Which MFE Program is the Better Choice: Cornell ORIE:FE or Baruch MFE?

[Roni1985]

Hello guys,

I've noticed there are quite a few guys who are related to the quant finance field and thought you might help me here.
I'm actually an active member on Quantnet.com but I would like to hear a few more opinions from other forums.
All right,

Baruch MFE

Pros:
- All three semester are in NYC
- Very cheap
- The curriculum is VERY quantitative and a lot of programming is done
- Dedicated career service. The director is working very hard to place all of its students
- A few very famous practitioners teach in the program (e.g. Jim Gatheral)
- A very small class size (around 30)
- Very good alumni society and very good placements.

Cons:
- The school's brand name is weak
- I didn't get my undergrad degree from a big school, so this is probably my last chance to

Cornell ORIE:FE

Pros:
- A very good name on Wall Street or around the world
- A beautiful campus(though not very important to me)
- The program has been going through some changes( added C++ to its program)
- The last semester is in NYC, however is it not too late?

Cons:
- The curriculum look like it's just a combination of courses.
- Away from NYC for 2 semesters
- Cost, the admission letter says that the cost is around $95K. But, I live in NYC and even if I calculated this cost I reached $80K. So, I guess the total cost is going to be $75K-$80K.
- No dedicated career service(?), however, many companies recruit Cornell students. Therefore, I think most of the jobs are not really quant related.

I also got into Columbia MSOR, but I crossed out this option right away. My third option is to try again next year. I can improve my application by a little bit (a few more math courses, I can take the P-exam and perhaps a part time job in finance). I actually was very close to get into CMU so my application is good, overall. I had an interview with CMU and I felt it was very good, however, they rejected my application (don't really know why).

Actually, until today I knew that I was going to take Baruch, but I spoke with someone and he told me to choose Cornell without even thinking :(.

So,

1) Baruch MFE
2) Cornel ORIE:FE
3) Try again next year

 

[twofish-quant]

I've noticed there are quite a few guys who are related to the quant finance field and thought you might help me here.

What's your background?

If you have a Ph.D. or Masters + work experience in a quantitative subject, you are better off finding a good headhunter and not getting an MFE.

If you have a bachelors, an MFE *might* be useful, but there are other options. The big problem with an MFE is that if you get one, you have to get a job in finance whereas if you get a masters in computer science you have other options.

Actually, until today I knew that I was going to take Baruch, but I spoke with someone and he told me to choose Cornell without even thinking :(.

If you are sure you want an MFE, I'd pick Baruch over Cornell, since I have heard of people from Baruch getting jobs, and I didn't know that Cornell had a program before you mentioned it.

 

[Roni1985]

What's your background?

If you have a Ph.D. or Masters + work experience in a quantitative subject, you are better off finding a good headhunter and not getting an MFE.

If you have a bachelors, an MFE *might* be useful, but there are other options. The big problem with an MFE is that if you get one, you have to get a job in finance whereas if you get a masters in computer science you have other options.



If you are sure you want an MFE, I'd pick Baruch over Cornell, since I have heard of people from Baruch getting jobs, and I didn't know that Cornell had a program before you mentioned it.

Hello twofish-quant,

I just received my undergrad degree. Actually, I thought of the option of getting something that is more general, but I know for sure that quant finance is what I want and I think companies choose FE students over CS, don't they?

Baruch has really good placement stats, on the other hand, Cornell doesn't really post detailed placement stats.

So, your vote is a "+1" for Baruch :)

Thanks very much for your help.

 

[twofish-quant]

I just received my undergrad degree. Actually, I thought of the option of getting something that is more general, but I know for sure that quant finance is what I want and I think companies choose FE students over CS, don't they?

It depends on the job. For example, my group is mostly technical and research and we'd pick a programmer from Microsoft or google with no finance experience over an FE student. There are other groups in which people will make different choices because the work is different. For the longest time, I was really suspicious of MFE programs because I didn't know who hired them, but I finally tracked down the people that hire MFE's, so I know what they do.

Baruch has really good placement stats, on the other hand, Cornell doesn't really post detailed placement stats.

Cornell not posting placement stats worries me. The *big* reason for getting an MFE is that the program should have contacts with the industry that will get you a job easily. Placement statistics should be taken with great caution, but the fact that they can't even "spin" the numbers is worrying. (And if there are any Cornell people willing to defend to program and tell me that I'm wrong, please speak up.)

One other thing about NYC is that you'll end up close to a lot of seminars.

http://www.cfe.columbia.edu/pages/news/index.html
http://math.nyu.edu/seminars/math_finance_seminar.html

Those are useful not only for networking, but it keeps you up to date.

One thing that makes MFE programs difficult is that the markets move very quickly, so what you will be learning in the classroom will be somewhat out of date, and there is a big challenge to make the curriculum merely somewhat out of date rather than hopelessly out of date. If you are in NYC there are a ton of talks and seminars so that you keep up to date.

 

[Roni1985]

It depends on the job. For example, my group is mostly technical and research and we'd pick a programmer from Microsoft or google with no finance experience over an FE student. There are other groups in which people will make different choices because the work is different. For the longest time, I was really suspicious of MFE programs because I didn't know who hired them, but I finally tracked down the people that hire MFE's, so I know what they do.



Cornell not posting placement stats worries me. The *big* reason for getting an MFE is that the program should have contacts with the industry that will get you a job easily. Placement statistics should be taken with great caution, but the fact that they can't even "spin" the numbers is worrying. (And if there are any Cornell people willing to defend to program and tell me that I'm wrong, please speak up.)

One other thing about NYC is that you'll end up close to a lot of seminars.

http://www.cfe.columbia.edu/pages/news/index.html
http://math.nyu.edu/seminars/math_finance_seminar.html

Those are useful not only for networking, but it keeps you up to date.

One thing that makes MFE programs difficult is that the markets move very quickly, so what you will be learning in the classroom will be somewhat out of date, and there is a big challenge to make the curriculum merely somewhat out of date rather than hopelessly out of date. If you are in NYC there are a ton of talks and seminars so that you keep up to date.

Cornell posted just a number (90%). It doesn't tell much. However, Baruch's stats are very detailed.

Also, Baruch seems to have a very updated curriculum.
http://mfe.baruch.cuny.edu/curriculum/

I think I will go with Baruch as it is in NYC and I will be able to do all the networking or to attend seminars.