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Baruch FAQ
From Quantnet Wiki
[edit] Admission
- What criteria do you use when evaluating an applicant?
- The test scores and GPAs of the students admitted into the program in previous years can be found on the Admission Stats page. We look at every application as a complete package which includes not only the quantifiable parts, such as the GPA and the test scores, but also the Personal Essay, the letters of recommendation, and other general considerations, such as relevant work experience and the strength of the mathematical and C++ programming background of the applicant.
- What are the Baruch codes for GRE/GMAT, and TOEFL tests
- For GRE/GMAT, use 2012. For TOEFL, use 8272
- I see that Baruch has a low admittance rate. What is the main reason that applicants are rejected?
- We are looking for applicants who will make successful graduates in our program. In other words, people who will complete the program successfully and get a job in the financial industry after that and we look at applications as a whole.
- Do you have preference for PhD's for your program?
- We have PhD's in our program. We would not say if we prefer PhDs or not. Rather, if your overall application (including the PhD degree) is strong, then you will be admitted.
- Do all applicants need to have a finance background?
- We require people to have a finance background either with classes or work experience
- Do you prefer people with work experience or without work experience? If no, does a summer internship help to boost my profile?
- We do not prefer or prefer people with work experience, it is the strength of your overall application that counts. However, a summer internship would definitely be good if there is no other work experience.
- What is the proposed intake this year for full time students ?
- There is no quota only as many people as we deem qualified. You are not competing against others, just try to be the best candidate you can be. Luck plays no role in the admission process, it only matters how strong your application is.
- I have already submitted application, if possible, will there be an interview?
- 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 and alumni and to sit in classes.
- Different countries have different GPA system, how do you compare that?
- We have enough experience with foreign applications to be able to compare GPAs
- Would I need to demonstrate aptitude in these more advanced mathematics courses to receive consideration for admission?
- You need to get a high GRE quantitative score.
- What are you looking for in recommendations and the recommender?
- An honest assessment of relevant skills: quant , programming, finance knowledge; and intangibles: ability to work with others, determination, etc. Recommenders could have any background, so long as it is relevant.
- Are there different standards when selecting full or part-time in the application?
- No, the admission standards are the same.
- I'm attempting to transfer from a school with a similar program is that a handicap?
- You have to apply as any other applicant. 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.
- How important are the GRE verbal scores?
- You do not want a GRE Verbal score that is low. A good score is a plus.
- Would the GRE math subject test would be helpful for admission?
- The GRE subject test is not needed. You would compete with PHD candidates in math and it is hard to get a good score.
- Is it realistic that you would offer a prospective student 'contingent admission' assuming successful completion of the required coursework?
- 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.
- Do you have Spring admission into your program?
- No, for the following reason: any incoming student takes at least one of the following two core math courses in the firstsemester of study: either MTH 9821 Numerical Linear Algebra or MTH 9831 Real Analysis and Probability. But these two courses are only offered in the Fall.
- Does a masters degree in IE/operations research help in admission or is it irrelevant?
- An MS in IE/operations would definitely be relevant.
- How many international students get admitted to the program?
- There are about 25% international students admitted each year.
- Can admission to the MFE program be granted without taking the prerequisite courses prior and instead take them upon entering the program?
- 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.
- What is the main reason applicants are rejected?
- There is no main reason. We deem the strength of the application to be less than what we are looking for.
- Does mentioning Matlab in the SOP hurt the application?
- Matlab does not hurt the application, C++ strengthens the application.
- Do you consider GMAT and GRE scores equally in the application process? It seems that the GRE score is preferred, but to what extent?
- If you already took the GMAT and you feel the score is a good reflection of your knowledge, that is fine. Otherwise, try to take the GRE
- Will you accept my GMAT and TOEFL scores I applied with for another program?
- Yes, so long as they are not expired.
- My application package was completed last week, when will I know whether I got admitted or not?
- We have rolling admissions and one application might be evaluated repeatedly until a decision is made.
- 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?
- You can and should make modifications. Please email Cathy Levkulic about your application.
- What prerequisites do you require for admission into the program?
- Two semesters of Calculus, one semester of Probability, one semester of Linear Algebra, programming knowledge, preferably C++, one undergraduate class, having a certificate degree, or work experience, and knowledge of Finance, as demonstrated by one undergraduate class or work experience.
