Phd in Financial Engineering (Stevens Institute of Technlogy)

#1
Hi guys, what do you think about the Phd in Financial Engineering at the Stevens Institute of Technology?
What are the job opportunities after this degree?
 
#2
It's really hard to tell. I know they put some effort into marketing the program (MFE specifically) better recently but without recent data, not much I can tell.
PhD program is longer and graduate fewer students so data points are rarer. Usually, you will get a more research-oriented roles. Try to look outside the finance industry where your knowledge may be applied as well.
 
#3
If I take the Phd in Financial Engineering I'll be 29 years (minimum). According to you could I be competitive whit this curriculum vitae (bachelor+master in management engineering+Phd in Financial Engineering) to start a career in finance? According to you could this Phd be positive for a carrer in Investment Banking? (Remember I'll be 29 when I start)
 

pingu

Well-Known Member
#4
If I take the Phd in Financial Engineering I'll be 29 years (minimum). According to you could I be competitive whit this curriculum vitae (bachelor+master in management engineering+Phd in Financial Engineering) to start a career in finance? According to you could this Phd be positive for a carrer in Investment Banking? (Remember I'll be 29 when I start)
Competitive? depends on a lot of things. You will have a Ph.D. diploma. That's about it. It would probably won't help you as much in Investment Banking. Any work experience? You will be a professional student. An entry level worker with a Ph.D., overqualified in education but underqualified in exeperience. You will making as much as the master student that is 4 years younger.

Also, who knows how Finance will look like in 5 years.
 
#5
Accordingto having a Phd without work experience at 29 years could make me some disadvantages? Age i very important for quants job?
 
#6
I don't think age is a big factor for quant roles, but if you're looking to get into IB, I can tell you age does matter from what I have been told.

In regards to your PhD question, you do not need one to get into IB, if you're sole goal is IB, get an MBA, you're wasting you're time trying to get an MFE let alone a PhD!
 
#7
Thank Evan, the age is a preoccupation of mine, because I'm 22 years and I've already started the University (engineering),(caused family reasons I couldn't go to the University when I finished the high school), now I'm underpressure and I want my revenge with myself. But according to you Evan age is important for a quant job (not necessary in Wall Street)? I've read Phd is important to be competitive are you agree?
 
#8
Thank Evan, the age is a preoccupation of mine, because I'm 22 years and I've already started the University (engineering),(caused family reasons I couldn't go to the University when I finished the high school), now I'm underpressure and I want my revenge with myself. But according to you Evan age is important for a quant job (not necessary in Wall Street)? I've read Phd is important to be competitive are you agree?
No,, other way around. Age is not a big factor for a quant job, but if you are trying to get a job in "front office" at an investment bank, age DOES matter, especially in the entry roles. I have heard of older guys getting entry roles at an IB, but it is rare and you may need a little resilience/openminded since you will be working with a team of people much younger than you. I hope that clears that up for you.
 
#9
Thank you Evan I have been very clear but I hope to become a financial engineering and I have a long way to run so only the future could say me what the best will be for me :) but I think that a Phd is better because I will be more competitive on knowledge than others with only a master
 
#10
Thank you Evan I have been very clear but I hope to become a financial engineering and I have a long way to run so only the future could say me what the best will be for me :) but I think that a Phd is better because I will be more competitive on knowledge than others with only a master
Yeah, at the end of the day, only you can decide. What ever happens will happen, it makes me laugh when I read questions on here from people trying to break into the quant world and expect the people on this site to give them a secret formula to success…. there isn't one. Its up to YOU to make it happen, or not. That being said, I'm sure you will go far regardless on your decision to take on a MFE or a PhD.

Good luck to you!
 

pingu

Well-Known Member
#11
Accordingto having a Phd without work experience at 29 years could make me some disadvantages? Age i very important for quants job?
Age is not the issue, salary demands could be. Look at it this way, your salary demands would probably be higher at 29 than at 25. Unless you can prove you are really worthy, the 25 might be an easier hire. Keep in mind that you would've gone through ~5 years of lost income so you might overvalue yourself. You might also be a little arrogant (just because you have a PhD which in theory tells the world you are smart) and people might not like that. I will probably be wrong but you will be rubbing with other really smart people through your PhD studies and when you go to the street, everybody else that don't have a PhD might look below your "smart threshold line".

In summary, if you want to do a PhD, go for it but don't do it for the money/job in finance afterward. Also, don't be an asshole if you work on the street.
 

bigbadwolf

Well-Known Member
#12
it makes me laugh when I read questions on here from people trying to break into the quant world and expect the people on this site to give them a secret formula to success…. there isn't one.
I have patented a secret elixir that guarantees success in the quant world and also guarantees everlasting youth. For a fee -- *evil laughter* -- I am prepared to sell it in small vials.
 
#13
Thanks Pingu, but I haven't exactly understood what you said: when you talk about the competition with the 25 are you talking about people with a Phd or only a mster degree? When you talk about salaries you said that the 25 could be an easier hire, but dont' you think if my salary demands will NOT be higher than a 25 (my salaries demand could be the same than the 25) I will be more competitive to get a job than an adversary at 25 with only a master (same salary but I have a Phd and the other only a master)? Also I want to know what's very rilevant to get a quant job, a Phd is more competitive for this job?
 
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#14
Age is not the issue, salary demands could be. Look at it this way, your salary demands would probably be higher at 29 than at 25. Unless you can prove you are really worthy, the 25 might be an easier hire. Keep in mind that you would've gone through ~5 years of lost income so you might overvalue yourself. You might also be a little arrogant (just because you have a PhD which in theory tells the world you are smart) and people might not like that. I will probably be wrong but you will be rubbing with other really smart people through your PhD studies and when you go to the street, everybody else that don't have a PhD might look below your "smart threshold line".

In summary, if you want to do a PhD, go for it but don't do it for the money/job in finance afterward. Also, don't be an asshole if you work on the street.
You bring up a very interesting point, sometimes having an advanced degree(s) can do harm due to small things we don't usually think about such as the intimidation factor. I remember someone writing on here about how one may not get hired because they prove too smart during an interview and the person who would be managing them see them as a threat. It's interesting to think about, but I wouldn't let it steer anyone from what they want to achieve.
 
#17
sometimes they dont hire a very smart person because they know this one will leave for a better place soon. why waste time
Yes, this is possible as well. I think usually smaller firms would have that thought process, bigger companies would welcome you right in if you can make them money.
 
#18
I would stay away from this place.

First of all, the job prospects are zero, if you graduate from this institute. You will not even get a summer internship through this institute. Ask around, and look at the stats. No investment bank hires graduates from here. There may be one or two exceptions in 5 to 10 years.

More importantly if you get a lousy advisor you will end up being there for years and get frustrated, undergo harassment and you will eventually move on. Your 5 year program will turn into a endless nightmare.

90% of teaching staff has no industry experience. Also, don't get carried away by the institute ranking. It is fake news.

I recommend you apply at other great universities in US and you will achieve your goals (degree) and learn something.

Good Luck!
 
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