Hi All,
I know that there are some real experts on this board so I'm hoping that you can help me.
I'm looking at both MBA and MsF/MFE programs to apply to this fall. Was originally looking solely at MBA programs but the work at an MsF/MFE sounds like it would be intellectually stimulating and may result in interesting job opportunities that would not be available through an MBA.
Stats are as follows: White male, 3.75 GPA cumul GPA from a borderline top 100 LAC (went here bc it is next to my house) & 780 GMAT (50Q). Minor in math. Perfect 4.0 in all upper-level econ & math classes and in-major is similarly high; some of the core requirements in humanities pulled down the cumul GPA. Took all the base math such as calc 1 -> calc 3, lin alg, etc. along with a couple of other courses, stochastic processes and real analysis. Never took a programming course in college which I understand to be an issue. Would get very strong letters of rec from teachers
Possible kiss of death: work in a back office role at a top BB for the past 1.5 yrs since graduation. I do process improvement type work along with traditional back office corporate finance, which is basically a role that I've carved out by teaching myself advanced excel. On the plus side, this shows that I can do some coding, which is relevant to top MFE. Probably wouldn't have had the opportunity to work on this in a FO role
Side notes: planning on taking L1 of the CFA in December.
Def on the young side for an MBA. MsF may be the most actionable plan at this point in time given my age. Other issue would be the possiblity of reduced recruiting opportunities from an MsF given that I'd be a "career switcher". Really interested in hearing opinions on this/any advice to improve my profile!
-Yoshi
You'd be competitive at MIT. I'd advise you to apply there and no where else. Work for another year or so and apply to MBA programs. Top notch scores and you'll have a great brand on your resume.
Hmm. So apply to MsF programs this fall and, if MIT does not work out, MBA programs the following fall?
Why just MIT vs adding Carnegie Mellon, Columbia, Princeton, etc. (although I assume I am not competitive at P given BO exp and low-ish GPA for them)
You can apply to Princeton, but it not sure if a minor in math hits their prerequisites. Personally, I think you'd be better off with an MBA, but if you want the MSF then you can expand to a couple MFE programs.
what do you want to do? MFE loses its value quite a bit last two years due to decline in S&T and poor performance of quant investment.
If I were to do an MBA, I would most likely end up in either banking or ER. I know that I want to work in finance, so I'm definitely excluding general management type stuff.
With an MsF/MFE, I am as of yet undecided. There are a number of interesting paths that I've read about. Strat, S&T quant, and so on all sound like career where I'd be flexing the neurons, which is definitely appealing.
Ultimately I want to have a strong technical base and, later on in my career, work using both quantitative and qualitative/soft skills elements. And MBA will likely be primarily soft skills. I'm a very social/outgoing person and don't feel the need to work on this. An MsF/MFE would therefore be more in line with what I want from an educational standpoint. However, top MBA programs certainly have amazing career outcomes and I'd be overjoyed to be accepted into either.
Second @MokeAnalyst
You should know the clear distinction among those different career path after 1 or 2 years working in a reputable bank BO.
Basically MBA and MSF are more similar (except Princeton MSF, which is more like MFE). Both programs could help you land banking, ER or corp finance jobs. The difference is that MBA leads you to associate role and MSF generally places you to analyst role (MSF grad are competing with undergrad).
Those jobs all require superb technical skills (mostly on corp finance side): you need to know DCF/LBO modeling etc. Most finance focus MBA programs should provide similar if not more advance "technical" courses compared to MSF programs.
MFE is a very different animal. You don't need to know balance sheet or even what the company is really doing to be a successful financial engineer. What you learn there are advance time series, statistics, linear algebra, stochastic calculus and more. Instead of being banker or equity researcher, you will be quant modeler, quant developer, trader or quant investment analyst.
The skill sets and thinking pattern between those two types of finance career are extremely different. From what I've seen, it is very difficult to switch between two (almost impossible in late career).
You have strong stats for both, but I think first you need to decide if you want to be a quant or not.
Although all in finance, the roles you listed are very different and accordingly have different educational programs that'll help you break in.
An MBA doesn't seem right for you. There's no doubt that you can get into a strong program, but based on your work history, your options afterwards will be limited. What you did before your MBA is just as relevant as the quality of the MBA program for recruiting. You'll probably end up in either banking or consulting, two roles which aren't intellectually stimulating, demand a lot of hours but do pay well.
How old are you? I think your best option would be to attend a top caliber quantitative MSF program, learn tangible, technical skills and then work in a quantitative role after (quant AM/HF, fixed income/derivatives, etc). With you stats, it should be MIT or a full ride at CMC and nothing else. After you get some more significant experience, pay off your debt, you might want to go back for your MBA and transition into a quantitative role at a megafund. With your stats, some solid experience, you should aim for HSWCB.
Excellent information, very interesting. It is not as though I am not amenable to banking... it would just be essentially saying, "I am going to view my career solely in terms of income," which you touch on as well. Still a fantastic career path and the one I'd be most likely to follow from the MBA route.
To answer your question, I just turned 24. If I could indeed get a full ride somewhere for the MsF/MFE, following up with an MBA a few years later sounds like it could yield a fulfilling career if that is a route to quant/trader at a megafund.
Thank you for your thoughtful response!
OP should simple do an MBA. Amazing stats and in a year he will have enough work experience. Yeah, BO sucks, buy with those stats and a good story I see him getting into MBA business schools ">M7 schools.
This will provide the most career flexibility and branding.
Sincere thanks again, everyone. Can't tell you how much this discussion has helped, particularly in spurring new venues of research for me with regard to these choices.
Hi Folks
I need your help to evaluate my profile for MIT, Princeton (MFin/MSF) and top MBA programs (finance specific).
Background Education : Undergrad and Postgrad in Econ (Delhi University, India). CFA L2 and FRM. Professional Experience : 3.5 years (in India), Credit Risk Modeling (Logistic, Time Series and Machine Learning Models). GMAT : 760, q50 and v42. Software Skills : R and SAS.
Request all to provide their inputs. Thanks :)
Really strong for MFE. MFE vs MFin is going to depend on what you want to do in your career. I think that you have a good chance at CMC or Columbia MFE for instance. Princeton is a crapshoot for everyone. MFin you are starting to get up there in age at 3.5 years and the exit opps are completely different. May make more sense for you to do an MBA in that case, but if you decide to go the MBA route then other variables are at play. You're going to have to show adcoms that you can provide value to the class in ways that aren't academic. Extracurriculars, volunteering, etc. along with interesting/unique hobbies are all good ways to show this. You're definitely set up for an MFE in my opinion. If you want an MBA, you need reasonable career goals that necessitate one and you need to let your personality shine through. Your stats are all there are you are clearly very bright. Best of luck! Feel free to PM for more info.
Thanks for such an elaborate response. If you ask me about my career goal, I am more inclined to get into buyside (equity). The only hunch I have in pursuing an MBA is that, will I be able to get such a role on graduation (I have no professional experience in IB/PE/ER) ? I completely agree with you that for most mfin functions I have more than optimum number of years of experience, but how will you evaluate me for MIT Mfin ?
you can blow off my classmates at top 5 (not MIT) program. so yes do a MBA at a reputable place would seal the deal.
the real kiss of death, could be recommendation from professors but not from work. a warning here.
Thanks for your response, is there anything that I can do to improve upon my chances of getting a call from MIT. As far as recommendations are concerned I can get one from a professor but rest will be from my clients.
clients recs are still better than profs..
double
Not a double post, good sir. Someone revived the thread in order to ask about their profile.
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