NYU Courant - MS in Mathematics in Finance

NYU Courant - MS in Mathematics in Finance

Courant Institute of Mathematical Sciences @ New York University

Reviews 4.33 star(s) 12 reviews

Can you tell us a bit about your background?

I came in with a PhD in Math

Did you get admitted to other programs?

No, I only applied to NYU.

Why did you choose this program (over others, if applicable)?

It was the only program I applied to. :)

What do you think is unique about this program?

Definitely the chance to learn from practitioners in the field, as opposed to professors. Since this program is career-focused, it makes sense to learn techniques that employers will want us to be able to do on the job, and not just the theory behind it.

Tell us about...

Quality of teaching:

The quality of the teaching is a bit mixed. Some of the instructors are very good and some are not. I think this is the risk you take when you have courses being taught by practitioners and not professors. But it's a worthwhile trade-off I think.

Two issues this brings up though: (1) many instructors are not available outside of class and many TA's are also fairly unavailable because of their career obligations so if you don't understand something in class you could have a very difficult time discussing it again; (2) it takes a VERY long time to receive feedback. It can take weeks to get homework back (one homework took 6 weeks to be returned). This latter issue is probably the biggest negative I have found with the program, but there's probably not much to be done with it.

Programming component of the program:

There is a lot of programming offered in this program, all presented from a practical point of view. There is the Computing in Finance course offered first semester, which is a introduction to Java from a finance perspective. Matlab is introduced in Risk and Portfolio Management, although it's not taught specifically. Rather, you are told to use it and are expected to pick it up as you do the assignments. This is fine for some uses but not for others (for example, it's hard to learn how to vectorize your code in this way). Matlab is also the main programming language in Scientific Computing and Algorithmic Trading, and is the preferred language in the Time Series and Stat Arb course (although C++ is also acceptable). The Computational Methods for Finance course allows one to use Java, C++, or Python. I used Java to sharpen my Java skills, but one could also use this as an opportunity to learn Python.

Career service:

I honestly didn't use career services too much, as I received an internship offer very early and then it became a full time job. But there is a resume book that is sent out to companies and that provided me with a few interviews. There is a career workshop that introduces you to the fundamentals of getting a job, such as writing resumes, networking, interviewing, etc. I think overall the career support is strong, although other students have criticized the career services for being inferior to other programs. The key point is that the school will provide you with resources and advice, but will not hand you a job. Because of that, some students will feel like they're doing it all on their own. But I think that if you follow the advice, you will get a job.

What is your current job status? What are you looking for?

I am already hired. I will be working for the Client-facing Strats team at Goldman Sachs.
Can you tell us a bit about your background?

I came in with a BS in Math

Did you get admitted to other programs?

Columbia, Chicago, got to the interview stage at Princeton. Didn't apply to CMU/Stanford.

Why did you choose this program (over others, if applicable)?

Focus on the math aspect with some computing. It's a well-rounded program. Isn't entirely derivative-pricing focused like some other programs.
Being in New York is definitely a huge plus (networking, and life in the city in general).

What do you think is unique about this program?

A good balance of math (not more than necessary) and computing in different languages. Opportunity to learn about different fields of finance (ask yourself the question if you're interested in trading, pricing, risk, asset management, or something else).

Another thing to consider is that most professors have work experience in the industry, which is something that not all programs have. This helps better connect the theoretical aspects of the lectures with the practicalities of finance.

Courant Institute is also famous (ranked #1) for applied math, so there's a lot going on (seminars in different fields of math/applied math for instance).

Tell us about...

Quality of teaching:

As stated before, good balance between theoretical/applied. Most theoretical developments taught serve a purpose in the financial world.

Programming component of the program:

A lot of programming in different languages: Java and Matlab mostly, and for some classes you may have a choice (Python, R, C++). However, definitely not the programming you would learn in a CS major.

Career service:

A resume book is available online and usually gets you a ton of interview. The program coordinator (Michelle) is really helpful too. Overall, I think this program has been running for over 10 years and benefits from a diversified network of alumni.

What is your current job status? What are you looking for?

I will be working in trading.
Can you tell us a bit about your background?

