Stevens MFE vs Fordham MSQF

lighnity · 4/14/24

Hello, I'm an international student, and between accepted programs, I decided to choose my graduate program between two: Stevens MFE and Fordham MSQF.

I know these are not top-tier universities for financial engineering, so I think their difference isn't that big, but I want to make my best decision between the two.

I'll write some pros and cons for both programs from my point of view.

Stevens

Pros:
- Good location: close to NYC
- Strong Mathematical Background: This program's origin was in the math department
- Good curriculum(curriculum): I can clearly see what they would teach and which professor will take the class
- Flexibility: It's an engineering school, so I can take some ML courses too.
- Peers: Their undergrad students from CS/QF come to get an acceleration MS program at MFE, so it would be good for networking.
- Recent ranking: It has been into the T20 since 2022
Cons:
- History: Idk the reason why, but this program had low ranking at Quantnet. Lower than Fordham for years. Now it's #19 for two years.
- Reputation: Maybe slightly lower reputation than Fordham in the finance industry?

Fordham

Pros:
- Good location: Classes are in Lincoln Center, in Manhattan.
- Good curriculum
- Flexibility: It's not engineering school, but I still have some electives options in Data Science/ML classes (But idk how much it would be deep)
- Peers: According to Risk.net, Stevens's acceptance rate is 90%, but Fordham's is 47%. So, Fordham is more selective than Stevens.
- History: This program's ranking was high a few years ago. In recent two years, it has become lower than Stevens.. but still, it doesn't change this program has great graduate alumni in the market
- Reputation: Maybe slightly higher reputation than Stevens
Cons:
- Low Detail about curriculum: The curriculum structure is great(curriculum) but I don't know who will teach that. Their faculty number (faculty) looks not enough to cover all the curriculum. So it means adjunct professors would cover most curriculums? I'm not sure who is going to teach me
- Recent ranking: It was in T20, but recently, it has been out of T20.
- Program director changed multiple times: maybe it is a minor issue, but their program director changed two times in 5 years.

Thanks for reading this. I'll wait for your wise advice!

MichaelLewis · 4/15/24

lighnity said:
Hello, I'm an international student, and between accepted programs, I decided to choose my graduate program between two: Stevens MFE and Fordham MSQF.

I know these are not top-tier universities for financial engineering, so I think their difference isn't that big, but I want to make my best decision between the two.

I'll write some pros and cons for both programs from my point of view.

Stevens

Pros:

Good location: close to NYC

Strong Mathematical Background: This program's origin was in the math department

Good curriculum(curriculum): I can clearly see what they would teach and which professor will take the class

Flexibility: It's an engineering school, so I can take some ML courses too.

Peers: Their undergrad students from CS/QF come to get an acceleration MS program at MFE, so it would be good for networking.

Recent ranking: It has been into the T20 since 2022

Cons:

History: Idk the reason why, but this program had low ranking at Quantnet. Lower than Fordham for years. Now it's #19 for two years.

Reputation: Maybe slightly lower reputation than Fordham in the finance industry?

Fordham

Pros:

Good location: Classes are in Lincoln Center, in Manhattan.

Good curriculum

Flexibility: It's not engineering school, but I still have some electives options in Data Science/ML classes (But idk how much it would be deep)

Peers: According to Risk.net, Stevens's acceptance rate is 90%, but Fordham's is 47%. So, Fordham is more selective than Stevens.

History: This program's ranking was high a few years ago. In recent two years, it has become lower than Stevens.. but still, it doesn't change this program has great graduate alumni in the market

Reputation: Maybe slightly higher reputation than Stevens

Cons:

Low Detail about curriculum: The curriculum structure is great(curriculum) but I don't know who will teach that. Their faculty number (faculty) looks not enough to cover all the curriculum. So it means adjunct professors would cover most curriculums? I'm not sure who is going to teach me

Recent ranking: It was in T20, but recently, it has been out of T20.

Program director changed multiple times: maybe it is a minor issue, but their program director changed two times in 5 years.

Thanks for reading this. I'll wait for your wise advice!

The curriculum at Fordham is more MBA oriented than quant oriented.

I have an MBA and took more quantitative classes in that program than Fordham offers in their MSQF.

