COMPARE CMU vs Columbia vs NYU vs Chicago vs Cornell

[biwu]

Hi all,

I know that there are many threads here comparing the top MFE programs in the US, but I still hope you can give me some advices on which program to go based on my background. Thank you very much!

So far I have got: 1) Columbia MSFE; 2) Cornell MFE with 5k scholarship; 3) Chicago with 30k scholarship;
CMU MSCF R2 interview;
NYU Financial Math: no news

My background: Asian, female, undergraduate major in financial mathematics, 2-year full-time experience in IB middle office.

After the program, I would like to do something more technical like structuring, quant research, quant risk, or maybe technical positions on the buy-side (though currently I am not very familiar with buy-side jobs). I am not interested in being a sales or a trader as I do not want too much pressure from job, and I want good hours and less office politics too.

As for the location, it will depend on where my partner can find his tenure track. Little chance in the US, maybe in the Europe or Canada, most likely back to Asia.

What I want to get from MFE:
1) Solid knowledge base, especially stochastic calculus and to enhance my programming skills (CMU>Columbia programming track>Chicago>Cornell, not sure about NYU)
2) To experience top universities in the US. This sounds like a weird reason, but studying in top US universities is always my lifelong dream (Ivys>Chicago>CMU>NYU)

My concerns:
1) (CMU) international reputation may not be as good as Ivys.
2) (Columbia) too many students (MSFE+MSOR+MSE+MAFN+Undergrads), no refresher courses. I am also a bit concerned about their attitude towards students. (According to my own experience, I receive slowest / no response from Columbia for queries I have. Not sure about how they treat current students).
3) (Chicago) I heard the lecturer for programming courses is not good. Also, the curriculum is very theoretical.
4) (Cornell) not enough programming.
5) (NYU) I heard the courses are very difficult, I doubt if I can survive. Also, C++ is not used for programming courses.

Other thoughts:
1) I am not a smart student, so I need lecturers who are good at teaching. (I know CMU pay attention to students’ feedback on teaching. Prof Martin Haugh from Columbia ORIE is super good at teaching.)
2) Financial is a concern, as I will support my graduate study from my own savings. That is why I am considering UChicago despite it may not be as good as CMU and Columbia.
3) For CMU, I will prefer the Pittsburgh campus if I get admitted. Is being in NYC that important?
4) Career service: I am confident to land at least a risk management job. But in case the market is very bad, having some experienced career officers to talk to will be comforting.

Thank you for reading such a long thread. Any comments and suggestions are appreciated. Thank you and wish you all good luck!

 

[Cam Connor]

I can't really help with much besides CMU, but I'll give you my thoughts.

Hi all,
What I want to get from MFE:
1) Solid knowledge base, especially stochastic calculus and to enhance my programming skills (CMU>Columbia programming track>Chicago>Cornell, not sure about NYU)
2) To experience top universities in the US. This sounds like a weird reason, but studying in top US universities is always my lifelong dream (Ivys>Chicago>CMU>NYU)

For learning stochastic calculus, I honestly can't think of a better place to go than CMU. It's taught by Steven Shreve himself, the author of the industry standard StoCal textbook. Not only is he a fantastic professor, he is an amazing person and wants only to help the students in the program.
You'll also definitely enhance your programming skills, but make sure you know that there are no MFE programs that can turn you into a software developer.

After the program, I would like to do something more technical like structuring, quant research, quant risk, or maybe technical positions on the buy-side (though currently I am not very familiar with buy-side jobs). I am not interested in being a sales or a trader as I do not want too much pressure from job, and I want good hours and less office politics too.

Many of the students in CMU get very technical jobs coming out of the program. Many also go into trading. Often students go into the program planning on super quant careers, but are allured by trading.
Buy side firms are becoming a much bigger participant in the recruiting process at CMU than they once were. If you were to attend CMU, you'd have plenty of opportunities to speak with both sell side and buy side companies. CMU is a well respected name in finance.

Hi all,
Other thoughts:
1) I am not a smart student, so I need lecturers who are good at teaching. (I know CMU pay attention to students’ feedback on teaching. Prof Martin Haugh from Columbia ORIE is super good at teaching.)
2) Financial is a concern, as I will support my graduate study from my own savings. That is why I am considering UChicago despite it may not be as good as CMU and Columbia.
3) For CMU, I will prefer the Pittsburgh campus if I get admitted. Is being in NYC that important?
4) Career service: I am confident to land at least a risk management job. But in case the market is very bad, having some experienced career officers to talk to will be comforting.

