Employment prospects after 5 yrs

[fshaikh]

I have a little different question. I hold a MSEE from SUNY-Buffalo and am employed at a fortune 500 company in louisiana making 72k/year. I am considering making a move to finance and heard of your program. I have compared starting salaries for the MFE program at Baruch with my salaries at my current career. They appear to be the same, but i do not get hefty bonuses.
I am not interested in career in computer programming i am interested in finance and this program caught my attention. I am trying to look at the future, 5 yrs from now Assuming i have a MFE from Baruch College what would my salary expectations be ?
Am i better off with an MBA from a tier two university or MFE from Baruch College or explore other avenues, i do like numbers and like maths and delegating work, but i dont like computers as much but i can do quite a bit with it, the stuff that is necessary to with computers i can do it.
Suggestion anybody ?

 

[Andy Nguyen]

You can't predict the salary 5 years after getting your MFE. Most data you see from any program is for first year average. 5 years later, how much you make is up to you, where you work and everything else. If you are any good, you will make substantially more 5 years later.
And why you want to do an MBA from a second tier university ? What good is it gonna do for your plan ?
From your post, you probably want to do a Master in Finance, not MFE. And saying you don't like programming or computer much is not gonna fly when you try to get in one of the most computing intensive MFE program out there. You may not want to program for the rest of your life (who does) but it's an important skill and requirement in MFE.

 

[fshaikh]

Finance prospects

I am interested in moving into Finance, i like the subject and the bonuses out there on wallstreet are just unbelievable. I will be a career switcher who will move from Electrical Engineering to Finance. I do like calculus, linear algebra, mathematics, economics and finance.
I dont want to spend a lot of $$$ getting an MBA from the ivy league schools. Will an MBA from Baruch College or other regional college open doors for me into the industry i want to get into finance not sure what will suit me best
And since all these big banks are laying off, i dont know what the prospects of new hires will be ?

 

[Andy Nguyen]

Even if you can get in and graduate with an MBA/MFE from an Ivy program, there is no guarantee that you will get a job. You can read stories from graduates at other programs about the current market.
At the same time, the number of people applying to MFE is increasing each year. You can choose to sit on the side line or do something. If you want to get a new degree, then just work hard, excel and the rest will fall into place. No amount of money or being at an Ivy will bring you anything.

Yeah, banks are laying off but what are you gonna do about it. You can stick to what you do or strike to be the best. If you are the best of what you do, it doesn't matter what school or market condition is, you will get a job.

You are spending too much time trying to forecast future. If you want to get a degree to work in finance, getting admitted would be the most important step right now.

 

[EricFleming]

MFE=Quant, not MBA

MBAs are for bankers, not quants. An MFE is a "workingman's PhD" and can open similar doors to those that would be opened by a doctorate.

 

[EricFleming]

$100K is a decent ballpark for a base as a starting quant. the bonus is discretionary and would depend on a number of factors.

BTW, I got my UB degree in 1995.

 

[fshaikh]

Thinking !!

I am sort of referring from a pure financial perspective. For where i am in terms of salary i dont think its worth it for me to switch around. I make 72 k in New orleans which is roughly equal to making 110 k in NYC . I am about to switch my job and move to oil and gas industry, i am expecting a payhike anywhere between 85 k to 90 k as base salary relocating to houston which puts me in comparable living standard of over 150 k in NYC.

But the thing is my salary will only be subjected to 3-4 % raises annually once i hit 90 K and will not make big jumps and fat bonuses. As Engineering jobs working for corporates have ceilings. I am looking at MBA/MFE more from a financial prospects. I know finance has big fat salaries.

I am sort of interested in finance, i guess very few ppl are born to do something(some like Andy) the rest of them learn on the job and get good at it. The bad ones get fired, if you survive your alright. I know things i hate, like computer programming but an MBA with finance concentration shud suit me well. I have been told for an average person your better of being in wallstreet than any other industry

Any comments ?

 

[MikeK]

From reading your post, I'd say an FE degree is not for you. If you "sort of" like finance and hate computer programming, then I think an MBA is better. An MBA would even allow you to stay in your current industry; it may open up more doors for higher-level positions within your company.

It looks like you already do pretty well compensation-wise, so either an FE degree or MBA will not be a huge salary boost. If your company reimburses for tution, go for it.

