Columbia MFE My profile

[ronaldy]

Hi guys,

This is my first thread and post on here (Whoo!)
My background:
My BA degree was in mathematics and economics. GPA 3.1 (Not good)
I am currently in the MS actuarial program (relatively weak) at Columbia. My GPA right now is 3.74 and can get it up to 3.8 or higher.

I have passed several math rigorous actuarial exams: Probability, Financial Mathematics, Models of Financial Economics, and Construction and Evaluation of Actuarial Models.
I know these are foreign to the finance guys but they all require the knowledge of calculus, advanced probability, and some stochastic processes.


I did internship in M&A business research, and corporate actuarial (did interest and inflation modeling for a large insurance firm in wall st.)

I have always wanted to work in the finance industry but I was pretty good at actuarial science so I came this far to pass some of those exams that I mentioned above, and get a big internship. I just feel like I need to try out banking while I'm still young.

I can get some big professors who have decades of work experience write me letters of recommendation.
Now some of these guys are directors to some programs at Columbia.

I plan on taking GRE in October. Going for 170 Quant and at least 160 Verbal. Very doable since the math is really easy. More worried about the verbal.

What are my chances of getting into Columbia MSFE?

Guys, thanks if you have read this far, really would appreciate feedbacks.

 

[tjk]

Actuarial science is generally considered to be one of the best professions in the country-- smart people, solid pay, good work/life balance, and incredible job stability... Quant finance has been declining since the financial crisis for pretty much any type of position other than risk/regulatory compliance because of bad hedge fund performance and the banks getting crushed by new regulations, and for each "sexy quant job" left there are about 100 applicants because of the 200 or so MFE programs churning out graduates every year just to collect tuition money... do you have a legitimate reason for wanting to be a quant? If not, I would reconsider.

 

[tjk]

Actuarial science is generally considered to be one of the best professions in the country-- smart people, solid pay, good work/life balance, and incredible job stability... Quant finance has been declining since the financial crisis for pretty much any type of position other than risk/regulatory compliance because of bad hedge fund performance and the banks getting crushed by new regulations, and for each "sexy quant job" left there are about 100 applicants because of the 200 or so MFE programs churning out graduates every year just to collect tuition money... do you have a legitimate reason for wanting to be a quant?

 

[ronaldy]

Actuarial science is generally considered to be one of the best professions in the country-- smart people, solid pay, good work/life balance, and incredible job stability... Quant finance has been declining since the financial crisis for pretty much any type of position other than risk/regulatory compliance because of bad hedge fund performance and the banks getting crushed by new regulations, and for each "sexy quant job" left there are about 100 applicants because of the 200 or so MFE programs churning out graduates every year just to collect tuition money... do you have a legitimate reason for wanting to be a quant?

Hey first of all, thanKS for the reply.
I have a pretty good reason. Before I talk about that, I would like to first say that I agree with what you wrote about actuarial science: job stability is very good, very good pay considering we work 9-5 (sometimes less), also minimal stress especially when you work for a mutual company that is not public (work culture is amazing). Now, I want to go into banking because insurance stuff just bores me. Everything else is great but I would hate to spend the next 40 years or so doing boring work. I would love to work for a large investment bank and then go into hedge fund. If all fails, I will go back to actuarial. I might get a full time offer from the large insurance company but I'll likely reject it to go for mfe.

 

[pingu]

Hey first of all, thanKS for the reply.
I have a pretty good reason. Before I talk about that, I would like to first say that I agree with what you wrote about actuarial science: job stability is very good, very good pay considering we work 9-5 (sometimes less), also minimal stress especially when you work for a mutual company that is not public (work culture is amazing). Now, I want to go into banking because insurance stuff just bores me. Everything else is great but I would hate to spend the next 40 years or so doing boring work. I would love to work for a large investment bank and then go into hedge fund. If all fails, I will go back to actuarial. I might get a full time offer from the large insurance company but I'll likely reject it to go for mfe.

Large investment bank stuff will be boring too. Do you have some idea of what kind of job will be waiting for you in Finance? how would you know the finance work won't be as boring as actuarial work?

Be really careful what you wish for.

 

[ronaldy]

I'm not 100% sure but like I said, I would like to try out something different right now when I'm still young rather than go for it later. I'm not saying I'm quitting actuarial profession.

How competitive is the Columbia MFE program? I know it's very competitive but I would like to know if it's unlikely that I'll be admitted.

 

[tjk]

I'm not 100% sure but like I said, I would like to try out something different right now when I'm still young rather than go for it later. I'm not saying I'm quitting actuarial profession.

How competitive is the Columbia MFE program? I know it's very competitive but I would like to know if it's unlikely that I'll be admitted.

If you keep the GPA up in the Masters program, nail the GRE (at least 168Q), write a strong essay that conveys genuine interest in the markets, and get good recommendation letters, I think you'll have a decent shot