1) If you're getting accepted at these schools, you're definitely a smart student! Don't sell yourself short. It's really easy to do this even more when you start a program. You will be surrounded by so many smart people. Just remember you got in! You're smart too!
Of course, people learn differently, and some people can get by with less work than others. But at CMU every opportunity exists to succeed. All the professors are great teachers, they all want to be there, and they all hold TA sessions and office hours for students having troubles. Add on top of that great academic advisors and support staff, and you should have no issues.
2) This is something personal I can't really help with, but I do understand that CMU is very expensive.
3) Since you have work experience, I think Pittsburgh is a good choice. Especially since you're concerned about having good lecturers, the Pittsburgh campus has better access to the professors since they are based there. NY is better for people with no past work experience, as it gives them the opportunity to network and meet people in the business.
4) I would say one of the biggest advantages of CMU over other schools is the career services are exceptional. Since the program is based in the Tepper School of Business, the MSCF students have the same access to the career center that the MBA students enjoy. And let me tell you, the finance career counselors are all FANTASTIC. They have industry experience, they're easy to talk to, and they are extremely helpful. In fact, Tepper's MBA Career Services are commonly ranked in the top 5 of the world.

It's no secret that the industry is changing significantly. Trading opportunities in banks don't exist like they once did. Risk roles are becoming more important. But it seems like you have exactly the right goals for a bright future in quant finance. Just work hard, take networking seriously, and you will do great.

All the best!

 

[biwu]

Hi @Cam Connor ,

Thank you very much for your valuable suggestions. In fact, I am leaning towards CMU too (Hope I can get admitted with scholarship). My only concern is CMU's reputation outside US. Do you know how is the placement in Asia and Europe?

Thanks~

 

[IntoDarkness]

find another partner, problem solved

 

[Cam Connor]

Hi @Cam Connor ,

Thank you very much for your valuable suggestions. In fact, I am leaning towards CMU too (Hope I can get admitted with scholarship). My only concern is CMU's reputation outside US. Do you know how is the placement in Asia and Europe?

Thanks~

I don't know any actual stats about placement geography, but I know that a number of students get jobs in HK for their internship and/or full time. I think Europe does happen, but it is very rare, and none of my year (at least in Pittsburgh) is heading to Europe for their internship.

 

[Don Chang]

I don't know any actual stats about placement geography, but I know that a number of students get jobs in HK for their internship and/or full time. I think Europe does happen, but it is very rare, and none of my year (at least in Pittsburgh) is heading to Europe for their internship.

Hi Cam,

It's nice to talk to someone who's actually from CMU. I kind of have a similar dillemma. I've been back and forth between Columbia and CMU for a long time. I'm currently working in Singapore as a financial consultant, but the job nature is not that technical. After my master degree, I intend to stay in the States for at least a few years. It seems that CMU would be a better choice (plus the scholarship made the tuition more affordable).

One of my concerns is, what if i can't nail a job in the US and I have to come back to Asia for a job? I've talked to one of my friends who's also in MSCF program, and she said Columbia students get a lot more interview opportunities in Asia than CMU folks do. So what do you think of this statement? How true is that?

Another thing is I can't hardly let go the brand name of Columbia. I know it's naive, it's irrational. But you simply can't ignore the very fact the Columbia SOUNDS LIKE a better place among general public. It's ivy league after all. I even think it's probably the reason why Columbia students get more interviews in Asia, assuming the info from my friend is accurate.

 

[liuming]

if u want go back to China and HK, people recognize brand names more than just Ivy, like MIT Stanford CMU UCB definately best for computer science, but none of them is ivy...even better than Ivy in some cases...To recruiters, doesnt matter in asia or us, they are the insiders of quant industry, they know this ranking very well, and experience is always more important than school's name. CMU and NYU in most cases could secure you a job in quant industry at lease in US. Therefore, to choose from CMU and NYU.

 

[IntoDarkness]

i heard hk is doable from cmu as well. but its a city in decline along with singapore and tokyo.