Chat with Director of Baruch MFE program

[Admin]

The Director of the Financial Engineering MS Program holds periodic chats for prospective students, answering questions in real time in the QuantNet.org Chatroom.

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Chat transcripts of previous chats are available, please click on title to view the chat transcripts.

[Admin]

Chat transcript for Oct 25th, 2006


admin Hi everyone...just enter you questions here and they will be answered by Prof. Stefanica
Guest Hi - Generally what is the average acceptable GRE score for the program? I have a 1220/1600
dstefan well, you want to have a high quant score, and a decent verbal score
dstefan the GRE scores of admitted people are online
dstefan [/URL]http://www.baruch.cuny.edu/math/masters_admission_stats_new.html (http://math.baruch.cuny.edu/masters_admission_stats_new.html)
Guest Thank you. I will check.
Guest I have a question, based on looking around at the Baruch website, most students are practitioners in the field...my question is how well suited is the program for those starting in the industry, more specifically for international students like me?
dstefan we have both part-time and full-time students in that statistics
dstefan some of the full-time students do not have any working experience in finance
dstefan more on the background of the current students can be found on the QuantNetwork web page
dstefan [URL]http://www.quantnet.org/forum/viewforum.php?f=34
Guest thanks.
Guest how receptive are companies to graduating international students? do most international students stay in NY?
Guest or do they go back to their countries?
dstefan everyone who graduates finds a job in the financial industry
dstefan this includes international students
dstefan if they go back to their home countries, it is not because of lack of job offers, but rather it is a personal choice
Guest Are international students eligible for any assistantships (Graduate, Research or TA)? I am looking to apply for the program and this information not readily available would be handy. I understand that there is no guarantee for any individual; however would you have any data on how many international students currently have an assistantship?
dstefan there are no assistantships that you can apply before admission
dstefan once at Baruch, many of our international students find work on campus in the first semester, if they choose so
dstefan and, they find summer internships as well
Guest how much real analysis knowledge is needed for the program...I have taken a graduate course in real analysis up to Hilbert Spaces..is that enough?
dstefan the cost of the entire program for international students is USD,
dstefan it is enough
dstefan Hilbert spaces are too abstract for practical purposes
Guest so they aren't needed?
Guest sir, I am from Bombay, India
Guest for the purposes of the program, that is.
Guest Hi...
dstefan no, Hilbert spaces are not needed
admin While you wait for answer, please feel free to post the next questions :)
Guest Thanks for arranging this chat...great idea
Guest I am in final year of my undergrad studies
dstefan hi
dstefan the idea belongs to one of our students, I just agreed to answer questions
admin While you wait for answer, please feel free to post question ahead of time :)
Guest I see that one of the courses listed is real analysis and probability.
So this will focus more on probability theory and measure theory right?
Guest I have an option to take multivariate analysis (I'm currently taking a masters in
applied math here). Would you advice me to take it as preparation for the
program? or would that be overkill?
dstefan it is measure theory, but very applied to finance.
Guest thanks
dstefan what are the alternatives to multivariate analysis?
dstefan I did not find the syllabus online. the book for that course is Shreve’
Guest Prof. Stefanica, great replies on the GD board last week. My question may be a bit off topic. I am currently doing an M.S. in Stats in preparation for a rigorous course in finance. However, as I progress with this course of study, I am finding the idea of a PhD appealing, albeit for the wrong reason: not to teach, but to get a better job. Do you think that is an approach that is doomed to fail?
Guest it’s an elective for me. I’m taking I should just take some programming courses as electives.
Guest taking should be thinking in my post above.
dstefan programming (in C++) might be preferable
Guest I'm from Bombay, India and currently in final year of engineering of Electronics and telecommunication with fairly good academic records i.e. first class throughout my undergrad. Also scored in GRE with 800 in Quant. So will MS in Financial Eng. be suitable for me?? How do you suggest it for student with electronics telecom background to join FE?
admin A log of this chat will be available on www.quantnet.org (http://www.quantnet.org). Please visit if you miss some of the questions. Regards
Guest Also, Can I get admission at your university at these mentioned scores?
Guest I have taken the basic java course already (java is the preferred language at our school, not c++), my option would be to take data structures instead.
dstefan I could not comment on the courses without seeing the syllabi
Guest its okay, thanks again
dstefan Guest - your scores are decent, as for chances to be admitted, we really need to look at the whole application
dstefan your background seems fine to me, without knowing more details about it
Guest don't they frown on people entering PhD with plans to go to the industry.
dstefan not really
Guest are there any students with background similar to me?
dstefan we had a PhD in Economics and another one in CS who were very successful on the market, but after taking our program as well
Guest I’m not so sure about that...and considering all the brainpower now working for the government and for NGOs in the U.S., wouldn't it be time to let go if that stereotype?
dstefan we currently have two more PhD’ in the program
dstefan I do not see any problem with that - it will give people a chance to learn applied finance
dstefan Las - Salut!
Guest actually, I myself would love to get a PhD if I had the time and could go to the industry afterwards.
dstefan if you know you want to get into the financial industry, doing an MS and starting working might be preferable
dstefan unless you already are well on your way to getting a PhD
dstefan ask away
Guest that’ my thinking too. Since I plan to work anyway, taking a PhD would take too long and would only represent lost opportunity costs.
dstefan good
dstefan but if you have questions about being admitted into the Baruch MFE, ask away
Guest Prof. Stefanica, I took a seminar some weeks ago with Salih Neftci on CDS and modeling of those products. It’ clear that the action on those products is in NY and anyone outside the City is at a small disadvantage. Does Baruch plan to offer any courses specifically about the topic?
dstefan actually, we plan to offer such a course in Fall
dstefan and you can call me Dan
Guest excellent
Guest I see that Baruch has a low admittance rate. What’ the main reason that applicants are rejected?
dstefan not up to our standards
Guest Can you help me know important criteria which Baruch looks for in students for admission?
Guest would it be okay for you to elaborate? thanks
Guest I mean is GRE a first preference and then an acads or reverse would be true? or something else?
dstefan we are looking for applicants who will make successful graduates in our program
dstefan in other words, people who will complete the program successfully and get a job in the financial industry after that
dstefan and we look at applications as a whole
dstefan no minimum GPA or GRE score requirement
Guest How GPA is calculated for International Students, especially Indians?
Guest Hi
dstefan nonetheless we admit few people...
dstefan Indians report their own GPA
dstefan hi, Guest
dstefan we also do not have an enrollment target
Guest Coz, we have no GPA scale here in INDIA
dstefan we admit as many people as we deem qualified
Guest I want to ask a few questions
dstefan every Indian student reports some form of GPA
dstefan ask away
Guest that’s good to hear
Guest I am currently studying master of Financial Engineering at another university While working as a programmer in NYC. I am wondering can I apply for your program.
dstefan sure
dstefan we will have the same admission standards as for everyone else
dstefan you can transfer up to 4 courses if admitted
Guest I have taken courses in that program, including financial accounting, principle of corporate finance, numerical analysis and Quant methods in finance. Will these courses be helpful when you consider my application?
dstefan if your grades were very good, absolutely
Guest How important are the GRE and Toefl scores for an international applicant? What are the minimal requirements for them?
Guest I mean, I am applying to Baruch in couple of days, so how should I calculate my GPA? my acads score during my undergrad course is % (First Class we call in India)
Guest My final question has to do with tuition cost. How long do you have to live in NYC before starting the program to be considered a resident?
Guest does Baruch allow students to take internships in between semesters?
dstefan Guest - figure it out, can't help
dstefan 12 months
admin The requirement for residency is 1 year before your first day in the program
dstefan Guest: during summer, yes. if resident, you do what you feel appropriate
dstefan thank you all for joining me. any further questions, use the QuantNetwork webpage for info, or email me at Dan_Stefanica@baruch.cuny.edu
Guest where can I get info about calculation of GPA? at least a reference?
dstefan we have an Open House coming out on November 13
Guest thanks for the time Dr Stefanica.
Guest what are the most important factors you think a qualified applicant must have for being matriculated.
Guest Thanks a lot for the chat. It’ so nice to see a program that is approachable to applicants as this one
dstefan last answer -
Guest - your problem how to calculate the GPA;
dstefan good luck everyone!
Guest thanks Dr dstefan
dstefan thanks, Guest
Guest Thanks very much prof.

[Admin]

