COMPARE NYU MFE vs. Columbia MAFN vs. UChicago FinMath vs. NCSU MFM

[mihirr]

Hey everyone,

I recently got admitted to NYU and am still waiting on decisions from Columbia, UChicago, and NCSU. My goal is to break into quant trading at a buy-side firm, so out of curiosity I’m trying to figure out which program out of these would be the best suited for that.

From what I’ve researched, NYU MFE seems to offer a lot of flexibility with electives and a manageable workload, while the other programs appear to be more math-heavy. That got me wondering—how do these programs compare when it comes to curriculum, structure, and job placements for quant trading roles?

If anyone has attended these programs or works in the industry, I’d really appreciate your thoughts. Also, if you had to rank these programs specifically for someone looking to become a quant trader, how would you do it?

My background for context: Bachelors in CS, 4+ years working on backtesting, optimization, and implementing option-selling strategies during my bachelors

Would love to hear any insights, especially from alumni or people in the industry. Thanks in advance

 

[Andy Nguyen]

@markbogorad can give you some pointers on the NYU Tandon MFE program as he is currently studying there.
What are your other alternative roles besides quant trader?

 

[markbogorad]

Hey @mihirr,

I think quant trading is one of the roles thats more program independent. If your resume/background is good, you'll likely get interviews no matter which program you choose, after that it's up to you to capitalize. I'd recommend you focus more on location, New York will give you more options in general but will be more competitive. Chicago would be ideal if you're targeting options trading firms. You'd be competing in a smaller pool in Chicago as well, which may be a plus.

As for the Tandon program, it's like you say, there is a huge variety of electives. Two students can really enter the program and come out with entirely different specializations depending on what they choose. Something that might not have been said on the forums yet is the program has been adding more rigorous doctorate level electives, which I think is really good. They're quite math heavy, but that definitely helps for quant trading (more so quant research though). The only piece we're missing for quant trading would be a dedicated market microstructure course, though bits and pieces are covered elsewhere. As for our career service, they will help you get to that interview, but landing the job is up to your skillset really. I should mention that quant trading is by no means the most common path from the program. What I most commonly see is alumni breaking into buy-side trading/research after having worked for a few years post graduation, typically as their 2nd job (particularly the big hedge fund names).

Another point that might have not been said on the forum is you'd also be able to take courses at different departments like Courant, Stern, etc, if you ever feel interested in another quant role. Not all courses are accessible, but there is variety beyond the MFE curriculum too.

 

[mihirr]

Hey @mihirr,

I think quant trading is one of the roles thats more program independent. If your resume/background is good, you'll likely get interviews no matter which program you choose, after that it's up to you to capitalize. I'd recommend you focus more on location, New York will give you more options in general but will be more competitive. Chicago would be ideal if you're targeting options trading firms. You'd be competing in a smaller pool in Chicago as well, which may be a plus.

As for the Tandon program, it's like you say, there is a huge variety of electives. Two students can really enter the program and come out with entirely different specializations depending on what they choose. Something that might not have been said on the forums yet is the program has been adding more rigorous doctorate level electives, which I think is really good. They're quite math heavy, but that definitely helps for quant trading (more so quant research though). The only piece we're missing for quant trading would be a dedicated market microstructure course, though bits and pieces are covered elsewhere. As for our career service, they will help you get to that interview, but landing the job is up to your skillset really. I should mention that quant trading is by no means the most common path from the program. What I most commonly see is alumni breaking into buy-side trading/research after having worked for a few years post graduation, typically as their 2nd job (particularly the big hedge fund names).

Another point that might have not been said on the forum is you'd also be able to take courses at different departments like Courant, Stern, etc, if you ever feel interested in another quant role. Not all courses are accessible, but there is variety beyond the MFE curriculum too.

Thanks a lot for the insights! I appreciate you taking the time to share this. It's really helpful to get an insider perspective on a program.

So, I’ve also been thinking a lot about how competitive the market is as well as the fact that landing a trading/research role straight out of the program can be unrealistic/tough (especially research). So I’ve been considering quant developer roles as a backup. I have a strong coding background and have taken several courses in computing, databases, and networking during my undergrad, along with major projects, so it feels like a solid alternative. Do you think this is a good approach?

I also, like I mentioned in the post have live market experience with backtesting and implementing options, as well as cross-sectional and time-series momentum systems, with a good track record over the past four years (retail). Additionally I have some experience using MATLAB from my modeling and simulation course during undergrad. Not sure how valuable all of this is, but is this something that’s taken into consideration or seen as a positive during interviews if I attempt trading/research internships along with general interview prep?

Would love to hear your and @Andy Nguyen thoughts

 

[Andy Nguyen]

I believe QD is a truly legit career path that many MFE graduates look down in favor of more glamorous QT/QR roles. The fact is that many roles are basically QD but dressed up in more fancy titles.
I have seen many members here got internships and FT jobs offers based on their strong coding ability. It's one of the secrets that nobody advertises. Program with strong placement stats do emphasis on the ability of their graduates to code well.

It's important to get in the door first and then move up the ladder towards your ultimate goal. If QD is your best shot to get in, then focus on that and beat the rest of the competition.

 

[markbogorad]

100% agree with Andy on QD roles. Your career will also be far more stable. QT/QR is known for having a very high turnover rate because of how PnL driven these roles are. Definitely not a bad back up - many facets of QD make it a better role in it's own right.

Your live trading experience would probably be an interesting talking point to them in later interview rounds. You're not going to get the opportunity to say much about it until you prove to them that you are very good at the basics, especially probability.

 

[Andy Nguyen]

Here is the 2024 comp level for QD/QT/QR roles at different firms. They are not representative but at least give you some idea.
The QT/QR comp is very PnL driven. High stress and short tenure. A lot of these guys want to retire and raise cows as soon as they can.
For QD roles, depending on the tech stack, the skills may be very transferable to other tech/AI firms, etc.
Don't look down on this because the other roles are cooler or make more money. The downside is understated and underreported.

Thread '2024 Quant Salary Bonus Compensation'

12/25/24

Below is a sample of compensation data collected through r/quant sorted by firms/location/role/YoE/etc. This will be updated over time as more data is available.
Disclaimer: No guarantee of accuracy is given. The data is self-reported so it may result in sample bias.
Nonetheless, these are real-life data that is hard to find.

• Andy Nguyen
• Replies: 10
• Forum: Career Advice

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