Best no target quant finance masters in the UK

[Santiago Martinez]

So I’ve been thinking of pursuing a Quant Finance masters in the UK for a while. My undergrad GPA is not good enough for target schools so I’ve been looking at some non target programs.

University of York - MSc Mathematical Finance
City, University of London - MSc Financial Mathematics
University of Reading - MSc Financial Risk Management
Newcastle University - MSc Quantitative Finance & Risk Management

I’d like to know if they are worth it and if anyone has any other suggestions of programs I should take a look at. Thanks.

 

[quanthopefully]

Not worth it imo. International fees are around 30k, but your graduate salary would only be £30-40k since you wouldn't be a target for the banks or buy-side firms for quant/trading roles. Pursuing a masters in data science/ML from a non target would give a better ROI in my opinion, or seeing if you can get into target schools in other countries, e.g. singapore, switzerland, HK, or the US.

 

[Santiago Martinez]

Not worth it imo. International fees are around 30k, but your graduate salary would only be £30-40k since you wouldn't be a target for the banks or buy-side firms for quant/trading roles. Pursuing a masters in data science/ML from a non target would give a better ROI in my opinion, or seeing if you can get into target schools in other countries, e.g. singapore, switzerland, HK, or the US.

I'm aiming for desk/research quant roles, not programming roles (I understand coding is involved either way but to a lower degree). I agree I might not get into these roles straight after graduation, but isn't the math and finance theory taught in the masters relevant to the industry?
I'm thinking a couple of years of experience in risk management or data science plus internships in the quant sector might land me a job a year or two after graduation (provided I prepare well for the interviews evidently). Thoughts?

 

[quanthopefully]

I'm aiming for desk/research quant roles, not programming roles (I understand coding is involved either way but to a lower degree). I agree I might not get into these roles straight after graduation, but isn't the math and finance theory taught in the masters relevant to the industry?
I'm thinking a couple of years of experience in risk management or data science plus internships in the quant sector might land me a job a year or two after graduation (provided I prepare well for the interviews evidently). Thoughts?

Yes the theory can certainly be relevant but ignoring the course contents, my main concern is with regard to the fact that since the programs aren't from target schools, you will struggle to get a decent ROI. You could always get experience in a related role and then try to get into quant later down the line but its a bit too much of a gamble in my opinion and then you are competing against people who might already have quant experience or against graduates from target programs. Paying £30k + living expenses to make £30-40k before tax and hope you can lateral to quant just doesn't seem compelling to me. It only makes sense if you are applying to a target and have a shot at entry level quant jobs paying £60-100k. That's just my opinion, and I don't know your financial situation or educational background.

 

[blrichard]

Not worth it imo. International fees are around 30k, but your graduate salary would only be £30-40k since you wouldn't be a target for the banks or buy-side firms for quant/trading roles. Pursuing a masters in data science/ML from a non target would give a better ROI in my opinion, or seeing if you can get into target schools in other countries, e.g. singapore, switzerland, HK, or the US.

would you recommend a degree in stats (or stat adjacent like biostats or econometrics) from a non target over a MFE degree as well? My worry about DS/ML programs is that they seem to have a bad rep due to inconsistent program design (ie some having very little rigour), but I know I'd be getting that rigour in a stats or econometrics degree.

 

[quanthopefully]

would you recommend a degree in stats (or stat adjacent like biostats or econometrics) from a non target over a MFE degree as well? My worry about DS/ML programs is that they seem to have a bad rep due to inconsistent program design (ie some having very little rigour), but I know I'd be getting that rigour in a stats or econometrics degree.

Depends on what career you want. Any stem degree (particularly non MFE) from a non-target will make it very difficult to break into quant finance upon graduation. DS/ML jobs typically care less about uni prestige and more about relevant practical skills. Stats or econometrics is too theoretical in my opinion, unless you want to go into research or be a statistician, whereas DS/ML programs typically focus more on practical skills, coding, working with data, building models, and testing hypotheses which would be relevant in industry.

 

[lourano.x]

So I’ve been thinking of pursuing a Quant Finance masters in the UK for a while. My undergrad GPA is not good enough for target schools so I’ve been looking at some non target programs.

University of York - MSc Mathematical Finance
City, University of London - MSc Financial Mathematics
University of Reading - MSc Financial Risk Management
Newcastle University - MSc Quantitative Finance & Risk Management

I’d like to know if they are worth it and if anyone has any other suggestions of programs I should take a look at. Thanks.

The program at the University of York is pretty solid, especially if you're into math. Their math department is top-notch. Just so you know, though, it leans a lot towards theoretical mathematics. I'm all for diving deep into math, but I realized it didn't exactly pave the way for me into quant trading. If quant trading is your target, you might need to put in some extra effort on your own to learn about stats, machine learning and programming, since York’s program doesn’t cover these areas extensively.

 

[Santiago Martinez]

The program at the University of York is pretty solid, especially if you're into math. Their math department is top-notch. Just so you know, though, it leans a lot towards theoretical mathematics. I'm all for diving deep into math, but I realized it didn't exactly pave the way for me into quant trading. If quant trading is your target, you might need to put in some extra effort on your own to learn about stats, machine learning and programming, since York’s program doesn’t cover these areas extensively.

York offers a financial engineering MSc as well. Do you reckon that program is more suited for a quant trading career? (given it seems to be more hands-on from what I can perceive from the syllabus)

 

[lourano.x]

York offers a financial engineering MSc as well. Do you reckon that program is more suited for a quant trading career? (given it seems to be more hands-on from what I can perceive from the syllabus)

Both programs cover the same courses, with a few key differences. The MSc in Mathematical Finance offers a unique module in Interest Rate Modelling, diving deep into the mathematics behind Fixed Income Securities. The MSc in Financial Engineering includes a special module on Financial Time Series Modelling, taught by Shin, a strong researcher in time series modelling and one of the inventors of the KPSS test.

I believe both skills are essential for a quant trader. Your choice really depends whether you prefer math or stats/econometrics.