Review of UChicago MSMF program

[Simon.ZY]

Background

Bachelor degree in Math and Statistics in the US. Worked as an investment analyst before going to UChicago MSFM program. Currently working as a quantitative trader in Chicago.

Did you get admitted to other programs?
Yes

Why did you choose this program (over others, if applicable)?
It is the location. Chicago is the hub of trading business. I decided to come to Chicago to start my career in quantitative trading.

Application process
The application process is pretty easy. Submit the transcripts , resumes, application statements with a video.

Courses selection

Recently UChicago has been working hard on improving the courses. Right now in the first quarter, it offers a Python class which requires zero background in coding and the class will eventually cover a pretty decent depth in the topic of programming. E.g Inheriance, OOP, Concurrency, TCP servers.

There are a lot of trading related classes which I liked the most. Quantitative trading, applied algo trading and Machine Learning in Finance.

The new Machine learning in fiance is also a great class as to get into the application respective of machine learning in finance and trading. However, the class is not easy and requires a lot of work to understand the Mathematics concepts behind each algorithm.

The option pricing classes are the core classes at UChicago MSFM program. Professor Roger Lee always has a great way of getting you to understand the hard Math concepts.

There are still some required classes which involve heavy math. e.g Stocastic calculus , Fixed income derivates.
Making them as elective classes would be a better choise.


Quality of teaching

Option class are always on the top of the academia world. Professor Lee always has his unique way of expressing complicated option concept into plain English and Math. I enjoyed both his classes despite the heavy math concepts behind.

There are many trading professionals lecturing the classes. E.g Quantitative trading and regression class is a great class to get started in trading. I was asked a lot during the interview processes.

I really appreciated the video recording of the lectures. I can review any class at anytime.



Materials used in the program

Notes are good enough.

Programming component of the program

They are teaching the students both C++ and Python from zero.
Matlab is needed for a lot of classes, you can use Python or R for most of these classes as well
I picked up C++ and Python from almost zero and now using them for daily work.

Projects
Lots of interesting projects. Very time consuming but you can learn a lot from it
Project lab is a great class to get some hands-on experience outside the classroom. Some students got internship directly after these classes.

Career service

Location, location, location. Chicago has a lot of trading firms and exchanges.
Career service provides mock interviews and organizing recruiting events.
However, it is still a lot of work for the students to prepare.

What do you like about the program?
A lot of interesting classes, events and workshops. It prepares me for starting a career in trading industry.
The professors and lecturers are easy to work with.
You can learn programming efficiently and masters it during the program.

The project lab is a great way of getting working experience while still in school. It helps a lot on the resume building as well.

What DON'T you like about the program?

Some of the classes are still pretty theoretical, need to be more practical
First quarter is very intensive, while we need to prepare for the interviews.
Chicago Winter is cold!!! However, it keeps you inside your room to do serious work.



Suggestions for the program to make it better

Consider to drop some of the heavy math classes, add in more practical classes.



What are your current job status? What are you looking for?
I'm currently working as a quantitative trader. I'm planning to become a quantitative portfolio manager soon.

 

[mbeven]

Background

Came from Australia. Bachelor of Actuarial Studies / Bachelor of Finance. 2 years work experience at an actuarial consultancy, 2 internships at banks in market risk and credit risk. Qualified actuary



Did you get admitted to other programs?

Yes. My next choice would have been Columbia MSOR



Why did you choose this program (over others, if applicable)?

