Preparing for MFE: Quit job to take classes?

[katherine]

Hi,
After reading about the programs and their prerequisites, it seems that they are much more focused on having the right academic background than work experience. Correct me if I'm wrong... So I am currently working at the Federal Reserve Board, but I'm not getting the economic or finance background that I thought I would by doing so. Instead, it's a lot of research and programming (but in languages like SAS and FAME, so I'm not even gaining exposure to C++ or Matlab like most MFE programs call for). I was hoping to apply to UCLA and UC Berkeley MFE programs starting January and March 2012, which gives me about a year to prepare for them. I would prefer to take classes and work part time anyway, because I'm not getting much out of this job, but would it look bad to quit and do that? I would have to quit and move home, because I wouldn't have the time to do both. I would probably take C++, an intro to finance/CFA Level 1, stochastic calculus, and either an econometrics/statistics course or partial differential equations.
Thanks!

 

[Connor]

What is your undergrad in?

What are your career goals? You may be better prepared by an MBA, MFin, or Masters in economics.

I don't think it's a good time to quit your job unless you are getting a new, better job.

 

[alain]

what is going to happen if you don't get accepted? or if you do really bad in the GRE? Consider all the posibilities.

 

[Yike Lu]

If I remember your academic background correctly, you're certainly competent enough to get in. All the other stuff you suggest is the finishing touches. C++ can be taken pretty slowly, some type of intro to finance as well. CFA Level 1 is mainly time consuming, not intellectually difficult.

StoCal, Econometrics, PDE are useful but not necessary.

I would probably keep the job if I were you.

 

[katherine]

Thanks for the replies; my undergrad was at UC Berkeley, I did Applied Math degree with a concentration in Physics and Probability. I had a pretty decent GPA (3.91 / 4.0). I've had a little work experience: at the Space Science Laboratory in Berkeley, doing consulting as an undergrad, and now at the Fed. As for career goals, I want to be a quant at a hedge fund or private equity firm. Long term will probably go back and get a PhD, depending how I'm doing in my career. GRE scores: Quant 800, Verbal 640, so I feel like those are good enough to get me in (or at least not written off). I realize it seems hasty to quit the job, but it's also only a 2 year contract and so far hasn't taught me the "finishing touches" which would really help my application.

I guess I have just been getting anxious about not getting in anywhere because I keep seeing all these very qualified candidates on here, some of which are getting turned down (for example, on the UCLA MFE program review, one guy who seemed to be a lot more qualified as me said that he didn't get into any other programs). I thought that taking the classes and putting the finishing touches on would help me more. Not sure what schools would rather see though - leaving a job early and more classes/better academic preparedness, or maybe only taking one or two classes at the same time as keeping the job.
Thanks for your thoughts, they're definitely helpful!


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[Yike Lu]

You do not know the precise reasons for those rejections because the candidates themselves do not know either.

If their posted academic background was truly good, you can only assume something else contributed more to the rejections e.g. statement of purpose that says "I want models and bottles", bad recommendations, or bad interview are the most likely causes.

Also realize you can directly address your deficiencies (and how you plan to rectify them or how the program will help you to rectify them) in your statement; this shows clearheaded thinking and the maturity to recognize your weaknesses.

 

[alain]

What are exactly "finishing touches"? that sounds like some subjective thing that will add nothing to your application.

As for career goals, I want to be a quant at a hedge fund or private equity firm. Long term will probably go back and get a PhD,

This will never happen. Pick one and stick to it.

I guess I have just been getting anxious about not getting in anywhere...

have you applied somewhere?

one guy who seemed to be a lot more qualified...

How do you know? It doesn't look like you can make that judgement. You can do whatever you want now (quit your job, take classes, etc) but you don't know if you can get in with whatever qualifications you have now.

 

[Connor]

Problem with waiting to do a PhD is that the average age is mid to late 20s. So while not impossible to get accepted at 40+, your options will be more limited.

For hedge fund/private equity I think you would be better off with an MBA.

 

[katherine]

Well, I am only 21 right now so I'm assuming if I decide to do a PhD (which I'm not even sure about, it's just a goal that I've always had), I would probably be applying in 10 years. Which doesn't really put me out of range for getting accepted; I know a lot of people that didn't get one until later. I feel like saying that will "never happen" is a little close- minded.
By "finishing touches" I just meant adding the last courses/recommended prereqs that a lot of programs ask for; I already have a lot of the math base that they require. I realize that it's pretty subjective.
No, I haven't applied to anywhere yet, I'm working on my apps right now. And you're right I have no idea if someone else is more qualified, or if I'm going to get in.. that's why I'm trying to ask questions and get advice.<table class="tborder2" id="post61061" align="center" border="0" cellpadding="6" cellspacing="0" width="100%"><tbody><tr><td class="thead">
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[Yos Feit]

You come across as someone that is a little sharper and more insightful than the average candidate, and I would encourage you to aim a bit higher than the MFE degree. Keep in mind that it is intended as a terminal, professional program and not as an academic degree. That implies that you will make a negative impression in an MFE interview if you indicate that you want to pursue a PhD, and that an MFE will not get as much consideration as an academic MS when applying for a PhD program.

I would encourage you to keep your job and save as much money as possible for any future breaks for education. Paying cash now is so much better (financially and emotionally) than paying loans later. Your job is also teaching you something about the finance industry in general, and giving you time to establish solid contacts with others in the industry.