Ms in Math/Stats before MFE

[umaniax]

Hey peeps. Firstly a round of thanks to everyone for supporting and growing such an amazing community of people belonging to various stages in their careers.

Like many of the aspiring young individuals I relate to on this forum, who want to be involved in intriguing, engaging and intellectually stimulating work, I've been on the hunt, exploring professions and careers that could lead me to the type of work I look forward to every morning.

Quick Bio:
- B.Tech Computer Science (India) from Tier 2 or 3 private uni. 8.43/10 GPA
- 2 years work ex as software engineer in an investment bank (think JPM/GS/MS)
- Cleared CFA L1

I've added a couple of posts in the past on this forum seeking guidance regarding a career in quant finance and a potential masters in financial engineering before pursuing a career in the same.

Upon evaluating, I realise that even though I have an aptitude for math, I seriously lack competency required to compete with other MFE candidates and although I may still make it in a 20+ ranked MFE program with my current profile, I really don't want to put in a half ditch effort here.

I don't have much to show on paper as to what value I can bring to the table for a MFE program or maybe even Quant Finance as a field of study in general. Hence I'm contemplating going back to school (within my home country in India) to get a quantitative masters in something like Math or Stats. This will not be financially burdensome as fees will generally be low and quality of students and profs in top colleges are usually good. All in all it will give me time to explore more things outside of my usual curriculum as well and probably put more weight to my application to top programmes like Baruch, Princeton, Columbia and the likes. Or maybe it leads me to research/phd in other fields like scientific computing or the likes.

All in all it looks like this will help me be very versatile with my career choices and will also give me time to really figure out what I really want to do. I'll turn 24 this year and even though I'm earning a shit ton of money at my current job (though the work just doesn't make it for me) I still believe I have good 6-8 years to devote to education and early career.

Any thoughts and suggestions on the same would be highly valuable. Thanks in advance for the support and help.

 

[prisonMike]

I think with a very good GRE score(330+) and strong LOR's, you have a good chance at any top 10 schools with your current profile as well. You can improve your knowledge in Math and Stats via an online course and cite that in your application, given you have taken all the prerequisite courses required for MFE in your undergrad.
Masters in Math/Stat in India won't be financially burdensome but you'll have to invest 2 years doing that, giving up your current source of income as well the 2 years income you can earn if you enroll for MFE now. This is just my opinion though, do consult other people before making any decision.

 

[umaniax]

Thanks a lot for the response.

Masters in Math/Stat in India won't be financially burdensome but you'll have to invest 2 years doing that, giving up your current source of income as well the 2 years income you can earn if you enroll for MFE now. This is just my opinion though, do consult other people before making any decision.

I agree the opportunity cost is huge if i go down this path. An alternative I was thinking lately was to first attend an online mfe (UWs computational finance looks interesting) or something like a WorldQuant University Masters (is it considered credible by top MFE programs?) and probably then apply for an on campus MFE. This will help me keep my job and I could probably ask my MD to move me to a strats team as well in the mean time on account of the masters that I'll be attending online.

 

[noether-skolem]

Unless you already have an MS degree you need to consider the cost/benefit of doing one just for the sake of getting into a good MFE program. The cost is obvious, as mentioned above, tuition cost and 1-2 years of time (is it feasible to do it part-time without harming your performance at your current job?), the benefit is more questionable: how much will it help? If you can get into a top-tier MS in maths/stats you probably are already qualified for a top-tier MFE. If you go into a questionable program, will the program/university's brand/reputation add much value to your applicant profile?

Take a look at the pre-MFE courses from the top programs like Baruch, Berkeley or some of the others, see if they're available online. They probably cost a few thousand dollars but if they're good enough for a top MFE program, they should be good enough for your purpose. If nothing else, I recall some people in this forum saying that doing well in Baruch's pre-MFE gives you an advantage in the application process.

 

[prisonMike]

If you are in good terms with your MD, you can request him to transfer to a Strats team directly. In India the hiring process at these banks is same for Quants and Software Developers.