COMPARE Carnegie Mellon University MSCF vs University of Chicago MSFM

[doubleohseven]

CMU (21k scholarship) vs UChicago (70% off tuition)

Really could use some advice, I'm feeling very overwhelmed trying to make this choice. My gut is telling me U Chicago; I am really interested in the prospect of working at a place like CBOE or CME in Chicago. I also would rather be in a buy-side or a non-traditional finance shop over an investment banking role. I also have very little interest in living and working in New York (would attend the Pittsburgh campus at CMU). However, I wasn't expecting to get into CMU and I feel like it would be foolish to turn down a chance to attend one of the best MFE programs, especially with the added scholarship. I'm really struggling with deciding. Any input would be really helpful

 

[ThewolfJD]

cmu hands down

 

[doubleohseven]

cmu hands down

Could you expand on why? I know CMU is regarded as one of the best programs, but I've been looking at the curriculums and career outcomes and it's not super apparent why that is. The average starting salary at CMU is higher, but aside from that, I'm struggling to understand what sets it apart

 

[johng]

Also curious as to why CMU is regarded as such a top tier program

 

[Qui-Gon]

Also curious as to why CMU is regarded as such a top tier program

MSCF has been in the game since 1994, longer than any of the other programs (Chicago is 1996, so they’re an old dog too) and it’s fair to say they’ve stood the test of time. Their curriculum has very little fat on it and covers a lot of ground, more than many other programs especially so far as ML and data science goes. Shreve 2 is the standard intro stochastic calc text — you get to learn the subject from the man himself. Their alumni are scattered throughout industry. I can only provide an example relevant to my interests — Jeff Rosenberg, in systematic fixed income at BlackRock is an MSCF alum.

For what it’s worth, I think it’s incredibly difficult to separate the 7-8 top programs and that in the long run you really can’t go wrong with any of them. They all have their appealing factors, some more than others, and it all really comes down to what you are seeking to get out of the program.

 

[Skellam]

Based off your highlighted preferences, that's tough. I would still pick CMU, but its hard for me to extract my built in preferences. I'm also in a similar position as you, where I received the 70% scholarship, but I'm still leaning towards Columbia (turning down that scholarship is really not easy). When I started this process, I made a ranking of programs based off my personal preferences and told myself I would stick to that ranking. Columbia was first (technically Princeton was first but I missed the deadline due to personal reasons) and when I received the admit from them I stopped sending out applications (I still had applications to send out to CMU and Baruch). What I am getting at here is you have good options, but only you knows which of your preferences you are willing to budge on, and which are most important. For example, I wanted a program with flexibility and I also wanted to be on a campus setting in NY (these are just two of the many preferences I had). The NY preference I could've easily budged on, but flexibility of tailoring the program the way I see fit was something I considered of higher importance. Considering what you wrote on the UChicago page, I think its fair to say you have more research to do on the programs.

Back to CMU vs Chicago. While the biggest percentage of CMU graduates go to NY in banks, a decent amount go to buy side firms as well and it seems year after year people end up in Chicago as well, so it sounds like it's definitely possible (based off previous years statistics). I also don't want it sound like I think UChicago is a bad program. I think UChicago is a great program and you can definitely achieve your goals at this program as well. All in all, you have a good problem my friend.

 

[doubleohseven]

Based off your highlighted preferences, that's tough. I would still pick CMU, but its hard for me to extract my built in preferences. I'm also in a similar position as you, where I received the 70% scholarship, but I'm still leaning towards Columbia (turning down that scholarship is really not easy). When I started this process, I made a ranking of programs based off my personal preferences and told myself I would stick to that ranking. Columbia was first (technically Princeton was first but I missed the deadline due to personal reasons) and when I received the admit from them I stopped sending out applications (I still had applications to send out to CMU and Baruch). What I am getting at here is you have good options, but only you knows which of your preferences you are willing to budge on, and which are most important. For example, I wanted a program with flexibility and I also wanted to be on a campus setting in NY (these are just two of the many preferences I had). The NY preference I could've easily budged on, but flexibility of tailoring the program the way I see fit was something I considered of higher importance. Considering what you wrote on the UChicago page, I think its fair to say you have more research to do on the programs.

Back to CMU vs Chicago. While the biggest percentage of CMU graduates go to NY in banks, a decent amount go to buy side firms as well and it seems year after year people end up in Chicago as well, so it sounds like it's definitely possible (based off previous years statistics). I also don't want it sound like I think UChicago is a bad program. I think UChicago is a great program and you can definitely achieve your goals at this program as well. All in all, you have a good problem my friend.

Thanks this is really helpful. I severely underestimated the strength of my own application and I thought UChicago and CMU were long shots, so I didn't analyze the programs as closely as some others. Now I'm here with two acceptances plus scholarships so I'm scrambling to try to compare the two. It's comforting to know I don't have a "wrong" answer.

 

[Skellam]

Thanks this is really helpful. I severely underestimated the strength of my own application and I thought UChicago and CMU were long shots, so I didn't analyze the programs as closely as some others. Now I'm here with two acceptances plus scholarships so I'm scrambling to try to compare the two. It's comforting to know I don't have a "wrong" answer.

Yeah no problem, and I understand. Even though Columbia is my top choice I still have unknowns about the program, so I get that. Another thing I forgot to add. If you look at the curriculums, while UChicago has the machine learning course and deep learning, CMU has taken the full dive into data science. CMU could open doors in tech down the road and at one of the seminars the admissions director said quite a few go into the tech sector after years in the finance industry. For me personally, having more doors open is intriguing and another reason why I liked Columbia as well (through electives).