Chat transcript for Nov 20th, 2006


dstefan welcome!
quant Dear Dan, I am planning to apply for fall 2007 I have 3+ Yrs exp in development of Core banking Software I plan to work in Risk management after my MFE. Can u let me know if doing MFE from Baruch will help me to gain knowledge for development of tools for measuring and controlling financial risk. I am interested in Coding for such models
dstefan let's start the chat - I will be happy to answer your questions!
dstefan we have one class in market and credit risk, taught by practitioners
dstefan we will also offer another class in credit derivatives by the time you would be in the program
dstefan also taught by practitioners
quant That’s great Dan.. Also do people generally get coding jobs if their background is in Computer Science?
dstefan not necessarily
quant or it really depends on what courses we take during MFE ?
dstefan one alum is a trader, but still does some coding, or at least checks closely on what the IT support people send to the trading desk
dstefan programming skills are good to have no matter what
dstefan C++ programming, of course, not Matlab
quant Ok thanks Dan.
siulobow Hi Dan, how the students found jobs after they grad?
dstefan you would take all sorts of courses in the program, C++ and finance, as well as Math
dstefan they are all applied to finance
dstefan pretty much everyone finds jobs - good jobs
siulobow did they find jobs through the school's career service?
quant How Important is Finance knowledge. Can a person from an engineering background with no finance knowledge apply for MFE?
dstefan we have only 4 of 12 people still on the market, from the Dec 2006 graduates.
quant Do u generally get such applications ?
dstefan they find jobs through the connections we established with employers, not so much through school services
dstefan alumni are also very important in placing students
varun Dan how much does verbal section and work experience matter in getting admission to your program given that one has good score in quantitative and has good records in mathematics? Like I got 420 in verbal n 800 in math
dstefan finance knowledge - important, but even if you do not know anything now, you can read Hull's Options book and have enough background by September
dstefan yes, we got applications from people with little finance knowledge
dstefan 420 verbal with 800 math is rather ok
quant Dear Dan, Do PhDs generally get preference for admission ?
dstefan work experience - also important, but we look at applications as a whole - if you have little work experience, then maybe you have strong math/programming background
dstefan we have PhD's in our program
dstefan I would not say we prefer PhDs or not
dstefan rather, if their overall application (including the PhD degree) is strong, then they will be admitted.
siulobow Recently, the name of your program got changed to MFE. Why is that?
dstefan AMF was appropriate when all courses were taught by professors in the math department; MFE reflects the fact that half of the courses are now taught by practitioners, and are much more applied
quant Dan, Do we have a dummy trading Lab in Baruch
dstefan indeed, it is a trading floor, not dummy - and has live data
dstefan feed; you just cannot trade on your personal account :)
quant What percentage of Faculty are practitioners ? in Baruch
quant :)
dstefan about half the courses are taught by practitioners
Akinyi Hi Dan my question is similar to a previous one - but related to deciding whether to apply now or next year after taking some finance classes
jhibbs Dan: have a math/econ undergrad, with a finance MBA. Have 5+ years of experience in investment consulting and buy side general fixed income portfolio analysis, but would like to supplement my quant skills for career in fixed income trading or portfolio management. Does the Baruch program offer a 'track' in this direction, and specifically in fixed income?
ghemili Hi Dan, at university I’ve passed courses like Mathematical Analysis, Linear
Algebra, Differential Calculus, Numerical Analysis, but, with not so good grades. Are these going to help me? Can GRE Math help improve my math background?
anshul Dear Dan, how much consideration is given to GRE score for admission?
dstefan it depends on many things, whether you apply or not, not just finance background
Akinyi I have Bachelor's in Physics and Economics but from 1997, which is a while ago, I have been working as a web/database programmer.
Akinyi would you advise applying now, or after taking some finance classes.
dstefan jhibbis - you might want to take just a few classes, targeted to fixed income; you should still apply to the program, it is the only way to get non-degree permit to take classes
Akinyi I am taking a C++ class at the moment
dstefan ghemili - poor grades are bad; you need 800 on the GRE quant
dstefan anshul - GRE scores are important, of course, but we do not have a lower bound score
dstefan Akinyi - apply now, you have time to catch up on finance before the program starts
Akinyi thank you very much Dan!
dstefan C++ classes are always a plus - get a good grade, too!
siulobow How much do we need to know about C++?
dstefan at least at the level of one undergrad class; the more you know, the better
varun Dan, what else do we need to know before joining this course apart from reading Hull’s book. MATLAB? Advance quantitative? C/C++
quant Dan, How do u figure out a Math Background for an applicant. I have 790 on GRE and excellent grades in math courses at undergrad level. Is this enough or we need something else?
Mike Welch Hi Dan, during the program, how much interaction do students have with the industry? Do students get a chance to spend time with professionals in the field?
dstefan should be enough
dstefan mike - quite a lot; see the talks given by practitioners to our students this semester at http://math.baruch.cuny.edu/masters_quantnet.html
quant I have work ex in Banking software development using Unix/C++ but my work doesn’t include much math
anshul Sir I have got 800 in quant ,I am doing my undergraduate in computer science and also don't have any finance related training but wanted to do MFE, so is it possible for me to apply this year or should I have some finance background
dstefan that's ok - we have refresher courses to fix that
siulobow I am currently a 2nd year full-time MBA student majoring in Finance. What finance electives do you think I should take to prepare for your MFE program?
varun Dan what else should be done before joining this course apart from reading hull's book? MATLAB? Advance quant ??
dstefan anshul - apply this year, while studying finance
dstefan siulobow - those electives that are most quantitative oriented
dstefan varun - NO Matlab at all; more C++, and, maybe, reading some more math, probability for example
siulobow How would you think of your MFE program compared to other schools in NYC?
dstefan good question - try to compare the employment numbers, the admission numbers, and the class sizes, and decide for yourself
dstefan oh, and the tuition rates should be compared
siulobow LOL, you gave me a good answer.
dstefan indeed, it is not my opinion that counts, but that of the applicants, and people in industry :)
jhibbs Thanks Dan. I am in similar situation as ghemili . 780 GRE quant . undergrad math/econ major, but mediocre math grades. However I am 10 years out of undergrad, and have since recd MBA Finance and been working in the field.... can you expand on how admissions committee would look upon so so math performance long ago vs. work experience?
dstefan 10 years ago is a long time - you should take some undergrad math classes in the Spring, get A's, problem solved
dstefan with work experience, it could be a good fit
dstefan and 780 on the GRE quant is respectable
dstefan weak math grades and applying straight out of school would be more difficult to mitigate, though
anshul sir u prefer freshers or u only take those who have work ex
dstefan anshul - I do not understand your spelling
Mike Welch Dan, I'm in a similar boat. I graduated computer science in 04 with strong grades but no prereq math to speak of. Are the refresher courses offered enough, or should I be taking these courses now to apply in April?
siulobow Some school does require some basic business courses such as Financial Accounting and some Marco and Micro Econ classes. But your program doesn't have those. Is there any reason why?
anshul I am asking that whether you prefer those without any work experience or not.
quant Dan, Fortunately my company provides us with courses such as introduction to derivatives, equities and securities. Will these help in preparation for MFE?
dstefan we require people to have finance background - either class(es) or work experience
varun I am currently completing my undergraduate degree. So I don’t have the work experience that could turn in my favor for admission. Does summer internship help to boost my profile? The reason being from comp background I don’t have training in finance sector
dstefan anshul – we do not prefer or prefer people with work experience, it is the strength of your overall application that counts
dstefan quant - of course, those courses should help
dstefan varun - summer internship would definitely be good, in particular with no other work experience
dstefan varun - a strong computational background might mitigate the lack of work exp in finance
siulobow Are all the courses offered during the night?
yiping.wan Hi Dan, I'm 05 graduate, no finance background, it's really hard for engineer student to get finance job, I want to use MFE to change the situation, but you are requiring finance background, what if I have strong math background?
dstefan yes, 6-8:30pm, once a week each course
dstefan yiping - read Hull's options book by September, it will give you the finance background
yiping.wan I'm reading it, and have done Baxter's book
siulobow The Fixed Income class and Options class from the MBA program would be helpful for me in your MFE program right?
yiping.wan in order to improve my math profile, I took GRE Math Sub, but waiting for result now
dstefan that is excellent; you now need the formal training of an MFE degree, and, provided you do well, should be on your way to a quant fin career
dstefan siulobow - correct for both classes
dstefan yiping - GRE Math Sub - good luck, but you are competing with PhD candidates there
yiping.wan yes, I know :(
quant Dan I have already finished Hull’s Book. Do u suggest any other book for MFE which u think should be read before joining MFE?
siulobow In my MBA program, most of the work that we do is GROUP basis. What about your program?
dstefan Neftci - Principles of Fin Eng
dstefan some classes do group work - but all tests are individual
ghemili My entire experience (5 years) was made in financial companies, bud mainly databases programming and data analysis (VB, MSSQL, MS Fox, Business Objects). I've learned C++ at university. Currently, I'm working in a Software Company that develops and maintains a Trading System with focus on Derivatives. Is my programming background going to help me? Thank you.
quant Thanks Dan, Should I mention that I have read the book in application, If yes then in your opinion where it should be mentioned?
dstefan ghemili - it is a reasonable background; you could use an MFE degree to attempt a move to the front office
varun What is the ratio of students placed after completing their graduation in your program?
dstefan quant - yes, mention the reading in the statement of purpose
yiping.wan I have similar background, somewhat weaker, I'm Data Warehouse developer, but only 1.5 years
dstefan varun – 15 of 16 for 2005-06 graduates; 8 of 12 fro Dec 06 graduates (as of today)
siulobow Do we need use Excel VBA in your program
dstefan Excel VBA - not that much, maybe for a structured finance class; most everything else is C++ (and, again, no Matlab)
Mike Welch Are there specific firms that you see recruiting from the program more than others?
dstefan not really - we graduate few people (small program, selective admission), that companies snatch the graduates very quickly, before establishing a feeder process.
dstefan Credit Suisse, maybe, due to location (one block away)
Mike Welch Thanks
quant Dan, What is the proposed intake this year for full time students ?
dstefan no quota - as many people as we deem qualified
dstefan this is, actually, very good news
dstefan you are not competing against others, just try to be the best candidate you can
quant Yes In fact it is ?
dstefan ??
siulobow I majored in EE when I was in undergrad. I took Calculus 1, 2, Differential Equation, and multi-dimensional Cal. Is that good enough?
quant Sorry that question mark was a typing mistake
dstefan it is
dstefan still don't understand the question...
bkampsch Hello dstefan and all in chat...
yiping.wan I have already submitted application, if possible, will there be an interview?
yiping.wan I mean if lucky enough
varun how does your course compete with other courses from likes of NYU........
dstefan not an interview, but, if we are interested in your application, we will invite you for a chat, and then give you access to current students, sit in classes, alumni, and so on
dstefan luck plays no role in the admission process, it only matters how strong your application is
dstefan varun - I will repeat my answer above: compare the employment data, admission numbers, class size, and tuition rates, and form your own opinion
bkampsch My question: I have no undergraduate academic research experience because I needed paid internships. Since graduating last June, I have been working at a financial data service company where, among other things, I have written C++ apps to price vanilla options w/Greeks, finite diff, and allow interpolating volatility smiles and curves. Does this sound like enough work/research experience to be a strong applicant?
dstefan actually, it does!
bkampsch fantastic!
dstefan good luck!
siulobow I didn't do too well in my Calculus 2 class when I was in undergrad. Would your refresher class be helpful? Should I retake Cal 2?
dstefan refresher class - helpful, but that would be taken only as a result of a positive admission decision (the courses are closed to people who are not admitted in the program)
yiping.wan different countries have different GPA system, 3.4 may be low in US, but high in other countries, how do u compare that?
jhibbs Dan:
dstefan yiping - we have enough experience with foreign applications to be able to compare GPAs
yiping.wan also, which is more favorable? Medium GPA in good university VS High GPA in common university
dstefan difficult question; we look at the application as a whole not just GPA
jhibbs Dan: my mediocre mathematics background was primarily in coursework Calc 3 and above. Calc 1 and Calc 2 grades were solid. Would I need to demonstrate aptitude in these more advanced mathematics courses to receive consideration for admission?
dstefan get a high GRE quant score
dstefan no more questions?
frank Hello, Dan.
dstefan hi, frank
frank The course for my undergraduate degree does not offer any coverage for programs C/C++. Is this going to limit my application? Would the fact that I passed the Chinese National Computer Ranking Exam specialized in C program make up a little?
varun can you suggest me some kinda project that could prove to be a learning curve for me before joining your course(provided I get lucky!!)
dstefan frank - yes, that would make it up
jhibbs What are you looking for in recommendations/recommenders?
dstefan varun - it depends on what resources you have available - readings would be very good, too
dstefan jhibbs - honest assessment of relevant skills: quant , programming, finance knowledge; and intangibles: ability to work with others, determination, etc
varun but if I want some practical after reading then??
dstefan recommenders could have any background, so long as it is relevant
frank But compared with those brilliant ppl with strong computer background, I still cannot make myself confident. Would this disadvantage greatly harm my application? Given I have decent mathematic background.
dstefan varun - get data from yahoo finance, say, and write a C++ code to obtain implied volatilities
dstefan frank - do not worry about other applicants, make sure you strengthen your application as much as possible
frank Yep, the no-quota policy is really some good news for me:) Thanks~
dstefan and it is what we are doing at Baruch
ghemili Dan, thank you for answering my questions. Good-bye!
dstefan ok, let's try to wrap this up
dstefan any final questions?
bkampsch yea...
ghemili Dan, thank you for answering my question. Good-bye.
jhibbs Appreciate your time. Thank you very much Dan.
varun my recommenders don’t have a PhD degree. Is that a concern??
bkampsch do we specify full or part-time in the application?
dstefan my pleasure, thank you all for coming and good luck!
yiping.wan is the application on a rolling base?
dstefan varun - no concern there
quant Dan, Thanks for taking time out ..
dstefan bkampsch - yes, you do, but the admission standards are the same
varun thanks Dan. Hope to meet you at Baruch!!!! :)
dstefan yiping - yes, it is on a rolling basis
yiping.wan around when will applicants get result? Excuse my last question
dstefan it depends
varun is earlier the better??
frank Thanks a lot:)
dstefan earliest admits are usually in late January, but it depends
dstefan varun - apply by mid-March
yiping.wan thanks Dan :)
dstefan good-bye, everyone, and best of luck!
Akinyi goodbye, thanks
varun thanks
dstefan any further questions, do interact with our students on the QuantNet forum http://www.quantnet.org/forum
frank bye~
yiping.wan goodbye, have a nice day

