UChicago MSFM Programme & General Quant Q&A

[kaventkw]

Not sure if this would be of value but since I am now in UChicago for my MSFM, I figured I would give some perspectives to anyone who has any questions about my initial impressions so far in my 3~ish months in Chicago. Also, feel free to ask or discuss anything about the state of the quant world, the timelines, the life and the differences (anecdotal of course) of each programme/city.

During my application process, I felt really up-to-date information from people who just started programmes was lacking. A lot of people who reviewed or had AMAs seem to be finished with the program or finishing, which sometimes fails to capture the constantly evolving state of the world of quant finance and quant finance education. So thought I'd open this up and reply whenever I have some downtime.

Cheers Let's have some fun.

 

[Andy Nguyen]

Thanks for doing this. Greatly appreciate it Kaven. This is pay it forward kind of karma so it's a good way to contribute. Wish more people do it.
Can you give us some color of what it's been like since you arrived in the Windy City? How is the city, the campus, the people, etc? Anything you wish you knew before, etc.
I believe a lot of applicants are interested in the kind of scholarships Chicago gives to applicants. Do you have any sense of the percentage or amount they give to incoming students?

 

[ferdyanggara]

Hi, Kaven Thanks for the time. I would like to ask since this is your first semester. I believe time is really crunching for getting an internship next summer. May I know what the landscape looks like in the current job market?

Thanks,
Ferdy

 

[MikeLawrence]

Does an MFE education prepare graduates to understand the research behind topics, be able to thoroughly read/understand research papers in the many domains, or is it just teaching the basic skills (albeit basic understanding of skills that are at a high level) in order to get a job?

I know it isn't a research degree, but I'm wondering where it lies (in your experience) on a sliding scale between deeper knowledge in the field and pure execution knowledge.

 

[QuantCoach]

How are you currently finding the internship search?

 

[latus_rectum]

Hi Kaven, thanks for doing this.
May I know your background in maths, programming and finance? And also what part of your application do you think made a difference for securing an admission, was it GPA, work ex, lor or something else ?

 

[QuantumEnjoyer]

Many classes seem low level and catered towards people with no programming experience. Would you recommend this program for someone who already has formal training in numerical methods and python? Can you also comment on the mathematics taught in the program? Is there any teachings of high level mathematics like analysis or measure theory?

 

[bootstrap]

Hi Kaven, really appreciate your help!

I am a mid-career professional looking to make a career switch from macro/economics research into buy-side quantitative research. Would you think the UChicago program is receptive to people like me? Or do they prefer to admit students who are fresh out of college?

Also, how does the program fare in terms of placing students into quantitative research? Are your fellow classmates having any trouble obtaining such internship opportunities?

Thank you so much for your time!

 

[kaventkw]

Thanks for doing this. Greatly appreciate it Kaven. This is pay it forward kind of karma so it's a good way to contribute. Wish more people do it.
Can you give us some color of what it's been like since you arrived in the Windy City? How is the city, the campus, the people, etc? Anything you wish you knew before, etc.
I believe a lot of applicants are interested in the kind of scholarships Chicago gives to applicants. Do you have any sense of the percentage or amount they give to incoming students?

Thanks, Andy!

The city is pretty nice. I am from a humid country so I did find it already a little cold. People in Chicago are generally very, very friendly and welcoming so I think it is not too bad of a city to be in. The only thing that leaves a little to be desired might be the safety, though I haven't really stayed in many American cities so I can't be sure if it is much too different.

In terms of scholarships, I think the school does give out quite a few scholarships, and there is also a general maroon scholarship you are considered for. I am still trying to find out more about that, but anecdotally it looks like there is a mix of diversity and math/computing strengths that are heavily considered for the scholarships.

 

[kaventkw]

Hi, Kaven Thanks for the time. I would like to ask since this is your first semester. I believe time is really crunching for getting an internship next summer. May I know what the landscape looks like in the current job market?

Thanks,
Ferdy

Yes, it is really a time crunch!

If you look at it there are more than 50 programmes all competing for the same roles (MFEs, Stats/Math/Engineering majors, etc.). So even if you had a list of 100 firms to apply to there might not be enough roles for everyone, especially if everyone is interested in the typical quant trading/research roles. It does look like there is a bit of a challenge to get an internship you are aiming for, though statistically, at least for UChicago's programme, it looks like everyone finds an internship.

