Should I get an MFE?

[albo]

La vida es competicion, young man.
Companies want those who make money.
And universities want those who will be hired by companies.
Universities receive hundreds of apps every year
Companies receive thousands of apps each month
Why should they hire philosophers who cannot even do spreadsheets?
Only the words said by those who make tons of money in Wall st. are called "philosophy",
Before you want to convince other people, try to make some money first, that is called "credibility".
Go get hired by bulge brackets or start your own hedge funds.
But again,
Go check out the student profiles and job requirements.

Kevin, I like the confidence that you have in yourself. It's impressive. I don't think I can convince people, I just like to say my opinion on different topics, but my opinions can also be wrong, of course. Although we disagree on a lot of things (probably because we come from different academic backgrounds), I admire your defensive approach towards the job market requirements, and the individual initiative. Keep up the competitive spirit!

 

[albo]

this is flat out mistaken, and you're dealing with a chicken or the egg issue, for one. what is hindering young quants from getting the best positions are the following things:

a) a complete and utter lack of people skills;
b) an actual passion for the markets (as opposed to an "oh, this looks like a career where i can make some money, ho hum");
c) attending any but the best programs.
edit: d) the economy!

you could debate throwing "lacking a basic command of the english language and/or communication skills" in there, as well (if we're talking us/england based).

a good number of the people in my cohort ended up in trading roles, so i don't know what you're talking about, albo. sure, some ended up programming or doing other things, but that's mainly on them.

economics is important, but a trained monkey could tell you what will happen to rates/stocks/fx/commodities if u.s. unemployment shoots up (ceteris paribus, of course). that's the thing about the economics required at an fe level: it should really be intuitive, and if students actually cared about the markets (as they profess to), they'd have it down pat. it's not that students aren't getting the education (capm isn't really that tough); it's that they don't actually care, at the end of the day.

edit: kevin has been spot on in this thread. just fyi.

I think we are on the same boat. I perfectly agree with you, and you have said it in a very professional way. I am aware that I'm just a newbie in the field, so my opinions can be very subjective and very wrong. However, bottom line is that young quants need to start putting some passion in what they do, if they really want to succeed.

 

[kevin_charlemagne]

i do not know your major but i was transferred to econ major after studying 2 years of law. Neither of them seems like quant-ish.
MFE is not for everyone and it is not superior to any other major in terms of making great investors.
Maybe you would like to consider PhD Finance, seriously, choose the program that fits yourself.

 

[albo]

I'm actually following an accelerated 5-year program in Theoretical Mathematics and Financial Economics, and a minor in Computer Science. My primary goal is not to get into an MFE, although I think doing an MFE can be very beneficial in career terms. I will probably go for a PhD in Math, Economics, or Finance. I feel safe when I'm close to academia.

 

[Ken Abbott]

this is flat out mistaken, and you're dealing with a chicken or the egg issue, for one. what is hindering young quants from getting the best positions are the following things:

a) a complete and utter lack of people skills;
b) an actual passion for the markets (as opposed to an "oh, this looks like a career where i can make some money, ho hum");
c) attending any but the best programs.
edit: d) the economy!

you could debate throwing "lacking a basic command of the english language and/or communication skills" in there, as well (if we're talking us/england based).

a good number of the people in my cohort ended up in trading roles, so i don't know what you're talking about, albo. sure, some ended up programming or doing other things, but that's mainly on them.

economics is important, but a trained monkey could tell you what will happen to rates/stocks/fx/commodities if u.s. unemployment shoots up (ceteris paribus, of course). that's the thing about the economics required at an fe level: it should really be intuitive, and if students actually cared about the markets (as they profess to), they'd have it down pat. it's not that students aren't getting the education (capm isn't really that tough); it's that they don't actually care, at the end of the day.

edit: kevin has been spot on in this thread. just fyi.

Well said, mfegrad. I agree with your assessment of the obstacles facing MS students. (I won't call it engineering - engineering isn't what you learn and it's rarely what you end up doing.) Actually, having interviewed hundreds of people, I can tell you it's usually pretty easy to spot the mercenaries.

 

[Zeuge]

Why do you even want an MFE? With your stats and pedigree, you should be able to land a quant job straight out of college if you're smart. Apply for summer quant internships (Morgan Stanley Strats & Modeling, Citi Quant Trading & Analysis, etc), work your ass off over the summer, and get a full-time offer.

This is what's been bothering me. MFE seems more geared toward people from more obscure places/international students who need it to get their foot in the door.

 

[roni]

This is what's been bothering me. MFE seems more geared toward people from more obscure places/international students who need it to get their foot in the door.

If you are an undergrad, MS Strats & Modeling will consider you for their analyst program. However, MFEs can apply only for the associate program.
Also, with your background, I would apply and see what happens.

But you are right, many MFE students choose this degree because:
1) They are international students who want to enter the US market and MFE seems like their best bet
2) They want a brand name on their resume
3) They couldn't find a job right after college
4) PhD dropouts and graduates who want to go into finance
5) people who spent a few years in the market and want to acquire new/additional skills

Also if you look closer, it's not common to see a recent graduate from a Top-5 US school in one of the MFE programs... I just think they find good jobs right after college.