Just got laid off

[diegoo]

Hey guys,

I just recently got laid off from a prop trading firm after about a year so one career path I am considering is going for a MFE. Is it too late to apply? I've looked briefly into the programs, and for example NYU has an application deadline of 2/8. I've taken the GRE already so that's not an issue, but I was wondering if the application itself and the recommendations will take too much time.

Also, here are my stats so that you guys can point me to programs that I might get into:

B.S. Statistics at Ivy League school, GPA 3.5
GRE Verbal: 163
GRE Math: 170
GRE Writing: 4.0
Recommendations could be a little shaky - don't really know who to ask

I only just learned about these MFE programs and this site, so any advice or anything you could point me to would be appreciated. Thanks!

 

[Andy Nguyen]

Sorry to hear that. If you can get a comparable new job, by all means try do so first without going for a MFE program.

 

[diegoo]

I am looking for new jobs as well but from what I hear it's not very easy right now, so I'd like to pursue MFE as well as a backup.

 

[Shantanu Kumar]

Wow!! Scary as I have just landed a job in a Prop trading firm.

 

[Andy Nguyen]

These small shops close down all the time.

 

[alain]

Wow!! Scary as I have just landed a job in a Prop trading firm.

don't be scare. This will be the norm. It's part of being in the financial industry.

 

[diegoo]

Yes, it is one of the risks I knew I was getting into. Does anyone have any advice on my situation in regards to MFE programs??

 

[Andy Nguyen]

You need more time to put up a good application for NYU. You can apply for part-time program there whose deadline is later. Why only NYU?
Consider applying to other programs or put more time in prepping for next year.

 

[diegoo]

I am planning to look at other programs too, NYU just seemed to be the closest deadline. Are there a lot of good schools that are still accepting applications with ample time for me to prepare? I'm definitely looking to start this year as opposed to next year.

 

[Andy Nguyen]

https://www.quantnet.com/pages/mfe-programs-rankings/

 

[diegoo]

I saw that link already - I guess my question is which ones can I realistically apply to? Is my academic profile, including my recommendations, good enough to have a good shot to any of those schools? (The tracker seems to suggest so but i don't know how important recommendations are). Also, how long would it take to put together a good application so that I would have a good shot? Thanks

 

[Shantanu Kumar]

don't be scare. This will be the norm. It's part of being in the financial industry.

That's quite reassuring.

 

[financeguy]

That's quite reassuring.

dude this is the deal you're making by going to work at a prop shop
go work somewhere else if you dont like it

 

[diegoo]

Does anyone have any advice?