Why MFE? Unrelated Internships

[bharhe]

Hi,

I see a few people who have been admitted to quant programs without quant internships. I have internships in asset management, but none in quant finance. How then do we build a narrative for the 'why MFE' interview questions? Talking about interest in the coursework doesn't feel like enough. Does anyone have anecdotal experience?

Thank you

 

[nonomysquant]

I guess it depends on what your undergraduate degree is. In my situation, I didn't have any internships in quant finance and just one that was loosely related to finance, so I molded my answers around the idea that I am looking for a more rigorous application of mathematics, statistics, and programming to the financial field (soft finance undergrad). Also, you can write about your fascination with some of the key aspects of quantitative finance and maybe an interest that relates to them.
Example:
probability/risk management --> poker
machine learning --> Monte Carlo methods (if CS)



You can get creative, and you don't need quantitative finance internships at all to get into an MFE, as it seems one of the biggest goals for MFE is to land an internship for the summer after your second semester.

 

[quanthopefully]

Most people don't have quant interships before an MFE because they are typically targeted at master's students. The most important aspect of your application that admissions will look at is that your educational background is sufficient to be able to handle the program, achieve strong results, and get a well paid job when you graduate. This is predominantly based on the math/programming related courses you have taken at uni and any relevant internships (e.g. tech, finance..) which will increase your overall employability.

The quant finance narrative is less of, but still a consideration as they want to make sure 1) you will not drop out (they don't get your money) 2) you are committed to pursuing a relevant and well paid career which the program help you achieve (graduates get good jobs, the program gets boosted in the rankings, they receive more applications, the program is seen as more competitive, they receive more application fees, they get more competitive applicants etc. and the cycle repeats). Generally this requirement is much easier to satisfy. Make sure you research the industry and what your chosen career path entails, as your preparation (or lack of) will show in your essay/interview. You can back up your motivation with modules you have studied at uni, projects you have built, books you have read, industry professionals you have spoken to, insight events you have attended.

 

[WSBquant]

but do most UGs have prior quant experience? My take is that many don’t have and that’s why we apply for the MFE