Finance background to MFE program

[sbucarion]

Hi everyone,

I am looking into Masters programs for FE or CS but unfortunately my degree is for Finance. I was wondering if it would sill be possible to pursue an MFE without a proper math background. I did do Calculus and Linear Algebra at LSE for one year but I do not think that's enough. Also I will be working at a well known fintech firm doing data analysis so I will have verified work experience for the programming side of things. I would also take the GRE Math Subject test as a way of learning and showing my math aptitude. My goal with either masters is to strengthen my technical education and either break into quant finance or go down the SWE path if I get a CS masters. Do you think its worth pursuing an MFE with my background or should I stick to trying to get a CS masters?

Any advice is appreciated, thank you

 

[MikeLawrence]

You can get into at least one MFE with only calculus and linear algebra, but I don't think it would be a good one, and I don't think you would get much out of it. Your current mathematical abilities are below what is advised for any program I've seen, and well below what is needed to get the most out of the really good programs.

There is good and bad news:
First, the good. You will have somewhat relevant work experience, and that job is probably well-paying on its own. This could provide a base from which to launch from, if you are willing to study during pretty much all of your free time (depending on your time frame here). Also, if your coding skills are legit then you've got that going for you, and that isn't nothing. However, from everyone I've heard, the math definitely takes longer to master than the coding does.
The bad news: Isn't all that terrible. It's doable, just not smooth and easy. You'll need to work through a semester or two of calculus based probability to meet the minimum prerequisites for the programs. However, if you want to make your time at these programs much easier, it seems to be heavily advised that you get ODE/PDE, Real Analysis, and then some numerical methods/numerical linear algebra type of courses.

The tricky thing about this response is that I've only heard terribly stories from students who enter MFE's with the bare minimum requirements. They don't seem to have set themselves up for success, more base knowledge really helps if you want this stuff to soak in properly. But... those are also the minimum requirements at programs, and I don't think that programs set them intentionally low.

I'm sure there are some great outcomes, but I don't personally know of any. It would be helpful if other users who might have entered with a profile similar to yours respond to this.

If you want to find people to study with, you can always join the discord group we have set up. I'm pretty decent at calculus based probability, I'm through the mathematical statistics sequence and starting Markov chains/ stochastic processes soon and I'm willing to help you through any book you choose to go through.

Join the Mathematical Finance Discord Server!

Check out the Mathematical Finance community on Discord - hang out with 53 other members and enjoy free voice and text chat.

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Unless by 'calculus' you meant only calc 1. Then you are in a whole different spot and you'll need to learn some things before you can start the probability stuff.

 

[zhaox]

Hi everyone,

I am looking into Masters programs for FE or CS but unfortunately my degree is for Finance. I was wondering if it would sill be possible to pursue an MFE without a proper math background. I did do Calculus and Linear Algebra at LSE for one year but I do not think that's enough. Also I will be working at a well known fintech firm doing data analysis so I will have verified work experience for the programming side of things. I would also take the GRE Math Subject test as a way of learning and showing my math aptitude. My goal with either masters is to strengthen my technical education and either break into quant finance or go down the SWE path if I get a CS masters. Do you think its worth pursuing an MFE with my background or should I stick to trying to get a CS masters?

Any advice is appreciated, thank you

Also LSE student here, providing some info, pm me if you want

Unless you are in the BSc MSB, FMS, or Math(and/with)Econ programs (which I think you are not by description), degrees at LSE are generally insufficient for preparing MFE in terms of mathematical rigor. After all, we are a social science school. It is also hard to match US prerequisites to courses here at LSE, e.g., what level would MA100 be considered equivalent to in the US, Calc II or III? Programming-related courses at LSE are also more social data science-minded rather than preparing you for a proper computer science background, but I think you will be okay with your fintech experiences reflecting coding skills.

A typical MFE program will at least require Cal III, Linear Algebra, some statistical preparation, (calculus-based) probability, and basic computer science background.

I would advise researching Pre-MFE courses, for example, the ones provided at Baruch, Berkeley, or Uchicago (I completed one of these myself). In general, they provide decent quantitative background for MFE programs, and also directly signal to programs that you have learned the most relevant stuff to prepare.

I have personally realized that as an LSE student if you want to be more competitive for MFE programs, it is hard to complement on the quantitative background side. The traditional finance route is much more common for our alums. Nonetheless, using the brand image and connection in finance, LSE can get you finance experience at top firms. Not sure if you are already going to work FT, but I think a trading-related internship or FT position, for example, will add a lot to your application. I have also seen fellow LSE students studying Econ/FMS getting into Top5 MFE programs on LinkedIn.