[Admin]

Chat transcript for Dec 20th, 2006


dstefan welcome everyone, let's begin
fledglingquant Hello Dr.Stefanica
dstefan hello
student123 Hi Prof. Stefanica
fledglingquant I'm attempting to transfer from a peer school from a similar program..just completed a semester there..is that a handicap?
dstefan you have to apply as any other applicant
fledglingquant yes, of course but would that be a handicap as compared to other applicants
dstefan we only have Fall admission, so you would miss out on a semester
dstefan there would be no handicap, and you can transfer up to 4 courses, provided that the content of the courses is similar to courses we teach, and you had good grades
student123 I graduated last year with a degree in Electrical and Computer Engineering from a top university......and am currently working as an Engineer. Must I have some work experience before applying?
Anoop Hi Prof. IS there an easy way to find about faculty interests and their publications, not all seem to have a good webpage as you have
dstefan you do not have to have work experience, although that would help in the future
dstefan the faculty pages are not well developed; it will happen in time.
student123 Is it a handicap if I have no finanical experience as well?
sandeep_iitb Hello Dan! Sandeep here...
ranga27 Hi Dr. Stefanica
dstefan (and my webpage has not been updated in a long time...)
dstefan no handicap if no financial experience, but it will be part of your application
fledglingquant is there a perosnal interview as part of the selection process?
sandeep_iitb I am applying to Baruch for MFE for fall 2007...my question is
dstefan we admit people without work experience in the program, and they do just as well in the program and as graduates
dstefan personal interview - if we are interested in your application, yes, there will be one; in person if you are in the NY area, on the phone otherwise
ranga27 I'll be completing 2 yrs as a systems engineer by fall 07; will tht bolster my application
sandeep_iitb I dont have prior relevent workex in Finance but i do have interest in it. I have done courses in Finance in my undergrad as well as some certification at the National Stock exchange in India
dstefan work expereince is part of the application
dstefan sandeep - that is good
sandeep_iitb i have 3 yrs of experience in Analytics
amit7999 Hello Sir, though i understand that experience is not an criteria for admission to FE program , but what do think the job oppurtunities are for an fresh engineering graduate completing FE program with no experience at all in any industry. Isn't the employer vary of such an candidate?
dstefan certifications are good, too
dstefan wary
sandeep_iitb What else do you suggest to bolster my application?
dstefan or weary...
dstefan not for some jobs, if you are a good candidate upon graduation
amit7999 sry that was wary
ranga27 How good is a certificate in Derivatives Market by National Stock Exchange of India
dstefan internship while in the program would be very useful for people without prior financial experience
natquant Seasons greetings Dr Stefan- I Have Masters degree in IE/operations research-SUNY- with a course on stochastic finance with focus on derivations- do u focus on optimization?
dstefan ranga27 - first time I heard about that certificate, better to have it than not have it, though
fledglingquant Dr.Stefanica, do you schedule interviews with some of the applicants as part of the admissions process?
dstefan natquant - rephrase your question, I did not understand it
student123 how important are gre verbal scores?
sandeep_iitb Dan...what area of finance does Baruch specializes in ?
dstefan interviews - answered above - only if your application is strong and we want to find out more about you
natquant Does the course value/emphasize OR techniques
dstefan structured finance, credit derivatives (we will begin offering a course just on credit deriv in the Fall), risk management, interest rates models
sandeep_iitb ok
student123 how important are the gre verbal scores?
dstefan OR - no, we do not have such courses, but the knowledge is good and would be used in various projects in the numerical methods courses and in the OOP course
ranga27 How much programming one has to master before applying/entering
dstefan you do not want a GRE Verbal score that is low; good score a plus
student123 what's considered low....500?
Anoop My secopnd question is: Is this program suitable for those who are not sure about doing a phd at this instant, but may decide to after getting a Master's degree. What would be the percentage of students who go in to the phd program after finishing their Master's at Baruch?
dstefan the more C++ you know, the better, we also offer a C++ refresher taught by the same people who will teach OOP in the Fall
natquant how much importance to previous grades and I worked in java for couple of years- pricing retail electricity is C++ mandatory?
dstefan I will not put a number; look on the website to see the lowest GRE verbal scores of admitted students; there must have been mitigating circumstances for those people though
dstefan C++ required - at least one semester of knowledge
dstefan previous grades must be good, in math in particular they should be close to A, below B would require a very good explanation, and a very strong GRE Quant score
amit7999 Why is it that the job oppurtunities are limited for an international student ? Why do international students find it difficult to find jobs ??
sandeep_iitb Dan...typically what kind of careers do the students look for after they grduate from Baruch?
dstefan not true
amit7999 Do big investment banks really hire fresh FE graduates with no previous work ex, specially international students?
Anoop Is this program suitable for those who are not sure that they want to do phd at this instant, but wmight decide to do so, after completing of the degree? Also do you know what percentage of the class (if any) pursue their ph.d program?
sandeep_iitb Dan....What type of careers would a Masters in Financial Engineering at Baruch feed into?
dstefan if int students are good, they find jobs; they might get a lower starting salary because they have to accept a job sooner than US residents, but if they are good, they will get jobs
natquant how much statistics is taught compared to mathematical formulations/derivations?
dstefan Sample positions of our graduates include, on the quantitative side, Quantitative Analyst/Researcher/Programmer, Financial Data Analyst, Electronic Trading Developer, and, on the financial side, MBS/Credit/Collateral Analyst, Risk Management Officer/Analyst, Portfolio Manager.
ranga27 I'm a C# expert, good in OOP, will it help?
sandeep_iitb Dan..one more...What Career resources are available to students at Baruch?
dstefan we will begin a Statistics in Finance course this summer
student123 would you say that the baruch mfe program is designed to be more theoretical or practical....as in useful for "real world"
dstefan C#, absolutely
natquant gre math subject test would be helpful? for admission
dstefan gre subkect - not needed; you would compete with PHD candidates in math, hard to get a good score
dstefan we use alumni and industry connections to place our students, and some recruiters
dstefan we placed 12of14 dec06 graduates already (one int, one US left), so we are doing well
hibbsj Dan:
sandeep_iitb Dan...What is the required scope of C++ ? What tasks are expected from it.
student123 Dan, I was logged off....would you say that the MFE classes are more theoretical or more practical for "real world" knowledge
Anoop Prof. Stefanica, repeating my quiestion., Is this program suitable for those who are not sure that they want to do phd at this instant, but might decide to do so, after completing of the degree? Also do you know what percentage of the class (if any) pursue their ph.d program?
dstefan defiunitely more practical, almost all classes have C++ projects
dstefan sandeep - you would need to see a syllabus for that
amit7999 How does experience in an IT industry count in financial industry?? Does such an experience really matter for the employer? How does it really provide a competitive edge over other candidates either during the course work or even after it
sandeep_iitb ok
dstefan 5 of 60 graduates went on to pursue PhDs in Finance, Econ, or math
amit7999 How does experience in an IT industry count in financial industry?? Does such an experience really matter for the employer? How does it really provide a competitive edge over other candidates either during the course work or even after it
hibbsj Dan, this spring I am taking Calc 1, Linear Algebra refreshers as well as introductory coursework in C++. However the completion of these courses is after the deadline for admissions. Is it realistic that you would offer a prospective student 'contigent admission' assuming successful completion of this coursework?
dstefan IT experience very valuable, even if you end up working in a totally unrelated area
dstefan colleagues would appreciate those skills
dstefan hibbsj - taking such courses shows you are serious about being successful in the program. we would wait until the grades are in before making a decision. (Calc I sounds rather elementary though - maybe you can take intro to prob, and refresh calc I on your own?)
sandeep_iitb Dan...how much flexibility is there in choosing the electives?
natquant Dr- Will the program be helpful for one to start trading/model building in derivatives etc, than working for a company
dstefan a lot of flexibilty - you choose the path that best fits your interest, and your advisor will guide you / approve the path
dstefan natquant - an answer to that would require a lengthy disclaimer...
sandeep_iitb thats great!
dstefan legal disclaimer
natquant Ok
ranga27 Which posts do majority of students end up in?
dstefan answered above
dstefan Sample positions of our graduates include, on the quantitative side, Quantitative Analyst/Researcher/Programmer, Financial Data Analyst, Electronic Trading Developer, and, on the financial side, MBS/Credit/Collateral Analyst, Risk Management Officer/Analyst, Portfolio Manager.
dstefan incidentally, the Baruch MFE profile has just been posted on the Financial Engineering website at
natquant Dr- When would you recommend a Phd in FE, than a masters?
sandeep_iitb Dan...do the university help international students in getting loans (even if partial amount) without collateral
dstefan http://www.fenews.com/directories/universities/baruch.html[/URL]
amit7999 Sir, what steps can i take at present as an student currently pursuing EE engg which might be valuable for transition into finance industry, coz currently it is not possible to find a part time job in financial firm
dstefan it contains some useful information
dstefan amit - where do you currently study?
amit7999 Mumbai Univ
sandeep_iitb Amit...you can get an intern if you wish...
hibbsj Thanks Dan. One more before I have to scoot out of here.... Sounds like C++ is crucial to success in this program. I have technical and programming experience that I have acquired over the eyars in various jobs, but no C++. How much of a disadvantage is this to prospective student? Does the summer refresher serve as a launching point for C++ or should student have a high level of proficiency prior to the refresher? ..... If I have to go, thanks in advance for your repsonse
sandeep_iitb i do have some friends in mumbai
dstefan hard to answer - I do not know the system in India so well; ask the question on the QuantNetwork forum, some of our Indian students might be able to guide you better http://www.quantnet.org/forum/ (http://www.fenews.com/directories/un...es/baruch.html)
sandeep_iitb Dan...can you answer my question please
dstefan with your programming background should not be hard t oread something on your own before the C++ refresher and take it from there
sandeep_iitb does the university help international students in getting loans (even if partial amount) without collateral?
ranga27 Is it that most of the job openings are in NY vicinity
dstefan sandeep - no, Baruch cannot help with loans
natquant Dr-When would you recommend Phd in FE, over masters
sandeep_iitb ok
dstefan many of our students want to stay in the NY area, and this is the biggest financial market in the US
Steve321 With the MFE program, I would like to lean more towards the finance area, as per that is what I have just received my undergrad degree in....does the application process require relevant work experience?
dstefan natquant - another difficult question, depends on your particular situation, and would require a lengthy conversation. no time now
dstefan relevant work exp is not required, although it can only strengthen your application (unless you were fired and we find out :)
Steve321 ha...Dr. that is not the case...my situation is I have been working full time in the accounting field, majored in finance, and am very interested in entering the financial engineering field....I don't have any experience in it though....I had actually called your department today and left a message asking to arrange an appoitment to go come in and talk about the program and my many questions
dstefan It was a joke, I did not say it was your case
ranga27 Any fee waiver for intl. students?
ranga27 or off/on campus job options
dstefan steve - in person appointment is very hard to obtain, my time is very limited; my assistant, Nelisa, can answer your questions very well, and I help out if needed
Steve321 ok...that sounds good
dstefan accounting experience might actually come in very handy when looking for jobs, actually
dstefan sorry - no fee waiver for int students, and on/off campus jobs cannot be guaranteed but some/of our int students obtain them after coming here (usually in the second semester and beyond)
Steve321 does the program assist its students in the finance job field of financial engineering upon completion of the program?
dstefan Nelisa's email address nelisar at gmail.com (nelisar@gmail.com)
dstefan we help place everyone
natquant Dr-any limits on number of admissions per year? or projected acceptance rates
dstefan a successful graduate is one who finds employment in the financial industry upon graduation
dstefan no limits in terms of admission numbers, or seats in class
sandeep_iitb Dan...typically What do you look for in a candidate?
dstefan no upper, no lower limits, you only need to be qualified
dstefan we look at the whole application and try to evaluate whether the candidate would be able to succefssfully complete the program and then find emplyment in the fin industry
ranga27 What makes Baruch special, amidst other MFE programmes from Berkeley, Carnegie-Mellon etc.
dstefan I cannot compare our program to other programs on a public forum, can I? Just like CMU and UCB, you can find our admission and emplyment numbers on-line, and draw your own conclusions
natquant Dr-First Year Summer internships mandatory or recommended? is it easy or difficult to get one?
sandeep_iitb Sry i got disconnected
dstefan inetrnship - not mandatory; easy or difficult - it depends on the candidate
Steve321 obviously a strong mathematics backround helps considerably as an applicant but for those of us who have taken only the basic courses as an undergrad - precal, calc., and statistics, does the program consider these applicants or is a strong mathematical backround a necessity?
ranga27 My GRE quants score is 760, is it sufficient?
dstefan prerequisite courses:
dstefan * Finance knowledge, as demonstrated by one undergraduate class or work experience
* Calculus (two semesters)
* Probability (one semester)
* Linear Algebra (one semester)
* C++ programming skills at the level of one undergraduate class, or by completing a certificate degree
* Finance knowledge, as demonstrated by one undergraduate class or work experience
* Calculus (two semesters)
* Probability (one semester)
* Linear Algebra (one semester)
* C++ programming
dstefan we look at applications as a whole - look at the program web page to see what scores other people who were admitted had http://math.baruch.cuny.edu/masters_admission_stats_new.html (http://math.baruch.cuny.edu/masters_...stats_new.html)
natquant Dr- does a masters degree in IE/operations research help in admission? or is it irrelevant
dstefan that MS would definitely be relevant
amit7999 how many international students with no work ex, a general figure , get admitted?
dstefan 25% int students; with no work exp - I do not know; what matters is that they all find jobs after graduation
Steve321 Dr. thank you for listing the pre-requisite courses....can admission to the MFE program be granted w/o taking these courses prior and instead take them upon entering the program?
dstefan Some applicants with a strong background in other areas such as practical knowledge of finance may be admitted into the program without having met all the prerequisites via conditional admission. They will be required to complete the prerequisite courses before enrolling in the program, and take the summer refresher courses.
natquant Dr- U said possibility of a course abt statistics in finance, would an MFE have to compete with an MBA in job descriptions?
dstefan from the program webpage [URL]http://math.baruch.cuny.edu/masters_application.html
dstefan MFEs and MBAs go for different jobs, rarely have to compete
ranga27 some of the courses I took at undergrad level were consolidated as having linear algebra and calculus together in a sem, do I need to take ant courses
dstefan no more questions - let's get ready to wrap the chat
sandeep_iitb Thanks Dan...the chat was quite helpful!
amit7999 Are investment banks reluctant to hire international students for security or visa issues
dstefan any further questions, I am here until 12noon
natquant Dr- what abt senior quants have docotrates in like physics, does an MFE give high credibility?
ranga27 Thanks a ton Dan, it will help a lot.
dstefan IBs are so international noawadays, they do not really care unless the job has to be filled within a week
dstefan not leaving just yet, but thanks to all of you for coming to the chat!
ranga27 When is the next chat session?
dstefan end of January, not scheduled yet
natquant Dr - Thank u very much fo rthe chat info
dstefan I will open a thread on Global Derivatives where I will interact with 2007 applicants.
andy the next scheduled chat will be announced on our program website
ranga27 Will be back then with more doubts and queries
andy on quantnet.org and of course on Global-derivatives forum
dstefan ranga - looking forward to chatting with you again; email Nelisa and she will get back to you with answers
ranga27 Ya sure, happy christmas and new year Dan.
dstefan good luck, everyone, thank you for coming!

