How hard is it to get into a US MFE program?

C

CFAinTheCity

New member
Joined
Jun 18, 2026
Messages
0
Reaction score
0
I have a huge dilemma in deciding whether to get a MFE or more work experience? Here is some background info about me. I have about a year of experience as a credit analyst and graduated from a Top-Tier undergraduate school with a BA in Economics. I have passed Level One of the CFA. I was laid off from my job a few months ago and appear to be competitive for most jobs. In order to apply to a MFE program I would have to take numerous math and computer programming classes over the next year at a community college. My main fear is not being able to get into any MFE (or quant finance) program with limited work experience and a Bachelors Degree. This would completely suck since I am taking a year off of work to complete prerequisites. Can someone who has gone through the application process shed some light on my decision to pursue MFE vs. going back to work? Thanks for all of your help.
 
I think you can do it. Job mkt isnt going to get better till at least mid 09, and that is being optimistic. If you can get into a program quick, it may not be a bad idea. Too bad you didnt have 1-2 more years, you could opt more an MBA program If you have REALLY good grades undergrad and have a good story to go with your 1 yr work exp, you can try to gun for the MBA, but I suspect admission offices are getting nailed with aps right now. Early round decisions are already going out. You have until early april for most good programs. Good luck
 
MFE is a good degree but keep in mind that MFE is much more quantitative than a normal masters degree. You HAVE to have experience in programming as throughout the year you will have numerous assignments and you will be stuck if your programming skills suck. Several math courses may not suffice. Your quant. background has to be really solid.
IMHO, MFE is ideal for working as a Quant. Analyst and puts too much focus on quant. stuff so your career path is a sort of…predetermined. Why not go for a MSc in Finance ?
 
Well, most employers don’t kown the difference between MFE and MiFinance. You could get CFA on top of MFE. Then you will be more valuable than MiFinance alone.
 
I am definitely going to finish up my CFA as well. I plan to take computer programming classes in addition to math courses. My main concern was getting into ANY MFE program. It appears that most programs are small. Would it be difficult to get into a lower tier MFE program?
 
I am also interested in MFE. My question is, what the heck is MFE different than MS of F?
 
What exactly is “quant” experience? Some of the programs asks about “quant experience” in their essays and I haven’t done anything really mathematical since graduating with an Engineering degree. Can i just put my programming work as “quant” experience?
 
I’m assuming when people use MFE on this forum they are referring to a Masters in Financial Ecomonics versus a Masters in Financial Engineering, correct?
 
I took it to mean Masters in Financial Engineering, aka Financial Mathematics. So that would be quants based courses aimed at pricing derivatives, risk management and so on. Is that what you’re interested in CFAinTheCity?
I don’t see why you wouldn’t get accepted to one of these courses if you’d done the required preliminary work. I don’t think work experience should come into it. A lot of people taking an MFE would be coming straight from undergrad.
Just make sure to take to the course officer in the college you’re interested before taking any prerequisites to make sure a) they know who you are and are more likely to admit you in a year’s time and b) you are taking the correct prerequisite classes!
 
CFAinTheCity Wrote:
——————————————————-
> I have a huge dilemma in deciding whether to get a
> MFE or more work experience? Here is some
> background info about me. I have about a year of
> experience as a credit analyst and graduated from
> a Top-Tier undergraduate school with a BA in
> Economics. I have passed Level One of the CFA. I
> was laid off from my job a few months ago and
> appear to be competitive for most jobs. In order
> to apply to a MFE program I would have to take
> numerous math and computer programming classes
> over the next year at a community college. My main
> fear is not being able to get into any MFE (or
> quant finance) program with limited work
> experience and a Bachelors Degree. This would
> completely suck since I am taking a year off of
> work to complete prerequisites. Can someone who
> has gone through the application process shed some
> light on my decision to pursue MFE vs. going back
> to work? Thanks for all of your help.
I don’t really understand stuff like this. Are you aware that Wall Street quants are those guys who were on the math team in high school, studying for the Putnam exam in college, complained that SAT’s maxed at 800 when on their worst day they could get an 1100, etc.? None of them think that the professors at community college are very worthy, and you want to join them by going to community college? By all means, take calc at community college but a career as a wall street quant based on that isn’t going to be very easy or satisfying.
 
