MBA? MSF? MAE?

jfh06dd:

Ok thanks for the feedback. Any opinions about a masters in applied economics?

Don't know much about this path. I guess if you want to be an economist it could be a good idea depending on the school, but I just know that the MSF is prob more versatile. The MSF can lead to S&T, research, Investment banking, or commercial banking.

...heed the wise words of Dr. Seuss...

"You can read alot of books, IB for beginners, or "How To Cook"...but when you apply, will you look cool, when they ask, "where did you go to school?"

...In other words, I'll take a Masters in Botany at an Ivy League over a 2nd tier B-school anyday. The name of the game is "The Name Game" and at the end of the day, every Director or MD wants to spout off the resume's of their grunts and associates alike as they recruit target school standouts regardless of what people say on this forum. I would say go for the degree that will provide you with more networking capabilities and career enhancement possibilites b/c of the institution.

If you get into all three programs at the institution of your choice, go for the MBA. NORMALLY, In terms of appeal to banks, it's more ecumenical in scope and concept, something BB look for when recruiting for mid-level/associate positions.

Mostly, S&T and Quant HF usually recruit students at Masters in Finance, Quantative Finance, and Financial Engineering are programs.

Typical Corp. Finance and IB employers mostly recruit MBAs for their kind of work.

Im curious as to what prestigous school you attended vadremc.

I have an MSF, and now have no intention of going back for an MBA (unless I get laid off and cant find something relevant).

Many people I went to school with still plan to do MBAs - as many of them got F500 jobs where progression can be hindered by the lack of MBA

The reason why the MSF has this impression are because the degree is a) not as established in the US as the MBA, b) because younger students pursue an MSF while an MBA is still for career changers/those who are more advanced in their career and c) because the schools offering the MSF degree are not at the same caliber as those offering top MBA's.

As time goes on I think you will see more established people pursuing the degree as it is a focused education and takes half the time of an MBA. Right now were are not at that point though.

There aren't that many pure mfin programs that are really strong, aside from Princeton and MIT. Also, the value of a top MBA has been tested over many years and has proven to be extremely valuable while a mfin has not yet passed this test.

If you're looking to get into banking or consulting, do an MBA. If you want something more specialized such as quant trading, derivatives pricing, risk management, etc., then opt for the mfin.

True that but what if I am targeting the kind of roles say...ER or being a research analyst with PE or working in HF where the skillset needed are more in line with having your modelling right, researching & analysing your industry and 80% of time you are really sitting your ass down and learning/studying and applying the skills to get your assessment right with regards to the investment being made....

Even though i am acutely aware of the fact that the said profiles above are swarmed by MBAs but i just dont see what exactly additional he/she can bring to table which I with my MSF cant...

I don't think this background will get you in to a top 20 MBA program.

I don't think you have an in at the elite MFin programs.

I think your best bet is to lateral to a similar BO job to what you have now in a big city, ideally NYC (assuming you don't have kids), ideally at a big firm. You will need at least $55K of pre-tax income to cover your own expenses in NYC; you can then use any additional income to finance your wife's education.

Then you lateral again in 12-18 months into an MO or FO gig.

I don't think spending $40K makes sense for your situation right now.

I think you should get an MBA.

Coming from an Econ background, I wouldn't recommend a MA in Economics.

It does not teach you the right things to prepare you for an entry level finance job. Most of the work is really theoretical and aims towards an academic career. Not that I regret that I've studied economics, but you just have to learn a lot of stuff on the side. Advanced micro (game theory), public finance, economic policy, etc. are all great topics for intellectual stimulation, but they are more or less useless in a real job.

cheers from germany

Thanks for the advice.

You're right, I don't have the background for a top MBA or MSF or MFE. I would like to be doing corporate finance over operations. I believe as of right now this is the appropriate course of action, but I feel limited because I probably have to accept something paying at least high $60s (I currently make almost double that, oil money) for everything to work out in my current situation for the next 3 years. When my wife is finished her schooling, me going back to school would be possible. I realize for my long-term career giving up $120k/yr for a job that is giving me applicable experience is the smart move, but is accepting the higher salary now for a few years going to completely destroy my future career potential or would I have a chance to start again after completing a ma, msf, mfe or mba?

I know of people who graduated before me who have applicable finance jobs, but not the ones they want and they are just as stuck as me in trying to get the job they want. Meanwhile there were people who graduated from undergrad that went straight into the jobs they wanted. I guess a fear I have is to accept a more finance oriented role doing something I don't even want to be doing anyway, in an attempt to meet this coveted "finance experience", essentially taking a 50% pay cut (if I'm lucky) and then that experience end up not even paying itself off.

Is going back to school, at a better school, with better campus recruitment (my school was a target for a really small financial sector that was in a different city but that's it), getting a higher GPA and a masters a decent route to getting the kind of jobs I want? Or am I just falling into the academic trap again where I think doing well will get me a good job, but it really just comes down to who you know anyway and I'd be better off just getting into a big city at a finance job and trying to network into a job I want?

Wait, you're making $120k in a 9-5 job and complaining? Wow bro.

Well, it's 50 hours a week, not 40 and I'm paid due to the location. It's not all about the money. I just want to feel like I am actually using my intelligence and knowledge, in an area I am interested in with potential to move up into roles with more responsibility and decision-making. I don't want to spend the next 40 years of my life treating the 40-50 hours a week I work as some necessity I am forced to do that I take 0 satisfaction in doing. I want my work to become a part of my life because I enjoy doing it and can take satisfaction out of it. I am no where near to making that a reality yet.

