Second thoughts about Chicago MSFM program

[nbla]

I was admitted to UChicago MSFM alpha scholar 60% tuition. My bachelor's is in Quantitative Finance from a smaller, not super-well known school but I performed outstanding there and am probably one of the top grads if not the top. I have interviewed with big firms (optiver, balyasny, verition) but didn't make it through. I interned at two big banks (not naming to remain anonymous but the typical biggest banks you would think of) these past two summers in risk management. Already have a pretty good network. I applied to master's programs hoping I could gain some more knowledge but having second thoughts.

Recently I have seen a lot of posts (LinkedIn, reddit, even here on quantnet) saying how MFE programs aren't worth it anymore, they just see you as someone who is in it for the money, etc. just that MFEs are cash grabs for people that don't understand the industry. I have been eating, breathing, sleeping trying to break into this field and gotten really close already, so I'm wondering if attending the program will hurt me more than help me versus my other option:

I have a last-minute decision to make to stay at my current school and do a master's in either Applied Mathematics or Machine Learning. For me personally the curriculum would actually give me better skills hands down. I can use more math courses (I'm already very strong with the Finance aspect esp having worked @ banks). The school is good and I work hard. My issue is, what am I giving up at UChicago if I don't go? I can't transfer credit so my first semester is fully retaking 5 courses I have already taken and gotten As in (Computing for finance... I have been a TA for an intro to python class for 3 years; stochastic processes, option pricing, etc).

Is the network really worth it?
Some of who I've spoken to say the school name matters heavily and they see UChicago so they'll automatically interview me. But then I think, don't I just look like another person who's in the vortex of this super vocational and tight-knit subject that has no other choice if I don't become a "quant"? I just feel like I've already gotten so close in interviews, where they have specifically told me (Optiver) that they aren't ones to discriminate on "target school." But, is going to UChicago and basically wasting money on courses I've already taken worth it if it means I can network with alumni from the school and get easy As?

Please help, on a time crunch, would love some advice!

 

[Eric Kopen]

I would recommend taking a look at LinkedIn and searching for roles/companies that you are interested in while filtering for UChicago, and then do another search filtering or your current school. The difference in the amount of people in those positions that you could connect with versus the amount from your current school will give you a good idea of how extensive/more valuable the network is.

 

[Andy Nguyen]

Traditionally, these quant master programs are used as a main conduit for international students to get into a high paying job in the US and gain a green card at the same time. Given the tough requirements, you can see why it's very popular for STEM students from Asia where people already do calculus 1, 2, 3 in high school.
Your profile sounds like you already have some of the experience and knowledge one may acquire from doing a MFE program. The question is whether you can get the job you want without the program and the cost/benefit that associated with it. Maybe some interview preps will push you over the last hurdles.
I don't think having the program name on your resume will automatically grant an interview anywhere. This applies to any program. Just ask the graduates from other programs who still can't secure an interview.
Just a reminder that the quant master programs are really niche degrees whereas a stats/math degree give you the flexibility.
This is a big decision and it's entirely yours. Best of luck in your decision.

 

[nbla]

Traditionally, these quant master programs are used as a main conduit for international students to get into a high paying job in the US and gain a green card at the same time. Given the tough requirements, you can see why it's very popular for STEM students from Asia where people already do calculus 1, 2, 3 in high school.
Your profile sounds like you already have some of the experience and knowledge one may acquire from doing a MFE program. The question is whether you can get the job you want without the program and the cost/benefit that associated with it. Maybe some interview preps will push you over the last hurdles.
I don't think having the program name on your resume will automatically grant an interview anywhere. This applies to any program. Just ask the graduates from other programs who still can't secure an interview.
Just a reminder that the quant master programs are really niche degrees whereas a stats/math degree give you the flexibility.
This is a big decision and it's entirely yours. Best of luck in your decision.

Thank you for the response Andy, I really appreciate it. You're right it's a big decision.