COMPARE Rutgers MSMF vs Purdue CF vs UMN MFM

[Victor Long]

Hi,

I have 3 offers from Rutgers, Purdue and Minnesota. The CF program in Purdue belongs to the math department.

So, now I am in the process of choosing one from those three programs. My undergraduate major is pure mathematics. I am thinking of going further in math and pursue a PhD degree of Mathematics/Statistics after graduate from ms program. So, which program would suit me best?

 

[Hemant Dua]

The Rutgers MSMF is a highly math-intensive program (that is rated highly by both QuantNet and Advanced Trading magazine), and jumps out as the obvious best fit for you.

 

[Victor Long]

The Rutgers MSMF is a highly math-intensive program (that is rated highly by both QuantNet and Advanced Trading magazine), and jumps out as the obvious best fit for you.

However, the MSMF program in Rutgers is a one year program, I doubt that someone can really learn enough knowledge in just one year.

Also, "The Department of Mathematics offers the possibility of granting a Ph.D. for original research in Mathematics with applications to Finance" said on the website, I think maybe that is a chance for me. Compared to Rutgers, if I want a Ph.D., then I have to apply for it as soon as I get to Rutgers. What do you think?

 

[C S]

However, the MSMF program in Rutgers is a one year program, I doubt that someone can really learn enough knowledge in just one year.

Also, "The Department of Mathematics offers the possibility of granting a Ph.D. for original research in Mathematics with applications to Finance" said on the website, I think maybe that is a chance for me. Compared to Rutgers, if I want a Ph.D., then I have to apply for it as soon as I get to Rutgers. What do you think?

You're quoting Purdue Math Dept webpage, correct? It looks rather obvious to me that is just saying that if you are already in the PhD program, you can tailor your PhD towards finance. It doesn't mean you can avoid applying to the PhD program by going to their Masters program first.

None of these programs are designed to be a PhD track. In fact, it's pretty much the opposite, as anyone that would be considered a good PhD applicant could just enter the PhD program and receive free tuition and a stipend.

 

[Victor Long]

The Rutgers MSMF is a highly math-intensive program (that is rated highly by both QuantNet and Advanced Trading magazine), and jumps out as the obvious best fit for you.

Hi Dua,

Thank you tour your advice!

However, the MSMF program in Rutgers is a one year program, I doubt that someone can really learn enough knowledge in just one year. Also, "The Department of Mathematics offers the possibility of granting a Ph.D. for original research in Mathematics with applications to Finance." said on the website of Purdue's CF program, I am looking for a full round training before finding a job. On the other hand, I have to apply as soon as I get to Rutgers if I want to go direct to PhD before working.

But, Purdue's CF program ranks so low that I cannot be sure that this is what I want. Also, they just offer some possibility of granting a PhD, not for sure. So, I still do not know which to choose.

 

[Victor Long]

You're quoting Purdue Math Dept webpage, correct? It looks rather obvious to me that is just saying that if you are already in the PhD program, you can tailor your PhD towards finance. It doesn't mean you can avoid applying to the PhD program by going to their Masters program first.

None of these programs are designed to be a PhD track. In fact, it's pretty much the opposite, as anyone that would be considered a good PhD applicant could just enter the PhD program and receive free tuition and a stipend.

Thank you first!

I am quoting Purdue Math Dept webpage. The difference between Purdue and Rutgers in applying for PhD is that Purdue's CF program is longer(2 years), so that I do not have to apply once I get there. It means more time for preparation, right? Also, do you really think that someone can learn really well in just one year? That is exactly why I want a PhD to get full-round training before finding a job.

 

[Juanz]

Hi Dua,

Thank you tour your advice!

However, the MSMF program in Rutgers is a one year program, I doubt that someone can really learn enough knowledge in just one year. Also, "The Department of Mathematics offers the possibility of granting a Ph.D. for original research in Mathematics with applications to Finance." said on the website of Purdue's CF program, I am looking for a full round training before finding a job. On the other hand, I have to apply as soon as I get to Rutgers if I want to go direct to PhD before working.

