COMPARE CMU MSCF (NYC) vs. Columbia MFE

[Johnny N]

Hello everyone!

I have been admitted to both CMU MSCF (NYC) and Columbia MFE. I would like to become a trader or FO quant. I would be really grateful if you shared your opinions on these two programs with respect to my career goals.

My profile:
- international student;
- fresh graduate from BSc Economics and Finance (Economics major + Maths major) - so, I am good at Finance and Maths, but I didn't have good programming experience (C#, MatLab, VBA beginner);
- almost no relevant work experience;

As far as I know, here are the pros & cons of both programs.
CMU:
+ the program is well-designed, it is structured specifically for 1.5 years;
+ excellent career advice and assistance;
- I guess the brand name of CMU is weaker;
- NYC campus is not a 'real' campus, faculty members spend most of their time in Pittsburgh (I can choose Pitts though, but I think that networking opportunities are superior in NYC - am I right?);
- the program is not flexible at all.
Columbia
+ great brand name;
+ I intend to complete the program in 1.5 years with a summer internship;
+ the program is very flexible, it is possible to choose various electives from various schools in Columbia.
- Columbia seems to have worse placement;
- the curriculum seems to be less rigorous;
- during the admissions process I was a bit disappointed by the attitude of the staff to potential students (I would describe it as 'lack of attention').


I am completely lost, to be honest, so great thanks in advance to anyone who will try to help me!(y)

 

[Juan Pablo]

If you don't want to end up coding, I would go to Columbia.

 

[mfegrad]

If you don't want to end up coding, I would go to Columbia.

dumb comment.

 

[themfeapplicant]

From your own analysis above it seems Columbia is leading in your mind. I don't know how you have reached the conclusion that Columbia’s placement is “worse”. Just have a look at the newest career data they have posted for the class graduating in 2012. Just because CMU publishes its career information regularly and a bit more in detail, giving better breakups etc does not mean that they are essentially better on that front. Do not forget that they are a business school and business schools have a tradition/culture (or I do not know if it is some regulatory requirement) for them to publish in-depth data about career placements. Just for comparison sake, NYU and Princeton also do not publish as detailed career information (although the information they do publish is quite indicative anyways on the companies and positions and salaries, for one to gauge their success) like CMU, UCB etc but are still no doubt brilliant schools and many applicants would choose the former over the latter (and also vice versa, but generally that decision is not solely based on the fact that the career information is posted in more detail. It’s mostly because of more interest in the respective program and the experience and areas of interest of the faculty and whether they match with your own etc). Plus since last year Columbia MSFE has now its own dedicated career counselor which they did not have before.
Also I do not know from where you have got the impression that Columbia’s course is less rigorous. Well I do not want to get into explaining that. I guess if you go there you will automatically realize that is an erroneous statement. The course is equally rigorous and well structured and respected in both schools. I do agree with you on the flexibility part though and like that aspect about Columbia better.
You are indeed in an great position to be choosing between these two outstanding programs. Good luck on your final decision of wherever to go. You honestly can’t go wrong either ways. But that said I may give a slight edge to Columbia, based on two things. Firstly if you are looking outside the US as well both right after the course and even after few years, then the Columbia name will help carry you a long way and open more doors outside the US perhaps. Not that people do not know and respect Carnegie Mellon, it’s just that Columbia has a definite advantage in the perception in majority if not all quarters. I don’t know if this may change in future or if it is already changed for the MSCF program, as I am not currently working but it is just my opinion. I may be wrong. Second, being full time in NY is a great advantage if you are applying for smaller hedge funds and trading firms, which may not otherwise make the trip to Pittsburg. I know you can attend the NYC campus to offset this disadvantage, but maybe at another disadvantage by doing this as you would get lesser face-time with the awesome faculty which you must leverage and interact with as much as possible whichever program you go to. There are stalwarts of the field sitting on the faculty of both schools. When you are in the field or giving an interview, dropping a name like Emanuel Derman or Steven Shreve (amongst other greats, too many to list) and a discussion you were recently having with them about a model you created or the future trends in this industry and how you agree with their point of view, really works in your favor. Good luck whichever way you go.

 

[Johnny N]

themfeapplicant, thank you for your response!) My impressions about Columbia MFE curriculum and placement are based solely on opinions. Both programs are very good if we consider the available official information. But if we consider rumors and subjective opinions...) Some people say that the level of Columbia MFE is lower than the level of NYU, CMU and Princeton.

 

[Johnny N]

Could anyone else share his/her opinion?) I desperately need as much advice as possible.

 

[conan]

First of all, I will be attending Columbia this summer so I might be biased. From talking to students at both programs it seems that CMU does have better placement. However, it's not like attending Columbia will reduce your chances to be a FO quant/trader. Two current students at Columbia have told me that most students were given many interview opportunities but some students simply were not able to convert them into offers. The schools can only get employers come to interview you, and the rest is on you. So I think as long as you know what you want and prepare accordingly, both schools will be able to give you the opportunities you need. On the other hand, maybe CMU has better placement because they provide better education. Maybe it's because it's easier for CMU students to get coding heavy positions. If the only/main thing that's stopping you from going to Columbia is the placement stats, I do not think that you should be worried.

 

[wow]

Don't know if it helps, but this is my impression from talking to people in the industry (no clue where MIT fits in, and no info on Stanford):

Princeton > NYU = CMU = UCB = Columbia MFE >>>> everything else

You can't go wrong either way

 

[wow]

I also think the type of role you get will depend more on your experience (undergrad, internships, FT work), interests, and communication skills more than on which top tier program you attend.

 

[babinu]

I had admits from both these campuses last year and ended up choosing CMU. How I did my analysis, was to reach out to people, analyze these programs and fit out what is the best fit for me. Ping me if you want to discuss further.