Baruch MFE Baruch MFE Part-time vs. Full-time Questions

[Carl]

Hi All,

Today I was offered admission into Baruch's MFE program! I am very excited. However, I have some significant questions for current/former students. Some of you likely will think the answers are obvious, but please give me your thoughts.

I currently teach at a high school. My employer desperately wishes for me to stay for 1 more year (fall 08 - Spring 09), and has offered me a substantial increase in compensation if I stay.

Is it feasible to work 50+ hours per week and go to the program part time? What if my employer agrees to decrease my hours to 40? I would be commuting from about 70 minutes away via train.

After I complete the MFE program, will my job-offer salaries partially depend on my last job's compensation?

If I go full-time, how difficult will a 70 minute train commute be?

Thanks for your responses. I appreciate it.

-carl

 

[alain]

I will try to answer this question the best way I can since I'm a part time-student, my commute is a little bit longer than yours and I work longer hours than you.... My first comment. IT IS HARD!!! I had a little more of an advantage because I have a master's in Computer Science already and I knew C++ but I had to study hard for the rest of the subjects... the other "semi advantage" that I have is that I seldom sleep (just around 4 hours a day + 1 on the train). So you should learn to use the commuting time to your advantage, either studying or sleeping.

If you have a significant other, he/she will need to understand your life will disappear for the time that you are in the program. My wife has been my greatest supporter. She understands completely... but it could be hard for other people.

So, it is hard but doable. I can talk to you more if you come by school one day. Any of the part time student could chime in.

Working full time and study full time it's even harder... although it all depends on the nature of your job.

 

[Andy Nguyen]

Carl,
Congratulations. How did the interviews go
You know you have an option to defer your admit one year, right ?
I think that option is exercised very few times. People don't want to play catch up with our program.

Doing pt is definitely doable. In fact, around half of baruch mfe students is pt. But I have to warn you that it's increasingly more difficult to work and study well in our program unless you are superman like Alain or other pt students I know

I'm past ft student and now pt so I can tell you that doing 50 hours week and then run to class is very stressful. If you have family and children then just multiple the stress.

You don't want just to get by in our program. You want to get the most out of it. You want to dedicate time to do hw with your teammates, interact with other students, go to seminar, trips, etc. After all, this Baruch experience is what makes our program very special.
You will miss most of that being pt. And when you are ready to interview for jobs, you will find that you are not as sharp or as ready as your ft friends. As a result, you will not do as well.
Most of our pt students are already working on wall street so it may be easier for them when it comes to jobs.
For someone from a different field (teaching) it will be at big disadvantage. The mentality in our program is that you should prepare to interview at any given moment because opportunity comes unannounced.
I have seen more than a handful of jobs that being passed around during my first year that I didn't feel ready for.
How you think you would be ready if all the time you can dedicate is to run to and from classes ?

The travel time is not a deal killer. You canuse that travel to study. Alain is an expert on it.

I think the answer to your question has to be a personal choice. How much of the current income you willing to give up for future cashflow?
You want to pay the bills now but you don't want to hinder your study and potential earning.
You will be making more than you ever be as a teacher so given your time frame, income, which you think would give you the best return after the program ?

 

[Poirot]

Hi Carl,

First of all, congratulations!

"Is it feasible to work 50+ hours per week and go to the program part time? What if my employer agrees to decrease my hours to 40? I would be commuting from about 70 minutes away via train."

It is absolutely feasible given:

1. You adapt to this busier lifestyle and understand that school would require you to invest x hours of your time that were previously invested elsewhere.

2. Your employer understands that sometimes priorities at school would take precedence over your work.


"After I complete the MFE program, will my job offer salaries partially depend on my last job's compensation?"

I have been working on wall street for about 5 years now and the trend I see, if you are changing jobs but remaining in the same field, you get 15-25% raise (unless you were severely underpaid to begin with).

In your case, I don't think your previous compensation would have any bearing on your salary as a "quant".

"If I go full-time, how difficult will a 70 minute train commute be? "

For most of the people I work with, 60-70 mins of commute is about the average.
I think If you go full-time then your decision should be between giving up your job (income) for the benefits associated with doing MFE full-time, as Andy suggests.

Think about it for a while and I am sure you would make the right choice.

-Vic

 

[Carl]

Unless you are absolutely determined, I would advise against going full-time from the start.
A full time job + 4 masters level classes + 70 min (one way or both ways?) commute will be tough

-Vic

I would not be working if I attend the program fulltime. Sorry that I did not make that clear in my first post.

The commute would be 70 minutes each way.

Thanks for the replies so far. This information is very valuable. Anyone else?

 

[Andy Nguyen]

If the question becomes FT vs PT, I would say FT anytime. Forget about the money for 1 year, study day and night and then get a job.
well, it's easier said than done especially when you not are a professional student like me :D

 

[Poirot]

Carl,

In agreement with Andy.

Unless your employer will bear a part of the tuition cost, IMO, going full time makes a lot of sense.

Obviously whether one can afford to forgo a year or so of earnings is a different consideration entirely.

Vic

 

[joe_bradley]

Let me add one more note of agreement with Andy.

The only reason you'd want to do part time instead of full-time is:
1. If you can't forgo the income AND
2. You have an existing career path you intend to leverage and you don't want to "get rusty" by going to school for a year and a half.

Otherwise, do it full-time. Not only will you get it out of the way faster, but you won't have to deal with the mental load required to juggle both these courses and a mentally demanding job.

I did it part time so I know. (I had every intention of doing it full-time until my wife got pregnant :smt110)