University of Illinois MSFE

[finjitsu]

I recently got in to the U of Illinois MSFE program but I can't find any reviews or rankings for it anywhere. I know that U of Illinois has highly ranked engineering and business departments but does that translate into a good FE program? Its also a very new program which means that it probably hasn't had enough time to build a reputation.

Has anyone heard anything good/bad about this program?

Thanks

 

[Andy Nguyen]

I know a current student in the program. Actually, he emailed me a blog post of his experience there. I just didn't get around to it yet and this thread reminds me of it.
I emailed him to see if he can directly post some comments here.

 

[Piyapong]

Hi Finjitsu,

I am a current student from UIUC MSFE.

This program will provide you essential broad knowledge for FE. General finance and Economics in 1st semester.
Yet, it still offer Time Series Analysis and Financial Computing ( C++ , VBA)

If you would like to be trader. We provide Trading workshop for you too. We would set up our strategic through API and trading through paper account.
On the other hands, Risk Management would be fitted by this program too. You would have credit risk analysis and term structure.
We also provide finite difference and Monte Carlo simulation too. These 2 techniques are important for quant.
Fund manager would select corporate finance and financial accounting too.

You could use both engineering and business career service,so you will have more chance.
I still can't see significant adverse aspect of program.

Feel free to ask me more question. piyapongcu @ gmail

 

[goldski]

Hi Finjitsu,

I am a current student from UIUC MSFE.

This program will provide you essential broad knowledge for FE. General finance and Economics in 1st semester.
Yet, it still offer Time Series Analysis and Financial Computing ( C++ , VBA)

If you would like to be trader. We provide Trading workshop for you too. We would set up our strategic through API and trading through paper account.
On the other hands, Risk Management would be fitted by this program too. You would have credit risk analysis and term structure.
We also provide finite difference and Monte Carlo simulation too. These 2 techniques are important for quant.
Fund manager would select corporate finance and financial accounting too.

You could use both engineering and business career service,so you will have more chance.
I still can't see significant adverse aspect of program.

Feel free to ask me more question. piyapongcu @ gmail

how is placement? Have your friends got internships?

 

[rishab dhar]

What is the strength of the faculty/ How good is the faculty? How many industry workshops/seminars are conducted? UIUC's MSF placement stats were dismal. Although this might be irrelevant to MSFE program but one cannot help but think same situation might arise in this program.

What are the possible reasons for MSF program?

Is this more because that the students weren't good enough or because UIUC is not so well recognized in finance? (an important question)If latter, then will the reputation of the engineering department help mitigate any of that?
Is it because the class size is just to large? (I heard it is around 120+)
Is it because, in general, those students are just not good enough to be at UIUC and have merely by luck been accepted? So MSF is just an acception?

Finally, regarding internships, have they begun? and if yes, then what kind of firms are offering internships? (chicago based/NY based?)

 

[DhruvMehta]

Even I have Applied for UIUC MFE this year.....Their programmes looks well organized...

 

[iniesta]

There program is bull. I current go there and hate it. No one has any internships and the director is just pulling stuff out of his ass. The program is far from organized. You better have a PHD or born from china to survive. Those chinese guys are assholes they only talk to thier people. The girls are the biggest sluts and give the dude BJs to do their work. Go to Michigan or some place else. UIUC is terrible.

lol

 

[Piyapong]

His comment is not true. I am not sure he is one of us.
Most of us is getting internship. SEC, Bloomberg, ITG, Wolverine and several firms. It is a good start for this infant stage program. We may even get better internship opportunities in the future.

We all had many chances to have interviews with industry leading firms like Goldman Sachs, Morgan Stanley, Citadel, Chicago Trading Company over the continent. The list also includes some Algorithmic trading firms.

Any problem concerned about UIUC MSFE program I would be more than pleased to answer. Otherwise the guy without his identity will mislead you to the wrong perception.
As far as i know, none of my friends would have such a narrow-minded plus vulgar habit and uneducated attitude. If that dude is actually one of us I think he's not actively involved in terms of class participation and job searching!

 

[Andy Nguyen]

Put up a review here on QuantNet please lol ..http://www.quantnet.com/submit-review/

I received the review. It's more vulgar than already posted here.
I have little info from the review to believe the OP is actually a current student in the program. There is nobody from this list that matches the profile/background as submitted in the review
http://msfe.illinois.edu/students

So unless the OP contacts me and prove otherwise, I'll mark his posts as spam.

 

[Piyapong]

Thank you Andy for clarification.

 

[Joy Pathak]

I know that Citadel and Chicago Trading Company have interviewed students at UIUC.