 

[another]

Yeah no problem, and I understand. Even though Columbia is my top choice I still have unknowns about the program, so I get that. Another thing I forgot to add. If you look at the curriculums, while UChicago has the machine learning course and deep learning, CMU has taken the full dive into data science. CMU could open doors in tech down the road and at one of the seminars the admissions director said quite a few go into the tech sector after years in the finance industry. For me personally, having more doors open is intriguing and another reason why I liked Columbia as well (through electives).

Are you currently a student at Columbia? Could you share more about Columbia and CMU's pro and cons?

 

[excitedquant]

Hey everyone! I was fortunate enough to be accepted into both these prestigious programs and want to decide between these two universities. After comparing final costs (includes living costs + tuition - scholarship) UChicago would be cheaper by about 25-30k for me. I wanted to gather input on whether it is worth picking CMU over UChicago and what factors lead to the differentiation between the two. For context: I am okay with the Chicago weather (used to the weather) and I will not be taking any loans to fund my masters (however, the 25-30k will be a bit of a strain on my finances). I appreciate your input! I would love to hear any nuanced opinion as I have done my preliminary search online and talked to a few students from both the universities. Thank you in advance!

 

[Andy Nguyen]

Congrats on getting 5 admits and scholarships. Thanks for sharing them on the Tracker. That's all the contribution we ever ask of our members.
It's a good problem to have picking between the two.
The important question you don't address: what do you want to get out of the program so people can see which one is a better fit for you.
Look at the curriculum, courses, instructors, support that put you on that path.

 

[anxious_guy]

Hey everyone! I was fortunate enough to be accepted into both these prestigious programs and want to decide between these two universities. After comparing final costs (includes living costs + tuition - scholarship) UChicago would be cheaper by about 25-30k for me. I wanted to gather input on whether it is worth picking CMU over UChicago and what factors lead to the differentiation between the two. For context: I am okay with the Chicago weather (used to the weather) and I will not be taking any loans to fund my masters (however, the 25-30k will be a bit of a strain on my finances). I appreciate your input! I would love to hear any nuanced opinion as I have done my preliminary search online and talked to a few students from both the universities. Thank you in advance!

Hi, congrats on the offers! I am currently in the same boat, I have an admit from UChicago with a 37.8k scholarship and no scholarship from CMU. I am unsure about which one to choose. I am currently leaning towards CMU due to their reputation and their more comprehensive curriculum. But on the other hand UChicago also seems like a very good program and 35k is a pretty large amount so I'm wondering if CMU would be worth that extra cost. But I suppose if I am able to land a good job after graduation it wouldn't be too much in the long run. After graduation I am hoping to land a front office quant research role, it seems like CMU would give me a better chance at that. If there are any members here who can give their inputs on this I would greatly appreciate it.

 

[Blake G]

I am facing the same choice. May I ask where you ended up?

 

[kombuchalover]

If I was you, I would take the leap of faith and go with CMU.

 

[Siiilvaaa]

Even taking into account the scholarship, CMU has by far better career outcomes; $20,000 or $30,000 is the margin of error, so I would choose CMU without hesitation.

 

[quant_alpha]

I am in a similar position. I would choose CMU without hesitation. I believe that choosing CMU will be a +EV move accounting for the first several years of my career.

 

[rajdeepc]

Hi everyone! I have got an offer from UChicago MSFM with 20% scholarship and got waitlisted by CMU MSCF. CMU MSCF advised to look at current class profile and strengthen my application. I wanted to know what are the realistic chances of conversion from waitlist to being admitted? I kind of get the sense that the CV I submitted was bit off (I misunderstood when they said it can be 1-2 pages) and have an updated one (standard 1 page used for Jan submissions) with relevant projects and talking points. I also have completed advanced statistics courses since then and plan to do 1-2 more math ones as refreshers. At this point this is the only amendment I can make to my profile with the given timelines.
UChicago requires to respond by March 21 and Visa processing is also a time consuming factor with me being an international student. Chances of CMU MCSF process are looking pale and high risk and I am excited about UChicago after reading the reviews, curriculum and placements. I would very much appreciate all your inputs to assess this "tail" situation many thanks in advance!

 

[Andy Nguyen]

Here is latest employment report from CMU MSCF (Dec 2023 grads). Read all the details, fine prints to find where their grads end up.

 

[neill_gonz]

Here is latest employment report from CMU MSCF (Dec 2023 grads). Read all the details, fine prints to find where their grads end up.

How many of these 91 students already had at least 1 internship before starting the MSCF? How many had full time experience before the MSCF? same case with UChicago MSFM.

Placements are one thing but those numbers may be skewed with the context that employers prefer those with experience already whether they be related or slightly unrelated experience.

It will be interesting to know if there were actually students admitted by CMU MSCF and UChicago MSFM who had nothing at all, got into these programs, and managed to get at least one placement (internship/job).

 

[kombuchalover]

How many of these 91 students already had at least 1 internship before starting the MSCF? How many had full time experience before the MSCF? same case with UChicago MSFM.

Placements are one thing but those numbers may be skewed with the context that employers prefer those with experience already whether they be related or slightly unrelated experience.

It will be interesting to know if there were actually students admitted by CMU MSCF and UChicago MSFM who had nothing at all, got into these programs, and managed to get at least one placement (internship/job).

81% of CMU students had no full time work experience in 2024 according to the 2024 class profile…