CFA + B.S. CS vs. MFE

[Sailor Sam]

Hi all,

How strong would a candidate appear with a CS degree from a top 15 school and a CFA acting as a substitute for an MFE. The CS degree (with machine learning background) provides the strong technical skills (programming knowledge, statistical modeling), and the CFA would provide the financial knowledge.

I wanted to get your opinions on this. I would love to do a master's degree, but the costs are so high, and it would take me out of the workforce, which I don't particularly want to do. A CFA, therefore, seems like a strong alternative.

Obviously, I am not looking to do PhD quant work. Perhaps equity research, portfolio analysis, risk management, etc. (especially Buy-Side as the CFA is generally accepted there)

 

[mhy]

The CFA curriculum is totally different from what is covered in an MFE. There is no hardcore math (depending on your definition) in CFA. No calculus, no linear algebra that I know of, no differential equations, no time series, no calc-based probability/statistics, no stochastic calculus. So it's really not a substitute.

Re: Costs, You could get a tech job in NYC and go to one of the part-time programs. That's what I'm doing, and while I am not able to save money, I will not be in debt when I finish my program.

 

[Sailor Sam]

The CFA curriculum is totally different from what is covered in an MFE. There is no hardcore math (depending on your definition) in CFA. No calculus, no linear algebra that I know of, no differential equations, no time series, no calc-based probability/statistics, no stochastic calculus. So it's really not a substitute.

Re: Costs, You could get a tech job in NYC and go to one of the part-time programs. That's what I'm doing, and while I am not able to save money, I will not be in debt when I finish my program.

How do you find yourself handling the time commitment to the MFE and working full time? Also, how are your living expenses? Thanks for the info. I do feel like a lot of the stuff I would be learning in an MFE program I already learned in undergraduate (the heavy maths that you mentioned: linear algebra, time series, probabilities/statistics), so I'm still trying to understand the utility/cost of enrolling. This is also why I think a CFA would be more attractive for my specific case, but I'm not sure how recruiters would view someone with these credentials

 

[nightkid]

Hi all,

How strong would a candidate appear with a CS degree from a top 15 school and a CFA acting as a substitute for an MFE. The CS degree (with machine learning background) provides the strong technical skills (programming knowledge, statistical modeling), and the CFA would provide the financial knowledge.

I wanted to get your opinions on this. I would love to do a master's degree, but the costs are so high, and it would take me out of the workforce, which I don't particularly want to do. A CFA, therefore, seems like a strong alternative.

Obviously, I am not looking to do PhD quant work. Perhaps equity research, portfolio analysis, risk management, etc. (especially Buy-Side as the CFA is generally accepted there)

As someone who has done exactly that (albeit with a computer engineering degree), I can tell you it will not be easy, and I have not be successful in that pursuit, i.e. switching from tech to a front office or middle office role.

You do an MFE for the career services as much as (perhaps even more than) the knowledge you gain. Hence why programs such as Berkeley MFE, CMU MSCF (no offense to other programs) are so valuable. I would also advise against programs outside of the top tier, but that's my personal opinion.

The saying "you get what you pay for" certainly applies to my personal situation.

 

[mhy]

How do you find yourself handling the time commitment to the MFE and working full time? Also, how are your living expenses? Thanks for the info. I do feel like a lot of the stuff I would be learning in an MFE program I already learned in undergraduate (the heavy maths that you mentioned: linear algebra, time series, probabilities/statistics), so I'm still trying to understand the utility/cost of enrolling. This is also why I think a CFA would be more attractive for my specific case, but I'm not sure how recruiters would view someone with these credentials

It's extremely challenging. I basically have no social life - Saturday&Sunday are spent doing schoolwork. Vacation time is limited because I have to use paid time off for exams. Living expenses are NYC high which is why I have a full time job. I have negative savings after accounting for tuition and have relied on my parents to help me with the difference (which isn't much in the context of the total cost of the program-maybe $1000 here and there).

The MFE takes all of those topics to another level and a good MFE will relate all of them to relevant financial topics. As the previous poster mentioned a good MFE program will give you access to 1) the career services and 2) depending on program, part-time students who are already in industry and can help you network / interview.