University of Chicago - MS in Financial Mathematics

Background:
- Computer Science undergrad with a few years of work experience as a software engineer.
- Started working as a Trader after graduation in December 2022

Other Admits:
- UCLA and UC Berkley MFE
- Chose UChicago MSFM due to close proximity to many trading firms as well as lower overall cost.

Overall I believe the program has a mixed bag of experiences that bring my rating of the program to a 3.5/5. There are some truly exceptional portions to the program as well as a few downright terrible classes/professors that make you question if you're wasting your time and money.

Pros:
- The program begins 2 months before the official start date. It begins with an August review that brings students to a base level of understanding required in the program. The program attracts students from a wide range of backgrounds and not everyone is fully equipped with the resources to delve into the material. The topics cover a wide range such as regression analysis, probability, programming etc. This time is both useful to brush up on material you may not have experience in as well as prepare you for the level of coursework once classes start.

September launch provides more classes as well as opportunities to meet other students and alumni. There are social gatherings to acquaint incoming students and also workshops and seminars to help you in your job search.

- The first quarter the probably the best part of the program. Roger Lee and Mark Hendricks are both phenomenal professors/lecturers and all three suggested classes (Portfolio Management, Options Pricing and Python) had a lot to teach. This three classes combined with the job search provided a very rewarding first quarter which left me with very high expectations with the rest of the program.

- The support staff are also extraordinary. Meredith and Emily are the two main callouts that come to mind. Meredith is always available for you to talk to, whether it is personal or professional. If there is anything that you need to have done, she is the go to person. Emily is likely the best career advisor I ever worked with/will work with. Saying that she goes above and beyond is honestly an understatement. I genuinely don't know how she was able to make the time to answer everyones questions. She makes sure to understand each student's unique situation and provides insightful guidance even when you yourself may be unsure on what you want/need.

- The program provides flexibility in what electives you want to take. You have the option to take classes from Booth and Stats departments within UChicago.

- All the classes (bar a few where professors forget) are recorded start to finish and uploaded online. This allows you to rewatch to see portions that you may have missed as well as play the video back at 2x speed to review.

- Being located in Chicago it's easier to meet/see many of the trading firms that are located there.

Cons:
- There were a few months where Emily temporarily left the program. This along with a few other changes in the Career Development Office (CDO) were very noticeable. However, now that she's back, maybe things will be back to normal (though she's not in the same role).

- Too many classes that are not worth taking. Further details below.

- Chicago winters and crime

Courses to take: Modern Applied Optimization, Bayesian Stats I and II, Microstructure, Stocalc, Numerical Methods, Portfolio Theory, Option Pricing, Python

Classes to avoid:
- Regression Analysis and Quantitative Trading Strategies with Brian Boonstra: Overall this class taught me very little. It was largely a project class that are focussed on teaching you how to manipulate and display data. The "trading strategies" are incredibly basic and something that you could teach yourself by looking at wikipedia. Grading made no sense as they would often times give you an 80 with the only comment being "Great work". The lack of feedback gives you no opportunity to learn nor the willingness to try on future assignments. This class was likely the biggest disappointment I had in the program as the reviews made it seem like it would be a great class.

- Probability and Stochastic Processes with Jostein Paulsen: The material in this class was actually great, it was just taught very poorly. Partly due to the fact that there was too much material for a 50 credit course, partly due to bad a bad professor. This class could be very valuable if they rework it to be a 100 credit course with more depth.

- Applied Algorithmic Trading with Christopher Gersch: The homeworks were again graded completely arbitrarily with no feedback. The final project also had no feedback and seems to be graded based on entertainment value. It's not a difficult class, but just doesn't provide much educational value.

- Blockchains and Cryptoassets for Finance with Brian Boonstra and Co.: Material was not very informative and some of the homeworks seemed like they were designed for a middle school class.

- There are other classes that I heard bad things about through word of mouth, however since I didn't experience them personally, I won't comment on them.

Tips going in:

- Study the Green Book ("A Practical Guide To Quantitative Finance Interviews”), prior to the program if possible. As Emily and others will tell you, it is never too early to start interviewing.

- Keep track of places you're applying and apply far and wide. Keeping track of your applications during the internship process if very helpful when deciding where to apply come full time.

Background
Master's degree in computer science. Worked for a bank as a risk analyst and currently working as an energy trading strategist for a major energy company. I am located in Singapore and report to boss in UK.
I studied part-time in the Chicago MSMF Singapore program since Sept 2009

Did you get admitted to other programs?
No

Why did you choose this program (over others, if applicable)?
I only applied for UChicago MSFM Singapore as it seems the best choice in Singapore or even Asia in terms of reputation.

Application process
The website was and is outdated. Most of the information regarding this program was found in online discussions. They responded my emails selectively.

Courses selection
1. Course selection is not flexible. I like Statistical Risk Management, Mathematical Foundation Option Pricing and Fixed Income so far.
2. Singapore students can study in Chicago for 1 or 2 quarters our of 3 quarters. a lot of us chose to go to Chicago in Spring quarter Apr - Jun
3. We can choose one course from Chicago Booth, which is only available in Chicago campus

Quality of teaching
1. Practitioners teaching Fixed Income are good. because the course is reduced for some reason they insist offering additional seminar which is not counted in grading.

2. the class is like a video-conference bringing people from Chicago, Singapore and Stamford together. the video quality is good. we can ask questions using a microphone. all classes are recorded and can be played back later.

3. Teachers for each course normally come to teach in Singapore for 2 weeks, giving lectures and office hours.

4. Singapore program has local TAs for every course, mostly previous graduates. They are very helpful. Without TA's help it's not possible to figure out homework. In terms of homework, TAs are much more useful than lecturers.

Materials used in the program
Notes are enough

Programming component of the program
Matlab is dominant. There's C# class but i haven't taken. For me not much programming except the Matlab programming in statistical risk management and regression analysis.

Projects
so far i haven't done any project, expecting one for Regression Analysis.

Career service
1. We visited a couple of banks in Singapore
2. Our resumes are compiled and sent to banks
3. Other than campus recruitment, quite a few immediate openings have been sourced by local career service.
4. nothing specific to intern

Student body
Ethnics are quite diversified and balanced. we are also invited to Chicago Booth alumni gathering in Singapore.

What do you like about the program?
I am much more confident about my math now. previously i picked up some models on my own, which can't compare to what I learn in the program in terms of both coverage and depth.

What DON'T you like about the program?
1. the most important course Stochastic Calculus should be taught much better.
2. the management doesn't care much about publicity. i think for a professional program this is very important. the more people appreciate the program the more value that the current students and previous graduates get.

Suggestions for the program to make it better
I would hire a public relationship manager to advertise the program better.

What are your current job status? What are you looking for?
as a quant strategist in energy trading. i want to expand my skill set further and look for more challenging opportunities, e.g. trading, portfolio manager, deal originator, etc