What to do now? - Opinion on what my next step should be
I want to get your guys opinion on what my next step should be. A little background on me first. I am currently in a bachelors program getting my computer science degree with concentrations in software engineering and database. Also, i have a degree in accounting and finance that i got about 5 years ago. I currently work as a Senior accountnat at a Private equity firm.
i am thinking about going back to either get my MBA or MS in finance but not sure which one and before i got back i plan on sitting for my CPA. The plan is to go back for the Master in the fall of 2012.
I have always wanted to be a trader but i think both my age and lack of experince will hinder that. Let me know what your opinions are.
Well to start off - is your goal still to be a trader? And with current degrees that you are getting in comp sci and background in finance and accounting, if you still want to make it in trading your chances aren't bad at all.
Instead of wasting time getting CPA and Masters in Accountancy, go for MFE, you meet all the criteria to get in provided you do well on your GRE. If you make it to a top program in MFE such as princeton, chicage, and tepper, you will be pretty much guaranteed to be lpaced in a quant /trading role.
Agree with kbluearmor. I think CMU's MSCF is probably your best bet if you want to be a trader. I definitely regret rejecting their offer and choosing a different school for my MFE. At the time, I thought most MFE's were made equal. That it would be the same education, and what you do with it is entirely up to you. Needless to say, I couldn't be more wrong. Rock the GRE, have some great essays, get some solid recs and go for CMU. The rest of the stuff seems like a waste if you're set on being a trader.
Caveat emptor: The program is very very expensive, which is why I naively turned down the offer. The return on your investment and time will be worth it though.
Thanks guys. Sounds great. Ill look in CMU's MSCF. I really do want to be a trader and that is my goal. I am tired of accounting. I still think i am going to do my CPA becuase i feel that if trading does not work out i can always be a CFO or controller in a technology company.
What are some of the main things that i defentily need to focus on if i want to get into CMU?
Strengthen your math knowledge at least to multi-variable and advanced linear algebra, know your C++, Python, Perl or such. For finance make sure you know the basics of monte carlo theory, black scholes model (basically option pricing), and some fundamental corporate finance/accounting (don't need much of this for trading).
I strongly recommend reading Stochastic Calculus for Finance volumes I and II. They're by Steve Shreeve. He's the guy who started the MSCF program at CMU.
no one cares ur at cmu u nerdy asian
lindamas - I don't think anyone on this thread is from CMU. I'm merely recommending CMU to the OP. Time to get your head out of your ass.
everythingsucks - Would you say those are good textbooks for someone to learn from without any prior exposure? I'm pondering whether an application to Princeton's MFin is in my future. However, I haven't taken a math class since BC Calc in 12th grade and intro stats as a freshman in college. I'm generally pretty good at self-teaching from textbooks though.
Does anyone have experience self-teaching these subjects from these textbooks (or any other ones)?
Hi dublin, volume I will be accessible to you, but volume II is quite advanced, and I don't think you're ready for it.
Princeton's MFin is a very mathematically rigorous program, and as such they look for (relatively) advanced math backgrounds in their applicants.
I can definitely recommend a course of study that you can complete in 1 year (assuming, of course, that you are very dedicated) that will give you a solid foundation for the Princeton MFin.
Start with: (4 months to get through the core topics in these books) Calculus - Michael Spivak Linear Algebra - Friedberg, Insel Mathematical Statistics with Applications - Wackerly, Mendenhall Stochastic Calculus for Finance I - Shreeve
Next (4 months ....) Advanced Calculus - Folland Partial Differential Equations - Strauss Real Mathematical Analysis - Pugh ( Chapter 2,4, and 6 are sufficient)
Finally (4 months ...) Real Analysis - Royden (The chapters on Measure Theory) Stochastic Calculus for Finance II - Shreve (read this cover to cover) Topology - Munkres (not relevant, but fascinating)
These books are certainly not easy, but they are very pedagogical, and rewarding if you put in the effort.
This is not bedside reading. Make sure you have a pencil and paper ready. Take notes. Everytime steps are skipped in proofs, try to fill them in yourself. Do the problems in each section until you're comfortable with the topic. This is how you'll develop mathematical maturity.
Good luck and you are more than welcome to PM if you need any more details or advice.
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