper preparation for entry in a PhD, they would want you to take pursue their Master in mathematics instead. I recon you have enough flexibility as C S said to complete most MSMF courses inside their PhD program.

that's actually what I'm planning on doing when I apply for Msc/PhD in mathematics somewhere.

 

[Gavin L]

No concrete info about NYU. But from experience I can tell you that *switching* from MSMF to PhD is virtually impossible. The fee structure is different for a reason. If you mean apply like any other applicant, of course that's possible.

And taking MSMF courses while doing your PhD is quite doable and I've known people that do it. But that's basically an exit plan. I wouldn't advise jumping ship for someone just starting that can meet the PhD admissions standards. For such a person I'd recommend getting the PhD while taking some MSMF coursework.

I had a look at the graduate courses in the NYU catalogue and all the MFE courses are there, along with all the non-finance courses. I would like to do a PhD in financial mathematics but it seems the relevant PhD advisors are mostly practicioners that only take few students.

 

[C S]

I had a look at the graduate courses in the NYU catalogue and all the MFE courses are there, along with all the non-finance courses. I would like to do a PhD in financial mathematics but it seems the relevant PhD advisors are mostly practicioners that only take few students.

Speaking of advisors, some care is needed with this whole thing. Generally after the first couple years you're not going to have coursework per se, but seminars and research time allocations. Your advisor may not care for you to "waste" your time on taking even a single MFE course, and s/he will be the source of your funding and even TAships (if they end up being short on them, which can happen even in well-funded departments) will depend partly on his/her pulling for you. So if your advisor nixes your idea of taking MFE courses, that's it. It's something you better broach from the beginning, as it's not simple to just change advisors. But some people may not want you as a student after you reveal your motivation to go into industry rather than research.

 

[Gavin L]

Speaking of advisors, some care is needed with this whole thing. Generally after the first couple years you're not going to have coursework per se, but seminars and research time allocations. Your advisor may not care for you to "waste" your time on taking even a single MFE course, and s/he will be the source of your funding and even TAships (if they end up being short on them, which can happen even in well-funded departments) will depend partly on his/her pulling for you. So if your advisor nixes your idea of taking MFE courses, that's it. It's something you better broach from the beginning, as it's not simple to just change advisors. But some people may not want you as a student after you reveal your motivation to go into industry rather than research.

Yeah I totally understand why professors (researchers) wouldn't be entirely on board with taking mfe courses during the PhD. I guess it would be up to the candidate to use all that time during the PhD to develop perhaps business and financial skills if it is her wish to go into industry after the PhD (which is in itself a bad idea if industry is the end goal of a doctorate...)

 

[TehRaio]

Yeah I totally understand why professors (researchers) wouldn't be entirely on board with taking mfe courses during the PhD. I guess it would be up to the candidate to use all that time during the PhD to develop perhaps business and financial skills if it is her wish to go into industry after the PhD (which is in itself a bad idea if industry is the end goal of a doctorate...)

What you can also do, is look at the number of electives course you can take inside the PhD of NYU: At the end of the day the electives that you take are based on your own interests, so inside those electives you should be able to take the MFE courses (just figure out if there are restrictions with their graduate admission).
Also, there's a wide range of professors doing research in probability and statistics, and I'm sure they will be fine with you taking FE courses inside your PhD since it applies to the research you want to pursue. Off course if you're working with a Professor who clearly does something else than finance it will be a problem.

edit: I don't think it's a bad idea to pursue a PhD with industry job as a goal. I mean why not? if you want options beside industry that you're also interested in academic jobs in the long run, it's a perfect solution imo.

 

[Gavin L]

Maybe I should rephrase and say it would be a bad idea if it was the sole goal of the PhD... That being said there are many PhDs who do it with it being their sole goal.