Pursuing Quant w/ Stats degree

[CGiuliano]

If all goes as planned I will emerge from my undergrad with a breadth of opportunities for grad school. I was considering applying to a few MFE programs, (Princeton, NYU, Baruch) but the AM in Stats at Harvard recently caught my eye. With a specialization in econometrics, would I be able to apply for the same quant jobs as with MFE. Would this unique approach make me more competitive on the job market?

Thanks.

 

[Uncle Max]

If you want to work as a quantitative analyst, why would you choose stats over MFE? Sure, Harvard looks impressive on resume, but does the program help you with placement in quantitative finance? Do they have successful examples of such placements?

 

[CGiuliano]

I was searching for quant jobs and most of the requirements simply say "quantitative degree," or "degree in statistics, mathematics, or engineering." This may be a very off approach, but since I'll be taking graduate stats and completing the curiculum of a math major I figured I would have a pretty good shot; yes, it is for the name.

So you say, only apply to MFE for quant analyst?

 

[CGiuliano]

Oh and my undergraduate curriculum includes micro, micro theory, financial accounting, finance, econometrics, derivatives & risk management.

 

[Shlomi]

I was searching for quant jobs and most of the requirements simply say "quantitative degree," or "degree in statistics, mathematics, or engineering." This may be a very off approach, but since I'll be taking graduate stats and completing the curiculum of a math major I figured I would have a pretty good shot; yes, it is for the name.

So you say, only apply to MFE for quant analyst?

One may say that you need to have a phd in one of these quantitative degrees, and if you want to get the job with a masters it should be mfe.

 

[Andy Nguyen]

People have become quants with a history/music/law degree so the "only quantitative degree need apply" thing means nothing.
As far as I know, MFE is the straightest path to get to some kind of quantitative analyst/developer/front office quant job. That or a PhD in Math/CS/Physics/etc
I take that the best approach would be to make yourself well rounded, not targeting any specific degree because the line from recruiters will keep shifting.

 

[CGiuliano]

Thanks.

 

[Uncle Max]

Usually by "degree" for quant positions PhD is assumed. Therefore, with PhD in stats from Harvard you will have a better chance landing a quant job than average MFE graduate.

 

[bluechimp]

I actually have a friend with AM Stats from Harvard who is attending Columbia MSFE now. A quick brush through the curriculum makes me feel that the program is really a Statistics degree, and while you might end up being very strongly trained in that area, I don't see some crucial aspects of financial engineering (stochastic calculus, asset pricing, programming) being emphasized in the program. I understand the desire to be unique, but you definitely don't want to be wrong.

 

[CGiuliano]

Aside from becoming an actuary, what exactly can one do with a stats degree?

 

[alain]

all pharmaceutical companies need statisticians by the truck load

 

[CGiuliano]

all pharmaceutical companies need statisticians by the truck load

Ironic; I started as a chemical engineering major.

Do they make uber cake-roll?

 

[alain]

Why did you leave chemical engineering?

 

[CGiuliano]

I liked math more than science and money more than chemicals. It only took me a few classes to come to this conclusion.

 

[alain]

I don't think the classes you took were that good. Not to shatter your dreams but you could've made tons of money as chemical engineer as well. Probably faster and in a less cut throat environment than Wall Street.

However, if you like the ups and downs and the insecurity of the street (i.e. the hustle), you are in the right place

 

[CGiuliano]

It wasn't the classes and I was very aware that chemical engineering was the highest paid B.S. someone could hold... It's kind of like escargot; yeah it's classy and delicious, but not to me.