Eric Kopen · 4/15/24

MichaelLewis said:
The curriculum at Fordham is more MBA oriented than quant oriented.

I have an MBA and took more quantitative classes in that program than Fordham offers in their MSQF.

Interesting, what sort of classes on the Fordham curriculum list look MBA oriented? Besides the intro courses that can be waived and the communication course obviously

I was talking to some alumni who said the math was rigorous so curious on your perspective

Eric Kopen · 4/15/24

lighnity said:
Hello, I'm an international student, and between accepted programs, I decided to choose my graduate program between two: Stevens MFE and Fordham MSQF.

I know these are not top-tier universities for financial engineering, so I think their difference isn't that big, but I want to make my best decision between the two.

I'll write some pros and cons for both programs from my point of view.

Stevens

Pros:

Good location: close to NYC

Strong Mathematical Background: This program's origin was in the math department

Good curriculum(curriculum): I can clearly see what they would teach and which professor will take the class

Flexibility: It's an engineering school, so I can take some ML courses too.

Peers: Their undergrad students from CS/QF come to get an acceleration MS program at MFE, so it would be good for networking.

Recent ranking: It has been into the T20 since 2022

Cons:

History: Idk the reason why, but this program had low ranking at Quantnet. Lower than Fordham for years. Now it's #19 for two years.

Reputation: Maybe slightly lower reputation than Fordham in the finance industry?

Fordham

Pros:

Good location: Classes are in Lincoln Center, in Manhattan.

Good curriculum

Flexibility: It's not engineering school, but I still have some electives options in Data Science/ML classes (But idk how much it would be deep)

Peers: According to Risk.net, Stevens's acceptance rate is 90%, but Fordham's is 47%. So, Fordham is more selective than Stevens.

History: This program's ranking was high a few years ago. In recent two years, it has become lower than Stevens.. but still, it doesn't change this program has great graduate alumni in the market

Reputation: Maybe slightly higher reputation than Stevens

Cons:

Low Detail about curriculum: The curriculum structure is great(curriculum) but I don't know who will teach that. Their faculty number (faculty) looks not enough to cover all the curriculum. So it means adjunct professors would cover most curriculums? I'm not sure who is going to teach me

Recent ranking: It was in T20, but recently, it has been out of T20.

Program director changed multiple times: maybe it is a minor issue, but their program director changed two times in 5 years.

Thanks for reading this. I'll wait for your wise advice!

Also I’m flying to NYC to tour some campuses this week, I’ll probably stop by both Fordham and Stevens and try and meet with some people there. I see Fordham has an info sesh this April 18th for the MSQF students, they just sent a reminder email.

lighnity · 4/15/24

Eric Kopen said:
Also I’m flying to NYC to tour some campuses this week, I’ll probably stop by both Fordham and Stevens and try and meet with some people there. I see Fordham has an info sesh this April 18th for the MSQF students, they just sent a reminder email.

I also talked to some Fordham alumni, and they said the same thing: math and statistics are pretty rigorous.
Maybe I worry too much? haha Fordham program's history is quite long

Are you going to enroll to the grad school too in NYC this fall?

Eric Kopen · 4/15/24

lighnity said:
I also talked to some Fordham alumni, and they said the same thing: math and statistics are pretty rigorous.
Maybe I worry too much? haha Fordham program's history is quite long

Are you going to enroll to the grad school too in NYC this fall?

I’m glad to hear you have gotten similar feedback! I have gotten into Fordham, Stevens, and the Univeristy of Minnesota (I’m from Minnesota so had to apply here!) and am waiting to hear back from others… however I am fairly certain I will pursue a school in NYC as I envision myself working there for a while as I start a career in quantitative finance.

lighnity · 4/15/24

lighnity · 4/15/24

Eric Kopen said:
I’m glad to hear you have gotten similar feedback! I have gotten into Fordham, Stevens, and the Univeristy of Minnesota (I’m from Minnesota so had to apply here!) and am waiting to hear back from others… however I am fairly certain I will pursue a school in NYC as I envision myself working there for a while as I start a career in quantitative finance.