But, Purdue's CF program ranks so low that I cannot be sure that this is what I want. Also, they just offer some possibility of granting a PhD, not for sure. So, I still do not know which to choose.

Rutgers' program is a 1.5 years program, and many of the students choose to extend it to 2 years.

I would recommend Rutgers if you would like to go further in Math since what I heard is it's very theoretical and focuses heavily on math (1 year of Stochastic, 1 year of Numerical Methods, 1 year of Statistics).

 

[Juggernaut]

Hi,

I have 3 offers from Rutgers, Purdue and Minnesota. The CF program in Purdue belongs to the math department.

So, now I am in the process of choosing one from those three programs. My undergraduate major is pure mathematics. I am thinking of going further in math and pursue a PhD degree of Mathematics/Statistics after graduate from ms program. So, which program would suit me best?

If you are considering doing a PhD then I think Purdue has better research facilities among the three. Also, Minnesota is highly ranked for its Mathematics program on US News if that is what you are looking for. If your career goals are inclined towards being a quant, then Rutgers is a good option because of its location.

 

[CasanovaJ]

I have a friend in my math finance Masters here who's absolutely brilliant (knows all the math inside and out, probably one of the smartest guys in the program), and his goal was a phd-- he turned out to be at a big disadvantage for applying from a math finance program instead of from straight out of undergrad, and the best he was able to do was get on one waitlist (at an Ivy mind you, but still)... be careful with this

 

[diegosanaz]

What kind of PhD program? Econ? Stats? Finance?

 

[IntoDarkness]

I have a friend in my math finance Masters here who's absolutely brilliant (knows all the math inside and out, probably one of the smartest guys in the program), and his goal was a phd-- he turned out to be at a big disadvantage for applying from a math finance program instead of from straight out of undergrad, and the best he was able to do was get on one waitlist (at an Ivy mind you, but still)... be careful with this

that was a little surprise to me, since ur math finance program teaches canonical phd math courses i assume

 

[CasanovaJ]

that was a little surprise to me, since ur math finance program teaches canonical phd math courses i assume

About half are theoretical/phd courses, the other half are intended to be more "practical"/ taught by practitioners

 

[bigbadwolf]

About half are theoretical/phd courses, the other half are intended to be more "practical"/ taught by practitioners

The latter can often be very shitty.

 

[bigbadwolf]

Also, Minnesota is highly ranked for its Mathematics program on US News if that is what you are looking for.

Bollocks to US News ratings.

 

[CasanovaJ]

The latter can often be very shitty.

I've actually generally liked the practical stuff here and thought the theoretical shit sucked... to each his own I guess

 

[TehRaio]

so basically doing a MMF doesn't suit well with PhD programs? that's surprising,
wouldnt you be more prepared to tackle MF research is you have a MMF instead of a regular Math MS?

 

[bigbadwolf]

so basically doing a MMF doesn't suit well with PhD programs? that's surprising,
wouldnt you be more prepared to tackle MF research is you have a MMF instead of a regular Math MS?

It is? Okay, if you say so ....

 

[TehRaio]

It is? Okay, if you say so ....

actually I don't know.
I suppose my assumption is wrong. I was under the impression that It was an advantage but it seems it isn't. . .

 

[CasanovaJ]

actually I don't know.
I suppose my assumption is wrong. I was under the impression that It was an advantage but it seems it isn't. . .

I've heard of MFE directors specifically rejecting people who claim in their application that their ultimate goal is to do a PhD... so the argument goes, if someone is serious about a PhD (and legit enough to be able to handle it), math departments think they'd be applying straight from undergrad-- not spending two years on a $100k Masters degree that's explicitly intended to be non-research-based and preparation for going straight to industry.

 

[TehRaio]

I've heard of MFE directors specifically rejecting people who claim in their application that their ultimate goal is to do a PhD... so the argument goes, if someone is serious about a PhD (and legit enough to be able to handle it), they'll be applying straight from undergrad-- not spending two years on a $100k Masters degree that's explicitly intended to be non-research-based and preparation for going straight into industry.

isn't it a shame though? in this day and age, it's not uncommon to have multiple aspirations in life.
Guess better lie about it on your statement of purpose then . . .