I am a master degree holder in industry engineering and working in logistics now. Just out of curisority, I am wondering, if I want a future job in I-Banking, whether I should choose to pursue a degree in financial engineering or get a MBA degree? Appericate your remarks.
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Financial Engineering will be easy for you. You will spend time applying computing skills you already know and will learn (maybe) deeper financial models than at an MBA program. With an MBA, you will learn how companies function and you will likely learn a lot more and gain decision making skills (versus improving your already very strong analysis skills).
As I did not know much about the structure of IB, is there risk for a financial engineer end up working in a technical-focus post without any opportunity to transfer to other departments involving more investment decision making and strategy?
If you're dead-set on banking, you don't want a financial engineering degree. Fully zero percent of MFE graduates are looking for analyst / associate level jobs in IB. What they are looking for, are jobs in trading, quantitative research, risk management, etc. in sell-side trading, hedge funds, and quantitative Asset Management.
The difference really is, do you want a quant job, or a non-quant job? IB falls under the umbrella of non-quant. Trading and hedge-fund work can be quantitative or non-quantitative (depending on the product and the firm's approach).
You will learn a hell of a lot more with finanical eng. But the MBA will get you into banking better.
MBA teaches you nothing. FE teaches you something but prepares you for not a clear career path. MBA has it's prestige
I would got for MBA if it's a TOP 5 US school I would got for FE if you have no option and you MUST go to school. Otherwise, would network and get the job I want.
MBA. Network.
An MBA vs Financial Engineering (Originally Posted: 10/06/2007)
Hi all,
I have looked at Financial Engineering courses - the focus seems to be on technical skills. Which of the two - MBA or FEng is a better option?
Regards, useruser2
Depends - MBA's will usually provide better recruiting options; however, I feel that Financial Engineering courses would be much more beneficial. There's a trend in recruiting more kids with advanced engineering / mathematics degrees.
Well a friend in one of the quant groups at a big bank said that they look at MFE's a lot. I'm not too familiar w/ programs, but NYU, Carnegie Mellon, Stanford and Chicago are amongst the strongest I think. But you want to be coming in with linear algebra, C++ programming experience (or programming experience with the willingness to learn C++), the calc sequence, and some probability.
Some people I've talked to in trading say that credentials don't matter too much. I think they were referring to the MBA and CFA though; I'm not sure how MFE looks to traders.
People I've talked to in Asset Management have said that CFA is good. If you want to do something financey and you don't have background in it, CFA can show commitment to the field (even if you only passed one exam). Some people I know sat for the CFA after working in asset management for a while; they said it's not to learn stuff that they need, but rather a stamp to show clients.
I can't really speak about PE or IBD, but I'm sure others on this board can.
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