Oh, congratulations on your acceptance to those universities! Yeah, I think staying in NYC would be really good for finding a job after graduation, especially in the finance industry. I talked with alumni from Stevens and Forham, and they all said location is quite important for getting internships and full-time offers.
So when are you going to decide? After touring the campus? or you already somehow made your mind?

Eric Kopen · 4/15/24

lighnity said:
Oh, congratulations on your acceptance to those universities! Yeah, I think staying in NYC would be really good for finding a job after graduation, especially in the finance industry. I talked with alumni from Stevens and Forham, and they all said location is quite important for getting internships and full-time offers.
So when are you going to decide? After touring the campus? or you already somehow made your mind?

thank you! Congrats to you as well. I think my deadline for deposit at Fordham is in early May so I will make up my mind then. I’m waiting to hear back from other universities, but if I don’t get in anywhere else then I’m almost certainly going to Fordham.

I think staying in Minnesota wouldn’t challenge me to grow professionally. And between Stevens and Fordham, I’ve had much better conversations and impressions from the Fordham team, got a $30k Fordham scholarship so it’s comparable costs, and I think that I will be able to give it my all there as a student and succeed as much as I can.

Of course this is contingent on confirming the course work is truly quantitative and rigorous and seeing how my visit goes!

randomwalkpdf · 4/15/24

Eric Kopen said:
谢谢你！也恭喜你。我认为我在福特汉姆的存款截止日期是五月初，所以我会在那时做出决定。我正在等待其他大学的回复，但如果我没有进入其他大学，那么我几乎肯定会去福特汉姆。

我认为留在明尼苏达不会挑战我的职业发展。在史蒂文斯和福特汉姆之间，我与福特汉姆团队进行了更好的对话和印象，获得了 3 万美元的福特汉姆奖学金，因此费用相当，我认为作为一名学生我将能够全力以赴并取得成功尽我所能。

当然，这取决于确认课程作业确实是定量和严格的，以及看看我的访问进行得如何！

Hi Eric,

Are you going to swing by Stevens on the 20th? I'll be there. I'm interested in the Stevens MFE too.

Eric Kopen · 4/15/24

randomwalkpdf said:
Hi Eric,

Are you going to swing by Stevens on the 20th? I'll be there. I'm interested in the Stevens MFE too.

Hey, is there an event there that day? I should be able to drop by as I don’t leave NYC until the 21st.

MichaelLewis · 4/15/24

Eric Kopen said:
Interesting, what sort of classes on the Fordham curriculum list look MBA oriented? Besides the intro courses that can be waived and the communication course obviously I was talking to some alumni who said the math was rigorous so curious on your perspective

Basics of Accounting
Basics of Economics
Basics of Finance
Finance Theory
Derivatives 1
Probability and Stats
Behavioral Finance
Alternative Investments

I took all these classes during an MBA and based on the course descriptions, the content in my MBA courses was more rigorous.

Eric Kopen · 4/15/24

MichaelLewis said:
Basics of Accounting
Basics of Economics
Basics of Finance
Finance Theory
Derivatives 1
Probability and Stats
Behavioral Finance
Alternative Investments

I took all these classes during an MBA and based on the course descriptions, the content in my MBA courses was more rigorous.

Hmm, from what I understand, four of those are prerequistes to the program (Basics of Accounting, Economics, Finance, and Probability and Statistics) and you probably WOULD take those with MBA students... but I appreciate you adding that insight, will definitely need to further check with staff/alumni about the rigor of the other courses!

MichaelLewis · 4/15/24

MichaelLewis said:
Basics of Accounting
Basics of Economics
Basics of Finance
Finance Theory
Derivatives 1
Probability and Stats
Behavioral Finance
Alternative Investments

I took all these classes during an MBA and based on the course descriptions, the content in my

Eric Kopen said:
Hmm, from what I understand, four of those are prerequistes to the program (Basics of Accounting, Economics, Finance, and Probability and Statistics) and you probably WOULD take those with MBA students... but I appreciate you adding that insight, will definitely need to further check with staff/alumni about the rigor of the other courses!

Ya, I don’t know anything about Fordham so take it with a grain of salt.

But these classes seem far less rigorous than most MFE programs. Maybe compare the courses from Fordham compared to other top 10 programs. They should be teaching similar concepts perhaps with some minor variations based on the strengths of the professors.