[Admin]

CHAT TRANSCRIPT FOR JAN 24th

dstefan ladies and gentlemen, let's start
dstefan sorry for the one minute delay - the subways are runing erratically
Kanub83 Hi Dan
dstefan thank you all for coming
Orlando thank you spending some time with us
dstefan no problem
dstefan any questions?
supraja Hello
guest hi i have question. long time reader, first time poster
yiping.wan hi Dan, good to see u :)
Orlando One question I have, what is the main reason applicants are rejected?
dstefan there is no main reason - we deem the strenght of the application to be less than what we are looking for
Kanub83 What Statistical tools are used in Quant Net Lab. How often the Lab session is scheduled in the course?
guest how many people do you place in trading roles? I have previous work experience in equity swaps and would like to get into structured products trading but with a more quantitative background of an MFE
dstefan some of our classes have sessions in the Subotnik trading floor - 60 reuters workstations - the built-in tools are used
anshuman If i've self-studied a pre-req, how do i show that i'm proficient in it?
dstefan trading roles - about ten percent, maybe not directly but after working in a different area first
xl Hi, do you consider GMAT and GRE scores equally in the application process? Understand that on the website it is said that GRE score is preferred, but to what extend?
fernandesvat19 does mentioning Matlab in the SOP *hurt* the application?
dstefan if you already took the GMAT and you feel the score is a good reflection of your knowledge, that is fine
dstefan otherwise, try to take the GRE
Kanub83 I need to know the detail structure of the program. Courses only highlight major topics that are covered in the program. Could you please direct me to the concerned person to whom I can talk to?
supraja are u also giving the appln status?
dstefan Matlab does not hurt the application, C++ strengthems it
supraja now i mean?
Cyril How about Java?
dstefan supraja - yes, pm me with your name
dstefan Java is good - object oriented language
guest dan, I have the impression that a lot of quant jobs are in London and that Asia is becoming big too. Are you guys seeing placement there as well?
frog just curious, what has been the youngest age among the MFE students at Baruch
Cyril Is the industry moving towards Java or C++ will be used for a long time?
dstefan kanu - post your question on the QuantNetwork forum; current students will give you details of the courses
karakfa how do you compare Baruch with other schools in NY? NYU, Columbia, also CMU-online?
fernandesvat19 are the Fall 07 classes/professors the same as listed on Quantnet for Fall 06?
frog just curious, what has been the youngest age among MFE students at Baruch?
Jeffrey I am taking Calc III refresher right now and we are using the Maple software application. Are you familiar with this package? and can you assess its relevance to the Baruch MFE curriculum?
sasham Hi. I'm graduating from Baruch MBA in Finance program in Spring 07 and thinking about enrolling in MFE in Fall 07. So all my questions are related to that.
1) Will you accept my GMAT and TOEFL scores I applied with for MBA program?
2) Will I be able to use my MBA credits as MFE electives?
dstefan fall 07 professors will be from among those listed on the program web page
dstefan youngest age - 21
dstefan cannot disclose the number of applications
Kanub83 Dan, is it neccesary to get recommendation from mathematics professor?
frog repost: just curious, what has been the youngest age among MFE students at Baruch?
lindali Hi, Dan! My application package was completed last week... so when will I know whether I got admitted or not? Do we need interviews?
anshuman Does anyone whether the Maintenance of Matriculation fees are new this year?
admin No, it has always been there
Kanub83 I am interested in Derivative Markets. Can I pick electives which only correspond to the same?Also, What all new courses will be introduced during Fall'07 program.
frog there must be a better way to chat
dstefan the server seems to be down...
dstefan youngest student - 21
guest Are you guys seeing placement in London and Asia?
Jeffrey I am taking Calc III refresher right now and we are using the Maple software application. Are you <br>familiar with this package? and can you assess its relevance to the Baruch MFE curriculum?
Kanub83 I am interested in Derivative Markets. Can I pick electives which only correspond to the same?Also, What all new courses will be introduced during Fall'07 program.
admin POST YOUR QUESTIONS. IT WILL BE SAVED AND SENT TO PROF. STEFANICA. HE WILL GO OVER IT AND ANSWER SO WE CAN POST ON QUANTNET
fernandesvat19 as someone without finance work experience is there any sort of virtual trading resources online that can be used to get a feel for it?
frog does the program help with applying for loans?
dstefan let's try again
Kanub83 Can I opt for internship in middle of MFE?
frog does the program help with applying for loans?
dstefan many of our students do summer internships
Kanub83 ok thanks
dstefan frog - about loans, this is something Cathy Levkulic should know how to answer
anshuman [I'd recommend reading transcripts from previous chats too - lots of good qs ]
dstefan sasham - if the scores are not expired, they are accepted; you cannot trnasfer credits if you got a degree already using them
lindali Hi Dan! My application package was completed last week.. so when will I know whether I got admitted or not? Do we need interviews? Thank you!
dstefan anshuman - thanks for the comment
sasham Thanks
dstefan lindali - pm me with your full name and I will answer
anshuman If I've self-studied a pre-req, how do I show that i'm proficient in it?
Kanub83 I am interested in Derivative Markets. Can I pick electives which only correspond to the same?Also, What all new courses will <br>be introduced during Fall'07 program.
dstefan every candidate will be given an interview, if we are interested in the application
guest is there a typical ETA between submission and an interview?
dstefan anshuman - there will be a test offered to people we admit in order to test out of any refresher courses. you first need to be admitted, though
anshuman I meant for admission purposes
anshuman thanks
dstefan for admission purposes - we will read the application and see how clear ytou made that point
Jeffrey Am just waiting on final recommendations.
dstefan ETA - no such thing, we have rolling admissions, and one application might be evaluated repeatedly until a decision is made
futurequant I have general questions about the usefulness of a Phd in industry.
frog how would you describe the typical character of a quant?
dstefan kanu - same courses will be offered for incoming students in the Fall, and they are all required: 9814, 15, 21, 31
Govind I am a B.Tech in Computer Science from NIT, Allahbad. and I have 2.5 years of experience in IT. I have a GMAT score of 660(Qnts-50.eng-29), I have not applied yet. I have a few certifucations on finnacial markets n derivatives. Do I stand a chance to get admission??
Kanub83 and in case of electives,the ones with Options Market and Future Market. Can I select those? Or there is some pre requistes for those
Jeffrey Am just waiting on final recommendations to be submitted thru Embark. Does it make sense for me to send you my hardcopy materials (transcripts, etc) now, or wait until recommendations are finally submitted?
ad026037 What level of math is required to be considered for the program?
dstefan character question - too long an answer for this chat
anshuman How are the internship stats?
dstefan Govind - cannot comment unless I see the application
ok
futurequant Perhaps I can ask you the PhD vs MSc question at a later time.
dstefan Jeffrey - send materials as quickly as possible -delays with letters might occur through no fault of your own, it is better to have things on file
futurequant I am in an MSc program at King's London on the fence about continuing for PhD. Have pure maths masters background from SUNY Albany.
guest how many MFE students go on to do PhD in any?
guest if any*
dstefan ad026037 - on the web page * Knowledge of Finance, as demonstrated by one undergraduate class or work experience
* Calculus (two semesters)
* Probability (one semester)
* Linear Algebra (one semester)
* C++ programming skills at the level of one undergraduate class, or by completing a certificate degree
For a prerequisite to be considered met, the course must have been passed with a grade of B or better.
dstefan PhD vs MSc - indeed, later time would be best
Jeffrey You got it. Coming your way this week. Ive been sitting on this stuff for several weeks!!
dstefan futurequant - difficult decision, do PhD if you want to work in academia; otherwise, work in industry first, see if it makes sense to do a PhD
frog will knowledge/course credits in C and Java suffice the programming req?
Jeffrey I am taking Calc III refresher right now and we are using the Maple software application. Are you <br>familiar with this package? and can you assess its relevance to the Baruch MFE curriculum?
dstefan guest - about 8% of our grads go on to a PhD
Kanub83 How many students have been given a final call for Fall'07.
Govind does having a course on Finance in undergraduate necessary?? I am a B.Tech in Computer Science and we never had a course in Finance?
dstefan Jeffrey -good luck!
dstefan frog - of C/Java are solid, yes
dstefan kanu - what is final call?
Kanub83 admit
dstefan Govind - you need to know some finance before getting in the program,
futurequant Professor Stefan thank you for the PhD vs. MSc info . . . I will ask you at another time. Seems like I will give it a shot (PhD) b/c I want career in industry and academia as well.
dstefan kanu - cannot answer that; not relevant to you; we do not have a number of seats to fill out; if your application is good enough, you will be admitted regardless of how many people have already been admitted
Govind i have a few certifications(NCFM), issued by the stock exchange, would that satisfy the prerequisite?
Jeffrey Also, does increasing self-study exposure between now and fall qualify to potentially meet the C++ requirement? What about a formal course in C++ this summer in NY alongside of the refreshers?
futurequant I was only wondering about saalary differences in industry of MSc vs PhD initially and ongoing. Opp cost is about $300K for UK based over a five yr horizon.
