Quant Finance Master's Vs. Math Master's

[macro_investor]

Hi everyone,

I had a question that I've been struggling with and wanted to hear your opinion on.

I've been taking some math classes over the last year (Calc I, II, III, ODEs, Prob, Stats, Linear Algebra) to meet all the pre-requisites for a quant finance master's program in New York which I'm supposed to start in the Fall 2022. The thing is I've really enjoyed these math courses and did well in all of them and I'm tempted to study more math by doing a master in mathematics at the City University of New York instead (which seems like it would be possible to achieve in two years by taking some undergrad courses as well, my undergrad is unrelated in econ & finance, I have 8 years of macro research experience).

Do you guys think it would be a mistake to do a master in mathematics instead of quant finance master? I ultimately want to become a quantitative portfolio manager but before that, I would be really interested to learn more about how cutting edge math can be applied to markets (especially dynamic systems which I want to learn more about).

Any guidance or comments would be sincerely appreciated, thank you.

 

[micawberw]

Perhaps not a direct answer to your question, although maybe relevant: I was due to start an MSc in Mathematical Finance this year, but after getting a job offer as a credit risk quant from undergraduate I realised that it's not necessary, and switched to an MSc in Statistics instead starting in October 2022.

My view is that anyone with any form of applicable industry experience would be better off taking a straight STEM course (Maths, Stats, CS etc.), anyone breaking in with zero experience would be better off on a target quant finance course.

 

[macro_investor]

Perhaps not a direct answer to your question, although maybe relevant: I was due to start an MSc in Mathematical Finance this year, but after getting a job offer as a credit risk quant from undergraduate I realised that it's not necessary, and switched to an MSc in Statistics instead starting in October 2022.

My view is that anyone with any form of applicable industry experience would be better off taking a straight STEM course (Maths, Stats, CS etc.), anyone breaking in with zero experience would be better off on a target quant finance course.

Thanks for your thoughts. Your thinking really resonates with me. Given I have 8-years of industry experience (not quant but macro sell-side and buy-side research) I feel it makes more sense for me to pick a straight STEM course as you say (Msc in Math + some CS courses here and there). Plus I feel that a Msc in STEM can open a lot of doors if one day one wants to move away from the world of finance, one can exit to data science for example right? If I may ask, what was your undergrad in?

 

[micawberw]

I am newer to the job market myself. I finished my undergrad in Mathematics in 2021, interned as a quant analyst for a consultancy company for a few months, then was hired as a data scientist at a bank (FinTech startup), and transitioned to credit risk modelling.

I'm of the same view that a vanilla STEM degree keeps more doors open - I'm keen to also apply for big tech data scientist/research roles as well as quant research positions. Although I wouldn't say it to an employer, the reality is that personally I would like to work somewhere which solves interesting ML/Stats problem with some level of academic rigour, and I don't have a huge commitment to what industry it's in.

 

[Ken Abbott]

There is a great deal of institutional context you would gain with a finance degree. It's possible to learn it on-the-job, but there's a lot to learn.

 

[macro_investor]

There is a great deal of institutional context you would gain with a finance degree. It's possible to learn it on-the-job, but there's a lot to learn.

I agree, I'm happy that I did my undergrad in econ & finance because it really triggered my interest in studying markets in the first place and led me through 8 years of industry experience in macro research which I wouldn't replace. But at this point, I'm tinkering with the idea that a pure STEM degree such as an Msc in Math would add more value to me than a Quant Finance master. Would you think this is a good idea? Any guidance would be sincerely appreciated.

 

[jarryds]

Hi everyone,

I had a question that I've been struggling with and wanted to hear your opinion on.

I've been taking some math classes over the last year (Calc I, II, III, ODEs, Prob, Stats, Linear Algebra) to meet all the pre-requisites for a quant finance master's program in New York which I'm supposed to start in the Fall 2022. The thing is I've really enjoyed these math courses and did well in all of them and I'm tempted to study more math by doing a master in mathematics at the City University of New York instead (which seems like it would be possible to achieve in two years by taking some undergrad courses as well, my undergrad is unrelated in econ & finance, I have 8 years of macro research experience).

Do you guys think it would be a mistake to do a master in mathematics instead of quant finance master? I ultimately want to become a quantitative portfolio manager but before that, I would be really interested to learn more about how cutting edge math can be applied to markets (especially dynamic systems which I want to learn more about).

Any guidance or comments would be sincerely appreciated, thank you.

I would find an applied math program that has a few financial math courses. A math masters can be pretty general and may not get you to where you want to go.

 

[SD_]

I would find an applied math program that has a few financial math courses. A math masters can be pretty general and may not get you to where you want to go.

I think that the programs at UChicago and Michigan are more math oriented compared to the other quant finance masters

 

[jarryds]

I think that the programs at UChicago and Michigan is more math oriented compared to the other quant finance masters

SBU is very math rigorous. I would bet NYU Courant is too.