Please evaluate my profile!!

[ibpkpnu]

Hi, I am interested in applying for MFE programs entering in the fall of 2014. Here is some information:

I studied industrial engineering and operations research, with a minor in computer science, at a top 12 university in the US. I graduated with a 3.5 cumulative GPA and about 3.6 major GPA. I have not yet taken the GRE.

I have summer internship experience in quantitative research at a prominent asset manger focusing on equity portfolio construction and on a fixed income strategy desk at a bulge bracket investment bank. I am currently working for a derivatives trading firm.

I have taken all prerequisite courses, including PDE, numerical analysis, optimization, stochastic processes and received A's in most upper level math courses.

I am primarily interested in quantitative asset management.

I am interested to know how qualified I am for top programs and if there is anything I can do to improve an application.

 

[markhobbus]

You have a very competitive profile and have a good chance of acceptance at a top program. This, of course, assumes you crush the GREs and have great essays and recommendations. However, given that you are already in a quant-like role, your profile begs the question: why do you want an MFE? This is something you will need to convey VERY clearly in your essays.

 

[ibpkpnu]

I recently received scores for the GRE. 164V (93rd percentile); 164Q (89th percentile); 5.0W (93rd percentile).

I imagine these scores should be competitive at nearly any program. Would it be worthwhile to take the GRE again to try to score a little higher on the quantitative section? Any feedback?

 

[Andy Nguyen]

Very good score on the V and W but rather low on Q. A Q166+ would be better.
It's rather normal these days to see 170Q

 

[Joe Lu]

You say that you're working full-time currently? For how long / doing which role exactly?

 

[ibpkpnu]

Only recently graduated and have been working for 3 months as an equity derivatives trader.

 

[Joe Lu]

I think your profile is similar to mine. I've worked longer than you, but otherwise, everything else is similar: my background in terms of major / undergraduate GPA / coursework, and even work experience is similar (I trade derivatives as well for a job, albeit in fixed income derivatives). And I got into two good MFE programs, so provided that your letters of recommendation are strong, I don't see why you can't do equal or better than me.

I think the work experience helps a lot, especially if you go part-time. There were full-time students who had higher GPA's than me in my current program, and I'd think that my work experience as a trader gave me an edge getting in.

Will you go full-time or part-time, if you apply?

 

[ibpkpnu]

Hey Joe, thanks for your feedback and encouragement. I looked at your profile and it seems our backgrounds are very similar.

My plan is to go full-time. Part-time would not be feasible due to location for the programs I am looking at, and it seems (I may be wrong) that full-time students have somewhat preferred, or at least more structured, access to career and placement services at the university.

Would you recommend sitting for CFA L1 in December to strengthen my application?

 

[Joe Lu]

You are going to quit your derivatives trading job to go back to school? A lot of people on this forum would fight very hard to go to an MFE program just so with that qualification, they can get a job as a trader or some other front office role. Even as a part-time student, who is still working, I get asked by people in my program, "You are already a trader, so why are you doing this program with us, then?" I have my reasons, but you see what this shows is that: what you're planning is going against the flow, and you had better have very good reasons for quitting a good job for school. It's very expensive to go to top MFE programs, and even with your new degree, the financial industry job market is still very tough, so a better job isn't guaranteed. You're going to kick yourself if you quit your job today, get your degree later, and then after that, you can't get back into front office.

As for CFA...everything is marginal. Does a 3.7 vs. 3.6 GPA make or break you? Maybe it will, maybe it won't. Will that additional course in stocalculus make or break you? Maybe it will, maybe it won't. Will the CFA make all the difference? Maybe it will, maybe it won't. All I say is - if you're doing CFA just to get into MFE, that's really inefficient and I am not sure your returns will reward you for the time spent. Especially since your math and coding skills are much more important than financial statement analysis /equity valuations. But of course, if you were going to do the CFA anyway, then sure, why not do it, it'll help on the margin, but probably not much.