Dual Degree with MSF/MFE?
I'm starting my MSF soon, but BC I will still have 4 yrs of fluff and one year of legit education, I'm pondering a dual degree. If I could, which is a better second masters to add: one in accounting, which could make me a "jack of all trades," or one in financial engineering (a master of one)? The math would be an uphill climb on the MFE, but the idea is that a CFA, an MSF/MFE would really show my dedication to the field, and quant chops.
I'm looking for a career in ER/AM, or IBD.
update: i've ruled out the mAcc, but still am thinking bout MFE
I'd just check CPA requirements in whatever state you are in/will be in. Usually you only need a certain number of accounting classes to sit for the exam. Probably don't need another degree.
I have never taken an accounting class tho. I'll probably take a financial accounting course at the MSF tho.
Nononono. You have the easy education effect and the flake effects going on here. Doing two masters degrees at the same time contributes more to the flake effect than the easy education effect.
Don't do two masters. Instead, sign up for the CFA exam or maybe the CPA as TNA suggests.
CPA in Illinois, I believe, is four very specific accounting courses, plus 30 credit hours of general business classes (which would include finance, accy, and business management), plus 150 credit hours total of education. You are then allowed to sit for the exam.
It will depend on your state. It's just like the bar exam in that every state has their own specific requirements.
You do not get your CPA designation until you've practiced for something like two years though.
Yeah, listen to these guys. I have my CPA in IL, and I took online Spanish and Nutrition courses from a juco to get my 150 hrs (my undergard was accounting). Even in the Big 4, the MAcc doesn't get you more money, promotion, etc., but really is a means to an end to get the CPA. Kick butt on the finance degree, I don't think you'll get a material benefit from slogging through advanced accounting courses.
what about getting CPA in NY/NJ/CT? How much harder/easier is that (I'd imagine harder)?
CPA exam - is uniform across the country administered on computer. The difference is each State's education requirements to take (sit) for the exam. For example, Georgia and Texas both require 150 sem hours to sit for the exam, but with different specific business courses necessary to meet that 150 hour requirement. Simply stated, Georgia''s requirements are not as specific.
Bar Exam (Law) - 3 day test which consists of 2 days uniform material and 1 day State specific. The State specific material is also administered in different formats depending on how that state decides to do it and with different topics. For example, Texas tests oil and gas law.
how about financial engineering? Then I'll have STEM and finance chops. If they're administered jointly by the same school, would that work out?
Here is Ito's Lemma. Most MFE students consider this relatively straightforward after spending an hour looking at it once you understand what a Wiener Integral is (basically a sum of infinitesimal random variables where they add up to a normal random variable if you simply take the sum):
http://en.wikipedia.org/wiki/It%C5%8D's_lemma#It.C5.8D_drift-diffusion_…
Here is the Girsanov Theorem. This is the Abominable Snowman that lies in wait at the summit of MFE Mountain. It's used to explain what happens to the stochastic drift of a martingale when you perform a change of measure on the probability space. This is probably one of the hardest theorems I had to learn and every good MFE program will make you learn this:
http://en.wikipedia.org/wiki/Girsanov_theorem
I got a perfect score on my SATs. I'd like to think I qualify as an above-average Engineer when it comes to math- certainly calculus and stats. I spent three straight days staring at this theorem with a blank look on my face. I don't know how you rank in terms of quantitative intellect, but probably 75% of Engineers in the US and perhaps 90% of all college graduates in the US are not capable of learning and understanding the Girsanov Theorem.
To graduate with a worthwhile MFE degree, you'll need to understand what these theorems mean and how to apply them. Now, an MSF degree that's heavy on math- one that takes you past the treeline on MFE mountain but keeps you safely away from all of the stochal wildlife- may be a good compromise here. MIT is a great example of an MFin program that gets into detail on some of the math and stats but does not go crazy.
Just be careful with an MFE program if you don't have a STEM undergrad and don't have a lot of math courses under your belt. An MFE is not like a Journalism or Psychology degree that anyone can just pick up. There are some very serious math prereqs for this program. And while there are a very large number of people with liberal arts backgrounds who are capable of earning a good MFE, not everyone can do it.
I know you are trying to maintain optionality here, but the best way to really maintain that is for you to get a job. Find the most direct route to getting a finance job, then take some math classes, then if you still want to be a quant, do an MFE.
Here is UChicago's required coursework to pursue an MFE (They call it a financial mathematics degree, but it's really the same deal.) You should aim for something like this if you want to go for it:
http://www-finmath.uchicago.edu/admissions/requirements.shtml#mathemati…
Real Analysis and a programming course are also extremely helpful.
so basically if I manage to get thru pre-calc thru calc II, if I don't get Girsanov Theorem, I wasted 60 thousand dollars?
Dude, you are throwing shit against a wall and seeing what sticks. Not a good plan for a masters. Pick a path and commit to it.
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