Advice needed regarding change of university

[nansverma]

my name is nancy. i have started visiting this site lately and found it really useful. well, i am an aspiring quant too.

i am studying ms in finance at illinois institute of technology chicago. I came here last yr. I have done mtech integrated in mathematics and computing from iit delhi. i had plans for doing phd earlier but dropped at the last minute ( had admit from 3 schools-ufl, stonybrook). I applied for ms in finance then and by that time mostly deadlines for top univs had passed ( i m not sure if i would have made it if i had applied). Anyways, when i came here last yr i came to know about the importance of univ, brand name and all..i heard things like good firms dont even consider you if you don come from nyu, cmu etc.

i applied to some good univs out of insecurity..i have admit from columbia and uchicago..waiting from nyu..i cant decide wht to do...i never heard abt baruch until i came to this forum..and now i really regret not applying there...


firstly i wanted to know is it really worth spending more on my education considering the mrkt right now...how imp in interviews is your univ name..
i remember going to some expos here in chicago..i talked to some ppl there..and they were like "have u heard abt univ of chicago"..u shd go thr..tht motivated me to apply for univ change..but tht was last yr..a lot of things in the mkt have changed since then...
the only thing i m concerned abt is return on my investment..if i do spend more ..can i get a job worth my expenses..
do good firms come to recruit at good univs always or u have to depend on networking only..

i don have any job or intern right now..i have not applied anywhere as of now..
i m quite confident i can bag a decent job from here also..but may be not at any of the top firms..i heard top ibanks dont even look at your resume if you dont come from "preferred programs"..i don feel like giving up without trying for top firms..also i don feel like giving up the brand name of columbia and uchicago..


really sorry for such a lengthy post...looking forward to some advice from ppl in this forum..
will really appreciate that.

 

[Yuriy]

University name is definitely important to some extent. Individual programs' names are also important. Many other variables factor into your success of finding a job: networking, your knowledge of subjects, market conditions, etc.
What programs at Columbia and Chicago were you accepted to? MS in Finance at IIT Chicago is a little different from MFE or FM. First, you need to decide if you really want to study what is offered at those schools and if you can handle it. Your financial situation is also a factor.
If you think you can survive a couple of years having less cash in hand, think that you can get through Columbia or Chicago, and you really want to do that, then transfer.

 

[nansverma]

I have been admitted to financial mathematics program in both. I can handle the courses and want to study the courses at uchicago...but now i feel like not spending 60k just to add a brand name.

 

[Andy Nguyen]

It's very hard to follow a long post, let alone reply when we try to guess your shorthands.
The vague understanding i have from reading your post is that you want to spend 60K to get a brand name to have a better chance at a job ?

All I can say is that money and school can only get you as far as an interview. When you go in there, you have as much chance as someone from no name university. You both have to show what you know. Spending more money does not mean you will know more or convert more of those interviews into job offers.

 

[nansverma]

Thank you Andy . I am sorry once again for my lengthy post and shorthands. Will take care of that in future. Well, I have taken my decision to stay here itself. I am sure something good will come up here also. You are absolutely right. Thanks once again.

 

[Andy Nguyen]

How many courses at illinois institute of technology at Chicago have you taken so far ? How do you like it ?
If you finished more than one semester there, it may make more sense to stick it out. There are plenty of stories about Columbia, U Chicago graduates still looking for jobs. It's the same story almost everywhere.
Finish your degree at IIT and hopefully the market is picking up by then. If the market worsens, then going to Columbia or Chicago won't change things significantly job-wise and it's hard to justify the 60K and all the lost opportunity.

 

[nansverma]

Well, I have completed 2 semesters here. I find courses ok not very challenging. I have done basics-futures and options, modelling etc. I did a course on fixed income but the professor was bad. So, I didnt learn anything. Here, i am on my own..i m not depending on some course or professor...
If I see the courses offered by Uchicago, they seem very attractive specially stochastic calculus II-martingles and all. I have not done anything on that here till now. I am very much interested in studying all that. I had only one/ two lectures on stochastic calculus in my undergrad. Now, I know black-scholes and all..whatver is given in hull. Still need to learn a lot about stochastic stuff.
Some of the courses are only attraction...but i dont know if pursuit of knowledge can be converted to job
What do you think ? Can I learn all that stuff from some book on my own ?

 

[MikeK]

Perhaps U Chicago will allow you to apply as a non-degree student and take a few classes there? Then IIT would hopefully count them as credits towards electives. Just a thought. That way you stay on track to finish your degree, but you get the benefit of taking some electives that may interest you.

 

[Yuriy]

If you don't feel like spending 60K, then finishing your current degree is the way to go. If your current degree is in finance as opposed to financial math, then you will be competing for jobs not requiring stochastic calculus and C++ skills. As Mike pointed out above, you might want to consider taking courses at U Chicago. Usually, learning on ones own does not produce the same effect as going to class, so it would be better if you enroll in stochastic calculus class rather than reading, say, Prof. Shreve's book.

 

[nansverma]

My degree is in finance but my undergrad is in maths..i m interested in quant positions only..i cant escape stochastic calculus at all...i know C++ though..
i m going crazy:D
i m planning to take some stochastic class here itself...lets see..i believe its a lot of time wastage shifting to another univ. as such..cant think about it anymore !!!
Thanks to all for their help/advice.

 

[MikeK]

i believe its a lot of time wastage shifting to another univ. as such..cant think about it anymore !!!

You don't have to transfer to U Chicago to maybe take a course or two there...typically, if they offer non-degree acceptance, you can apply without a full application (ie maybe no essays or GRE scores). The course(s) you take there will then count towards your degree at IIT (with your advisors approval).

But then again, if IIT offers the courses you need, there is no reason to go through all the effort. Good luck.