- I was dead set on becoming a trader and Chicago is the trading hub of the world. There are so many trading firms in Chicago, as well as elite hedge funds. The banks mainly operate out of New York



- U of C has a competitive advantage for the job market in Chicago. This is HUGE. There are only two nearby schools I can think of that compete; the University of Illinois and Northwestern. U of I is still annoyingly far away, and as far as I know Northwestern doesn't have a relevant masters program



- Massive brand name. The ranking system that people seem to care about most over here is the USNews one, where U of C is right up there. You'll get interviews in any city. Companies love this school in general



- The actual beauty of the school. Whether it's the amazing libraries, lecture theaters where countless nobel laureates have taught, or the actual MSFM building/house, the school itself is absolutely inspiring. I have to admit, I didn't know U of C was a top school before starting to research graduate programs, but there's no doubt in my mind that it's one of finest academic institutions in the world



- Project Lab (mentioned below)



- The business school. Even though the masters degree is separate, it doesn't hurt to have one of the top business schools on campus. You can try to take courses there (with extra approval). I worked on research in Booth, which was great



- Chicago is beautiful



- The courses are taught by heavyweights in both academics and practice



Application process

Standard process apart from an extra video that you have to provide, answering a couple questions



Course selection

Good range of courses taught on a quarter system (VERY intense). Here are some key points:



- Courses are at night to accommodate for lecturers who work outside of U of C

- One month of refresh courses before the program actually starts. This is a great time to get ready and even start putting in internship applications

- Decent range of electives, including ones on trading directly, machine learning, and time series analysis (taught in Booth). Generally speaking, the core courses are very theoretical and electives are practical

- The options courses are fantastic

- Increasing focus on computer programming. I believe the main language used has been switched to python

- Some very technical mathematics, including stats and calculus courses. These weren't too useful to me, as I wasn't pursuing a pure quant path and had already learned a lot of the material as an undergrad. They were also taught at lightning speed

- Courses on portfolio theory are good. I'm not sure if this is still the case, but both were compulsory; one was on credit risk, which I didn't find useful at all for my career path

- You can test out of some of the programming and an introductory finance course. The introductory finance course I heard was a waste of money



Quality of teaching

Some amazing lecturers and some not-so-amazing lecturers. As I mentioned, there are both academics and practitioners. Being a top school, the academics are very knowledgeable. Being a trading hub, the practitioners are also very knowledgeable (some are current or ex-head quants at top-tier firms). My favourites (in no order) were: Brian Boonstra, Mark Hendricks, Yuri Balasanov, Niels Nygaard, Roger Lee and Chanaka Liyanaarachi



Materials used in the program

A computer and a brain



Projects

Notably there is Project Lab, which is a cooperative project between a group of students and a company. This is the MSFM program's trump card. I'm not completely sure on the statistic, but something like 100% of students who apply for Project Lab will end up on a project. The companies are: trading firms (IMC, Belvedere, etc.), hedge funds/asset managers, exchanges and consultancies. I don't believe any banks are in the rotation



Career service

I never really used the MSFM career service apart from our job board, because hustle generally works. Our job board is good. Honestly the careers office seemed a bit small for the number of students and money being hauled in from tuition. This has been restructured since I left though. Outside of the program, there are big career fairs at U of C, as well as companies pencilled in weekly for presentations; these are amazing.



Student body

Very smart students with not a lot of work experience. Not demographically diverse enough in my year; 95% foreign students from Asia. Cheating is treated harshly, which I think is the right way to go. It's an EXTREMELY intense program though, so many resort to cheating. There are a handful of professionals taking the course part time after work



What do you like about the program?

To sum it up, I entered the Financial Mathematics Program at the University of Chicago to learn, AND THEN from that find a job. That's exactly what happened; I learned a boat load, both through the program and on my own... and out of it have come some fruitful years in the US



Suggestions for the program to make it better

- Shave away some of the worse courses or make them electives

- Try to become more diverse without sacrificing student quality

- Beef up the careers services

- Create alumni events in New York



What is your current job status?

Quantitative options trader at a midsize market making firm

 

[Simon.ZY]

Materials used in the program

A computer and a brain

Nice one Beven!

Background

Came from Australia. Bachelor of Actuarial Studies / Bachelor of Finance. 2 years work experience at an actuarial consultancy, 2 internships at banks in market risk and credit risk. Qualified actuary



Did you get admitted to other programs?

Yes. My next choice would have been Columbia MSOR



Why did you choose this program (over others, if applicable)?

