Masters or Work Experience?

[Mattieu]

Hello,

I've been perusing this forum from time to time for the past couple of months learning more about studying Math Finance and am writing my first post to ask whether you guys would recommend that I apply to masters programs or gather work experience first.

I am currently a dual degree student at Boston University with a Bachelors of Science in Business Administration with a concentration in Finance and a Bachelors of Arts in Mathematics. My Math courses, I believe, are excellent preparation for a Math Fin program:
- all the standard "prereqs": Calc I-III (A), Differential Equations (A), Linear Algebra (A-)
- more advanced ones: PDE's (Fall), Probability (A-), Stochastic Processes (Spring), Analysis I (Fall) + II (Spring), Complex Variables (A), Chaotic Dynamical Systems (Fall), Math Finance - Derivatives (Fall)
Plus, I've taken Intro to Java (A) and Data Structures in Java (A-).

I haven't completed all these courses, but I will be done with most of these by the end of Fall semester at which point I figured I'd be sending out my applications to Masters programs. My goal, however, is not just to get any masters in MF - I will only be applying to the top schools in the US and to maybe two or three programs in the UK.

I realize that not having any work experience is a weakness to my application (and not having an astronomical GPA, only at 3.5 currently). I will have the possibility to do some research or intern part-time during Spring semester and full time over the summer, but that won't do my applications much good (unless I have something secured for Spring before sending them out... but even then I feel like I'm grasping at straws), although I do realize that that experience will no doubt be crucial in helping me secure a position after a program.

I have interned during a semester at a tiny hedge fund, but they weren't at all quantitative. Possibly, that experience combined with my studies in business will help compensate for my lack of work experience.

My current strategy is to apply to jobs and masters programs simultaneously, but am afraid that I might be spreading myself too thin. I am considering focusing on just one.

Any thoughts?

 

[Connor]

Apply to both, you're not spreading yourself too thin. Unless you are lucky or well connected in the current economy applying to a larger number of places becomes necessary, and by applying to both jobs and graduate schools you cover yourself. I have a friend that has applied to probably close to 30 positions, has gotten many interviews but still no job.

If time really concerns you, then prioritize the order you apply to places. For example, apply to your top 3 masters program choices, then top 3 job choices, next 3 masters, etc

 

[Ken Abbott]

The job part is more important. The market is saturated with PDE-types who don't necessarily understand how things work or how to get things done. It's kind of like having a 1000 hp engine with no transmission.

You also want to distinguish yourself from the many, many people who don't necessarily have a passion for the business but are doing it solely for the money.

 

[Mattieu]

Thanks for the input, Connor and Ken.

@Connor - that 3 and 3 idea is a good compromise should it come down to that.

@ Ken - trust me, I am not one of those PDE-types. I decided to get my BA in Math only after deciding to pursue a career in Math Finance. In other words, although I enjoy Math for itself, I am only studying it with the objective of learning interesting financial applications. I do understand what your saying and I've read it around a lot of places that that is a big problem with most quants, which is what encourages me in pursuing a career in this field because I feel that I am in fact more practical than theoretical... if anything, I'm afraid I may one day fall short on the Mathematical abstraction than in practical common-sense.

I guess I'll just stay the course for now and apply to both. I'm applying to programs I'd only be thrilled to go to so if I get in somewhere, great - if not I'll work for a little bit, gain some perspective and try again in a year or two.