What Truly Sets Apart Candidates for Prestigious MFE Programs?

[Jasonmoneybagskaching]

I've been following the tracker section of QuantNet of top-tier MFE programs like UChicago, and it has got me very curious. I've noticed candidates with seemingly perfect profiles—4.0 GPAs, 170 Quant GRE scores, impressive extracurriculars, and other factors making it seem as if they have a very strong profile—getting rejected. Meanwhile, there are others with lower GPAs (around 3.4 or 3.5) and less standout applications who get accepted. What are the main factors that separate the majority of applicants who get accepted into prestigious MFE programs from those who are rejected?

 

[Andy Nguyen]

I have seen some misconceptions that applicants who looked at the average GRE/GPA of admitted class and surprised that they did not get admitted when their stats are better. It's a very naive thinking.
The admission process is a lot more nuanced than that. The data that people willing to share on the Tracker is very limited. It only shows a small numerical representation of their full profile. People with low GRE/GPA may have excellent letters of recommendation, work experience, compelling personal essays, etc.
There is also another side of the coin. If your profile is very strong and the programs believe you will not join if accepted, they will reject you. There are many indications that they can use to gauge the likelihood of you joining. This is to protect their yield rate. Google it.