MFE vs. MS in Statistics/Math

[Zeuge]

When hiring for quant positions, do interviewers really prefer MFE graduates over those with MS degrees in various quantitative fields like stats or applied math?

And even if the MFE degree will get your foot in the door for quant jobs, in case you want/need to switch careers, won't a more general quant degree be more helpful?

 

[Zeuge]

Any ideas?

 

[Andy Nguyen]

Many MFE students already have a MS/PhD in Math/CS/Stats/Physics/etc so it boils down to getting in the door, very crucial for entry-level positions.
It doesn't matter what degree you have, it's how you get your first interview and do well enough to get and keep the job.

 

[DoubleTrouble]

Good question! Every mathematician I know (from my department) with the aspiration to get into the field on mathematical finance has succeeded with great success. Both MS and PhD!

 

[IlyaKEightSix]

An MFE from a TOP 10 will allow you to get your foot in the door. When I called a career services person in Rutgers about a year ago, he told me that the MSMFs were going to him for career help. A top 10 MFE will definitely get your foot in the door someplace (which is only a guarantee of an opportunity and nothing more). For the rest of us, we have to cold-call people and get our foot in the door in other ways, but once that happens, we're all on equal footing.

 

[Ken Abbott]

I sign off on all risk hires for my firm. Either degree will do. We often refer to quants as being good "athletes" (or not), meaning they have solid quant skills that can be pointed in any direction. Specifics usually don't matter that much for entry-level jobs unless you're being hired to do something very specific, ie review interest rate models or develop stress testing MC approaches.

 

[Zeuge]

Thanks for the helpful answers everyone. So an MFE (from a top school) does not really confer an advantage over, say, an MS in Stats (also from a top school) for entry-level positions? If that is the case, what would be the advantage be of getting an MFE? Because an MFE is very niche while math or stats would open doors is a variety of industries.

 

[Joe Ross]

An MFE from a TOP 10 will allow you to get your foot in the door. When I called a career services person in Rutgers about a year ago, he told me that the MSMFs were going to him for career help. A top 10 MFE will definitely get your foot in the door someplace (which is only a guarantee of an opportunity and nothing more). For the rest of us, we have to cold-call people and get our foot in the door in other ways, but once that happens, we're all on equal footing.

So what's your point about your call to Rutgers career services? For not having an MFE degree, you sure do have a lot of opinions about MFEs, especially the ones from Rutgers.

Regardless of what degree you have though, the bottom line is networking. Know it, love it.

 

[Barny]

You need to figure out what you want to do with your life. Do you want to be an expert in stats? Do you want to be a quant? It's true that it's possible to be a quant with a stats degree, but I think the path of MFE to statistician is a little less trodden. You can't possibly make these sorts of decisions (which are potentially life changing) without first knowing what you want out of them, or what your ultimate goal is.

 

[IlyaKEightSix]

So what's your point about your call to Rutgers career services? For not having an MFE degree, you sure do have a lot of opinions about MFEs, especially the ones from Rutgers.

Regardless of what degree you have though, the bottom line is networking. Know it, love it.

I have an opinion because quite a few of the classes overlapped. And really, what is an MFE degree besides repackaged courses from other disciplines (compsci, math, stats)? A couple of finance projects? Had those kinds of things in Lehigh also. So overall, even though I don't have the stamp on paper, I have most of the exposure (aside from stoch. calc) that an MFE candidate would.

 

[myampol]

I did both an MFE and an MS Stats degree. Simultaneously.

The two programs were totally different, as the Stats program was totally non-financial in focus (the Stats faculty likely could not have distinguished an option from a futures contract.) Case studies in the Stats program often covered things like medical studies / pharmaceutical trials, and a number of the MS students went on to do Ph.D. degrees in Biostatistics.

The Stats program did cover a number of topics which weren't dealt with under the MFE program, for example statistical inference, hypothesis testing, and lots of regressions. Their software of choice was SAS ( ).

In regard to going from just the Stats degree into a quant career, it would be difficult if you had obtained zero knowledge of finance, in particular the derivatives subject matter which of course is a major focus on any MFE program.
If someone were to do such a degree at a school where at least one faculty member in that department did have some understanding of the financial applications, then one could learn something applicable to such a quant career. But if no faculty member has any experience whatsoever with regard to financial applications, then that is probably not the best program to open a door onto a quant pathway.

 

[Zeuge]

In regard to going from just the Stats degree into a quant career, it would be difficult if you had obtained zero knowledge of finance, in particular the derivatives subject matter which of course is a major focus on any MFE program.

That's definitely something to watch out for. So I should find a program that lets me take math finance electives? I'm just worried about the lack of flexibility afforded by an MFE degree.