COMPARE University of Toronto MMF vs MFE

[T.H.]

Im currently in my second year at the University of Guelph in Canada doing my major in economics and finance. Id like to apply for the MMF program at U of T however from what i read on their site it seems as the mathematical finance program is intended more for engineering/science students and the masters of financial economics is more for the finance/economics majors ( correct me if im wrong). So I have two questions for you guys. 1) As a finance and economics major which program would better complement my skills, the MFE or MMF ? 2) What can I do to ensure that my application a competitive one ?

Any help is much appreciated.

 

[Dibbs]

I've graduated from the MMF program.

The MMF program and MFE program are very different in nature. The MMF program really teaches you about the mathematics of finance in terms of instrument pricing, portfolio theory, optimization and risk management (to name a few.) as opposed to the MFE which is more oriented towards economics.

The skillset that you need for the MMF is indeed different than for the MFE program. We have had a few finance majors in the MMF program, but most of them had followed extra math courses during their undergrad. The program is quite intense and a good mathematical knowledge is expected of students and is most likely considered during program interviews.

 

[T.H.]

Thanks for the info so I would have to take extra math courses in order to apply to the mmf. I think i might just do what the finance majors in your program did and take the extra math courses. Any suggestions as to what i should do for me to get in to the program ? How high should my grades be for me to have a real chance of getting into this program ?

 

[Baller]

Hey,
I am attending UFT MMF this coming year so I can't tell you that much about the program yet..
However, I was a double major in Math and Econ and was also strongly considering the MFE. Amongst other reason, one main reason I chose MMF over MFE is because the MFE (from what other people told me who were in the programs and from looking at the courses) was much more econ based and I was more interested in finance.
I also strongly consideredo the masters of finance at Schulich (non quantitative at all) that looks very interesting and is purely finance based (unlike the MFE at UFT)

 

[Dibbs]

You need to also consider the types of jobs both degrees will get you. The MMF is almost exclusively oriented towards risk management (and has been so for the past couple of years, and I can only believe that this trend will continue in the future). On the other hand, the MFE places people in S&T, IB, FO jobs. They have a better alumni network than we do, sad to say.

 

[T.H.]

So it would make more sense for me to apply to the MFE program since I wouldn't have to take additional courses and they have a better alumni network that should result in a better job placement. However I'm in the same position as baller I'm more interested in doing less econ and more finance/math. Even if the MMF jobs are oriented towards risk management is that a bad area to go into ? I mean jobs can't be that hard to come across even if they have a worse alumni network in the MMF. What was your experience after finishing the MMF program dibbs?

 

[Dibbs]

Well, the majority of students have no difficulty findings jobs after the program. This also applies to the winter internships, last year we had a placement of 100%.

It really depends on what you want to do as a career. If you like risk management and would like to evolve in this field, then the MMF is without any doubt the right choice for you. If you want to have an education that's more oriented towards more math and finance, then the MMF is also the right choice for you.

Don't take this the wrong way, but, there is a lot of people who do not evaluate these choice before picking a program. These programs are quite intense and require constant focus. Take the time to question yourself on your endeavours and choose accordingly. It's a very good start that you decided to ask questions on this forum.

Hope this helps.

 

[T.H.]

Thanks for the info, and I am trying to find out what the best fit is for me, I do have 3 years left ahead of me so hopefully by then I will know what the right choice is for me. Also around what average did the applicants in your year have in order to be accepted in the program ? 80's, 90's ? I'd just like to know see if i have a realistic chance of getting in with my performance so far.

 

[CChow]

I'm also considering the U of T program, and I'm wondering what types of marks are required to get in. The website has a very general acknowledgement of the requirements, and I always like hearing from others who are in the program. Would it be possible to get into the program without any job experience?

 

[Dibbs]

CChow : Yes, some of the students have very theoretical backgrounds and almost no exposure to finance. As long as your candidacy is strong (good GPA - above 3.5, any papers written, any extracurricular, etc..)

 

[Dibbs]

I have entered the program with a 90%+ average, but some of the students came in with a lower GPA (about 80%)

 

[CChow]

I'm going to be doing a project course with a professor in stats but with an application in finance. I can't say what it is because I don't know what I'm doing yet...I'm still searching for ideas. I guess that might help my case.

 

[T.H.]

Is that a GPA for the last 2 years of university as it states on the website ? or is it a cumulative average over all 4 years, im wondering because my first year in university wasn't very strong however after i switched into finance and economics i started working a lot harder and it went up

 

[JasonH]

Its the last 2 years or the 3rd/4th year courses you take, so taking first year fluff courses to boost your average probably wouldnt help :D

 

[T.H.]

Haha okay that makes me happy because my first year was a disaster but my second was really

 

[JasonH]

I'm in the same boat, my 1st 2 years were spent flipping back and forth on what I wanted to do... that wsa about 7 years ago, now I'm finally going back, just in time for my school to have a Quantitative and Mathematical Economics degree, hooray! Also makes more sense to look at the last 2 years /senior level courses and not the fluff 1st year ones :D

 

[utpalpatel]

what is average package one can expect after completing MMF and MFE in 2015-16

I am from india and i want to peruse one of two MMF or MFE? which one should i choose?
My qualification is Bachelor of Engineering and MBA in Finance

Please help

 

[Canadian Analyst]

I've graduated from the MMF program.

The MMF program and MFE program are very different in nature. The MMF program really teaches you about the mathematics of finance in terms of instrument pricing, portfolio theory, optimization and risk management (to name a few.) as opposed to the MFE which is more oriented towards economics.

The skillset that you need for the MMF is indeed different than for the MFE program. We have had a few finance majors in the MMF program, but most of them had followed extra math courses during their undergrad. The program is quite intense and a good mathematical knowledge is expected of students and is most likely considered during program interviews.

So I have a question to Dibbs. I did not take pdes during my undergrad. I took time series analysis (STA457), odes (MAT244), multivariate calculus (MAT237), data mining (STA414), STA447(stochastic process) and real analysis (MAT337 at UofT). Do you recommend that I take pdes before applying to MMF? According to UofT MMF session on youtube, the girl in yellow says that you do not have to take all the undergraduate uoft courses, which includes a course in pdes. If not possible, can I just take ACT460 (stochastic methods for actuarial science and finance) which will expose to some pdes or do I not have to take ACT460? Thanks

 

[Neha Kapoor]

I can't see class profile of either MMF or MFE on their website.
Whats the average age of MFE students and that of MMF ones?

 

[Vinayak Kesarwani]

Adding a question here. As I am looking to apply for programs for Fall 2018. From what I could understand MFE gives you a more well rounded program rather than MFM which is pretty mathematics oriented. Could someone shed some light on this please?
Thanks in advance