In need of your advice

[JHong]

Choosing a right MFE Program for me

I've recently graduated from Top 5 public university in the states with B.A. in Economics with Specialization in Computing and Accounting minor. My background consists of a bit of programming background (C++, java, and website programming), accounting, and economics (more so to quantitative econ). I had internships at commercial banks as an assistant, financial analyst, and now interning as an investment analyst. I finished up to multi-variable calculus while deciding on my major, so I just need to take differential equation, linear algebra, calculus based stats, and numerical analysis to fulfill prerequisite courses for majority of MFE programs. I want to pursue my career in derivative market, and I believe my academic background combined with experiences make the program perfect for me. I have cumulative GPA of 3.10 out of 4.0 as of now (3.15 with community college credits).
I believe that I can raise my cumulative GPA to about 3.25 once I take those 4 required math classes and get A's on those.
Assume I manage to complete required courses with A's, what kind of GMAT or GRE score would I need to apply for a program (average as a qualified candidate) Which MFE program would you recommend for me (doesn't have to be in top 10 MFE program)? I want to hear honest opinions/feedbacks, so feel free to contribute.

 

[Tsotne]

Assume I manage to complete required courses with A's, what kind of GMAT or GRE score would I need to apply for a program (average as a qualified candidate)

Which MFE program would you recommend for me (doesn't have to be in top 10 MFE program)?

I think these 2 issues are related. You will need GMAT and GRE scores depending on the MFE program you apply for.

 

[JHong]

Thanks for your reply Tsotne.
You're right, however I am trying to be realistic here. If I don't have descent chance to get into a program that will help me get into the field, why should I bother studying for GMAT, studying for courses I need to take, spending alot of money on application fees and community college tuition, professor's time writing me a recommendation letters. There are just too many opportunity costs that I have to leverage without even some kind of guarantee. Sure, programs try to encourage applicants to apply by saying as long as you have "minimum of 3.0 GPA" and have prerequisite courses fulfilled, I will have a chance of getting in. Yet how many applicants with 3.0 GPA get into the program? Probably 0.1% unless my dad puts in hefty amount of so called donation for the program, which won't be the case for me. I am just trying to see whether this is even worth giving a shot assuming my risks of not getting anything in return. I know I can get A's in those math classes if I try really hard and do well on GMAT too. However my GPA won't go up to 3.6 even if I get all A's in those courses and being realistic, I won't be able to score GMAT score like 750 - 800. So lets say I get about 710 GMAT score with 3.25 cumulative GPA, where would that take me for MFE program?

 

[Andy Nguyen]

You probably notice that often time, many members here question people motive to do an MFE. It's well-meaning as we don't want people to take out mortgage on their family only house without knowing what they are getting themselves into (or how to get out).

You said:
I want to pursue my career in derivative market, and I believe my academic background combined with experiences make the program perfect for me
Do you really believe MFE is the only way to achieve your career goal? If you want to be a doctor, then going to medical school and pass the licence is the only way. I don't know if it's the case here. Many people work in derivatives with only a BS degree, let alone MFE.

You said
Which MFE program would you recommend for me (doesn't have to be in top 10 MFE program)?
The lower on the list you go, the more likely you will get admitted and the less likely your chance will be to get the desired job.
I can't even be certain that you will find your dream job even you go to the top 10. I have way too many sample data to point to people who joined a top 10 program, paid 100K+ and get an "equity in Dallas" job (if they can get one at all).

The risk is significant, that's why I'm trying to be cautious when I make recommendation on programs. Actually, I rarely make them.

If you can accept the risk of 100K+ loan with a degree and no job, then go for it. You increase your chance by thoroughly inspecting programs one by one. I said inspect, not research.