Thanks for all of your input. I was hoping to find someone that went through the application process that had a similar background to myself.
 
I did exactly what you are facing. Keep in mind that a Ms of Math Finance does not qualify you to be a “quant”. Quant status will require a Phd in most cases. I went back and had to retake 6 calculus, statistics, and linear algebra undergrad classes before I was accepted. The MFE really prepares you for understanding and usage of the models developed by quants, great forecasting skills, understanding of derivatives in depth, and solid financial economic theory. Doing some prerequisites at a community college will not hurt your status in life as a trader or PM with an MFE, but will not be viewed very well by the quant society that views themselves as elite.
 
JoeyDVivre Wrote:
——————————————————-
> I don’t really understand stuff like this. Are
> you aware that Wall Street quants are those guys
> who were on the math team in high school, studying
> for the Putnam exam in college, complained that
> SAT’s maxed at 800 when on their worst day they
> could get an 1100, etc.? None of them think that
> the professors at community college are very
> worthy, and you want to join them by going to
> community college? By all means, take calc at
> community college but a career as a wall street
> quant based on that isn’t going to be very easy or
> satisfying.
This is going to sound brutal, but hey at least it will be honest.
Joey is correct. If you are going into MFE because it’s new hip area, you will be disappointed. MFE programs are hardcore, cut-throat gladiator arenas, where the best of the best strive. Check out some of the profiles at Haas program:
http://mfe.haas.berkeley.edu/current/index.html
Can you match them? My guess is NO. If you have to take a year of to complete prerequisites, you are most likely not suited for the field. Save yourself $60-90K and 3 years of unearned income and do something you excel at. Or did you become coder/programmer back in 1998 and now hate it?
Btw, there are only few legit MFE programs in US: Berkeley, Columbia, Cornell, NYU, Princeton, Stanford (in alphabetical order). The rest - Michigan, Oregon, Baruch, Rutgers, Virginia, etc - are shallow end of kiddie pool. Baruch is particularly worthless.
 
Trogdor Wrote:
——————————————————-
>
>
> Btw, there are only few legit MFE programs in US:
> Berkeley, Columbia, Cornell, NYU, Princeton,
> Stanford (in alphabetical order). The rest -
> Michigan, Oregon, Baruch, Rutgers, Virginia, etc -
> are shallow end of kiddie pool. Baruch is
> particularly worthless.
Are you sure about Baruch? Cause my friend(a pretty bright kid) goes there and he can’t stop telling me that how many geniuses go there and basically how it makes it sooo tough for him. He convinced that how Rutgers was not as good as Baruch. Also in the below link you will find there graduates are employed by top employers., it does not necessarily mean that they also have the highest salary.
http://www.baruch.cuny.edu/math/InternshipStatistics.html
 
surveyinn Wrote:
——————————————————-
> Trogdor Wrote:
> ————————————————–
> —–
> >
> >
> > Btw, there are only few legit MFE programs in
> US:
> > Berkeley, Columbia, Cornell, NYU, Princeton,
> > Stanford (in alphabetical order). The rest -
> > Michigan, Oregon, Baruch, Rutgers, Virginia, etc
> -
> > are shallow end of kiddie pool. Baruch is
> > particularly worthless.
>
> Are you sure about Baruch? Cause my friend(a
> pretty bright kid) goes there and he can’t stop
> telling me that how many geniuses go there and
> basically how it makes it sooo tough for him. He
> convinced that how Rutgers was not as good as
> Baruch. Also in the below link you will find there
> graduates are employed by top employers., it does
> not necessarily mean that they also have the
> highest salary.
>
> http://www.baruch.cuny.edu/math/InternshipStatisti
> cs.html
100% certain. All Baruch students always claim that Baruch is not as bad as others say it is, but they can never back it up. A classic example is my ex, who graduated from Baruch, top of a class, and was taking LSAT hoping to get into some good law programs. She flunked and looking for part time job because no one would take her.
There is a certain benefit of Baruch program to seasoned finance professionals who want to stay in NYC area and do program part-time. If you read statistics carefully, you will see that they
are biasing the compensation and employment data in favorable way.
 
” A classic example is my ex, who graduated from Baruch, top of a class…” Well, I dunno about Baruch, but this is a serious dent in Trogdor’s credibility about it. (Some good chess players go to Baruch).
 
You must log in or register to reply here.
Back
Top