COMPARE Columbia University - Masters in Financial Engineering vs University of Chicago - MS in Financial Mathematics

[statarb]

Can someone please provide some light on which of the two programs may be more beneficial (short term and/or long term)?

My background: Stats Phd (US) + Math BS (China)

Chicago MSFM vs Columbia MSFE:

1. a math-intense program that may benefit somone in the long-run?

"finance is the least you would worry about for now if move into the quant finance field" as I read from QuantNet. I have a statistics PhD but still need SDE, numerical technique, and computational skills in C++. Theory helps the application in the long-run in my view.


2. Columbia's program seems more practical/diverse. Can it be more helpful to someone with a quantitative PhD (as compared to Chicago)?


Thanks so much!

 

[Yuriy]

I am not sure whether you need another degree.
As a Stats PhD, you already have skills you can use in FE. Depending on where you want to work, you might not need numerical methods or SDEs. Take C++ at your local school and apply for a job

 

[alain]

WHy do you want to spend money on an MFE? Try to hit the job market with the PhD you have already. You might be surprised.

 

[statarb]

Thank Alain and Yuriy, you are both correct quantitative PhDs do not always need a MFE for entering into the quant finance field.

However, I have seen a few quantitative PhDs already in the field taking courses at NYU or CMU part time just in aim to move into a quality finance position they really love to work on. I have been trying to get into the field; my friends with similar or better background also tried hard. By bettering experience, I meant people with C++ skills and good finance/SDE knowledge. Under such economy, it is almost impossible (unless your PhD is from very top schools). MFE can give an edge, I believe.

WHy do you want to spend money on an MFE? Try to hit the job market with the PhD you have already. You might be surprised.

 

[Yuriy]

One thing is to get a job in finance; moving up the stairs being already in the field is another thing. What kind of job are you looking for? You might, first, want to look for an entry level job, just to get your foot into the door. Look for jobs that require your skills. I had one interview where the person asked me how many stats course I have taken (that was a few years back), that was a job in finance and stats was the major thing he was interested in. You can also get a certificate in one of the areas that you think you are missing.

 

[statarb]

Yuriy, that is what I wanted to accomplish: getting your foot into the door. I believe I need to still try harder. I am taking CFA level I in June just to get the knoweldge. Will start working on C++ and SDE after that. As a Phd I think I can more of focus on some areas of finance with the frontier stats knowledge I have, in addition to getting general exposure to financial engineering concepts/skills.

Back to the topic: can you (or someone) address my situation please? Which of the two programs may fit my background better? I guess plan out something is different from implementing it. My action may change if job hunting turns out to be positive. Again, I am currently in the pharmaceutical industry, and employers do prefer fresh Phds sometimes whom they believe have genuine interest

Thanks!

One thing is to get a job in finance; moving up the stairs being already in the field is another thing. What kind of job are you looking for? You might, first, want to look for an entry level job, just to get your foot into the door. Look for jobs that require your skills. I had one interview where the person asked me how many stats course I have taken (that was a few years back), that was a job in finance and stats was the major thing he was interested in. You can also get a certificate in one of the areas that you think you are missing.

 

[Yuriy]

Is this the program at U Chicago we are talking about?

MSFM - Prospective Students

I will compare it coursewise to Columbia's MFE

 

[Yuriy]

side by side comparison of Chicago FM and Columbia FE

 

[Yuriy]

I had to reduce the size of the image to fit the tables side by side. I can produce two separate tables if there is need.

 

[statarb]

Yuriy, thanks for compiling the list comparision among the two programs. It was very excellent effort.

-Wallst1000

I had to reduce the size of the image to fit the tables side by side. I can produce two separate tables if there is need.

 

[Yuriy]

Now that we have the complete picture, we might draw a couple of conclusions.

Clearly, Chicago has a very strong programming component and does not allow for any electives. Columbia FE, on the other hand, does not have much programming but offers opportunity to investigate many different fields, which is good for someone who is just entering the area of financial engineering and is not sure where to go (someone with just a BS). If you think you will need to program at some point, then Chicago might be a good choice, especially if statistical arbitrage/algorithmic trading is on your radar.

If I have some time later, I'll compare Chicago and NYU.

 

[ActuaryQFI]

I have been fortunate enough to gain acceptance into the two programs above. I am leaning slightly towards Chicago given the generous scholarship I received (which does matter a lot to me), but I would still like to hear from you guys. I was wondering if going to Chicago would limit my postgraduate outcomes?

Upon graduation, I intend to work in derivative pricing or asset management. From what I understand, both programs are excellent in this area. However, Columbia seems to offer a wider range of electives and PhD courses. That said, there are also many interesting courses (e.g. market microstructure) that I would like to take in Chicago.

The area that I would like to improve the most is my financial computing skills in C++ and Python. So I am also planning to take some programming courses. I think both programs offer a lot of courses in this area too.

Also, I have no preference between working in Chicago vs New York. I am not tied to any location, and would be happy to work anywhere else too.

My plan was originally to visit and speak with the faculty members of both departments before making a final decision, but travelling during the virus outbreak does not seem to be a wise decision. I would really appreciate if you could please share with me what you know about the two programs.

Thank you!!

 

[ActuaryQFI]

Could anyone share some advice about the two programs above?

 

[princeofbelair]

That's a damn tough decision, but a good problem to have haha I don't know much about uchicago but I can only suggest registering for their information session which is march 18th

 

[ActuaryQFI]

That's a damn tough decision, but a good problem to have haha I don't know much about uchicago but I can only suggest registering for their information session which is march 18th

Exactly... I am really torn between the two choices but thank you for the suggestion! I will register for the information session for sure.

 

[Victorxwk]

I‘m also applying for Uchicago MSFM. But there is still no news.
Do u mind telling me when did you get the offer ?

 

[ApolloChariot]

the way I look at it, a school/program has to be very significantly better to choose it over a program offering a 50k scholarship; I believe it's clear cut that if Columbia is better, it wouldn't be better enough to justify foregoing a 50k scholarship at Chicago

also 50k when you are just starting graduate school is worth a lot more than 50k a few years into your post graduate career

 

[sanchan]

Great problem to have! And congratulations for your admits

Clearly, everyone agrees that Columbia MFE is comparatively better than Chicago. And the Ivy brand you get on your resume. But 50k is a lot more than all these at this stage is what I feel. You'll barely have to pay further to earn a degree at an almost good program as Columbia. On any day with that level of scholarship, I'd go with Chicago.

 

[bfm.my]

Hi all,

I received offers from both programs. I am leaning towards Columbia but the offer from Chicago comes with xx% scholarship. After having read numerous comments on QN, I find that Chicago's program isn't really painted as one of the top ones - this is surprising given the reputation of the university and its Math Dept.

I appreciate your opinions on this. Many thanks.

 

[Skylime]

Hi there,

Ive been accepted into the Chicago FinMaths program as well. This is the only program I have applied because it is the most logical one based on my personal situation. I am a quant dev looking to transition into option trading. UChicago's focus on option theory, risk mgmt together with geo advantages in terms of trading jobs makes it the most logical choice to me. I also wanted to attend a program where the workload isnt too overwhelming, this would allow me to focus on interviews whilst still getting good marks.

I think Columbia MFE is generally considered a stronger program than Chicago FinMaths. However, I think both programs meet the minimum hiring bars for jobs in prop trading / hedge fund / BB banks. Once you are in the interview loops, it's your own academic knowledge and technical skill-sets that matter.

Would love to hear other people's thoughts too!