COMPARE MIT Master of Finance vs University of Chicago - MS in Financial Mathematics

[Dismal-Audience]

Torn between the two programs, would love some opinions on either.

I’ll be joining the programs fresh out of college.

These are the points I’m thinking:

1. I am strongly leaning towards establishing a career as a quant, I do not have buy/sell-side preferences. I greatly enjoyed both my internships and those experiences helped shape my decision. However, given that I actually do not have any full-time experience, I am fairly open to roles in risk, fintech, corp finance.

2. MIT offers me a really good flexibility in case I believe I'm not a good fit for a quant, and also two concentrations that interest me: financial engineering and capital markets (CS/math courses from MIT seem like a really good way to prepare myself too). It also teaches fundamental courses in economics and finance, which I find very interesting. And the brand name is unparalleled.
I am a non-US citizen, and if I plan on moving to Asia or Europe later, the MIT brand might be able to help me then.

3. Chicago also seems like a very robust program, and probably will offer me a more focused training for quant jobs. I understand I also have the option to pursue electives from Booth later on. And with the scholarship, my difference in tuition between the two schools arrives at about 50,000 USD. I know it’s a fantastic school too. But perhaps a little lower in brand value than MIT (note that I’m not comparing the brand of the programs, just the universities).

The career statistics for both the programs seem equivalent. MIT has a higher mean salary, though. I reached out to my school’s alumni on LinkedIn who went to MIT MFin, and they are all extremely happy with the program. I couldn’t find any alumni from my school who went to Chicago, though, but judging from the reviews on Quantnet, people seem quite happy with it too.

What do you guys think?

 

[Meredith]

Please do not hesitate to reach out to me via email (memuir@uchicago.edu) to be connected with current students and recent alumni!

 

[nisha]

Hi guys, looking for some help to choose the right program for me. Can you all please comment. I am aspiring to become a quant researcher at a buy side firm. UChicago is offering me 30% scholarship so overall program will cost ~77k$ while MIT costs ~120k.

 

[LeoMessi]

I have a similar background as yours (minus the work experience). If I were in your shoes, I would list out my considerations as

• Program Content: MIT's MFin program may offer broader exposure to finance-related subjects, while UChicago's MSFM may provide a more focused curriculum tailored specifically to quantitative finance, which probably aligns more with your career goal as a quant researcher. However, if you think you may want to change directions at a later stage, MIT's MFin may give you a wider range of options to choose from.
• Career Services: Now that you have both offers, I think you should reach out to current students on LinkedIn to get a first-hand understanding of both institutions' career services and alumni networks to see which one offers better support and connections in your desired field.
• Cost Consideration: UChicago offers a significant advantage with a 30% scholarship, making it more affordable compared to MIT.
• Prestige and Networking opportunities: Both MIT and UChicago are prestigious institutions with strong networks in the industry. MIT's reputation in technology and innovation could be beneficial. UChicago's strong ties to finance and location in a major financial trading hub like Chicago could also offer valuable networking opportunities.

Congratulations on your offers; best wishes!

 

[nisha]

Hey, thank you so much for your insights, it really helps. One last thing - is it okay for me to reach out to MIT administration for consideration of a scholarship. Let me know if it could reflect poorly

 

[ajjjw]

Hey, thank you so much for your insights, it really helps. One last thing - is it okay for me to reach out to MIT administration for consideration of a scholarship. Let me know if it could reflect poorly

I don't think there is harm in that - the worst they can say is no. Others may have a different opinion however

 

[LeoMessi]

I think you should reach out. In my opinion, seeking assistance when needed demonstrates initiative and determination. Considering the significant financial burden for someone from India, exploring all available options is sensible. After all, if you don't ask, you may never discover what support is available. Ultimately, there's nothing to lose by politely inquiring, and it could potentially make a significant difference to your decision and future.

 

[quantchoices]

@nisha which school did you end up choosing. And did you get a scholarship too? That’s a great dilemma