 

[kaventkw]

How are you currently finding the internship search?

Quite a rush and a push to be honest. Recruitment starts early so I would suggest prospective students to really prep their interview skills before they start their master's applications in general.

You will have a lot stacked into your programme, from exams to online assessments to interviews, all coinciding at the same time.

 

[kaventkw]

Hi Kaven, thanks for doing this.
May I know your background in maths, programming and finance? And also what part of your application do you think made a difference for securing an admission, was it GPA, work ex, lor or something else ?

Hi Kaven, really appreciate your help!

I am a mid-career professional looking to make a career switch from macro/economics research into buy-side quantitative research. Would you think the UChicago program is receptive to people like me? Or do they prefer to admit students who are fresh out of college?

Also, how does the program fare in terms of placing students into quantitative research? Are your fellow classmates having any trouble obtaining such internship opportunities?

Thank you so much for your time!

I'll take both of these together. I used to work in finance, on derivatives for about 3 years. Was a finance undergrad prior to that. Personally, I stacked on mods related to econometrics and quant finance in undergrad though I wouldn't say I had a strong math background. Personally, I have seen a good mix of both students with prior experience and students without.

For my profile, I do believe it was my prior work experience that helped in my application. Even though I had a strong GPA, almost everyone else does so I think that would not be the key differentiator. I think you will need to have a holistic background, showing some skill in quantitative topics, be it math, programming, or in my case, derivatives. If you are not from a traditional math computing or engineering background, it does seem like work experience would really help.

 

[kaventkw]

Many classes seem low level and catered towards people with no programming experience. Would you recommend this program for someone who already has formal training in numerical methods and python? Can you also comment on the mathematics taught in the program? Is there any teachings of high level mathematics like analysis or measure theory?

I think the content level is more of a medium difficulty? It definitely is not catered to people who are low-level. I believe there has to be some level of mastery of programming, econometrics, and probability theory before school begins (the school drills a lot of basics into us with courses like the prep course or the September launch).

In terms of measure theory, it has not yet been covered heavily yet. The heaviest we've done work on is probability theory and stochastic calculus specifically. However, I still think you will still be adequately challenged. I know students with a strong grounding in math (think IMO types etc) who are still challenged by the content (because of the volume of work).

 

[kaventkw]

Does an MFE education prepare graduates to understand the research behind topics, be able to thoroughly read/understand research papers in the many domains, or is it just teaching the basic skills (albeit basic understanding of skills that are at a high level) in order to get a job?

I know it isn't a research degree, but I'm wondering where it lies (in your experience) on a sliding scale between deeper knowledge in the field and pure execution knowledge.

I think I am still a little early into the course so maybe I will jump into this question again once I am a bit less of a greenhorn but for sure so far, I can see that courses like Portfolio & Risk Management or Probability & Stochastic Processes at least helping with your interview process.

Once again it depends on the roles you are looking for, and how you want to best make use of the programme, but so far the modules have been quite a deep dive into specific topics like martingales applied to finance, portfolio analysis (regression), or options pricing (which is actually more of a masterclass in replication and arbitrage). All are applicable to specific domains of jobs in quantitative finance.

 

[Meredith]

Thanks for starting this great Q&A Kai Wen! A lot of these topics are covered at our Online Information Sessions, one of which is taking place tomorrow morning (register here). If you cannot make tomorrow's I encourage you to register for a session in the next few months - and come with questions!

A few other resources that I want to point out when it comes to some of these broad topics:
1. Mathematics - when it comes to the mathematics taught as a part of the program, the expert is really the 2019 recipient of the Wolf Prize in Mathematics, who also teaches in the program and is on QuantNet!, Greg Lawler. (I am attempting to tag him and having trouble!)
2. Programming - some experience in programming is required for admission. We have some students enter with less exposure and our August and September boot camps help these students quickly get up to speed but the programming taught as a part of the program would not be considered low level.
3. Career Outcomes - our Career Development Office can be reached at finmathcareers@uchicago.edu. Our CDO staff will be happy to review any of the questions listed above regarding pivoting your career, the internship search, etc.