Masters of Science in Finance
I'm graduating undergrad this year with a 4.0 form a decent state Uni in psychology. I want to get into portfolio management / private wealth management, but can't seem to make it happen because I'm a psych major from a non-target.
So, I'm looking into MS in Finance degrees. Anyone know, are there programs that
- Don't 'highly recommend' previous work experience?
- Aren't highly quantitatively focused (I only took 1 semester of calc)?
- Take people who majored in things like psych?
Specific program names would be great!
Also, do you think MS Fin is a good step to take to break into the industry?
Can a MSF Help You Break Into PWM?
The first step in breaking into a new field is understanding what kind of role you are pursuing. There’s a big difference between portfolio management and private wealth management, and different roles and types of firms in each industry.
Specific to OP’s questions, however, a few WSO certified users chimed in:
From Certified User @TNA"
- Most programs don't look for work experience. Some do, but in general this is a degree for people without much experience.
- Look at MSF programs vs Masters in Financial Math or Computational Finance. That being said, all MSF degrees involve a bit of math. Statistics, Calc, Probability, etc.
- A lot of programs will take people from other degrees, problem is this is graduate level finance so it is going to have a steep learning curve.
From Certified User @Ruby Rhod"
What you may be looking for is one of these new 1 year Masters in Management programs, like UVa Masters in Commerce, Duke Fuqua Masters in Management Studies, Wake Forest has one too. These are less quantitative than MSF programs.
Off the top of my head, MSF programs that may be a good fit for you might be Villanova or Vanderbilt.
Recommended Reading
1) Most programs don't look for work experience. Some do, but in general this is a degree for people without much experience.
2) Look at MSF programs vs Masters in Financial Math or Computational Finance. That being said, all MSF degrees involve a bit of math. Statistics, Calc, Probability, etc.
3) A lot of programs will take people from other degree's, problem is this is graduate level finance so it is going to have a steep learning curve.
1 - This has been covered, search for "MSF", "Masters" and there will be a lot of content.
2 - What you may be looking for is one of these new 1 year Masters in Management programs, like UVa MS Commerce, Duke Fuqua Masters in Management Studies, WFU has one too. These are less quantitative than MSF programs (they are sort of a watered down version of an MBA for people who just graduated from undergrad).
3 - Off the top of my head, MSF programs that may be a good fit for you might be Villanova or Vanderbilt.
3 - I'd advise that you learn a little more about the industry because there is a significant difference between portfolio management and private wealth management.
Ya, actually Duke's MMS might be perfect for you in this situation. UVA also. Above poster is right on with the advice.
What sort of jobs do you get after a MMS? Are they supposed to prepare you for IB, asset management, PWM, etc...?
MSF would be ideal, but you have zero finance background. Not saying that you couldn't get in, but almost everyone in my MSF program has a finance or econ background. Not saying rule it out, but you would probably have to take a finance class or so to catch up to speed. Message me and I can go into it more.
A MMS degree is like an MBA Jr for those without work experience. It would give you a solid overall business background and you would have Dukes amazing network and reputation.
analyst jobs in finance, duh.
Why do you want an msf to be a financial advisor. Go to some shit firm pass the series 7 and 63, then scam your parents and their friends to be your clients. Now all you have to do is act like a wall street badass, subscribe to the WSJ, read Cramer’s books to become an expert, and bam you have just become a glorified financial advisor right out of undergrad!
I am just kidding. But really what do you really want out of an MSF? They typically do have a fair amount of quant and are extremely finance focused for non finance or econ majors. Also have you taken the GMAT yet?
If you want to be an FA please do not get a MSF. Total waste of time.
Thanks for the advice everyone.
I do have to learn more about the industry before deciding what exactly in finance I want to do, or if a MSF is right for me.
For example, could someone help clarify the following:
what are the advantages/ how is the career path different if one gets in a top firm's PWM division (e.g., Morgan Stanley PWM), versus going to a much lesser firm (like ING financial partners or some local financial advisor gig) and just immediately becoming a FA?
I understand that this question is outrageously naive. But, I can't quite figure out what the benefits of going to the big name firm to be a FA are.... yet, I know that I wouldn't be able to get a job in Morgan Stanley's PWM division, but I could get one at ING Financial Partners.
Also, I know with the UVA program, you have to enroll within less than a year of graduating undergrad.
I don't qualify for such a program because I am graduating this May, and would be looking to matriculate the following Fall. So, unless I am misunderstanding something, the UVA commerce degree is only for someone who comes straight from undergrad, not someone who would work for 1 year in between undergrad and grad.
Well most MSF programs have been filled for next year. As for your question on PWM, honestly the firm does not matter quite yet especially since you are young. Like I said just go to a firm and BUILD YOUR BOOK. Thats the key the big firms will then pay for you and your book to work for them. It really does not matter what school you went to as long as you were able to show that you are good at sales by building a book. Shit going to some crappy school and in five years haveing a 50 mill client base might make you look even better. Since you are still in school have you thought about just calling up a FA office and say you will intern for free. They will 100% take you and you can learn if thats really what you want to do.
Not all programs have filled their slots. Villanova is still admitting and accepting people.
In an answer to the above question about PWM firms. If your goal is to get into PWM go with a solid firm, something that is larger and has a training program. A lot of shops will get you your licenses and then have you start hitting the phones.
Remember this. You have no reputation or experience when you first start out. In the beginning you will be working off your firms reputation. Once you have a book of business and clients trust you and believe you then you can go to a no name shop and still be successful.
If you want to do PWM I would suggest looking into the CFP certifications.
Again, thanks for the insight. It seems that Anthony and Wall Street gave almost opposite answers. According to Wall, one can start out at a no-name just to get the series 7 and build a list of clients. According to Anthony, one should start at a big name to use their reputation to help you start. Then you can take your clients to a no-name...
I can certainly see validity in both perspectives. Isn't it also true that if you start out in a big name (e.g., MS) PWM division, you do not start out as a financial advisor. Don't you work initially as an assistant to a FA? And wouldn't that position be salary based, as opposed to the FA, who is working completely on commission? Whereas at a smaller firm, one could start as a FA right out of undergrad.
I may be wrong with these assumptions. Anyone feel free to clarify.
You can start out at either place and do fine. My argument was that if you are young and have no track record it will make it hard working at a place that people have never heard of. Look at it like this. If I knocked on your door working for bic pen advisers and asked you to give me your money so I could invest you would be highly suspicious. If I was with Morgan Stanley things would be different. You wouldn't know me, but you would know the firm that I represent.
There are pros and cons with both approaches, it really is what makes you most comfortable.
What are the requisites for Duke's MMS program or UVA or Villanova's? GPA? Work experience? School? Essays?
Don't be a lazy fuck...go look them up. Quick run down though. Duke (and maybe UVA) are for people with no experience in business.
UVA - no UG business majors and you need to be a fresh graduate
Duke - none that I know of. I think your WE should be limited
Nova - They prefer UG finance majors, but that is not set in stone
UVA's MS in Commerce program also has a few prerequisite undergrad courses such as financial accounting, microeconomics, and statistical analysis. You can't apply there completely cold-turkey
Why do people always bash mathematics and claim that applied mathematics was harder than pure mathematics? I don't get it. Applied science is what you get if you forget about the difficult stuff and apply 40 year old mathematical branches to a real world problem. What is more difficult in that than working on theory?
EDIT: Wrong post.... Sorry
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