 

[zeppellin]

I am in the same boat as you. I am an Engineer and make my 70K a year in a nice not-as-expensive city as NYC and am pretty satisfied. The only regret that I have is after my promotion this year I'll make 80Kish and then annual bonuses will be capped off at 5% a year, so there isn't any real future monetary growth opportunity. Hence, next year I am taking the plunge into a quant path.

 

[fshaikh]

But how much do you think you will make by switching over from EE to MFE ! 100 K in NYC to begin with is not too much for that city....your probably taking a paycut. I wonder what the bonus structures are for hedge funds, and other major investment banks.
I had seen a few quant job ads at wallstreet Financial, quant jobs that paid upto 300k. The ad was very different in a way it said that graduates from top tier university and or Phd need apply only.
I guess Baruch college will put some sort of limitation on your salary after a while. I have never seen a ad of that sort in Electrical Engineering in which the ad asked the candidate to apply only from top engineering program only. It was just retarded. I am trying to research on the bonus structures of hedge funds and major investment banks. Their careers seem to move much faster than Engineering atleast. Does any Baruch Alumni from MFE work for a hedge fund/ major investment bank give us poor EE's some salary advise ?

 

[Andy Nguyen]

100K is not a whole lot of money living in NYC. On the other hands, some have survived with student stipend so you kinda change your comfort level and expectation as you move along. If people want to live comfortably under 100K, they would have lived elsewhere.

I had seen a few quant job ads at wallstreet Financial, quant jobs that paid upto 300k. The ad was very different in a way it said that graduates from top tier university and or Phd need apply only.

The keywords are up to and commensurate with experience. Don't put too much thoughts into that. Do you expect them to put in their ads that "Only graduates from third-tier community colleges." Of course they would put that into the ads but people will tell you that they also interview Masters from other not Ivy schools.

I guess Baruch college will put some sort of limitation on your salary after a while

This is the most ridiculous thing I read for a while. Do you realize that most CEO graduated from state universities ?

School helps you to get in the door, then it's up to your ability. I would hate to work in an industry that limits what I can earn based on where I study. Do you ?

I have never seen a ad of that sort in Electrical Engineering in which the ad asked the candidate to apply only from top engineering program only. It was just retarded.

Because EE is not Finance. Wall Street can pick and choose whoever it wants.

Does any Baruch Alumni from MFE work for a hedge fund/ major investment bank give us poor EE's some salary advise ?

You are not gonna find out how much money they make. Discussing money is a taboo on Wall Street. If you are good, you'll make money.

 

[GusTsahas]

For engineers who are in an industry they like and are only contemplating a move to FE for the money, it will be a wrong move for the wrong reasons.

If you like the industry but are frustarted by the "salary cap" on engineers, go start your own private businees. The first years will be tough but so is going back to school and starting at an entry level wall street job. After about five years of hard work, when you have learned the ropes and have build the busness to a decent level, and will start making much more money then salaried "engineers".

Some people consider "your own business" path as risky, but I feel being an employee provides a false sense of security and in the long term, is much more risk prone. The key to survival is to limit your expenses for the first few years in order to retain enough capital in the business to allow it to survive the bad days that come up.

 

[MikeK]

I couldn't agree with Andy more. Your education will help you get a foot in the door; beyond that, its totally up to you. If you're interested in FE and want a good job after the program, then look at who recruits at that particular school. I don't go to Baruch but from what I can tell most of the major players in investment banking and finance recruit there. That should tell you enough about the program.

 

[fshaikh]

So do doctors, lawyers, Investment bankers and top executive in banks make all the big bucks only? I am just exploring all the possibilities. I am old to be a doctor, dont have the lawyer personality in me, dont want to pay 100 k for MBA in good school to get into IB. There has to be some way. Starting my own business seems the only way

 

[weirluo]

So do doctors, lawyers, Investment bankers and top executive in banks make all the big bucks only? I am just exploring all the possibilities. I am old to be a doctor, dont have the lawyer personality in me, dont want to pay 100 k for MBA in good school to get into IB. There has to be some way. Starting my own business seems the only way

Find your own way is the best way, buddy! There are too many things looking good from outside.

 

[MikeK]

I guess Baruch college will put some sort of limitation on your salary after a while.

Interesting list of colleges attended by Fortune 50 CEO's:
Where the Fortune 50 CEOs Went to College - TIME

Lots of state schools, as Andy mentioned in an earlier post.