- I was dead set on becoming a trader and Chicago is the trading hub of the world. There are so many trading firms in Chicago, as well as elite hedge funds. The banks mainly operate out of New York



- U of C has a competitive advantage for the job market in Chicago. This is HUGE. There are only two nearby schools I can think of that compete; the University of Illinois and Northwestern. U of I is still annoyingly far away, and as far as I know Northwestern doesn't have a relevant masters program



- Massive brand name. The ranking system that people seem to care about most over here is the USNews one, where U of C is right up there. You'll get interviews in any city. Companies love this school in general



- The actual beauty of the school. Whether it's the amazing libraries, lecture theaters where countless nobel laureates have taught, or the actual MSFM building/house, the school itself is absolutely inspiring. I have to admit, I didn't know U of C was a top school before starting to research graduate programs, but there's no doubt in my mind that it's one of finest academic institutions in the world



- Project Lab (mentioned below)



- The business school. Even though the masters degree is separate, it doesn't hurt to have one of the top business schools on campus. You can try to take courses there (with extra approval). I worked on research in Booth, which was great



- Chicago is beautiful



- The courses are taught by heavyweights in both academics and practice



Application process

Standard process apart from an extra video that you have to provide, answering a couple questions



Course selection

Good range of courses taught on a quarter system (VERY intense). Here are some key points:



- Courses are at night to accommodate for lecturers who work outside of U of C

- One month of refresh courses before the program actually starts. This is a great time to get ready and even start putting in internship applications

- Decent range of electives, including ones on trading directly, machine learning, and time series analysis (taught in Booth). Generally speaking, the core courses are very theoretical and electives are practical

- The options courses are fantastic

- Increasing focus on computer programming. I believe the main language used has been switched to python

- Some very technical mathematics, including stats and calculus courses. These weren't too useful to me, as I wasn't pursuing a pure quant path and had already learned a lot of the material as an undergrad. They were also taught at lightning speed

- Courses on portfolio theory are good. I'm not sure if this is still the case, but both were compulsory; one was on credit risk, which I didn't find useful at all for my career path

- You can test out of some of the programming and an introductory finance course. The introductory finance course I heard was a waste of money



Quality of teaching

Some amazing lecturers and some not-so-amazing lecturers. As I mentioned, there are both academics and practitioners. Being a top school, the academics are very knowledgeable. Being a trading hub, the practitioners are also very knowledgeable (some are current or ex-head quants at top-tier firms). My favourites (in no order) were: Brian Boonstra, Mark Hendricks, Yuri Balasanov, Niels Nygaard, Roger Lee and Chanaka Liyanaarachi



Materials used in the program

A computer and a brain



Projects

Notably there is Project Lab, which is a cooperative project between a group of students and a company. This is the MSFM program's trump card. I'm not completely sure on the statistic, but something like 100% of students who apply for Project Lab will end up on a project. The companies are: trading firms (IMC, Belvedere, etc.), hedge funds/asset managers, exchanges and consultancies. I don't believe any banks are in the rotation



Career service

I never really used the MSFM career service apart from our job board, because hustle generally works. Our job board is good. Honestly the careers office seemed a bit small for the number of students and money being hauled in from tuition. This has been restructured since I left though. Outside of the program, there are big career fairs at U of C, as well as companies pencilled in weekly for presentations; these are amazing.



Student body

Very smart students with not a lot of work experience. Not demographically diverse enough in my year; 95% foreign students from Asia. Cheating is treated harshly, which I think is the right way to go. It's an EXTREMELY intense program though, so many resort to cheating. There are a handful of professionals taking the course part time after work



What do you like about the program?

To sum it up, I entered the Financial Mathematics Program at the University of Chicago to learn, AND THEN from that find a job. That's exactly what happened; I learned a boat load, both through the program and on my own... and out of it have come some fruitful years in the US



Suggestions for the program to make it better

- Shave away some of the worse courses or make them electives

- Try to become more diverse without sacrificing student quality

- Beef up the careers services

- Create alumni events in New York



What is your current job status?

Quantitative options trader at a midsize market making firm