UCB MFE Questions regarding UCB MFE admit chances

[mfeorbust]

Hi guys, I am a senior at Cal studying Computer Science and Statistics and I'm very interested in the MFE program for Berkeley. I'm interested mainly in knowing how I can improve my chances of getting in. Here are my GPA stats so far,

Overall GPA: 3.34, Statistics GPA: 3.54 Computer Science GPA: 3.396

Some potential things that worry me about my admission chances are:

1. I've heard some graduate programs in the US like to prevent "inbreeding", situations where a person does undergrad and his grad degrees at the same school. I'm not sure of the reason for this but since I'm doing my undergrad at Berkeley, will I be at a disadvantage as compared to other applicants?

2. I'm aware that my GPA would probably be the weakest link of my application. Since Berkeley undergrad does not have as much grade inflation as other schools(private schools esp.), will the admissions office take this into account when they are comparing my GPA to another applicant's?

3. Regarding work experience, I've read that working in the financial field is desirable. Right now, I have some FT offers in front of me. One is a back office role for a hedge fund in New York.

The job description is as follows:

Fixed Income Asset Manager seeking an individual with programming experience to join the team in a support role. This individual would be responsible for implementing and maintaining various databases used to support portfolio managers, client reporting and fixed income analytics. In addition, they will perform system tests, ongoing data validation and daily operational functions.

The other offers are from startups and more well established tech companies. However, I feel like the work would be very similar. Would taking the offer at the hedge fund necessarily be seen as more favorable than working at a technology firm?

Sorry for the super long post and I'm hoping to contribute back in the future to this forum.

P.S. I've also planning on speaking to Linda through the online chat from the admissions office regarding these queries but I just wanted to get the perspective/opinions of you quants as well

 

[moretodo]

Your chances are pretty high! I believe Brodie was admitted and he has an inferior profile to that of yours as far as I can tell. I encourage you to PM him.

I encourage you to go speak to Linda directly. Ask her for an appointment; she'll definitely oblige. She'll let you know frankly what you need to do and what your chances are.

All things equal, FO roles are more rewarding and dynamic than BO roles. I would prefer the FO role to the BO onle even if the BO offer is from a more prestigious firm.

 

[mfeorbust]

Thanks moretodo, just to clarify, I don't have any FO roles in financial firms yet. I am actually leaning towards taking the offer from the startup as of now to hone me for the intensive programming experience of the Berkeley's MFE. The problem is I don't really have a background in finance on my resume, so I doubt many employers would want to hire me for FO role ;(

 

[moretodo]

It depends on what you intend to achieve with your MFE experience. If you want to do strats, algo development, quant research, and/or machine learning/data science, you do not need to have prior finance experience at all. All you need is hardcore CS experience involving designing and implementing efficient algorithms and you will receive several interview calls from top firms.

The Berkeley MFE in my opinion is the least programming intensive program among well known MFE programs. If you would like to immerse yourself in a programming intensive educational experience via your MFE degree, you would be better suited choosing either CMU, Baruch or Columbia. Not sure about NYU.

 

[moretodo]

You could also send your resume to UCB MFE and ask them for an informal appraisal of your profile

 

[mfeorbust]

It depends on what you intend to achieve with your MFE experience. If you want to do strats, algo development, quant research, and/or machine learning/data science, you do not need to have prior finance experience at all. All you need is hardcore CS experience involving designing and implementing efficient algorithms and you will receive several interview calls from top firms.

The Berkeley MFE in my opinion is the least programming intensive program among well known MFE programs. If you would like to immerse yourself in a programming intensive educational experience via your MFE degree, you would be better suited choosing either CMU, Baruch or Columbia. Not sure about NYU.

My ideal career path would be in portfolio management, preferably on the fixed income side so I'm targeting firms like PIMCO and BlackRock which place a heavy emphasis on those. I've taken a look at Berkeley MFE placement rates and it seems like a quarter of the class feeds into portfolio management which is a good thing. I will definitely ask Linda for more advice and update this thread.