 

[roni]

I received the review. It's more vulgar than already posted here.
I have little info from the review to believe the OP is actually a current student in the program. There is nobody from this list that matches the profile/background as submitted in the review
http://msfe.illinois.edu/students

So unless the OP contacts me and prove otherwise, I'll mark his posts as spam.

Haha, I would pay to see the review....

 

[goldski]

I received the review. It's more vulgar than already posted here.
I have little info from the review to believe the OP is actually a current student in the program. There is nobody from this list that matches the profile/background as submitted in the review
http://msfe.illinois.edu/students

So unless the OP contacts me and prove otherwise, I'll mark his posts as spam.

Can you put the review up on some other site or link. I really want to see it. I have had a rough day. I ordered chicken pad thai and I got beef pad thai instead. This will help ease the pain...

 

[Andy Nguyen]

No, that review is not leaving my junk folder.

On the other hand, I received another genuine review from one current UIUC MFE student which I will post later. This review must be in response to the ruckus the other post caused.

 

[nothing_is_fair]

Hey Guys.....
here is the thing....... This program isn't structured at all. The courses that they teach are too theoretical with no real world applications. In fact, all the courses except maybe for Financial Derivatives, are structured for Graduate and PhD students of Industrial Engg. I wonder how many firms are gonna test whether I can prove whether Brownian motion is a martingale???
Secondly, the internship placements have been horrible and searching for them has been a nightmare. UIUC is top notch for CompSci and most of the financial or trading firms are looking for Software developers with a bit of knowledge/interest in finance. They aren't gonna recruit traders from UIUC. They will go to CMU, Columbia, Harvard and other ivy leagues. I'm not saying that MSFE students aren't qualified for trader like roles. But thats what the recruiting firms are doing and looking for. Now a few people in my program did manage to get internships at Bloomberg, wolverine, but those are developer roles. Which is good , if thats what you really want to do. But then on the other hand why do MSFE? why not a MS in compsci with a minor in finance?
Third. The professor are really knowledgeable, but lack industry exp. and last time I checked MSFE is supposed be a professional MS degree. Having industry exp has multiple advantages i) the course is more practical ii) professors with industry exp can help you in your networking efforts.
In short, this program is very immature. There is quality but no practicality.
PS: yes I'm MSFE student.

 

[Piyapong]

Hi,

You opinion is invaluable. Sometimes I would confuse why we need to learn Brownian motion, Girsanov theorem and etc.
We do need to use this knowledge for pricing derivatives( especially completely new derivatives)
Several of big firms do ask us interview questions regards to Stochastic calculus/Monte Carlo/PDE/Finite Difference.

Furthermore some of good schools like CMU or U of Chicago include stochastic calculus into their programs, there should be some reasons to do that.

For practicality, I would partially agree with you that program is still very new and lack of industry experience. However they( faculty) put their effort in order to help us to get real industrial experience. For example, we will write our trading strategies through API in next few weeks after our friends complete the testing. We also would do final project with firms from industry.

Everything need to have first step before making a big jump. I believe if we compare our program to others in their first year. We do an at least average job or slightly better.
However it depends much on you whether you could implement your knowledge from the class to the real world industry or not.

 

[descendents]

Hi,

I'm waiting for the explanation of internship placements. Why both of you guys in the same program give out different perspective toward this ?

 

[nothing_is_fair]

See, I'm not gonna even argue about the courses. They are CRAP and thats my view. I'm not asking anyone to trust me, but if you don't, you are most welcome to join MSFE at UIUC and exp it first hand.
Like I said in my earlier post, the courses were not designed specifically for MSFE. Any grad/PhD student can take it up and "be a financial engg".
MSFE isn't some infant field anymore.......... just go and look at CMU curriclum, or for that matter even Baruch( which I feel is the best value for money program for MSFE). you would be amazed at their level of sophistication and practicality. And I don't believe in "reinventing the wheel". if the math is out there and some genius proved it, Then i trust that genius and I think I shouldnt try to prove it again.
You make me laugh when you say, "we are going to do industry projects in the Fall Sem". Thats just a tentative plan. They don't have any projects so far. and getting unpaid projects ins't a big deal. I can get 10 unpiad projects within a weeks time. Some might argue that its not about the money. Well to them all i can say is " My friend, you are in the wrong field for the wrong reason"

PS: Ppl might think I'm bitter cause I don't have an internship. As a fact of fact I do have an internship and thankfully it has to do with Fin Engg

 

[Alexander Krosky]

Was the placement at ITG a developer role as well?

 

[alain]

martingality

<offtopic> Is that a real word? :D