Career Progression, Salary Info

[zeppellin]

Firstly, I wish to thank all those individuals who devoted their time and effort to create this forum and people who volunteer their time to answer our dummy 101 questions.

The internet may be an endless source of knowledge, but I am having endless bad luck in determining the career progression of a MFE graduate. Also, the salary info post completion of degree seems to exhibit considerable variation. I am guessing the average start would be around the 100Kish range. Before I take a plunge into this field, spend all my lifelong earnings I had a few questions for you wise folks:

1) What kind of career progression can I expect with approximate times and salary ranges for each level?

2) For a good job, is it recommended to choose one of the schools in NYC?

3) Would anyone recommend University of Toronto as a good choice for this program?

4) What kind of geographical flexibility is possible in this profession. Say I wish to move to London/ Dubai/ hong Kong after a few years, is the knowledge gained in the program generic worldwide or specific?

Thanks a lot and keep the force alive. :dance:

Zep

 

[Yuriy]

I can only answer (2). Yes, it is usually recommended to go to a school in NYC. You will be close to many important things. Part of that is job search; imagine having interviews [towards the end of your study] at companies in NYC but attending a school, say, in California. You also get a chance to interact with fellow students many of whom work full-time on Wall Street.

 

[Andy Nguyen]

I have many questions here and at dozen online forums in which 10 years from now I wouldn't believe how newbie, naive the questions were. Fortunately, I'm a shameless person who isn't afraid to show his ignorance.

I think it's part of my learning process and when I learn something, I contribute back to this community.

The point is don't be afraid to ask questions. We have to start at some point.

I take it that you have gone through similar threads and read all the career guides that I posted in the master thread of books.

1) I would say that right out of MFE, you can expect to make around 100K ish the first year. Your first title would be analyst, associate, etc.
There are so much variations on this. It depends on the house, desk, your boss, etc. Expect totally different numbers from other firms, people.
After 5 years, you can make VP and anywhere from 200K to 500K or more.

Living in NYC, you will survive with that salary. Don't expect to get rich the first 5 years.

2) Studying in NYC is always a big advantage but a good program elsewhere should give you access to good jobs in NYC.
3) If you like to work in Toronto
4) MFE gives you some basic training and a ticket to an entry level job, after a few years, you should be able to use your work experience to move around. At that point, what you learn in MFE is a tiny fraction of your knowledge.

 

[alain]

my answers

1) Expect at least 100k+ in total comp out of school. After that, it depends on how much effort you put and how lucky you are.

2) For a good job? It all depends on you, what you know and who you know. It doesn't matter which school you attend.

3) See #2

4) The knowledge is generic so you can probably work anywhere.

 

[Yuriy]

Well... a number corresponding to the first quartile of the MFE salary distribution should be the one new MFE's with no work experience should look at *before* they start their MFE journey.

 

[zeppellin]

Thanks all for the prompt and brilliant insights. Andy, I found the books sections.....thans a ton for the free pdf links. I'll be spending this weekend drinking beer reading them all. Cheers! :tiphat: