Programmer confused about possible career move

[Riddler]

Hi all,

My setup:

- C# programmer
- Working in NYC making 120 base
- 25% bonus
- 4 years out of undergrad

I work with a lot of quants and I'm thinking of spending some time in school. I'm looking at MFE and looks like people coming out of these programs make the same as I'm making now.

I have interest in the field but from a purely financial point of view, does anyone think doing a MFE, and performing the subsequnt career move, is worth it for me? Is there more 'upside' in the MFE career line?

Thanks

 

[roni]

Not all MFE grads make 120K right after graduation, the vast majority end up in the 80K-110K.
And, if you don't mind me asking, why do you want to become a quant? you don't like whatever you do anymore?

Good luck!

 

[D Serg]

120K is a good salary, just curious, how much do you get after taxes in N.Y?
Does your company provide insurance?

You say "4 years after undergrad" and your profile says that you are 61 years old - which fact is wrong?
I just want to understand NYC salaries, because I may be interesting to work there.

 

[Riddler]

@roni: Looking for more challenges.

@D Serg: This is my first year here and I haven't done my taxes yet. Profile is incorrect.

 

[D Serg]

www.paycheckcity.com says to me that it will be approximately 85k.
May someone confirms this? I'm not very proficient in understating how someone needs to pay taxes in US.

 

[Riddler]

If I extrapolate my current bi weekly check, I will be around 82k.

 

[Riddler]

On the topic though, anyone deal with a similar situation?

 

[D Serg]

On the topic though, anyone deal with a similar situation?

yeap, what about your math background?

If I extrapolate my current bi weekly check, I will be around 82k.

not so much as I though before about NYC. thanks.
By the way, do you know that the real pay for quants is not far away from what you get.

 

[Riddler]

I have background in electrical engineering. I'm lacking some background in stats but I've been working on augmenting this hole.

The trading quants I work with seem to be making significantly more (simply based on their lifestyle decisions); they are much older though.

 

[D Serg]

Well, if you just want to understand, try to read and understand math behind
- Hull Options, Futures and other Derivatives
- Financial Risk Manager Handbook + Test Bank: FRM Part I / Part II (Wiley Finance)
May be you consider FRM certification afterwards.

By the way, the deeper math you know the better quant position you may apply.

 

[Riddler]

Okay thanks. I actually completed the FRM last year (while it was still a single exam). I should probably talk to some schools.

Sigh, insomnia -- need to be up in a few hours; good night.

 

[D Serg]

For those who are still here, if you expat in NYC, do companies pay you pension fund as a surplus to your salary?
What is the average medical insurance IBs provide?

 

[Andy Nguyen]

@Riddler
You got paid that much with only a BS because you are at the right place, right time with the right skills set.
I suspect that with an MFE degree, you probably will be making that much. A lot of it depends on timing.
Try the part-time route. Some programs in NYC has part-time programs with good career services (Baruch, CMU).

Your upside is that many positions require an MFE at the very minimum, specially when you move into the highly quantitative side. Your currently role is purely IT and without any "quant" qualification attached to your resume, it will be hard for people to consider you for those roles. If you land in the niche algo trading space, you can make at least twice as much but who knows what skills will be in demand few years from now.

 

[Joy Pathak]

There have been cases of students from MFE programs who graduated and started off at 150-180K with sign on bonus who had previous experience. Baruch MFE stats show that. I unfortunately do not know the individuals who got these salaries. I would assume if you're a quant developer such salaries are possible as last years graduating class had a student who got 130K and I think it was as a quant developer at a large european bank based in new york area.

If you are already making 120K + 25% bonus I would suggest to do MFE program part-time and then look to for opportunities. I would think you could get some really good high paying jobs as a quant developer at hedge funds.

 

[Tsotne]

I still consider MFE as an academic step forward not for Wall Street career alone. You cannot be guaranteed of being at a higher position with much salary after graduating MFE. For challenge purposes then it is more proper to think about academia.

 

[Riddler]

Thanks all. I will investigate part-time options.

 

[flashcookie]

Does anyone know the pay range in UK after graduating with an MFE degree? I read a thread where someone with a phd was offered 35k which seems ridiculous.

 

[Tsotne]

Depends on the position you are applying for. There are quant positions for which PhD and BB has the same value.

Does anyone know the pay range in UK after graduating with an MFE degree? I read a thread where someone with a phd was offered 35k which seems ridiculous.

Generally 60k-120k max.

 

[ThinkDifferent]

he is talking about UK, so it's in pounds. 60K-120K GBP is too high.

 

[flashcookie]

60k - 120k sounds about right. I know there has been a decline in salary but 35k sounds too less, I was earning around 30k a few years ago with just an undergraduate.