MFE course requirement

[Stan Lynch]

Hi

I would like to enrol into a masters for mathematical finance/ MFE program in the UK, but most of the good universities/colleges seem to require that you have undergraduate background in mathematics, physics ,engineering, etc. I did accounting for my undergraduate degree and this doesn't seem to suffice for an entry. Is there any bridging courses or any other route I can embark on other than doing a three year undergrad degree again at the age of 30 to get into a masters program?

I am in a business support role (Regulatory analysis) in one of the large global investment banks, and previously I was in product control price verification role in the flow credit business and have a better than average product knowledge compared to most accountants.
And I have a good background in VBA and a better than average background in C++.
My plan is to get into a quant analyst/ developer role in the future. And to do this I am willing to study party time. What route would you recommend? Much appreciated.

Stan.

 

[TehRaio]

That's difficult to answer. What's your time constraint? 2-3 years max? you said you didn't want spend 3 years of Bsc+ MFE (so that would be 4yrs)

 

[Stan Lynch]

I am hoping to get to a qualified quant role in around 5 years from now. My plan for that was 1-2 y for masters (inc any bridging courses needed). However it seems that for an associate role, PHD is best to have, and given my age and the current career experience I would rather move into an associate, AVP role +. So that would mean I would likely have to study a further 4 years at least. And I plan to do this all part time / full time distance learning or evening classes.

Is there any bridging courses (such as Grad Diploma in Maths) that I can do that will be accepted by colleges such as Imperial? It feels if I was to do undergraduate all over again, it will take me at least a good chunk of 10 years before I can get to a PHD level, which is definitely out of my time frame.

 

[Daniel Duffy]

I would say that if you want to do a PhD you should really know by the end of 1st year undergrad, IMO.

 

[yetanotherquant]

Hi Stan,
a very important question (which you should answer for yourself) is why and for what you pursuit a quant role.
You have already a not bad job ("in Regulatory analysis"). Yes, from the monetary point of view it is not the best role but it is likely good from work/life balance point of view. And do not expect to get (much) more as a quant. Moreover, if you concentrate on your current job (which is always demanded) you may be promoted to a team leader an so on. But if you (re)start as a quant, you will be considered as newbie...

Ironically, I am a quant. As a family man I am very short of time. And when it comes to a choice what to learn: new regulatory requirements like [new versions of] Basel, Solvency, MaRisk or a [yet another] new quantitative model (which is likely used by nobody), with very few expections I choose the former

 

[Stan Lynch]

That is a very good point. It is true that Regulatory knowledge is quite in demand now given the mood of the market. However, much like you I want to strengthen what I lack in. It is not so much about monetary ambitions, not at the moment anyways. It is more about filling the gaps in my interest and knowledge. I have that desire to be involved in the nitty gritty details/mechanisms of pricing/valuations and given I have a strong interest and background in algorithmic programming I can see myself enjoying developing such models in the future. And with a PHD I can hone my research and innovating capabilities. So it is more to do with a long term plan of job/life enrichment, more as a progress in my career and academics rather than a sidestep. Hence I am only inclined to move into a associate + role with the aim for faster progression. I have the drive, the industry experience and the interest but I think I need to add the relevant qualifications to fill the gaps.

 

[yetanotherquant]

>like you I want to strengthen what I lack in
Just to make it clear, I did not mean that I lack in regulatory requirements
I meant rather that I always try to stay upto-date, because it is rewarded by the market.

>I have that desire to be involved in the nitty gritty details
Do not expect to have it quickly, for nitty-gritty there are enough senior quants.
Be prepared to start with programming or even data screening.

>I have the drive...
A cold remains of what begins with a passionate start (c)Billy Joel.
It is possible to make a Msc/Ph.D. in quantitative finance with a non-math bachelor. I, for one, did.
But it is really hard. Even many of math-bachelors have quit!

As a good self-test try to read my notes on measure theory
http://www.yetanotherquant.de/#MeasureTheoryBook
(do not listen to those, who say you do not need it in practice; you will likely need it just to pass your exams).
Most likely, it will be boring for you. But it is what you should expect by a MFE Program

 

[TehRaio]

I say don't just do a PhD to become a quantitative analyst. if that's the only thing that you want: just limit yourself to a MFE or a MFE+MRES combo if you're also interested in research.

Do go for a PhD if what you want is to : Teach / be an academic researcher / other industrial jobs (including being a quant)

can the resident quants answer that question though: how many years does it take to move from junior to senior quant? Because I would imagine that there is not much cost benefit from doing a PhD instead of working those 3-4 years and gaining experience.

 

[yetanotherquant]

can the resident quants answer that question though: how many years does it take to move from junior to senior quant?

Minumum two years but it depends (first of all on your mentor/supervisor/coach).
A friend of mine had a nice senior collegue, who sketched on the napkin in cafe, how one can make money with gamma.
I was less lucky, as I started I probably already knew more than my direct supervisor. Our head of research was a brilliant person and I could have learnt a lot from him, but he never had time for me (too much work + 4 kids). But I learnt by myself ... and finally yielded a good payoff