Rutgers MQF vs Goldman Sachs Quant

[stuxnet]

Hello all,

I have a job offer from Goldman Sachs as an Quant Analyst in the Derivatives Analysis (DA) team and also an offer from Rutgers University for the MQF program. I am looking for some career advice with regards to that, so I hope someone who has pursued either of these options (or even otherwise ) can help me. Let me explain the offers and ask a few questions -

1. The job at GS will entail model validation and working with Desk Quants - building derivatives pricing models along with them. I will be assessing and quantifying exotic derivatives' model risk and approving these models. Now, a little bit about my previous background - I interned with a trading desk of a leading investment bank for almost a year. With this background, may I know -
a. I was working directly on a trading desk at my previous job. The work here is more quantitative but this is more of a money-saving job rather than money-making job. I still dream of becoming a trader. So will it be possible, say after about 2 years of work-ex, to transition to a trading desk within or outside GS?
b. Broadly what all career options (apart from working as a trader) will be available to me after working in a DA team?

2. How would you rate the MQF program at Rutgers? I read the review here (https://www.quantnet.com/threads/review-of-rutgers-master-of-quantitative-finance-program.10024/). Specific questions -
a. How "mathematical" is the course? How does it compare with Rutgers' own MSMF program? I want to ensure I enroll myself into a program which will strengthen my CV with advanced courses and broaden my knowledge in quantitative finance.
b. What was your experience about the quality of professors?
c. People don't seem to have an overwhelmingly positive feedback about career services (the way Baruch MFE has). Are there any placement statistics available? Also in light of my attraction to pure trading roles, how do the placements at Rutgers compare with respect to that?
d. Do students do internships between semesters and does the university help in that? Since I am an international student and have only partial scholarship offered for the program, I hope to earn some money and cover the program costs etc.

3. Finally, what would you suggest to me? Which offer should I take up? I am willing to decline an attractive job offer if I get convinced that doing this program will be a rewarding investment for my long-term career prospects.

Thanks a lot.

 

[Lyosha]

Take the job.

I wouldn't rate the MQF program at Rutgers higher than a quant job at GS. Anyone in that program would be incredibly lucky to get your job. Even in the top Quant programs, most students would be lucky to have that kind of opportunity.

 

[stuxnet]

Thanks Lyosha. I have noted your point about MQF vs GS. The job is certainly attractive (pay, work quality, firm brand...), it's just that I'm a bit worried about whether jumping into this right now will confine me to risk management type of roles in the future. Some senior trader friends of mine also warned me about this. Should I be considering this point?

 

[Lyosha]

Going to MQF will not "un-confine" you from Risk roles.

 

[Shadowfox]

Any given day Go to Goldman Sachs. You will go very far with the brand name of Goldman Sachs.

 

[diegosanaz]

Many people do this kind of masters degrees to get that kind of job.

 

[JohnKim]

Congrats! Get the job and you'll get a free tix to any top tier MFE in few years(if you'll still want one).

 

[Andy Nguyen]

If anything, the job will help OP to

1. Experience working in finance and to learn if this is an industry for him long term
2. Find out his career objectives and if MFE is the necessary degree
3. It will make his MFE application much stronger should he decide to follow this path in few years
4. Save plenty of money and if he decides to go for MFE part-time, the employer may reimburse the tuition

 

[MRoss]

Nothing real to add. Take the job, do MFE later on when GS requires it for a promotion (this happens a lot).

 

[stuxnet]

Thanks all for the advice. I am also inclined to take up the GS offer, just wanted to get views from experienced people like you. Like Andy said, I guess working at GS will strengthen my profile in case I want to do a MFE in the future and I will end up saving a lot of money as well.

But still, can anyone share some wisdom about the point which I made about the possibility of getting confined to risk management roles if I take up the GS offer? Is it true, like some trader friends of mine suggested?

 

[mfegrad]

if that's the case, then go do an mfe and try for something else. hopefully you'll have gained enough market knowledge that you'll be able to nail your interviews.

 

[Lyosha]

stux - as mentioned in this thread, there's nothing stopping you from doing an MFE part-time while at GS if you find yourself stuck in a rut. Two of the part time students in my (former) MFE program are doing just that - working @ GS and doing MFE part time. When they finish I'm willing to bet GS will move them a few notches up the food chain...

And already having a job @ GS will increase your attractiveness to MFE programs tremendously. You'll likely be able to get admitted to one of the top tier programs in NYC (CMU, Columbia MFE, NYU, Baruch).

As mentioned earlier, the payoff is significantly greater on the side of Goldman. Take the job. It's more or less of a no-brainer...

 

[stuxnet]

Ok thanks for the advice and perspective Lyosha. I think I know what I should do now