A math and computing major from an IIT, I did my undergraduate degree in India. After that, I applied to the NYU program, got admitted and came to the US. No prior work experience
GRE Math - 800 ; Verbal - 670


Why did you choose this program (over others, if applicable)
I had applied to 5 programs - Stanford, CMU, NYU, Columbia and Princeton. Out of these, I got calls from NYU, Columbia and CMU. I had an interview call from Princeton but I had already accepted CMU by then so didn't go ahead with it. When i had to decide on my final choice, I was looking for certain specific things - a rigorous program, good professors, small batch size and good industry connections. NYU - a perfect amalgamation of maths and computing, best professor pool who provide a good mix of both theoretical and practical knowledge, well designed batch size (ours had 26) and fabulous industry connections.

What do you think is unique about this program?

Most of the first-tier FE programs have the same course structure, the same company pool where they send their resume books and pretty much the same alumni spread. What sets a program apart is the student himself. When asked about, say, the SABR model in an interview, an average FE student will write down the parametrization equation, but what sets apart a NYU FE student is that, not only will (s)he write the model down, but would also be able to explain how the model is calibrated using market data and discuss the pros / cons of the model versus other models like Heston. This matters, specially if you're in a group of 100 interviewing for a total of 10 jobs. You gotta know your stuff


What are the weakest points about this program?

Comparatively less focus on placement. The program name gets you the first interview call from almost all places. After that, its pretty much upto the student to convert it into an offer. NYU students have the best resources in terms of study materials / professors, but the program can definitely be more pro-active in the job search, specially given its excellent industry connections. I don't know of any program that guarantees a job. All I'll say is that if you're at NYU FE and have a good background, there is a VERY high chance of getting interview calls from ALL the places you apply to.

Other Comments

I was happy with my decision to do the NYU program. It was a rigorous program, but the small class size enabled everyone to make close friends. It was an enjoyable 3 semesters. I am presently a desk strat at Morgan Stanley NY.
Can you tell us a bit about your background?

I was a math major with a stat minor in college back in China. With limited internship experience, I got an early admission to this program with surprise. I suppose guys on the admission committee do weigh high on our math skills, cuz I happened to see the candidate review file and there's only "math GPA" tag but no "overall GPA" tag.

Did you get admitted to other programs?

MFE: UChicago, UMichigan, USC, Rutgers, Notre Dame
Stat: Stanford, Duke

Why did you choose this program (over others, if applicable)?

I switched from math/stat to finance because I didn't want to stay in theoretical fields, and would like to see how my quantitative skills can be applied to practical problems. I chose NYU since NYC is the world's financial hub, it is my understanding that the fast-paced environment here would get me a quick start of a career in the financial industry.

What do you think is unique about this program?

• Awesome adjunct professors: our program is perhaps the only program with such a large presence of successful adjuncts from the industry. Their views on the course topics from a practical perspective definitely keep inspiring us.

• Part-time program: the part-time and non-degree students take classes with us. It also offers a great chance for us to talk and work with people with years of experience in this industry. Plus, some of them might get you an interview.

• Rigorous math training: being ranked #1 in applied math, Courant does offer financial courses taught in rigorous math. This helps us develop a more detailed oriented way to approach the problems.

Tell us about...

Quality of teaching:

Our professors have done a good job in organizing the topics and assigning the homework problems. I always appreciate the heated online discussion on the assignments, which gets us to dig deeper into these highly practical and course-relevant problems. Being really serious about the assignments just forces us to learn by ourselves. Btw, Tuesday seminars conducted by industry practitioners are also inspiring.

Programming component of the program:

Petter (the director)'s courses usually requires Matlab cuz he has got a preference for it lol. Computing courses usually go with Java. Stochastic Calculus requires a bit of exposure to R. Interest Rate course asks for Excel VBA.

Career service:

• NYU Wasserman, open to all NYU students where we get on-campus interviews. There are also career fairs held by Wasserman sometimes.

• MathFin network, open only to full-time students in our program. Companies will send a panel of representatives and present at Courant, talking about the job opportunities and getting to know us. Or they might simply send interview invitations.

What are the weakest points about this program?

• Very few adjunct professors might not have enough time to prepare for the lectures.

• The primary programming language taught is Java, and the most commonly used package is Matlab. I'd recommend adding C++ and Python as C++ is required by a lot of quant openings, and programming in Python does not take up as large space as .mat files do.

• As the class size increases, we'd better have career staff targeted at placement of students, instead of having Michelle (the admin) do all the work.

• Interviews of candidates to our program are definitely necessary, and I'm happy to see that we will have interviews for future applicants. So this is not a weakness anymore lol

What is your current job status? What are you looking for?

I have an offer from the quantitative advisory team at Ernst & Young. I'm looking for a dynamic team where I can take on a client-facing role and also apply my quantitative skills. If it's not client-facing at least I hope I can interact with internal staff firm-wide.
Can you tell us a bit about your background?

