Non Finance Majors to Master in Finance program?
Hi, I graduated undergrad with a major in English and was just accepted to a Master of Science in Finance program.
Is there anyone else here that was a non finance major and went into an MSF program? How hard was the transition? What kind of math should I be preparing for?
Thanks a lot.
I could be wrong, but I get the impression that most MSF students come from non-finance backgrounds. I'm sure the experts will chime in soon but that is the way I saw it. I'm going to Villanova in the summer with a Math undergrad (just for one data point).
Do you mind me asking which program you were accepted to? and do you plan on attending?
I haven't gone through a MSF program but from the people I talk to the bigger concern is not having a quantitative background. From my understanding these programs are highly quantitate and a lot of the people that go through them have majored in engineering or math.
@"MagicKnights" - I'll be at Nova too, see you in June!
@"radarr" - Unlike you guys, I'm actually a run-of-the-mill finance major. I know that it varies and some programs focus more on non-business majors. Back when I thought I wanted to go to UT, they told me that they prefer non-finance majors. However, Nova's MSF page says that This is a question @"TNA" can answer more comprehensively.
Also, congrats! What program were you accepted to?
The vast majority of students that pursue the MSF route don't have any sort of academic background in finance. Most studied either engineering or econ in undergrad, though a fairly sized portion studied liberal arts. Now obviously it's going to be easier for someone with an economics background, for example, to make the transition into corporate finance then say someone who studied French. Similarly, it will be easier for someone with a background in engineering to make the transition into quantitative finance. This leads me to my next point:
Your exposure to quantitative courses in undergrad, and your performance in those courses, will dictate the nature of the MSF program that you will attend. If you have absolutely no math background, or if you only took a few math classes and bombed them, then clearly you will not end up in a quant program. The school or the track will most likely not accept you because they doubt your ability to handle the subject material. They may make an exception if you demonstrate some sort of natural aptitude for it, like if you score a 51 on the quant portion of the GMAT, for example.
The non quantitative programs/tracks require a basic understanding of calc 1, possibly calc 2, stats and linear algebra. I took these classes in undergrad and therefore really didn't have to review the material for the MSF. Additionally, many teachers will spend a class or a portion of a class reviewing some of the math concepts that they expect you to know. At the very least, they will explicitly state what they're expecting from you in advance, which will give you some time to prepare. In other words, you really shouldn't get too hung up on the math. Like I said, you most likely won't get accepted into any program/track that requires sophisticated math, and the corpfin (as opposed to quant fin) isn't too bad as far as the math is concerned.
What you should be worried about, on the other hand, is the initial conceptual transition into finance. MSF programs move quickly and are quite grueling. They basically throw you into it (it being financial statement analysis and valuation) head first, right away. Also, at my program at least, they expected everyone to have a really good understanding of Excel and made us use Matlab with little-to-no direction. We also have to use bloomberg, capiq, and morningstar. So my advice is this: spend some time reviewing basic accounting/financial statement analysis. Know what the three major financial statements are, how they're related, what they represent and what implications can be drawn from them. Then spend the remainder of your time familiarizing yourself with Excel.
hope this helps.
Which program in your opinion would be the most and the least quantitative MSF? I am not talking about MFEs. Thanks.
Most people who get a graduate degree in finance have an undergrad in finance or accounting. That being said, people with math or engineering backgrounds do just fine and I routinely see non-finance students getting into and doing well in these programs.
MSF programs require an understanding of calc and statistics. Other than that it is just applying algebraic math skills to finance situations. Options is a perfect example.
I'd go online and read up on some core finance topics. Present value, future value. Some basic bond math. Umm, read up on valuation a little (accounting fundamentals). Know how the three statements work, how a change in a BS item can impact the IS and CF.
I'd buy or download a version of Investment Banking by Rosenbaum (sp?). Really the best primer for the type of stuff you will see.
Some classes might be harder for you than others, but you will be fine. Just try and stay a head of the game as these programs move fast and you need to juggle a lot of things.
I'd recommend mbamath.com
Well worth the $150 or whatever it is. FYI I was a humanities undergrad.
Thanks so much for the input, everyone. The school I was accepted to is USC and I do plan on attending. I am just both excited and nervous as hell.
I majored in history during my undergrad, it's nice to know I'm not the only liberal arts grad considering an MSF. Sadly, I have to take calculus 1 and 2 before I apply for any MSF programs, which means I will be a applying next year. Anyway wish you the best of luck.
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