[edit] Financial Aid and Tuition
- What is the tuition and fee for domestic and international students?
- Baruch College, as any other public college in the CUNY system, determines one's tuition based on a residency system. A resident is a person who has resided in New York City 1 full year prior to the first day of the semester to which he is applying. International students (those with F-1 visas) will be charged non-resident tuition regardless of how long that student has lived in NYC. Any US citizen or permanent resident will also be charged non-resident rate as long as s/he does not meet 1-year residency rule. Tuition rates can be found at http://www.baruch.cuny.edu/tuition/#grad_non_mba.
- What options are available to pay for tuition? Where do I send my payment to?
- Payment can be in the form of check, money order, credit card or cash. Details for payment can be found at http://www.baruch.cuny.edu/bursar/payment.htm
- Does the university help international students in getting loans (even if partial amount) without collateral?
- No, Baruch cannot help with loans.
- Are there any fee waivers or on/off campus jobs for international students?
- There are no fee waivers for international students and on/off campus jobs cannot be guaranteed. However, some of our international students obtain them after coming here (usually in the second semester and beyond).
- What are some companies or organizations that provide loans to students?
With co-signer:
- Astrive
- Bank of America Student Loan
- Citibank- CitiAssist Student Loan
- College Loan Site
- Collegiate Funding Services
- International Eduaction Finance Corporation
- International Student Loan
- Sallie Mae
- TERI
Without co-signer:
- Global Student Loan Corporation
- Access Group
[edit] General Questions
- Does the program assist its students in the finance job field of financial engineering upon completion of the program?
- We help place everyone. We consider a successful graduate as one who finds employment in the financial industry upon graduation.
- Recently the name of your program got changed to Masters of Financial Engineering. Why is that?
- Applied Mathematics for Finance 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.
- Does Baruch have a mock trading floor?
- Indeed, there is a trading floor that has a live data feed. However, you cannot trade on your personal account there.
- How is Baruch's MFE program compared to other schools in NYC?
- Try to compare the employment numbers, the admission numbers, the class sizes, and the tuition rates and decide for yourself. However, the opinions that counts the most are of the applicants and people in industry.
- All my work experience is in the financial industry, mainly programming and data analysis. What can I use a MFE degree for?
- You could use a MFE degree to attempt a move to the front office.
- Would you say that the MFE classes are more theoretical or more practical for real world knowledge?
- Our classes are definitely more practical real world knowledge. In fact almost all of our classes have C++ projects.
- Would an MFE have to compete with an MBA in job descriptions?
- MFEs and MBAs go for different jobs, they rarely have to compete.
- What are the refresher courses?
- Some applicants may be admitted even though their background is not as strong as needed in certain areas, as long as they are deemed to have the potential of being successful in the program. To bring them up to speed in all areas, they will be required to take some refresher courses before the start of the program. This year, we will offer refresher courses in C++, Advanced Calculus, Probability, and Linear Algebra. These courses will focus on topics to be examined in greater detail in the program, and will cover a number of challenging financial applications. The refresher courses are taught by faculty who teach the graduate courses in our program. For more details, see the Refresher Courses page.
[edit] Full Time Employment & Internship
- Most students are practitioners in the field. How well suited is the program for those who want to enter into the industry?
- We have both part-time and full-time students who do not have experience in the financial industry.
- How receptive are companies to graduating international students? Do most of the international students stay in NY or do they go back to their countries?
- Everyone who graduates finds a job in the financial industry this includes international students. If they go back to their home countries, it is not because of lack of job offers but rather it is a personal choice.
- Do people generally get coding jobs if their background is in Computer Science or it really depends on what courses we take during MFE ?
- Not necessarily, one of our alumni is a trader, but still does some coding, or at least checks closely on what the IT support people send to the trading desk C++ programming skills are good to have no matter what. All students will need to take courses in the program, C++, finance and math as they are all related to the industry.
- How have students found jobs after they graduate?
- Everyone finds jobs after they graduate. They find jobs through the connections we established with employers, not so much through school services. Alumni are also very important in placing students.
- Are there specific firms that you see recruiting from the program more than others?