Cyril Will Baruch allow me to take some of the prerequisites part time?
frog if not too personal, have any intl students succeeded in getting a loan?
Govind I m desperate to get admission in MFE in a good college for fall 07...could someone suggest me where I can get admission. I have not applied in any till now.
Kanub83 How can we prepare for the program beforehand. Any particular book that we can read?
frog if not too personal, have any intl students succeed in getting a loan?
ramprasad I did not take GRE yet. May I submit my application without grades and give them later?
Govind my profile: I am a B.Tech in Computer Science from NIT, Allahbad. and I have 2.5 years of experience in IT. I have a GMAT score of 660(Qnts-50.eng-29), I <br>have not applied yet. I have a few certifucations on finnacial markets n derivatives. Do I stand a chance to get admission??
Govind I have 89% in 10th, 86% in 12th and 70% in B.Tech
bigsean how much will the mathematical finance related conferencmission? how about GRE Math SUB?
frog have any intl students succeeded in obtaining a loan?
Orlando andy, in the classes you have taken, are you able to use another language besides C++?
Govind is GRE mandatory, i have my Gmat score
futurequant Gen'l advice: read Hull and look at Stochastics by Mikosch . . . or get Mathematica and compute an implied vol
andy Govind, GRE is prefered, GMAT is acceptable
yiping.wan Govind I think u should apply first, then wait
davfox Is Matlab or Maple important for the program
andy Orlando, we only use C++
yiping.wan Govind nobody can give u a guarantee
andy Matlab is good to know so you can test your results
andy but the homeworks are done in C++ only
anshuman Wanted more info about career resources:
Govind could someone compare the job ptrospects in terms of ROI of MBA n MFE??
davfox So using C++ for programming of numerical methods?
anshuman Is there on-campus recruiting?
Orlando I am a senior developer in a hedge fund, we use C++ but mostly everything is done in APL.
Kanub83 I am working as a software developer in Finance Sector but haven't touch maths for quite a long.What should i do?
anshuman and access to the career services office?
dstefan yes, C++ used for numerical methods
frog i know there is no minimum test score, but is 740 Q too low, should i retake it?
dstefan no on-campus recruiting; we find interviews to people on the employers sites
Jeffrey I have broad programming experience right now, but no C++.It is realistic for success to begin focused C++ coursework this spring.
davfox I have several years work experience in mathematical modeling using stochastic analysis, finite difference method and monte carlo simulation, is it valuable for admission?
dstefan kanu - refresh by yourself first, get a very strong GRE Quant score
Jeffrey Fat fingers! Is it realistic for success in the program to ramp up C++ this spring heading into the fall?
dstefan we have access to career services, and they are quite helpful. but we placed by ourselves 11 out of 12 Dec graduates, so there is little they need to do for us
anshuman how are the internship stats? thanks
dstefan frog - take the test again if you are not comfortable with the score; see the program web page for GRE scores ballparks
dstefan Jeffrey - extensive programming background should mean you can learn C++ at the level required at least for teh refresher course very handily, do nop problems there
dstefan davfox - of course, sounds like a strong background
Kanub83 What all financial instruments are covered in this program apart from derivatives,equity
dstefan internship stats still in progress
dstefan kanu - ask on the QuantNetwork forum about instruments
anshuman is there access to alumni not from the mfe program too?
davfox What's your program concentrate on: Derivatives pricing or protfolio optimization?
dstefan in terms of placing - yes, but ours suffice
xl I applied to MFE one year ago, but my application was rolled over to this year because some documents didn't arrive on time...can i still make modification to my application in the system now? seems that I can't do so...
dstefan davfox - neither, we have a broad area of topics covered. actually, portfolio optimization is one area still missing, but we have structured finance, credit derivatives, risk management
dstefan xl - you can and should make modifications. email Cathy Levkulic about it
xl i will...thanks
dstefan I will stay until 12:15, due to the server problems
Kanub83 What part of finance does Baruch program focuses on?
dstefan see above for finance topics
dstefan more questions?
davfox can you give us some information about interview?
yiping.wan hi, Dan, do u think it's possible to publish seperate placement stats?
yiping.wan I mean full-time vs. part-time
yiping.wan it may take time, but we can wait, and it's quite useful
dstefan the number of students we graduate is too small to do that, the stats would be distorted by one person
Kanub83 Is it neccesary to get reco from Maths professor
bigsean how much will good GRE Math SUB help if the general test Q part is already 800? how about one or two conference paper related to mathematical finance ??
frog how many students are there in the program right now?
xl regarding the maths backgroud, say 2 semesters of calculus. is it an requirement for admission, or is it some prerequisite courses i need to complete before starting the semester?
yiping.wan yes, understand, but part-time students usually have finance related w/e
andy frog, there are 34 students
andy you can find all the stats on the website
Jeffrey my thought is then that a spring-summer C++ course would be enough to get a student with some programming ability up to speed to handle the refresher material leading into the fall. Is that a fair assumption, or an overly bold assumption?
dstefan placement stats
Kanub83 What percentage of students in Baruch have prior work experience
dstefan Jeffrey - that is what the C++ refresher course is for
dstefan kanu - about 50% have relevant work experience
Kanub83 ok
xl repost - regarding the maths backgroud, say 2 semesters of calculus. is it an requirement for admission, or is it <br>some prerequisite courses i need to complete before starting the semester?
dstefan placement stats - we graduate too few people to make useful stats for full-time and part-time; one person would distort the averages
dstefan xl - requirement for admission
yiping.wan ok, got it, thanQ
Kanub83 How much Oracle, databases are used in the program?
dstefan not much
davfox How about VBA?
dstefan used in structured finance classes
frog does GRE Quant and math courses go together as a math background?
dstefan we just had a VBA workshop offered, free of charge, to our students
dstefan frog - yes
frog given my GRE Q score of 740 and an MS in Math, is another try of GRE necessary ?
davfox Is interview necessary for admission?
dstefan depends on the rest of the appliucation. the average GRE Quant score for admitted people was 768 last year
dstefan every candidate we are interested in will have an in-person or phone interview.
guest Hi Dan. What is the total cost of the program for non NY residents?
dstefan 18K for the whole program
andy chat transcript will be posted on quantnet at http://www.quantnet.org/forum/showthread.php?t=770
guest And I asked this earlier. Do you guys see your grads to London or Asia right out of school?
Kanub83 When is the next session scheduled for?
anshuman Dan, It comes to more according to this - http://www.quantnet.org/forum/showthread.php?t=644
dstefan guest - one grad in London; everyone else ion the US, 75% in NY
dstefan next chat will be in February; the date will be posted on the program web page and on GD
Jeffrey Clearly seems like a "3-legged stool". Math background, Finance background, Programming background needed for success. Any sense for how students entering with any relative inexperience in one of those areas fared in the program in the past?
bigsean Dan, how much will good GRE Math SUB help if the general test Q part is already 800? how about one or two conference paper related to mathematical finance ?? How about CFA Level One?
dstefan Jeffrey - yes, if you are strong in the other two areas
dstefan anshuman - what are you referring to?
davfox I took two math finance courses, one got A and another in progress, is it good for my application?
anshuman I think the maintenance of matriculation increases it?
dstefan bigsean - if you have a very good subject score, a lot. but 800 on GRE quant is good enough
guest If ones undergrad GPA is low but in grad school gpa is a 4.0, does that mitigate the grade issue?
dstefan davfox - yes, good enough
dstefan guest - it depends which courses dragged down the GPA. hopefully, not the math courses. 4.0 graduate GPA is excellent nonetheless
guest My math gpa was very good. I didnt do well in classes like Social Thought
bigsean lol
andy anshuman, the maintenance fee only applied if you take a semester off and want to go back later
dstefan guest - no problem then
anshuman ok - thanks - can you switch from part-time to full and vice-versa if need be?
dstefan guest - so, you did not give enough thought to social issues?! well, we have a nice community hear, we can work on that :)
dstefan anshuman - you can switch without problems between FT and PT
dstefan last question?
Jeffrey Thanks for the feedback Dan. Appreciate the time.
davfox All my math courses got A+ or A, but my other courses is not good, will it influence my application?
anshuman ditto
ps07 I left my country 4 years ago and came to USA, so it's very hard to get recommendation letters from my professors. I have one from a professor that's 4 years old. Is that acceptable?
dstefan just a little; straight As in math is really good!
dstefan ps07 - acceptable
dstefan all right, let's wrap this up
ps07 thanks
dstefan thanks for coming and asking questions; the transcript will be posted shortly;
davfox thanks
Kanub83 Thank you Dan. Really appreciate the time
Govind i have only GMAT score..i got 660, but 50 in Qnts, is that ok or shud I take GRE?
dstefan we have info sessions throughout the semester; the next one in on Monday, Feb 5. I will be there
dstefan the schedule of future chats and the rest of the info sessions is/will be on the front page of the MS Program
dstefan Thank you all, and good luck!

