MFE or MSc Applied Math

[illhighlight]

I have recently graduated from a Mathematics degree and I have landed a graduate job in a quantitative risk role at a Big 4 firm. In the next few years I plan to potentially do a masters at a top UK university in order to break into more of a quant research role in London. I am wondering what kind of masters would suit my goals the best (in an ideal world I get in, understandably no easy feat). I will list my pros/cons of each option, looking for other peoples opinions:

MSc in Applied maths at Cambridge/Oxford
Pros:
- Mathematically intense.
- Cheaper than MFE.
- More general in case I want to pivot to tech/data science.

Cons:
- Career service help not as good for directly entering quant.
- Difficult to balance study/applying for jobs.
- Further to get to London.

MFE at Imperial/Oxford/UCL
Pros:
- Directly learning concepts in quantitative finance.
- Good career services/ industry connections.
- Close to London.

Cons:
- Expensive
- Less rigorous mathematically.

 

[Chuanzhen Wang]

Sounds like you're weighing some great options!
For a quant research role, the MSc in Applied Math at Cambridge/Oxford could be a fantastic choice for the mathematical depth it offers, which gives you a solid foundation and versatility if you want to pivot down the line. And yes, it’s definitely easier on the wallet.

That said, if you're set on staying close to the finance world and want stronger career support in quant finance, the MFE programs at Imperial, Oxford, or UCL would fast-track you into the industry—especially with their direct finance applications and London-based networks. It comes down to how focused you are on quant finance right now versus building a strong, versatile math foundation.

Either way, I think both paths have a lot to offer. Good luck with the decision!

 

[quanthopefully]

Ignore the chatgpt response above.

Stats/ML is better for quant research no? Applied Math you will learn lots of irrelevant stuff. Mathematical rigour is pointless if its not relevant to the job. The math needed for quant research isnt that hard (coming from a quant researcher). Finding alpha requires you to 1) think outside the box 2) know how to work with data really well 3) have strong market intuition and 4) a good understanding of common modelling techniques and their advantages/disadvantages and how they work.

Youre right, MFEs are more expensive. I did one at one of the unis you wrote. The value comes not from the career service per say (not really a thing in the UK), but the industry connections these programs have. Ox, imp and ucl all have connections with industry and send students to these companies over the summer to do quant projects. Thats what you pay for. Having quant experience makes it much easier to land a full time gig. Then, paying 40k for a masters seems like a drop in the ocean.

 

[Chuanzhen Wang]

Thank you for your correction. Since my mother tongue is Chinese and my English isn't perfectly fluent, I sometimes rely on translation apps to correct my mistakes and polish my language due to a lack of confidence. (which may take twenty minutes for finishing a reply) However, the content is actually based on my own experiences and perceptions, not generated by GPT.

In fact, for myself my choice is basically the same as you :I just switched my major from basic mathematics to statistics in January 2024, as I prepared to apply for an MFE program (I made this choice myself after observing things during a buyer internship and receiving advice from my mentor).

I’m not directly suggesting that the blogger should choose an MFE over a mathematics program at Oxford or Cambridge. Part of the reason is that some of my very talented upperclassmen, whom I admire, went to Oxford and Cambridge to study mathematics. Another reason is that for a less affluent student, the cost of tuition is a key consideration, which I can truly empathize with for I am one of them.

I will strive to improve my English so that I can fluently and independently communicate with native English speakers, and one way is to communicate with everyone on Quantnet.

Again, thank you very much for your guidance, for it was also very helpful to me.

 

[Andy Nguyen]

Youre right, MFEs are more expensive. I did one at one of the unis you wrote. The value comes not from the career service per say (not really a thing in the UK), but the industry connections these programs have. Ox, imp and ucl all have connections with industry and send students to these companies over the summer to do quant projects. Thats what you pay for. Having quant experience makes it much easier to land a full time gig. Then, paying 40k for a masters seems like a drop in the ocean.

This is the money post right here. UK programs don't have the type of career services that US programs are known for. The top UK programs all have good names and good connections with industry practitioners teaching and employers hiring.
A very good idea would be to really read the QuantNet reviews from the top UK programs submitted by their graduates to get a sense of the reality of the program.

 

[illhighlight]

Thanks @Andy Nguyen and @quanthopefully for your replies. It seems to land a quant role an MFE is a far more direct way to get in. Both routes require large interview prep but having those connections to get in through internships seems so beneficial. I also have an issue with some of the applied math/stats masters only being 9 months - I like the idea of a summer project/thesis to end a Masters program.

Perhaps it may be the wrong place to ask but how do people normally fund an MFE? I will have some savings from my current job but not enough to fully fund myself.

 

[quanthopefully]

Thanks @Andy Nguyen and @quanthopefully for your replies. It seems to land a quant role an MFE is a far more direct way to get in. Both routes require large interview prep but having those connections to get in through internships seems so beneficial. I also have an issue with some of the applied math/stats masters only being 9 months - I like the idea of a summer project/thesis to end a Masters program.

Perhaps it may be the wrong place to ask but how do people normally fund an MFE? I will have some savings from my current job but not enough to fully fund myself.

For me it was a combination of government studnet loan, personal funds and loan from family. In reality, most people on the course will be rich international students and their parents will pay for it all.

I would never advise going into debt for education (talking anything with high interest), can be a sticky situation if something goes wrong. Could be a good idea to work until you can afford the likes of ox/imp MFE, or try cheaper alternatives like msc stats or ML at the same unis. Odds of breaking in might be a bit lower since you wont get that industry placement but its half the price so not as much of a gamble if ur stuck without a quant job.