- Not really - we graduate few people (small program, selective admission), that companies snatch the graduates very quickly, before establishing a feeder process.
- 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?
- IT experience very valuable, even if you end up working in a totally unrelated area. Your colleagues would definitely appreciate those skills.
- Will the program be helpful for one to start trading/model building in derivatives etc, than working for a company?
- An answer to that would require a lengthy legal disclaimer.
- Which posts do majority of students end up in?
- 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. Incidentally, the Baruch MFE profile has just been posted on the Financial Engineering website at http://www.fenews.com/directories/universities/baruch.html
- Do most students stay in NYC? Are most of the jobs obtained in the NYC vicinity?
- Many of our students want to stay in the NY area, as this is the biggest financial market in the US.
- Does the program assist its students in the finance job field of financial engineering upon completion of the program?
- We help place everyone. We consider a successful graduate as one who finds employment in the financial industry upon graduation.
- Are first year summer internships mandatory or recommended? Is it easy or difficult to get one?
- An internship is not mandatory. Obtaining one can be easy or difficult - it depends on the candidate.
- Are investment banks reluctant to hire international students for security or visa issues?
- Investment Banks are so international nowadays, they do not really care unless the job has to be filled within a week.
- What percentage of the full-time students obtain summer internships?
- Internship stats still in progress.
[edit] Pre-Program Questions
- I didn't do too well in my of my math classes when I was in undergrad. Would your refresher class be helpful?
- Refresher class would be 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)
- Can you suggest me some projects that could help me prepare for the program?
- Get data from Yahoo Finance and write a C++ class to obtain implied volatilities.
- I have technical and programming experience that I have acquired over the years 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?
- With your programming background should not be hard to read something on your own before the C++ refresher and take it from there
- Is it realistic for success in the program to ramp up C++ this spring heading into the fall?
- Extensive programming background should mean you can learn C++ at the level required at least for the refresher course very handily.
[edit] Program Questions
- One of the courses listed is real analysis and probability. Will this focus more on probability theory or measure theory?
- Measure theory and is very applied to finance.
- Can you let me know if doing MFE from Baruch will help me to gain knowledge for development of tools for measuring and controlling financial risk?
- We have one class in market and credit risk, taught by practitioners and another class in credit derivatives also taught by practitioners
- What percentage of Faculty are practitioners in Baruch
- About half the courses are taught by practitioners.
- How do I take MFE classes as a non-degree student?
- You still need to apply to the program as it is the only way to get non-degree permit to take classes
- Are all the courses offered during the night?
- Yes, 6-8:30pm, once a week for each course.
- How is most of the homework/tests done in your classes?
- Some classes do group work, however all tests are taken individually.
- Do we need use Excel VBA in your program?
- Excel VBA is used for the structured finance class but everything else is in C++ (no Matlab).
- What area of finance does Baruch specializes in ?
- Structured finance, credit derivatives (we will begin offering a course just on credit deriv in the Fall), risk management, and interest rates models
- What is the required scope of C++ ?
- You would need to see a syllabus for more information on that.
- Is this program suitable for those who wish to pursue a PHD after completing of the degree? Also do you know what percentage of the class (if any) pursue their ph.d program?
- Yes. About 5 of 60 graduates went on to pursue PhDs in Finance, Econ, or Mathematics
- How much flexibility is there in choosing the electives?
- There is a lot of flexibilty. You choose the path that best fits your interest, and your advisor will guide you / approve the path
- What Statistical tools are used in the Lab. How often the Lab session is scheduled in the course?
- Some of our classes have sessions in the Subotnik trading floor - 60 reuters workstations - the built-in tools are used
- 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 a person to who I can talk to?
- Please visit our student forum at Quant Network
- I am a full-time employee in a big New York investment bank, how long would I have to complete the program or is there no time limit?
- We encourage our students to graduate as fast as possible. Usually, part-time students graduate in five semesters. The time limit within CUNY is five academic years starting from the semester you began the program.
[edit] Living In NYC
- Does Baruch provide on-campus housing?
- No, but you can apply to various CUNY dorms throughout the city. One is The Towers at City College which is open to all CUNY students. You also can find apartment advertisements via Baruch classified ads on The Ticker http://theticker.campusave.com and various shared housing through Craigslist http://newyork.craigslist.org/roo/
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