At the time of my application, I had worked for three years at a distressed debt hedge fund and was a Math, Computer Science, and Economics major from a top undergrad program in the US. Due to the fact distressed investing tends to be more fundamentally focused, I decided a formal education was probably the best way to learn about the quantitative side of things. I was admitted to the NYU MSMF full-time program though I ended up deciding to work while taking about 2 courses each Fall/Spring semester, 1 course each Summer semester. After two years of hard work, I graduate this month and will be joining JPMorgan as a VP Quantitative Analyst.



Why did you choose this program (over others, if applicable)

I was looking to get into a top program in New York that also provided flexibility to take classes part-time if I wanted. That narrows down the choices somewhat to NYU, Columbia MathFin, CMU, and Baruch. Of those four, I actually only applied to the first two, because NYU was my top choice and even if I were rejected, they give you the option to take four classes first on a non-degree basis and then receive credit if you do well and get admitted to the program the following year. For my consideration, NYU provided the best all-around combination of brand, alumni network, location, teaching style, and classmates. If I were deciding where to apply now purely as a full-time student, NYU would still be my top choice, with Princeton and CMU as top options as well.



What do you think is unique about this program?

Having a good school brand and large alumni network are definitely important factors for job placement, but all of the top programs have this. What some other top programs don’t necessarily have are: 1) great location for networking and job interviews and 2) having a small graduating class size. Having a small class size produces a more collegial environment where you actually know all of your classmates and everyone tries to help each other out. The last thing is the quality of the professors. Not to take away from the full-time faculty, but some of the best classes I have taken at NYU and what really differentiates NYU from other schools were from top-notch professionals who work in industry and who enjoy teaching so much that they basically volunteer their free time to do it. The disadvantage to having industry professionals as instructors is there is not as much time allocated to office hours, but we have dedicated TAs, and in my opinion learning how things are really applied in industry outweighs this drawback.



What are the weakest points about this program?

Probably the weakest point for this program in my opinion has been not enough focus on career placement, but that is also an area that is improving. Our program director is a well-known ex-Goldman alum who could be better at using available resources to source opportunities for internships and full-time positions. Currently, there are position postings available only to MSMF students as well as campus-wide postings, but the expectation has always been that the onus falls on the student to secure their internship and job opportunities. A couple years ago, the economics (supply and demand) was such that placement was pretty much guaranteed to be 100% year in and year out. Given that the landscape has become much more competitive, the reality is that all quant finance programs are focusing more of their resources on securing placement for their students. From anecdotal evidence, I know NYU has become more active in terms of finding opportunities for students, and so I expect that will continue.



Other Comments

I was happy with my decision to do the NYU program, even though it was definitely very challenging to balance the rigorous class workload with my job. If you have any questions, feel free to send me a PM.
I really enjoyed my time at Courant.

We have some amazing professors with a good balance of academic and practical experience. They are all well-regarded in the industry, but are still very approachable. There are also many classes to choose from that allow you to direct your focus.

Because of our small class size, all the students know each other well. There are also usually PhD and part-time students in our classes which provides a great opportunity to network and learn more about the industry.

In interviews, I found that NYU was always highly regarded and I felt well prepared for work after graduation.

I have absolutely no doubts that I made the right choice in picking NYU.
What do you think is unique about this program?
Weekly seminars run by practitioners in the industry and career workshops that talk about how to write a resume, "sell" ourselves, organize contacts, etc. One-to-one appointments with career consultant are arranged weekly so that students can have their personal questions answered. First semester students will go through mock interviews before real interviews.

What are the weakest points about this program?
The adjunct professors are very busy since they work full time during the day. So they may not always be there when you need them. (But the positive side is that they may hire you back.)

Career services
Students receive frequent emails from admin about various job opportunities, and on campus interviews can be arranged.
We got jobs mainly through online application, corporate connections. Some students got hired by adjunct professors.
The jobs MSMF students get are quite representative of roles in the entire finance industry, such as qr, desk strats, s&t. A few students got highly demanding quant positions.

Student body
A large portion of students are international students, mainly from Asia, particularly China. But the majority of these international students have done a undergrad or graduate degree in the States.
Over half of the students are math majors, and most students have done dual or even triple undergrad degrees. Some students join the program directly from undergrad institution, while others holding a master or phd degree, in quantitative fields like physics, ee, cs, etc.
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