Application Assistance

[waigner]

I have recently decided to make a career change and get my masters in financial engineering. I do not know a ton about the MFE application process (minus what I have read on here), and don't currently have a ton of relevant experience (worked as an engineer for ~ 4 years in an Oil and Gas company). I had a 3.65 GPA in college and got a 720 on the GMAT (was initially planning on going to business school).

I've looked into some of the existing threads already that have similar questions, but figured I would post again to get feedback.

Is there anything specific I should be focusing on in the next few months to improve my application? I have been taking programming courses, but not sure how that will help my application.

Do I have a shot with some of the top schools (I see the top few have 5-6% acceptance rates) or are there more realistic options I should be looking at?

Should I look into taking the GRE if I already have the GMAT?

Has anyone ever worked with an advisor when applying?

Thanks in advance! I really appreciate this website and everyone's input!

 

[Lukee]

Do’s and Don’ts of MFE Applications

When applying to a master’s program, it is not possible to specify the exact requirements necessary to be accepted, because there is flexibility in the process. An application that is weaker in one area might be accepted because of strengths in other areas. For the most part, the standard of...

quantnet.com

this article is a little old but has some good advice nonetheless

 

[MikeLawrence]

There are some coaches, like @MRoss.

What languages can you code in and with what proficiency?

What is your knowledge base in mathematics and statistics?

 

[waigner]

Thanks for that Luke. I did see that and that definitely gives me a good starting point. I was hoping to get some advice specific to my situation also though if possible.

And thanks for the info Mike. I will reach out to him.

As far as coding, I took several MATLAB classes in college, and have taken some online Python classes recently. I would say I'm still a beginning though.

I've only taken one statistics class, and then the basic math classes required to get my engineering degree (multivariable calculus, differential equations, and partial differential equations).

Looking at the requirements from some of these schools, I realize I may be underqualified in all three of these areas. Not sure if that would be a deciding factor in whether or not I should apply for this upcoming cycle? Or if as long as I am able to gain the knowledge by spring time for any potential interviews I would be ok?

To go along with that.. are there any courses you would recommend in addition to the ones on this website?

Sorry for all the questions haha like I said - still new to this and am trying to get as much information as possible.

 

[Lukee]

As far as coding, I took several MATLAB classes in college, and have taken some online Python classes recently. I would say I'm still a beginning though.

Good start but C++ is the gold standard in the industry, it would definitely make your profile stronger.

I've only taken one statistics class, and then the basic math classes required to get my engineering degree (multivariable calculus, differential equations, and partial differential equations).

Many programs require linear algebra and calc-based probability, these can be taken online through an accredited institution or perhaps at a local community college.

Looking at the requirements from some of these schools, I realize I may be underqualified in all three of these areas. Not sure if that would be a deciding factor in whether or not I should apply for this upcoming cycle? Or if as long as I am able to gain the knowledge by spring time for any potential interviews I would be ok?

You have a good foundation with your engineering background but I would take the time to beef up your profile if I were you. It could set you back a cycle but in my opinion it seems worthwhile if you can afford it.

To go along with that.. are there any courses you would recommend in addition to the ones on this website?

The ones here are a great start, specifically the C++ courses. I'm not sure on other courses but some other credible ones seem to be ScriptUni (although it sounds like you already brushed up on python) . @Daniel Duffy (the originator of the C++ courses here) also offers some other math courses through his site datasim if any of those catch your eye.

Sorry for all the questions haha like I said - still new to this and am trying to get as much information as possible.

Don't worry about asking too many questions. After all, thats what this site is for. This is a big investment of your time and money so ask as many questions as you want

 

[Lukee]

Some questions for you:
1. What made you decide on the MFE route over the classic MBA?
2. Although ranking isn't the end all be all, it certainly is a factor that is considered during admissions, how was your undergrad school's ranking?
3. On the GMAT how did you do on the quant section?

 

[Daniel Duffy]

In general, learning as much maths as possible is useful. My ODE/PDE online course is relevant to MFE.
C++ and Python are also good.

 

[waigner]

Thanks Luke, very informative. I will take a look at some of those other topics you mentioned. I was hoping to get some applications in for next fall if that was realistic, but I understand what you are saying about adding additional skills.

As far as your other questions..

1. What made you decide on the MFE route over the classic MBA?

I have always been more mathematically / analytically inclined (math has always been my best subject - still unsure on the programming though, so taking classes to see how quickly I can pick that up), have always been interested in looking at statistics and trends to get a competitive edge, and have always been interested in increasing the efficiency of any processes I am a part of - and from my understanding it seems like an MFE relates to all of that. When I starting looking into it further saw the different job possibilities, I became more interested. Overall I think it would be a great skill set to have.

2. Although ranking isn't the end all be all, it certainly is a factor that is considered during admissions, how was your undergrad school's ranking?

I went to the University of Texas at Austin - looks like it's ranked 7th in engineering schools (mechanical engineering school which was my degree - ranked 11th).

3. On the GMAT how did you do on the quant section?

Looks like 49? I probably could have done better than that but was told a score higher than 720 wouldn't make that much of a difference so I did not take it again.

 

[Lukee]

1. What made you decide on the MFE route over the classic MBA?

I have always been more mathematically / analytically inclined (math has always been my best subject - still unsure on the programming though, so taking classes to see how quickly I can pick that up), have always been interested in looking at statistics and trends to get a competitive edge, and have always been interested in increasing the efficiency of any processes I am a part of - and from my understanding it seems like an MFE relates to all of that. When I starting looking into it further saw the different job possibilities, I became more interested. Overall I think it would be a great skill set to have.

It's good that you can articulate why you are applying to MFE's. You will need to write about this in your statement of purpose when applying.

2. Although ranking isn't the end all be all, it certainly is a factor that is considered during admissions, how was your undergrad school's ranking?

I went to the University of Texas at Austin - looks like it's ranked 7th in engineering schools (mechanical engineering school which was my degree - ranked 11th).

This should help your cause. UT Austin is a pretty strong brand name

3. On the GMAT how did you do on the quant section?

Looks like 49? I probably could have done better than that but was told a score higher than 720 wouldn't make that much of a difference so I did not take it again.

49 seems to translate to a 167 on the GRE scale which is pretty good. I looked on some top programs websites and many of them say that they prefer GRE over GMAT so I'd recommend switching over.

If you can score 168+ on the GRE quant section, finish the math prerequisites, and learn some more programming I think your application will be pretty competitive but nothing is ever certain.

One other thing to consider is letters of recommendation. If you haven't already, make sure you can get at least 3 for your application

Goodluck on studies and feel free to ask if you have any more questions

 

[MRoss]

I don't have a perfect track record for helping people land jobs, but I have not yet failed to help get someone into a quant program. I take a very different approach. Most people (as demonstrated above) are purely focused on the technical aspects of their application and "getting their numbers right".

But the truth is, MFE is a technical program with one goal in mind: You landing a high paying job in quant finance.

This isn't a PhD program. They don't care if you are brilliant. They don't care if you are a good test taker. They don't care if you will or will not win a Nobel prize.

It's all about you landing a job.

Therefore: If you prepare your MFE application with the mindset of "how can I make my application look good enough that I would land a quant role at Citadel", you'll stand a much higher chance of acceptance.