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Switching from I.T. to Financial Engineering...

Mike Anderson Jr

Joined
10/15/12
Messages
2
Points
11
All,

About me,
  • 24
  • 3.5 years of Banking/finance experience (mostly customer service/sales)
  • 1 year of I.T. networking experience with a satellite communication company (current position)
  • I will finish my bachelors in IT management next fall
  • I will start an MBA program in 14' from the same school I received my Bachelors from (tier 2/3)
  • I will be taking my 1st Calc course starting in Jan 13'
I have a lot of questions to ask, so thank you in advance for looking and replying to my post.

I have always been interested in Finance but roughly 12 months ago, I was looking to get into the I.T field because I thought I needed a change of pace from finance. Before I went into I.T., I was thinking about financial engineering but I decided against it. Just recently I started to get an itch for stats/math/trading FX again and I'm really interested in pursuing a career in financial engineering/ risk management/derivative risk analysis.

So now I have a few questions for you.

  • I'm just taking my first calc class in Jan., even tho I'm only 24, am I too old to just be starting some advance math classes?
  • My degree will be from a tier 2 or 3 school, with a 3.0. + hopefully >3.5 gpa for my advanced math classes (seperate from my business degree). Are my chances of getting into a top 25 MFE program very unlikely? ( I am eyeing Washington's program)
  • I have done research in regards to the career outlook for financial engineering/ risk management/derivative risk analysis but I kept reading mixed reviews. What are your opinions on the career outlook? Where will the jobs be in the next 5+ years?
  • What's the average age of individuals who start in a "quant" type role? Late 20's or early 30's?
From all of the information I have provided, would I actually have a chance in the very competitive field?
 
I am actually in Denver. I am pursuing an MBA because I'm in a 5 year bachelors in business/MBA program.

I've looked at these links but I am looking for more of a response to my situation.

Thank you.
 
Mike Anderson Jr said:
  • I'm just taking my first calc class in Jan., even tho I'm only 24, am I too old to just be starting some advance math classes?
  • My degree will be from a tier 2 or 3 school, with a 3.0. + hopefully >3.5 gpa for my advanced math classes (seperate from my business degree). Are my chances of getting into a top 25 MFE program very unlikely? ( I am eyeing Washington's program)
  • I have done research in regards to the career outlook for financial engineering/ risk management/derivative risk analysis but I kept reading mixed reviews. What are your opinions on the career outlook? Where will the jobs be in the next 5+ years?
  • What's the average age of individuals who start in a "quant" type role? Late 20's or early 30's?
From all of the information I have provided, would I actually have a chance in the very competitive field?
Click to expand...


you'll need calc through multivariate, probability, ODEs, linear...at a minimum. that's a number of semesters of math. you're not too old, but it will take a bit.

top 25 mfe is a very nebulous phrase. in my not so humble opinion, there are a handful of schools that are worth attending. the rest just want your tuition money. it makes little to no sense, especially in this job market, to hamstring yourself. if you aren't going to one of the top four or so schools...good luck.

no one can predict what will happen next year, let alone five years from now. that said, good risk people will be needed. i imagine model validation and dev work won't be going away, either.

mid to late 20s sounds about right for graduates of most mfe programs. there are older students, though.
 
Hi Mike,

1) You've got a long road ahead of you if you're starting with Calc 1. I did something similar to what you propose at around your age starting with Calc 3. In hindsight, I'm not unhappy with my choices but I do realize now that I was suffering from 'grass is greener' syndrome. It sounds like you have more than one marketable skill set already. Think about if trying to carve out a career with that might be more satisfying than learning a lot of math.

2) As mfegrad points out 'Top 25' is not meaningful. I disagree that it's 4 schools or nothing, but if you're going somewhere less prestigious, try to have a plan about what you want to get out of the degree. It doesn't sound like you've really thought this through fully.

A 3.0 GPA from a tier 2 or 3 school is not that competitive, but there are probably places you could get in. If you are debt financing the degree, you should consider the ROI of the school you're admitted obviously (based on prestige, courses, career services).

3) My opinion is that the areas you identified do not have good career outlooks. There may be growth in regulatory linked functions (model validation / risk) however how those functions will grow is pretty unclear.

4) Most of the MFE students I've seen are in their early twenties with a couple 'old-timers' (late twenties / early thirties) like myself.

5) Your competitiveness depends on you and your own 'hustle' counts for more than anything. Honestly, if I met you in a bar and you told me what you posted about, I wouldn't recommend an MFE. But you should follow your dream if that's what you want to do.
 
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