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ViewsForum FAQFrom Quantnet WikiFollowing are commonly asked questions on QuantNet, summarized in one place for your viewing pleasure. Please add or modify any questions that you feel have not been adequately addressed, or have better answers available. The discussions that have lead to this FAQ are all over the Quantnet forums. You can use the Tag Cloud on the front page and in each forum to learn more about these subjects, as well as the search feature.
[edit] Admission Questions[edit] What are my chances of getting into program X?We do not evaluate applicants' chances of admission. Please read this post on this policy. Quantnet admin/moderators reserve the right to remove/delete such threads as we encounter it. The best answer to your question is to contact the director of the program in question and ask him or her directly. Profiles on New York-area MFE programs can be found in Category:Programs on this wiki. For Baruch, we have devoted as special page, Baruch FAQ. You can also see many such profiles from the past under the MFE Candidate Profile tag on the forums. Current and past Baruch student profiles are available for comparison as well. Some forums that relish the opportunity to break down your profile: Nuclear Phynance, Wilmott, Global Derivatives. [edit] Do I need qualification X to get into a program?It depends on your background and the program what qualifications you need. Again, the best answer is going to be found through the program's website itself; they will tell you what they are looking for. Usually at least one of relevant work experience, a graduate degree, or excellent undergraduate grades are required. Again, the best answer to this question is found by simply asking the person in charge of the program (see "What are my chances of getting into program X") [edit] I got into programs X, Y, and Z: which should I go to?You can search the forum for specific programs; there are threads on a great number, particularly those schools worth going to (the biggest thread of them all is DISCUSSION on MFE programs). Some things to consider are job and internship placement rates, reputation of the program among employers, types of positions graduates go into, names of companies graduates are hired at, and relative distance from financial centers, and particularly distance from companies you are interested in. Other factors to consider are the types of courses (practical or theoretical), programming languages covered, depth of learning in those languages, and electives in the subjects you are interested in. These are factors you have to judge. [edit] Should I get an MFE, MBA, M.Fin, PhD or something else?It depends on what you want to do. An MFE/MSCF is the most technical degree; it involves a lot of math and programming, and the finance of derivatives. It can lead to jobs in the middle and front office in risk management and trading. An MBA is a much broader degree that requires little math or programming. A PhD is not recommended unless you really like the subject you are pursuing. The ultimate value of pursuing a PhD in math or the physical sciences for the purpose of becoming a quant is questionable in the matter of lost wages and competitiveness of the graduates. See PhD for more resources on this topic. [edit] Career Decisions[edit] What does a quant do?See
[edit] Should I become a Quant?Quantitative finance, and Wall Street in general, has attracted a large number of people from other fields in recent years, drawn mostly by the money, and occasionally by the challenges. As of this writing, the money is vanishing quickly, and Wall Street is entering a "bust" period. The lack of job security from these fantastic swings of fortune also comes with these positions, and you must be aware of that aspect as well. See also: [edit] Should I change from my current career to finance?There are two parts to this question. The first is addressed above: "Should I become a quant?" The latter question is, "how?" Most people asking this question are trained in quantitative or programming disciplines, and need only to learn the finance and modeling aspects of the field. This can be achieved through an MFE program. It can also be achieved by reading the popular books on the topic, especially those in Master reading list for MFE. What you will specifically have to study depends on your background, of course. [edit] Am I too old to be get into quant finance?Before your mid thirties, no. After that, it has been a topic for discussion based on your dynamism, stamina and need for job security; you probably don't want to be entering the field after that for reasons apart from age discrimination. [edit] Can I get an MFE just for fun?Yes. A thread on the topic: MFE Just For Fun?. See also the section "Should I become a Quant?" [edit] Education and Qualification Questions[edit] Which programming language should I study?C++ would be of essential importance. Once you can read advanced books on the language yourself, pickup on other niche languages as well. For front office development, VBA/Excel/SQL is needed. Other companies use Java as their main programming language. New/bleeding edge desks also known to use C#, CUDA, F# in their systems. [edit] How proficient should I be with my programming language of choice?For analyst positions, you will need scientific computing aptitude. Details are given in this thread: You need an aptitude and taste for scientific programming, which means the area where numerical analysis meets computer code. So an aptitude and taste for algorithms and for clean, tight, robust code. What you're ideally aiming for is not some nebulous "mastery" of C# or MATLAB, but how to use them in applications such as, for example, simulations or numerical solutions to PDEs. And if you try to learn C# and MATLAB with this kind of focus, your study will be more motivated and you will be able to sift what is relevant to your needs and what is not. [edit] What is a good textbook to learn subject X?See the Master reading list for MFE. Also, there are a number of threads in the recommended reading forum. (Look for the topic in the tag cloud.) [edit] Should I get a CFA?Not as your first choice; stick to more quantitative material. A CFA will make you look more rounded if you pursue it, however the material covered is not particularly germane to quantitative research. [edit] Should I get a CQF?Read the threads tagged under "cqf". |