Most MFE graduates don't become a real quant. Depends on what your definition of "real quant", there is few if any blue-sky research is done by people working with math and pencil all day. Maybe those are the things that academic people do and write papers about.
Let's suppose you have MBA, you will have many more alternative even if you don't excel at particular concentration/area. Is that possible with MFE as well. Who else is hiring MFE apart from financial sectors.
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