[Admin]

CHAT TRANSCRIPT FOR MARCH 2ND



dstefan hello everyone, thanks for being here, let's start
mj23 hi Dan
mj23 thanks for the chat
sandy ok
Student Good morning
dstefan questions about application status - pm me
claudia hi
EagleEyes Prof. Dan, what is the career path of a Quant (say a front office Quant). Can he move up the corporate ladder, or will he continue to make models for the rest of his life, assuming that he continues in the same company without changing professions.
Student Prof. Stefanica, I have one question. What questions are usually asked at interview?
Archita Hi! I am working as a financial assistant for last 1 year in my father's firm.Our firm offers financial consultation in the areas of financial planning and loan syndication.I am basically an electronic &amp; commu. engineer. Got 800 in GRE quant &amp; 520-verbal...Is my experience considerable? &amp; what are my chances of getting selected?
oliver how many admissions have been made? good question, and how many spots left?
dstefan you do not compete against other people for admission, your application has to be strong enough
claudia Hi,Prof.Dan, how is the placement of 2006 Students
dstefan there is no number of spots left - the application is strong enough, you will be admitted
dstefan placement 13of 14 - see the webpage
Chen Jinwen Cathy told me a letter sent out to me, I wonder which kind of letter it is
Student Prof. Stefanica, I have one question. What questions are usually asked at interview?
dstefan EagleEyes - yes, you can move up the ladder, but ususally if you go into management
claudia I received the materials complete letter at the end of Jan. When would I receive the decision letter? Thanks
dstefan ABOUT APLICATION STATUS - I AM RECEIVING TOO MANY PMS TO RESPOND
dstefan AT 12NOON, WHEN THE CHAT ENDS, PM ME ABOUT THE STATUS AND WILL ANSWER THEN
dstefan we are receiving a lot of applications, but, once again, all that matters is how good your application is
Archita hello sir! i m waiting for my answer...
Student oliver, pm is private message
Archita where to send it?
claudia Thanks!
dstefan Archita - cannot comment on chances with just that info; your scores are good, you have some work experience, so looks ok
Student Prof. Stefanica, I have one question. What questions are usually asked at interview?
caijunfu arichita: right click dstefan, u got the option to pm
Chen Jinwen do you need a financial document and ba degree certificate to start your review
dstefan Student - the questions at the interview depend on the application itself
Student Thank you
Chen Jinwen thx
dstefan we do not need the fin doc, but we need all the transcripts to start the review
Eliot Does every applicant get an interview?
Chen Jinwen does everyone admitted need an interview?
dstefan only the applicants we are interested in admitting get an interview
hafeezs HI
hafeezs Is prof Dan here already
hafeezs hello
dstefan everyone admitted is interviewed before admission is offered
Eliot Is there a way to check on the status of my application, i.e. what materials the Baruch Office has received?
walkerwangye when will you do the interview?
Chen Jinwen thx, how long does it take for you to reach a decision?
gabe What would you say is the minimum math needed to successfully finish the program. Here’s my situation: I work in finance and deal with derivatives but have little formal math training. I want to upgrade my skillset. I am taking a series of courses now and will at least do the Calculus sequence, Linear Algebra and Probability in time for 2008 admissions. (cont)
gabe (cont) But I know many others join the program with significantly more math and am wondering whether I should wait another year and get more advanced math, like stochastic calculus and real analysis. I am not in a rush. My main interest is not to change careers or break into finance but to expand what I know.
Archita one more question sir, Will you schedule an appointment for telephonic interview if you feel interested in my application?
mj23 Without TOEFL score is it possible to have my application reviewed? The earliest available slot for TOEFL in my country is 17 March
Eliot Is there a way to check on the status of my application, i.e. what materials the Baruch Office has received?
dstefan we need the toefl score, but, if you do not send the application there is no way we can evaluate it
mj23 i sent in my application in early Feb, so am wondering if it is pending just for my TOEFL
hafeezs Hello
oliver i will be receiving a master degree in us, can i waive the toefl?
dstefan Eliot - we are working on an automated system to check the app status
Archita i would like to repeat my question...Will you schedule an appointment for telephonic interview if you feel interested in my application?
dstefan oliver - yes, toefl would be waived in this case
hafeezs hi, I have a GRE score of 1250 but lost out on quant got a 690
dstefan Archita - we only schedule interviews afte rthe application is reviewed, if we decide it is good enough
hafeezs Will i be considered
walkerwangye When will you start sending out decisions?
dstefan considered, yes, admitted - cannot comment on a public forum
supraja I've sent my TOEFL scores twice but I dont think it has been received(when I spoke last to Ms. Cathy). But I've sent a photocopy of the TOEFL score along with my documents. Could a decision be made with the photocopy?
hafeezs Ok
dstefan we have been sending out decisions since December
hafeezs thank you for the reply
hafeezs What do you think are some of the important criterias for admission?
dstefan supraja - email Cathy again, a photocopy helps, but we need the official score before making an official decision
dstefan math, c++, finance backgrounds
walkerwangye How many spots are left now?
supraja ok thankyou
EagleEyes Prof. Dan, does low GRE verbal score (410) mean a certain rejection? What is its weightage in the whole application?
dstefan there is no number of spots - any application that is strong enough will be accepted
walkerwangye Great. Thanks.
Eliot Dr. Stefanica, Is there a way to check if you've received my new GRE Score Report?
dstefan there is no minimum score required for the GRE, but, of course, the better the scores, including the verbal score, the better the chances to be admitted
hafeezs Prof Dan, what is the minimum amount of C++ and Finance background you look for?
gabe What would you say is the minimum math needed to successfully finish the program. Here’s my situation: I work in finance and deal with derivatives but have little formal math training. I want to upgrade my skillset. I am taking a series of courses now and will at least do the Calculus sequence, Linear Algebra and Probability in time for 2008 admissions (cont).
rohit Can u give an example of the bare minimum for an application which is considered strong?
Kashyap Hello sir, I have submitted my application for Baruch FE about a month back. Is it possible for me to know the status of my application right now?
dstefan gabe - if you live in NY, come to an Info Session and talk to me in person
gabe (cont) But I know many others join the program with significantly more math and am wondering whether I should wait another year and get more advanced math, like stochastic calculus and real analysis. I am not in a rush. My main interest is not to change careers or break into finance but to expand what I know.
gabe ok
gabe will try
dstefan rohit - for bare minimum look at the admission stats online
hafeezs Prof Dan, what is the minimum on C++ and finance background you consider good?
rohit by bare minimum i meant what would u call a strong application??
hafeezs Prof Dan What is the minimum you consider good for C++ and Finance background
dstefan rohit - applications are evaluated as a whole, not possible to tell a ``bare minimum&quot;
EagleEyes Prof Dan, if an application is strong enough and there is no limit on the number of seats to fill, why are admissions sent on a rolling basis? I mean either an application is good or not good enough (1 or 0), why is an admission sent to the next person in the waiting list (unless there is a fixed number of seats to fill)
hafeezs I am very eager to do this program with Baruch, and would like to Bridge the gap
rohit thank you
dstefan hafeezs - minimum background is posted on the application process link on the web page
hafeezs Thank you
dstefan EagleEyes - some applications are "on the bubble";, more time is needed to assess them
Archita Prof. Dan! I have mathamatical background of engineering level. that doesn't include stockastic theory n all that.. should equip myself with that?
oliver when will you give final decisions?
EagleEyes thanks Prof. Dan, I expected the same but wasn't sure
dstefan stochastic calculus knowledge helps, but it is not required for admission
Archita thanks a lot...
dstefan final decisions are communicated to the applicant as soon as we reach a decision
oliver ok, can you give a approximate time? like early april, late may
dstefan rolling admission - decisions can be made as soon as the application is complete
varun hi dstefan
mj23 Prof Dan I know it
dstefan at the latest, you will hear a decision by mid-MAy
dstefan as of now, we made cdecisions on about 60% of all the applications received until now
rohit Sir, when i had a look at the current Student body on the website it seems every Student had 3 to 4 years work experience. How much of a chance do Students with a year or no work experience have?
dstefan some of our Students have no work experience, not many of them, but there are some
dstefan of course, the more relevant work experience, the better
caijunfu is there a way to check if the application is complete and is being reviewed?
oliver Pro. Dan, the rest of the applications are either not reviewed or on the waiting list?
dstefan app status - pm me at the end of the chat
dstefan oliver - no decision means not review yet, incomplete, or wait, we expect to have an online application status system next week
oliver coool
claudia Cool system!
dstefan it will be not only cool, but very useful to have such a system
dstefan :)
rohit Is an application reconsidered if rejected under any circumstances?
varun this is gr8 for us
dstefan rohit - no
caijunfu does wait mean "complet but no decisions yet"?
hafeezs Prof Dan what If my math scores in Degree school have not been very good? Am I still viewed as a applicant who can admitted, though I have excelled at other areas
dstefan but some of our Students have been denied admission and reapplied successfully the following year.
EagleEyes Prof. Dan, I am faced with a deadline from another university. Though it is April 15, they have courteously asked me to make a decision at the earliest. Can I communicate that to Baruch?
rohit thank you
dstefan caijunfu - most likely, we did not have a chance to look at the application just yet.
caijunfu thanks. Prof Dan
hafeezs Prof Dan what If my math scores in Degree school have not been very good? Am I still viewed as a applicant who can admitted, though I have excelled at other areas
oliver the same situation with me , i really appreiciate that you could let us know the decision asap
rohit what is the strength of the class on average every year?
VladimirBunicu Prof. Dan, the MFE program gets more and more popular. Is the admission planning to be more competitive in 2008? Thanks.
dstefan hafeezs - not good math scores can be supplanted by 800 on the GRE Quant
hafeezs And I managed to get a 690
dstefan same thing will apply in 2008: your application is strong enough, you will be admitted; no limit on hte seat numbers
hafeezs How would you comment on that ?
dstefan not good
rohit what is the strength of the class on average every year?
hafeezs how else can I strengthen my application with a GRE score of 690 and not good math scores in Degree school ?
caijunfu yeah, could we know the average standard of past admitted applicants?
gabe Another way of asking the question is have you had Students come in with just 3 semesters of calculus, Linear Algebra and Probability (and no other math) and do well in the program? Or did they struggle compared to other Students? I will try to stop by and talk with you about the my specific situation.
mj23 Prof Dan, how will the quant job market be affect by economy? Given that there are more and more MFE programs and graduates, will Students face a hard time finding jobs in a recession?
dstefan rohit - strength look on line at admission stats
dstefan take the GRE again
rohit is a 750 in quant good enough to compensate for unsatisfactory math scores in the undergrad?
varun can we contact you regarding admission decision??
dstefan gabe - the answer is yes, and we have the refresher courses to help those people out
dstefan rohit - most likely 750 cannot help enough is math grades were poor, but it might happen if the rest of the application is strong
hafeezs Do you take an average on the GRE quant scores ?
dstefan varun - can you rephrse the question?
dstefan hafeezs - I do not understand the question
hafeezs suppose I get a 690 the first time then I get a 770
dstefan 800 is better
dstefan we only look at the highest score
hafeezs do you consider the average of the two
hafeezs OK
hafeezs And is the increase in the scores a significant criteria ?
dstefan pm me now for application status
dstefan you need to increase the score, yes
oliver i have all the prerequisites you mentioned, but i don't have work expierence. will i be considered?
Archita hello sir! my status at embark online for baruch shows my application is submitted.. n according to you it is still not complete.. may I know the reason for the disparity?
dstefan comment: if you submitted your application less than two wekd ago, it could not have been reviewed yet
dstefan please only pm me about application status, anything else post on the chat room
Archita sorry, if u have answered my question .. can you repeat it? I think there was some technical fault
dstefan reviews are done every week
dstefan when the online status will be up, it will updated weekly
dstefan Archita- what was the question?
hafeezs Professor Dan, why do you require transcripts of Junior college
dstefan we require all transcripts
hafeezs I have recieved an email asking for transcripts of undergrad school
varun prof i am into my last semester and it will get over in may. i wouldnt be having my final transcript until june. what do i do?
dstefan no problem, we will base our decision on your current transcript
hafeezs please confirm on the requirement of sending transcripts of Higher secondary Certificate and having less than 12 credits on the course
dstefan I am not sure, email Cathy about it
hafeezs Thank you so much
supraja Dan do you review applications without the TOEFL score if there is only a photocopy of it - my official scores have not been received by you and I am not sure wat to do
hafeezs It was indeed useful having a chat with you. I hope I make it to the MFE at Baruch. Thank you Prof Dan on giving me your time and attention
dstefan a final decision cannot be made until the application is complete
dstefan good luck, everyone, and thanks for attending the chat!