 

[moretodo]

My ideal career path would be in portfolio management, preferably on the fixed income side so I'm targeting firms like PIMCO and BlackRock which place a heavy emphasis on those. I've taken a look at Berkeley MFE placement rates and it seems like a quarter of the class feeds into portfolio management which is a good thing. I will definitely ask Linda for more advice and update this thread.

Your analysis of the Berkeley MFE placement statistics pertaining to the Asset Management Industry/Job Function is a bit dubious in my opinion.

Firstly, its been a long while since PIMCO recruited from the Berkeley MFE program but that is largely perhaps because the firm has not been doing all that well in the recent years.

Secondly, as far as I know, BlackRock typically recruits for its Quantitative Investment Research profiles, Risk and Quantitative Analysis (a.k.a Risk Management) and the Multi Asset Portfolio Strategies group as can be deciphered from their Placement Reports. Additionally, as far as I know, every year a few hedge funds (2-4) pick up students from the Berkeley MFE for Quantitative Research, Modelling or Risk Management positions.

If these positions are what you target in Asset Management, Berkeley MFE is probably a good bet.

What you must realize is that neither the Berkeley MFE nor any other MFE program (Princeton is an exception) for that matter is likely going to open doors for you at hedge funds or any other asset management firms for their quintessential job profiles that are typically filled by top MBA grads and/or UGs with solid relevant BB experience.

 

[mfeorbust]

Your analysis of the Berkeley MFE placement statistics pertaining to the Asset Management Industry/Job Function is a bit dubious in my opinion.

Firstly, its been a long while since PIMCO recruited from the Berkeley MFE program but that is largely perhaps because the firm has not been doing all that well in the recent years.

Secondly, as far as I know, BlackRock typically recruits for its Quantitative Investment Research profiles, Risk and Quantitative Analysis (a.k.a Risk Management) and the Multi Asset Portfolio Strategies group as can be deciphered from their Placement Reports. Additionally, as far as I know, every year a few hedge funds (2-4) pick up students from the Berkeley MFE for Quantitative Research, Modelling or Risk Management positions.

If these positions are what you target in Asset Management, Berkeley MFE is probably a good bet.

What you must realize is that neither the Berkeley MFE nor any other MFE program (Princeton is an exception) for that matter is likely going to open doors for you at hedge funds or any other asset management firms for their quintessential job profiles that are typically filled by top MBA grads and/or UGs with solid relevant BB experience.

I'm sorry, I should've mentioned that I interned at BlackRock this past summer albeit for their technology group(Aladdin Product Group).

It seems that most of the PMs in Blackrock come internally from RQA/PAG sprinkled with a few who were in PMG already to begin with. That's why the MFE seemed like a good bet. In any case, it seems risk management is becoming more and more important these days, so I guess that wouldn't be a bad route to go on as well.

 

[mfeorbust]

Also, where did you find detailed placement reports of each MFE candidate from, I can only see a general list of career placements on their website?

 

[moretodo]

Also, where did you find detailed placement reports of each MFE candidate from, I can only see a general list of career placements on their website?

I applied last year. Didn't make the cut. A couple of my friends did make it to the program. Am currently doing my MBA. I did my research and asked a few alums around when I was going through the application process.

I don't think most PMs at Blackrock come from RQA or PAG. Almost none come from RQA as far as I know and the ones that do become "risk specialists" in the PMG as PMs in their SF office. The role and compensation is significantly different than the traditional PMs in the PMG group. Some do indeed make the transition from PAG to PMG but that's more of an exception than the norm. PAG is mostly MO to BO work. I've interviewed with a couple of BlackRock's groups and hope to interview with a couple more next term.

I'd recommend that you do more research before you decide whether MFE is for you or not. If you want to get into BlackRock PMG, go for an MBA or network and try to squeeze in straight out of UG.

Good Luck!