PhD or Masters

[palliki]

Hi Guys,

I have a master's degree in electrical engineering and working in a high-tech company as a software programmer. I have no major complaints with my current job, but felt I won't reach anywhere with the current career. When I joined my current company, I was introduced to the company stock purchase plan, stock options and 401(k) plan. I started doing a lot of research on the internet and that's how I got attracted to the finance world. Since then I am an addict of CNBC.

The other day I searched monster.com for a credit derivatives/quant analyst/associate position and found few jobs paying in $200K and $400K range. Is this kind of pay check normal? If not when and how would one get such high pay checks. Here are some examples:

http://jobview.monster.com/getjob.asp?JobID=65246860
http://jobview.monster.com/getjob.asp?JobID=65600765


Since I already have a master's degree and three years experience in my current job, I would like to opt a PhD in finance engineering instead of masters degree. Any suggestions? Pay check is the major reason I want to take a right turn in my career. I am thinking of applying to columbia, cornell and princeton. Any suggestions there?

Thanks a bunch,
Kiran.

 

[Andy Nguyen]

As some headhunters here will tell you, only a small percentage of people working in those positions will have PhD. Even it puts down a PhD is required, most hiring managers will interviews MS as well.
If you decide to go for PhD, there are plenty of added bonus but keep in mind the lost time to earn income. As far as I know, PhD aren't ones who makes the most money on Wall Street.

 

[pardasani]

As far as I know, PhD aren't ones who makes the most money on Wall Street.

and neither do quants !!!!

 

[Vic_Siqiao]

and neither do quants !!!!

:D the one who earns most dont have time to take a ms/phd degree

 

[John]

As some headhunters here will tell you, only a small percentage of people working in those positions will have PhD. Even it puts down a PhD is required, most hiring managers will interviews MS as well.
If you decide to go for PhD, there are plenty of added bonus but keep in mind the lost time to earn income. As far as I know, PhD aren't ones who makes the most money on Wall Street.

agree, moreover even if you do have the PhD credantials, ultimately it is what you can bring to the table, programming skills, communications skills, prior experience, promises, etc. that will get you hired, PhD or not.

On the other hand, most of the good MFE program has strong job placement support. That's (big) part of the appeal of getting a MFE education.

 

[Andy Nguyen]

and neither do quants !!!!

Sad but true.

agree, moreover even if you do have the PhD credantials, ultimately it is what you can bring to the table, programming skills, communications skills, prior experience, promises, etc. that will get you hired, PhD or not.

Agree. Back to Kiran's post, the amount of money one get paid is proportional to the money he adds to the firm's bottom line or his perceived values to the group according to his manager. It rarely correlates to his highest education degree.
Even if you have a PhD, you are not likely gonna make anywhere close to the investment bankers or traders whose education consists of mostly Bachelor or MBA degrees. They make 2,3 M a year and didn't have to spend 5-6 years in a PhD program.

So if you think a PhD will automatically get you 200K-400K right off school, think again. Those jobs will entail some experience, I believe. Speaking of which, I can say that many of my MFE colleagues will be doing those positions in the next 1,2 years, or earlier

 

[DominiConnor]

It may sound arrogant, but your research didn't find Paul and me, so it's not there yet.

I had to re-write the Quant Dev and IT parts of Guide 2.0 three times from scratch before I got rid off the vast horde of ifs, buts, and maybes this entails.

Short version boils down to what sort of programming you have done. GUI and database stuff is of little value to the quant developer.
C++ is important, and and please, please don't say Java.
Real programming means threads, STL and Boost.
Since you are saying you are a s/w engineer interviewers will question you on this, and saying "I guess this is like in Java" is pretty poisonous.

You also need to suss out numerical methods, and learning XLL/DLL won't hurt.

 

[Andy Nguyen]

Dominic,
Speaking of your guide, what is the status of Guide 2.0 ?
Last I heard, you are still revising it.

 

[Isom]

Hi, Quant Community,

I am currently enrolled in an MSFE and will conclude by May next year. I intend to proceed straight to a PhD in Finance(Specialization - Derivatives and Risk Management). Can somebody help me out on where I can get some samples on "Statement of Research Interests" for the application? I want to write a good one that can earn me a place in one of the programs .

Thank you.

Adiari Isom.

 

[Yuriy]

Hi, Quant Community,

I am currently enrolled in an MSFE and will conclude by May next year. I intend to proceed straight to a PhD in Finance(Specialization - Derivatives and Risk Management). Can somebody help me out on where I can get some samples on "Statement of Research Interests" for the application? I want to write a good one that can earn me a place in one of the programs .

Thank you.

Adiari Isom.

There aren't many of us here who have written "statement of research interests"
Try thinking of your own interests and not copying someone's ideas

 

[Andy Nguyen]

I am currently enrolled in an MSFE and will conclude by May next year. I intend to proceed straight to a PhD in Finance(Specialization - Derivatives and Risk Management). Can somebody help me out on where I can get some samples on "Statement of Research Interests" for the application? I want to write a good one that can earn me a place in one of the programs .

For a fee, some websites will write you a complete essay. They got plenty of people into Ivy schools so they must be good and able to get you into a PhD program. Right ?
Seriously, if the school you do your MSFE now is the same you plan to do PhD in, then you probably know some professor, mentor there who can vouch for you. That plays a big part in one's PhD admission.
If that's not the case and you still don't have any idea of what research subject interests you most after you doing your MSFE, then I'll say paying a fee for the essay service is not a bad idea