[Admin]

CHAT TRANSCRIPT FOR APRIL 12

[11:03] dstefan I am here, indeed, let's start
[11:03] dstefan sorry for the 2 min delay
[11:03] Charles sure
[11:03] Quantnet19 I have 4 yrs of work experience in the Banking Industry. My exposure to mathematics has been that in Econometrics and Quantitative Techniques in MBA Finance. Also I have basic knowledge of computer programming skills. Pls let me know if I can apply to the MFE program for the 2007 fall session.
[11:03] dstefan yes, background is fine, the deadline in April 30
[11:03] dstefan do you know C++
[11:04] Quantnet19 No
[11:04] davfox Hi, Prof Dan, my two references wrote letters ealier when the title for your program was still mathematics in Finance, not financial engineering, is that fine?
[11:04] dstefan of course
[11:04] Quantnet19 I am willing to take up the refresher course if that helps
[11:05] davfox I have applied two weeks ago, when will my materials be reviewed?
[11:05] dstefan pm your name
[11:05] k5h95 Hello.
[11:06] k5h95 Can I ask you some questions?
[11:06] dstefan yes
[11:06] k5h95 Nice to see you. I am applying to Baruch MFE program.
[11:06] k5h95 Actually, I have not applied yet.
[11:06] k5h95 I just read the previous chatting.
[11:07] k5h95 On march,
[11:07] k5h95 60% of decision was done.
[11:07] Charles repost my earlier question
[11:07] Charles Hi, a quick question regarding recommendation letters, I haven't told my firm that I am considering going to school, and I don't want to do that at this early stage. so is it possible to waive the requirement or submit just 1 letter?
[11:08] k5h95 If I apply now, will my application be avialble?
[11:08] davfox so, how many students have enrolled this year till now?
[11:08] dstefan charles - you need 3 letters; none should be from the firm though
[11:08] dstefan davfox - cannot disclose
[11:09] dstefan the good news is that we DO NOT have a certain number of seats to fill up. your application will be evaluated based on its strength alone.
[11:09] Charles i see. thx
[11:09] Quantnet19 Prof Dan , I do not know C++ but am willing to take up the refresher course. My Academic Background:Undergrad: Economics Hon’s ;Post Grad: MBA (Finance) ; Gold Medalist ;GMAT Score: 710 (90th percentile in Maths) ;TOEFL Score :112 (IBT Max marks 120). Pls let me know if my profile is suitable for the prog.
[11:09] dstefan how many people we already accepted is not going to influence the outcome.\
[11:09] dstefan you need to know C++ even before taking the refresher course
[11:10] dstefan gold medalists is excellent, I think I know what it means and is impressive, inceed
[11:10] dstefan indeed
[11:10] Charles is c# or c++ used in the program?
[11:10] Quantnet19 Thanks....i am just very keen to join Baruch...and am wanting to explore ways to do so.
[11:10] davfox Hi, professor Dan, is it possible to increase elective coureses for the program
[11:10] dstefan C++ is used in almost all classes
[11:10] dstefan we are adding electives constantly
[11:12] dstefan any more questions?
[11:12] Erica I have a question regarding how the admissions committee views a "W" on a transcript. It is extremely negative?
[11:12] Quantnet19 Is there a course at baruch to learn C++
[11:12] dstefan not really, things happen
[11:13] Erica thank you
[11:13] dstefan 10 Ws would be a real problem, though
[11:13] Erica agreed:)
[11:13] Charles is it possible for us to take a look at the resume book of the graduating class?
[11:14] prosapplicant my GRE score is low Verbal: 510 and Quant: 760. But i have a good academic record and 5 years of exp. Would you recommend applying?
[11:15] davfox I just the copy of my GRE right now, will my materials be reviewed based on it?
[11:16] dstefan charles - no, that is private; the bios are on QuantNetwork
[11:16] Charles understood
[11:16] davfox of course, I will send offical one as soon as possible
[11:16] server # Baruch MFE 2007 Incoming Students Profiles http://www.quantnet.org/forum/showthread.php?t=1078
[11:17] dstefan send the copy, but for official decision we need the official scores
[11:17] Erica Regarding 3 letters of recommendation, would 2 academic and 1 professional be a good mix?
[11:17] dstefan prosapplicant - we look at an application as a whole. lower scores can be mitigated by other circumstances, like work exp. cannot tell until you apply
[11:18] dstefan erica - the letters should be good; the mix is less relevant, although if you worked for ten years and you send three letters from the old college, that is a bit strange
[11:19] davfox Prof Dan, I have several years experience in modeling and simulation, especially in stochastic systems, is that good for my application?
[11:20] dstefan of course
[11:20] Charles about summer intern, does career office organize on-campus interviews?
[11:21] prosapplicant what sort of careers can one pursue in risk management after MFE course?
[11:21] dstefan charles - we have a small class of students, we send them to interview on site, do not invite companies to come in
[11:21] davfox Is C++ mainly used for numerical analysis or software development?
[11:22] dstefan C++ is used for both, although software development sounds very professional
[11:23] Charles So is summer intern process primarily dependent on students' own search?
[11:24] dstefan no, we send the students to interviews for summer internships
[11:25] davfox how about MFE2006, all they find intern?
[11:25] dstefan the majority, yes, some are still interviewing
[11:26] Charles is it possible to know how many interviews per student, on average?
[11:27] dstefan good question - some go to one interview and get the job (quite a few); others interview repeatedly, and have several offers to choose from; the number of interviews is not really relevant
[11:27] Charles thanks
[11:29] davfox Without work experience, is it a big negative effect on internship or job finding?
[11:29] dstefan it is harder, but it depends how good you are
[11:31] davfox so good acdemic grade is useful?
[11:31] dstefan yes
[11:35] server # Baruch MFE program website http://www.baruch.cuny.edu/math/masters.html
[11:35] davfox for interview in application, who will conduct it?
[11:35] server # Baruch MFE Chat transcript http://www.quantnet.org/forum/showthread.php?t=770
[11:36] dstefan The Director of the program conducts all interviews
[11:36] server # Read the most frequently asked questions about Baruch MFE program at http://www.quantnet.org/forum/showthread.php?t=644
[11:36] davfox will ask for technical question in math or math finance? or mainly about behavior question?
[11:37] dstefan cannot answer
[11:41] k5h95 How many students go to Ph.D. program after this program?
[11:41] prosapplicant what sort of careers can one purse in risk management after MFE course?
[11:41] dstefan very few - see the enrollment stats online; about four until now
[11:42] server # Baruch MFE program website http://www.baruch.cuny.edu/math/masters.html
[11:42] dstefan some of our students do pursue careers in risk management, either at big financial companies or smaller hedge funds.
[11:43] davfox Hi, Prof Dan, I found in the website as following: With the permission of the Department of Economics and Finance, the following courses may be taken as electives
[11:43] prosapplicant thanks..
[11:44] davfox That really impressed me, what the permission depends on?
[11:45] dstefan the permission is required since the class is offered in another department. it depends on your advisor agreeing to it, and the number of seats available in that class
[11:46] prosapplicant should work experience be necessarily in financial sector?
[11:46] dstefan there is no work experience requirement, although it would be a plus
[11:48] vijaymittal Hello, My name is Vijay
[11:48] vijaymittal I need some more info about FE program
[11:50] davfox Hi, Prof Dan, from required course, I found there is only one course for derivative pricing, but one course for interest rate model, no speical courses for options pricing.
[11:51] dstefan option pricing is done in several courses, 9814, 9821, 9831, 9852, 9862
[11:52] davfox Thanks, I understand
[11:52] vijaymittal Hello, I have a question regarding FE program
[11:53] vijaymittal this is the first time I am on this chat, not sure how it works
[11:53] dstefan ask a question
[11:53] vijaymittal Thank you
[11:54] vijaymittal I am 32, Indian, 8 years IT experience. Bachelors in Electrical engineering from India. I am very good at maths
[11:54] vijaymittal how difficult would it be for me to join this program. I have no financial background. Its a career shift
[11:55] dstefan if you know you want to make the career change, then you should apply.
[11:55] vijaymittal I have GMAT with score of 640
[11:55] dstefan I cannot comment on admission chances until I see the application
[11:56] vijaymittal But would it be difficult for a person like me at this age and with no financial background to get into this program
[11:56] vijaymittal is age and no financial background a barrier
[11:57] dstefan if you are good, age is not really a problem. since you do not have fin experience, your starting salary would be lower than otherwise
[11:57] dstefan then age could even be an advantage, since the emplyer would get a mature individual to work at lower wages than otherwise expected
[11:59] vijaymittal I don't mind that. Finding a job in investment banking after this course would be easy or difficult. Since i have heard investment banks recruit very young and enthusatic people
[11:59] dstefan good luck!
[11:59] vijaymittal Sorry, I was trying to ask. Would it be difficult or easy to find a job with Investment banks
[12:00] davfox Hi.Prof Dan, from last year, I took several math courses, like diff.equation,optimization,appl.stat. stoch.process, and two math fin courses, and got A+/A, does that increase my opportunity
[12:00] dstefan depends on how strong a candidate you are when you graduate
[12:00] vijaymittal Thank you
[12:00] dstefan absolutely, all those math classes with As is excellent
[12:01] vijaymittal would I require some refresher courses since I don't have any financial background
[12:01] davfox And a computational fluid dynamics, which is mainly about numerical methods of PDE
[12:02] vijaymittal I mean pre-requisites, that I need to go through you refresher programs
[12:02] dstefan the refresher courses are not for improving financial background
[12:02] vijaymittal ok
[12:03] dstefan thank you all for coming to the chat, and best of luck!

