COMPARE NYU MS in Mathematics in Finance vs MIT Master of Finance

[sonyask]

I am having a hard time deciding between MIT M.Fin and NYU Math of finance. Each one has its pros and cons but I would also like to hear about other people's opinions. I am personally interested in going into algorithmic trading and I'm still unsure which program would have better recruiting and would better prepare me for the field I want to go into.

 

[John]

if you want to get into algorithmic trading the choice is clear
http://math.nyu.edu/financial_mathematics/content/03_program/04.html

MIT Sloan's MFin is suitable for a career in corporate finance but not quantitative algorithmic trading
http://mitsloan.mit.edu/academic/mfin/curriculum.php

 

[sonyask]

Thanks John. I should also add that I am currently an undergraduate at NYU and I have taken some math of finance classes at Courant. I have heard from many people that it is advantageous to switch schools for undergrad and grad as being exposed to different departments will give you a fresh perspective.

 

[John]

I have heard from many people that it is advantageous to switch schools for undergrad and grad as being exposed to different departments will give you a fresh perspective.

I concur with those sentiments. Not only a fresh perspective but a wider perspective. At Sloan, you could be sitting alongside a future financier working on a Third-World country agribusiness financing deal...

 

[Jingxuan]

like said in the other post, globally honorable choice befits long term study plan, say if you decide to continue to pursue a phd in whatever, or a second master. NYU is distinguished with no doubt. in case you are sure after mfe you are going to stay and work in nyc area for the next several decades, it's apparently ideal place since you dont need to move. but mit and/or standford printed on you resume gets even significant attractions when you visit other countries too, like Singapore, China... selected education experience also offers big leverage in the future in your job/graduate school applications, since whoever does not really know what the market is like after several years.

 

[sonyask]

Does anybody know how the two schools' recruitment compare? Andy, it'd be nice if you can give me some insight into this.

 

[Andy Nguyen]

At NYU, you will get access to Wassermann center. You will get emails about internship/jobs from Melissa, the program's secretary. You also benefit from having practitioners teaching in the program.
At MIT, your go to source is the CDO office which oversee placement/services for all Sloan programs.

NYU has done well in the past (according to info on their website) due to its location, small class size and the number of practitioners in the program.

However, due to the shrinking pool of traditional quantitative jobs and the increasing number of MFE graduates from NYC-based programs and nationally, NYU is not likely going to be competitive enough if they don't put in place dedicated structure for their program.
You can see the trend everywhere. Columbia IEOR just hired a full-time person for their MFE program. Boston is hiring an executive director for the career services. Baruch hired Ellen Reeves to provide personal career coaching for their MFE students.
A lot of similar things are going in other programs, in various ways.

So, before you go into any program, make sure what you will get. They won't give you a job but they should have a structured system in place to help you maximize your opportunity there.

 

[sonyask]

Ahh such a hard decision! Thanks for your 2 cents.

 

[Ken Abbott]

sonyask, I teach at the NYU program. If there are any questions I can assist you with, email me.

 

[charlesc]

Ahh such a hard decision! Thanks for your 2 cents.

I was on the same boat as you are, and I picked MIT simply because I do not have enough exposure to the industry. In other words, I am not yet committed to a specific career goal. Some "exploration" may help.

If you are sure algo trading is your aspiration, NYU is defnitdly a solid place to be. It is a good match in terms of access to professionals and past placement record (which shows NYU sends a higher proportion of students to those roles).

 

[Andy Nguyen]

Take a look at MIT latest placement report to see the positions their graduate take up and see if they have a strong presence in the area of finance you like to work on.
[wiki]mit-mfin[/wiki]

 

[ecoskian]

Hello,

I'd like to know what you think of both programs and how they compare in terms of quality for someone looking to get a solid quantitative knowledge of finance and markets. MIT looks excellent in terms of breadth of electives (and depth of each course). NYU seems to have the better 'pre-packaged' solution.

What do you think?

 

[Andy Nguyen]

Where do you want to work and in what kind of roles?
Have you looked at MIT MFin latest placement report to see if they have strong representation in area of your interest?

 

[ecoskian]

Hi Andy, thanks for the quick reply!

The last employment report from MIT indicates that 20% of the acceptances by functional area were in the areas I'm most interested into (Quant Analysis/Trading and Sales & Trading). The program is not strictly geared towards either, but obviously the probability of getting an offer for a given position and a candidate's background are not independent, and given my background and the electives I'm planning to take at MIT, I wonder what the disadvantages might be, if any, of choosing MIT over NYU MathFin..?

P.S.: there is an inaccuracy about MIT's tuition on the program's page. This year it will be 74,500 USD

 

[rambochen]

NYU Math:
Great location
Larger S&T and Quant Analysis alumni in NYC (major banks)
Fairly old program
well structured and geared towards S&T
Lower price tag
Smaller class size (more chances of getting hired for S&T)
MIT
Great brand name in general but program is relatively new
Courses a mismash of MBA finance courses
Option to take math courses from Math department
huge class size (120+), so more difficulty placing candidates in tough economic markets
Competition pool is strong as every one is vying for the gold prize of S&T
The above competition includes MBA finance candidates who want to get into S&T
A little heavy on the pocket

I am applying for next year but wanted to share my 2cents on how I would see the two programs. You must be very good to have gotten into both the programs but I feel NYU math is a little more selective and more intense than MIT. But if you are very brand consious you should go for MIT.

Regards,
Rambochen

 

[NewbAtResearch]

Just curious, why are the Masters students at NYU/MIT all aiming for Sales & Trading roles (at BB?). Are they just not interested in hedge funds or middle/back office roles?

 

[Andy Nguyen]

That applies to most graduates to be fair. It has lot to do with perceived prestige, higher pay (FO>MO>BO). Also, it's easier to get visa sponsorship from BB. Many people establish their career at BB before moving to smaller HF.
That was then. It is now.
I do not think it serves their interest to limit their job options to certain employers and roles. Any job that utilizes your degree and allow you contribute to the business bottom line, pay decent salary is a good one to aim for.

 

[NewbAtResearch]

I'm new to this forum, so sorry Andy if my questions may seem a bit obvious. Why do many people want to move to HF, is it to do with preference to trade on the buy-side, or for whatever other reasons?
So apart from visa restrictions (i.e. for domestic applicants), what is the advantage of starting at a BB if the goal is to move to HF anyway? It seems more logical to start at a HF, if your goal is to end up at a HF anyway!

 

[Andy Nguyen]

It has to do with the risk appetite at different stages of one career. If you just graduate and looking for your first real job, it is perceived to be a lot less risky to join a "too big to fail" global bank.
On the other hand, there are ten of thousands of small-ish hedge funds with dozen of employees and <100M AUM. The chance of these HF failing in a few years are much greater.
When you have a few years of experience, maybe you no longer like the big corp culture and the lure of money and higher position at HF will interest you more. Some people like this new change of pace.

There are people who spend their entire life working in BB and there are people who join/start HF or like culture in small firms better. It's about knowing what you love to do and find a way to get there. You will find people jumping jobs frequently, partly to chase after more money or find better job satisfaction.

This is off-topic to the OP question but I hope it gives you some idea.

 

[rambochen]

Andy, you still have to answer Mr EcoSkian.. would you add your 2 cents to my 2 cents and increase the AUM for Ecoskian to decide on his final pick.. This forum is awesome to understand how folks compare institutes...