Dark Secrets of 'Prestigious' Programs: Caveat Emptor
Here are some specific issues that may be relevant to many of the potential MFE and Quant applicants on this forum and their selection of various programs and related career issues as known from trusted sources.
A much ‘respected’ program [particularly ‘respected’ by O.P. with name starting with Ily, who most know about on this forum] discussed here turned up some interesting stuff that apparently went unnoticed by many vocal critics of such programs. That program sent admission letters last year to applicants for its Master of Engineering in Quantitative Finance program scheduled to begin last Fall. After joining the program, it became known to some from insiders that the Master of Engineering in Quantitative Finance program would not exist for at least another year or probably more. It was yet to be even ‘considered’ for approval by the institution and the proposal would be made next summer or later by the first department head who was expected to join the program next year. Some of the ill-fated candidates who thought that they were enrolled in this prestigious university’s and program’s first batch of Master of Engineering in Quantitative Finance had a rude awakening on knowing that they would graduate without any ‘real’ Quantitative Finance education or degree.
If one carefully studies the career trajectories of the top ‘stars’ (clue: who got the most ‘glamorous’ of jobs sought by many newbie MFE applicants on this forum) from some of the most highly ‘ranked’ ( ‘top ten’) programs, one would find that many of those stars burnt out within less than a couple of years. Last time one checked upon a few of those stars’ current professional status, they were like many others in the Financial Engineering field: not occupied in the same profession any more or searching for a job. Here is a clue about those programs: one of those programs is known for placing many for internships at the most ‘respected’ investment bank, and, the other program is known to desperately want to place its interns in that bank: it had placed at least one intern with that i-bank who happened to go elsewhere after the internship.
Here are some specific issues that may be relevant to many of the potential MFE and Quant applicants on this forum and their selection of various programs and related career issues as known from trusted sources.
A much ‘respected’ program [particularly ‘respected’ by O.P. with name starting with Ily, who most know about on this forum] discussed here turned up some interesting stuff that apparently went unnoticed by many vocal critics of such programs. That program sent admission letters last year to applicants for its Master of Engineering in Quantitative Finance program scheduled to begin last Fall. After joining the program, it became known to some from insiders that the Master of Engineering in Quantitative Finance program would not exist for at least another year or probably more. It was yet to be even ‘considered’ for approval by the institution and the proposal would be made next summer or later by the first department head who was expected to join the program next year. Some of the ill-fated candidates who thought that they were enrolled in this prestigious university’s and program’s first batch of Master of Engineering in Quantitative Finance had a rude awakening on knowing that they would graduate without any ‘real’ Quantitative Finance education or degree.
If one carefully studies the career trajectories of the top ‘stars’ (clue: who got the most ‘glamorous’ of jobs sought by many newbie MFE applicants on this forum) from some of the most highly ‘ranked’ ( ‘top ten’) programs, one would find that many of those stars burnt out within less than a couple of years. Last time one checked upon a few of those stars’ current professional status, they were like many others in the Financial Engineering field: not occupied in the same profession any more or searching for a job. Here is a clue about those programs: one of those programs is known for placing many for internships at the most ‘respected’ investment bank, and, the other program is known to desperately want to place its interns in that bank: it had placed at least one intern with that i-bank who happened to go elsewhere after the internship.