[Admin]

Chat transcript for Oct 6th 11am-12noon
[10:59] dstefan Good morning!
[10:59] <ABHISHEK> Hello dan good morning
[10:59] <Cristian_Matei> good morning Prof Stfanica
[10:59] <Andy> Good morning, Dan
[11:00] <Dev> Good morning Dan
[11:00] dstefan Thank you for participating, and let's begin.
[11:00] <Polaris> Good morning !
[11:00] dstefan Any questions?
[11:00] <ABHISHEK> Hello Dan I am Abhishek Agrawal, Graduate from IIT Bombay , India and currently working for HSBC in India
[11:01] dstefan hi Abhishek
[11:01] <alain> hi
[11:01] <ABHISHEK> I have some questions about course and about opportunities that we will have after this program
[11:01] dstefan what opportunities would be of interest to you?
[11:01] dstefan and when did you graduate from IIT Bombay
[11:02] <ABHISHEK> I graduated in june 2006
[11:02] <LouReed> are opportunities available for jobs dealing fundamental analysis rather than mathematical modelling only?
[11:02] dstefan depending on how strong your programming skills are, you could work in a more quantitative fields, esle you would work in areas requiring more knowledge of products
[11:03] <ABHISHEK> Basically I want to go toward risk side wherein I can work on data
[11:03] dstefan loureed - indeed, it depends on your level of skill in math/programming
[11:03] dstefan risk side - of course
[11:03] <Dev> I am Devendra, did my BE in Comp Sci from India in 2002
[11:03] <Dev> I am working in NYC currently for UBS IB
[11:03] dstefan we have several people who end up working in risk every year, as well as a course in Risk Management taught by market professionals
[11:04] dstefan Hi, Devendra
[11:04] <Dev> Hi Dan, I wanted to know what is the expeted level of maths for this course?
[11:04] <ABHISHEK> so what opportunities i may get after this course and how computationaly hectic will this be course
[11:04] <ABHISHEK> ohh thats sounds good
[11:04] <Cristian_Matei> Which part of the quant profession, or related, you think is more important in the current economic environment, risk mgmt or synthetic /structured product development?
[11:04] dstefan Dev - the stronger your background, the better; you should know probability and linear algebra, as well as calculus; stats is a plus
[11:05] <LouReed> what is job satisfaction like for grads who graduated a while ago, say 5 years. How have their careers progressed compared to say MBA's, and are they still in the industry?
[11:05] dstefan the program is intensely computational (C++), but there are also courses that are very finance oriented - the two structured finance courses, for example.
[11:05] <Dev> ok thanks , so what would be the best way to prepare myslef for FE from maths perspective?
[11:06] dstefan Matei - risk will always be there, and it is very important; not directly earning revenue for the firm - less comp and less stress; structured products - very hot now, good opportunity
[11:07] <Cristian_Matei> very well put, thanks
[11:07] dstefan LouReed - I think most of our graduates are very happy with their careers. they tend to keep in close contact, and, in some cases, still use our resources to further their careers;
[11:07] <Quantnet20> if I don't have much background in finance, will it be a problem for me to apply this program?
[11:08] dstefan Dev - refresh your math courses. take more advanced ones and do very well. and get 800 on the GRE Quant
[11:08] <LouReed> why is it that structured products are very ot right now with the recent credit crisis? i've read about a general aversion to hard to understand (structured) products?
[11:08] <ABHISHEK> What are the opportunities that we can get to have some practical experience or some kind of industry exposure?
[11:08] dstefan Q20 - you have enough time to read ahear - Hull is a good place to start. Also Neftci's intro to math fin
[11:09] <Dev> ok I will start refreshing maths, I have 780 iN GRE quan
[11:09] <Quantnet20> do you accept GAMT ? Because GRE exam take place two a year, and it will be easier to take GMAT
[11:09] dstefan str pr were very hot until recently. since they might not be all that well understood now, but the market has been created already, there will continue to be very good opportunities in that area.
[11:10] dstefan summer internships - all of our students who looked for internships ion summer 2007 got them
[11:10] <Dev> If anyways your courses are after 6pm then where is exact difference between full time and part time study?
[11:11] dstefan 780 not bad; 800 better; the average GRE Quant for peopl accepted in Fall 2007 was 795, with 760-800 range
[11:11] <Quantnet93> Hi professor. Do you consider the highest score of multiple GRE scores or do you average them up?
[11:11] dstefan we accept GMAt, would prefer GRE - the Quant is somewhat more rigurous, although still elemntary.
[11:11] <LouReed> are internships where u deal with pnl difficult to obtain?
[11:12] dstefan full time take 4 courses/semester and graduate in 3 semesters.
[11:12] <Dev> do you support part timers also for placements and internships?
[11:12] dstefan only the highest GRE score is considered
[11:13] <Quantnet93> ok thank you
[11:13] <ABHISHEK> Is the subprime crisis affecting the financial industry ?
[11:13] dstefan internships - should focus on the type that would give you a better chance when applying for full-time positions at the end of the program
[11:14] <LouReed> don't all internships do that?
[11:14] <ABHISHEK> and how does it affect opportunities in this industry
[11:14] dstefan we ahve the same support for placement for FT and PT students; we also have the same standards for admission for FT and PT. we really do not distinguish between FT and PT students - they are all our students and will become our graduates.
[11:14] <Dev> ok great, thanks
[11:15] dstefan hiring is more difficult now, in the wake of the subprime crisis
[11:16] <Quantnet93> Which industries besides finance/trading, demand quant analysts?
[11:17] <LouReed> can you give us some figures regarsing how the subcrime crisis has affected jobs and starting salaries? Also will this be a permanent damper or will it go away by 2009?
[11:17] dstefan our students are prepared for a career in finance; be it investment banks, hedge funds, rating agencies, etc.
[11:17] <Quantnet93> ok i see
[11:18] <Cristian_Matei> I like the 'subcrime crisis'. lol
[11:18] dstefan Lou - the hiring process is in full swing - too early to give any meaningful numbers. I expect the problem to subside for 2009; however, other problems might occur by then
[11:18] <Quantnet93> I have a finance degree, does that add any value when applying for the MFE program?
[11:18] dstefan Matei - Freudian slip, anyone? :)
[11:19] <ABHISHEK> To get into a career in finance, how does a degree in financial engineering gives an edge over an MBA in finance?
[11:19] dstefan finance degree is good - but the overall background in math, programming and finance is what is important
[11:19] <Quantnet93> ok thanks
[11:19] <LouReed> heh
[11:20] dstefan in our program, all backgrounds, finance/business, math, computer science, engineering are represented (and natural sciences, arts, too)
[11:20] <Dev> could you sugeest any good book which will help to understand the elementary maths required for FE
[11:20] dstefan for positions requiring quant skills, an MFE will be preferred to an MBA. There is a lot more recognition of the MFE degree, including among HR, than five years ago,
[11:21] dstefan and some positions specifically require and MFE degree.
[11:21] <ABHISHEK> Ok thanks
[11:21] dstefan for books - brwose QuantNet, there is a very good thread with recommended books; Andy should know it off the top of his head
[11:22] <ABHISHEK> How well recognized is the degree in MFE outside US ?
[11:22] <LouReed> have any grads gone on to succesfully work in the energy industry?
[11:22] <Dev> ok will see the thread
[11:22] dstefan actually, for the elementary math, I am just finishing writing such a book
[11:22] dstefan shoudl appear in November 2007
[11:22] <Sumit> Hi Prof Dan
[11:22] <Dev> cool all the best for your new book
[11:23] <RussianMike> hi
[11:23] dstefan MFE degrees outside US - they are recognized in places where there are local MFE programs as well - London, Amsterdam, Australia
[11:23] dstefan Hi Mike!
[11:23] <ABHISHEK> Thanks
[11:23] <Quantnet93> I have been a profitable proprietary trader in equities for 7 years, after graduating from your program will I be able to apply the skills learned to my own trading rather than working for some one else?
[11:23] dstefan we have someone from the energy industry currently in the program; did not happen the other way around until now.
[11:24] <Andy> the list of all useful books an MFE should read is Master list of useful Quantitative Finance books - Quantnet.org - Financial Engineering Forum (http://www.quantnet.org/forum/showthread.php?t=1336)
[11:24] <RussianMike> hey Andy
[11:24] <Dev> thanks Andy
[11:24] dstefan Q93 - I do not think you need to get a degree if you just want to leanr more about Quant trading
[11:24] dstefan thanks Andy
[11:25] <Andy> hi Mike
[11:26] <Sumit> I have done Bachelors from IIT Guwahati, India and have almost 2 and a haf year work experience in IT.Currently working with SAP labs India and soon going to join Bank of America at India office. I am applying for MFE for fall 2008. I have 800 in Quant and a low of 360 in verbal in GRE which I gave in my third year of graduation.
[11:26] <Quantnet93> I see. Besides trading what other types of jobs does the MFE program prepare us for?
[11:27] dstefan an MFE graduate is qualified for a lot of positions that require quantitative and programming skills; trading is not really our focus - I do not think many fresh graduates with no work experience would be hired as traders
[11:28] dstefan Sumit - do you have any questions?
[11:28] <Quantnet93> ok, thats clear enough, thank you
[11:28] <Sumit> what are my chances to get into the course ?
[11:29] dstefan you know I cannot answer that question - we need to see the entire application and evaluate it.
[11:29] <Sumit> ok... Thanks Dan
[11:30] <Quantnet20> dan, thank you so much for your answer, suddenly feel so much pressure
[11:30] dstefan why would you feel pressure? after this chat?!
[11:30] <Quantnet93> Just one more question in that line of thought: What are some of the titles of the positions that your students have attained
[11:30] <Quantnet93> ?
[11:31] <RussianMike> they are listed somewhere(andy should know this)
[11:31] dstefan see bottom of teh page Baruch College's Financial Engineering MS Program (http://www.baruch.cuny.edu/math/masters_employment_stats_new.html) for titles
[11:31] <Quantnet93> ok thanks
[11:31] <Andy> also, make sure to see our wiki as well at www.quantnet.org/wiki/Baruch (http://www.quantnet.org/wiki/Baruch)
[11:32] <Andy> it has other info asides from the official website
[11:32] dstefan Incidentally, we have a few current students who are joining the chat - Alain, Barney, Mike, and, of course, Andy, without whom this chat wold never have been done :)
[11:32] dstefan Thanks a lot, guys!
[11:32] <Quantnet20> thanks everyone
[11:32] <Andy> my pleasure, Dan. Glad I can help the program in anyway possible
[11:32] dstefan the wiki has inside info, student generated - you get all sorts of perspectives into our program
[11:32] <Quantnet93> This is really an amazing idea. I really apprecitae what all of you are doing to make this chat happene. No one else does this...
[11:33] dstefan Q20 - goo luck!
[11:33] dstefan good luck!
[11:33] <Dev> good luck, look forward to attend the event on 18
[11:33] <Quantnet93> what even is that?
[11:33] <Quantnet93> event*
[11:33] dstefan information session at Baruch College - not virtual, but in person
[11:34] <Andy> Baruch College's Financial Engineering MS Program (http://www.baruch.cuny.edu/math/masters.html)
[11:34] <Andy> link to that open house RSVP
[11:34] <Quantnet93> oh great, thank you
[11:34] <Andy> Time: 10/18/07, 11/13/07, 12/4/07
[11:34] <Quantnet20> thank you dan, if it possible, I would love to meet you guys.
[11:35] <Andy> Time: 6pm
[11:35] <Andy> Location: Room 8-210, Vertical Campus ( Lexington Avenue at 24th Street)
[11:35] dstefan Q20 - come to an info session
[11:35] <Andy> Please RSVP at Document Moved (http://events.embark.com/event/baruch/weissman)
[11:37] <Quantnet20> I am current student of baruch college in certificate program, which means that i have classes in the evening, but i will try the event in nov.
[11:37] dstefan OK, looking forward to seeing you there.
[11:37] <Quantnet20> yes, i will
[11:38] <Dev> Will it help to take an exam like PRM?
[11:39] <Quantnet93> If accepted, after halfway thru the program, will I be able to get internships or do I have to complete the program before I am even considered?
[11:39] dstefan actually, yes. how much would it help? you still need a strong background, but given that, it shows commitment and knowledge.
[11:39] dstefan yes, you can get internships even after one semester.
[11:40] <Quantnet93> oh wow. great
[11:40] <Quantnet20> DO you think that if it's ok to apply this program first, and submit all the documents later on?
[11:41] dstefan of course, that is what is almost always doen.
[11:41] <Quantnet93> Where can I learn more details about professions in Financial engineering?
[11:41] <Quantnet20> thanks
[11:41] dstefan we have a very good system of keeping track of documents that arrive in the admission's office.
[11:41] dstefan try IAFE www.iafe.org (http://www.iafe.org)
[11:42] <Quantnet93> ok, also Dan, what is the title of the math book that you are writing?
[11:43] dstefan A Mathematical Primer with Numerical Methods for Financial Engineering
[11:43] dstefan It will be announced on QuantNet when it will be appear.
[11:44] &l