Zeknichov:

Well, it's 50 hours a week, not 40 and I'm paid due to the location. It's not all about the money. I just want to feel like I am actually using my intelligence and knowledge, in an area I am interested in with potential to move up into roles with more responsibility and decision-making. I don't want to spend the next 40 years of my life treating the 40-50 hours a week I work as some necessity I am forced to do that I take 0 satisfaction in doing. I want my work to become a part of my life because I enjoy doing it and can take satisfaction out of it. I am no where near to making that a reality yet.

You are 25 and earning $120K/year working 50 hours/week. I don't think you can do all that much better in finance.

You need an interesting hobby. Mrs. Wifey is in grad school right now, so she is in less of a position to complain about a hang glider or motorcycle.

Sorry kid. You've got it about as good as it gets. Frankly, I have a pretty nice life, and you have a pretty nice life. Hopefully you are happy with your family situation. If you have all of that, and you're still unhappy and feeling as though your life somehow lacks meaning and purpose, it's time for you to go on some antidepressants.

But seriously, you need a good hobby. Work is something we have to do- it is not something that defines us and life is not work.

Haha

Avoid finance then.

You make $120k out of undergrad not in IB? Where do I apply?

I think the reason everyone is so unhappy is that we are always comparing our entire lives with other peoples' highlight reels. We only see our friends during their free time, and we usually only read posts or stories about people when they are talking about how much fun they had doing XYZ.

As long as we recognize that life is sometimes tough, the work we do is sometimes meaningless, and that everyone has it about the same and some people have it much much worse, we realize life is doable.

My life is fine now. I am not complaining about my current life at all.

The issue is that in 3 years when my wife is graduated and gets a job in a city, I will have to move to that city. I am currently in camp in the middle of no where, 5 hours away from a major city. When it comes time for me to move back to a city, I am not going to be able to get a job making near the money I am now because my work experience doesn't translate to any kind of job that exists in the city and even if it did, I would not want to be doing it.

When the time comes, I would much rather be plugging away at the life grind doing something related to my degree than not. There are so many good finance jobs I would enjoy out there and so many I wouldn't enjoy. I think I am currently only in a position to get the jobs I wouldn't enjoy, because (odd how this works) everyone else is trying to get the good jobs.

As TNA said, "avoid finance", and I will if I'm forced to be a commercial banker my whole life but then, what else do I do?

Are you working in North Dakota doing the oil thing?

I'd cross that bridge when you come to it. You might as well make the $120, save as much as you can and put your wife through school. Then, when you have to move, you can maybe do a PT MSF or just apply for an MBA. Either way no need to throw away a solid paying job to go to school right now or take a lower paying corporate finance gig. You'll have 4-5 years of experience and hopefully a good chunk in the bank.

IMO, start studying for the CFA/FRM/CAIA. You can do it remotely and at your own pace. They will help you get into grad school and will be valuable for any job in finance. Start it now and you can be done with it or nearly done by the time you have to move.

Be specific with which schools and programs you are looking at. Can't really make a general statement like that.

The job placement is similar, but I would still go for the MBA.

CS

MS Stats, MFE (aka, math finance or quantitative finance)... However, good luck getting accepted to a top program if you weren't a stellar u-grad. Also, they typically take engineering, math, stats, computer science u-grads. Very hard for a finance/econ/accounting major to get in. You best bet is to network if you're against an MBA or MSF.

MACC if you are really lucky....

Most MBA programs don't even take people straight out of undergrad. Also, a lot of MFE programs aren't so eager to take in kids straight out of undergrad.

Financial Engineering, Financial Math, Computer Science, Economics, Statistics, Mathematics, Accounting, Management, etc. - all Master's programs that could be worth pursuing if you are looking for a fresh start from your undergrad.

If oyu dont have any experience in Finance, go for a MBA If you have finance experience go for a Master

An MBA will be a lot more forgiving for a background such as yours. MSF's are for people who just graduated school or who had some finance-related work experience and are looking for a change of pace (going from big 4 to CF/IB, for example). I feel like an MBA who would also position you much better for a solid job after graduation, while an MSF would probably position you for an entry level role.

-guy who did an MSF and can't recall anyone who had considerable professional experience that wasn't finance/accounting related.

I will say this. Depending on your profile, the MBA is probably your best bet. With that said, you might want to consider an MSF (if you want more of a corporate finance position) or an MFE (if you are ok with more of a quant role) if your MBA profile is weaker and you are looking to transition into finance and maybe do an MBA later on, once you have more "high quality" experience.

I did my MSF with over 3 years experience.

Also, if I should be considering another good program please let me know (keeping in mind it is currently too late for the Master in Finance at MIT and Princeton).

I know that the Duke program starts in Mid July, which throws a wrench in the standardized summer internships at most big banks

Why bother with it. Just get a job and wait for an MBA. An MSF won't provide much value to you and unless you get into MIT or Princeton it would be brand dilution.

Financial Engineering is a glorified computer science degree. Not the best fit for consulting - most useful for algo trading. Most schools post the MFE jobs placements. If you look at these, you'll see a lot of the job titles have "developer" in them.

As TNA says, MSF/MFin would be best - but you're already at HYPS... So why waste your time?

Might as well go to work... Do an MBA later if it aligns with your career goals.