Chat with Director of Baruch MFE program

[QuantNetwork]

The Director of the Financial Engineering MS Program holds periodic chats for prospective students, answering questions in real time on QuantNetwork
The next chat is scheduled for Friday 1/29/10 from 8-9am (NY time)

Click HERE to go to the chat

[QuantNetwork]

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 http://www.baruch.cuny.edu/math/mast...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 http://www.quantnet.com/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.com. 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.

[QuantNetwork]

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.com/forum
frank bye~
yiping.wan goodbye, have a nice day

[QuantNetwork]

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/un...es/baruch.html
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.com/forum/
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
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
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 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.com 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!

[QuantNetwork]

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
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
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
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
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
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.com/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.com/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!

[QuantNetwork]

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 & commu. engineer. Got 800 in GRE quant & 520-verbal...Is my experience considerable? & 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"
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!

[QuantNetwork]

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.com/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.com/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.com/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!

[QuantNetwork]

Chat transcript for Oct 6th 11am-12noon

[10:59] dstefan Good morning!
[10:59] Hello dan good morning
[10:59] good morning Prof Stfanica
[10:59] Good morning, Dan
[11:00] Good morning Dan
[11:00] dstefan Thank you for participating, and let's begin.
[11:00] Good morning !
[11:00] dstefan Any questions?
[11:00] 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] hi
[11:01] 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] I graduated in june 2006
[11:02] 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] 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] I am Devendra, did my BE in Comp Sci from India in 2002
[11:03] 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] Hi Dan, I wanted to know what is the expeted level of maths for this course?
[11:04] so what opportunities i may get after this course and how computationaly hectic will this be course
[11:04] ohh thats sounds good
[11:04] 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] 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] 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] 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] 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] 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] 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] ok I will start refreshing maths, I have 780 iN GRE quan
[11:09] 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] 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] 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] 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] do you support part timers also for placements and internships?
[11:12] dstefan only the highest GRE score is considered
[11:13] ok thank you
[11:13] 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] don't all internships do that?
[11:14] 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] ok great, thanks
[11:15] dstefan hiring is more difficult now, in the wake of the subprime crisis
[11:16] Which industries besides finance/trading, demand quant analysts?
[11:17] 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] ok i see
[11:18] 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] 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] 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] ok thanks
[11:19] heh
[11:20] dstefan in our program, all backgrounds, finance/business, math, computer science, engineering are represented (and natural sciences, arts, too)
[11:20] 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] 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] How well recognized is the degree in MFE outside US ?
[11:22] have any grads gone on to succesfully work in the energy industry?
[11:22] 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] Hi Prof Dan
[11:22] cool all the best for your new book
[11:23] 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] Thanks
[11:23] 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] the list of all useful books an MFE should read is Master list of useful Quantitative Finance books - QuantNetwork - Financial Engineering Forum
[11:24] hey Andy
[11:24] 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] hi Mike
[11:26] 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] 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] ok, thats clear enough, thank you
[11:28] 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] ok... Thanks Dan
[11:30] 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] 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] ?
[11:31] they are listed somewhere(andy should know this)
[11:31] dstefan see bottom of teh page Baruch College's Financial Engineering MS Program for titles
[11:31] ok thanks
[11:31] also, make sure to see our wiki as well at www.quantnet.com/wiki/Baruch
[11:32] 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] thanks everyone
[11:32] 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] 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] good luck, look forward to attend the event on 18
[11:33] what even is that?
[11:33] event*
[11:33] dstefan information session at Baruch College - not virtual, but in person
[11:34] Baruch College's Financial Engineering MS Program
[11:34] link to that open house RSVP
[11:34] oh great, thank you
[11:34] Time: 10/18/07, 11/13/07, 12/4/07
[11:34] thank you dan, if it possible, I would love to meet you guys.
[11:35] Time: 6pm
[11:35] Location: Room 8-210, Vertical Campus ( Lexington Avenue at 24th Street)
[11:35] dstefan Q20 - come to an info session
[11:35] Please RSVP at Document Moved
[11:37] 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] yes, i will
[11:38] Will it help to take an exam like PRM?
[11:39] 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] oh wow. great
[11:40] 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] Where can I learn more details about professions in Financial engineering?
[11:41] 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
[11:42] 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] ok cool, thanks
[11:45] there are 15 minutes left till the end of the chat so if you have question, please ask
[11:45] hello sir i dont have any previous work experience will thataffect my admission
[11:45] I would love to join this program because I like to do analysis part of finance, I would like ot know which part of finance does this program focus on?
[11:46] dstefan work experience helps, but we also admit people with no work exp
[11:46] This coming fall I am going to take some prerequisite math courses before I apply. In the meantime, I want to start learning C++. What is the best way to learn it? Should I take a certification class? Or buy a book and read?
[11:46] I mean this coming spring, sorry
[11:46] Prof Dan to know more about acedemic and student life in general could you please tell me how to get in touch with present students ?
[11:46] dstefan we do not have a specific focus, you will gain a broad knowledge of the financial markets and of the mathematical tools used to analyze them.
[11:47] will this be a minus to me when i am going to be compared with other students who have work experience
[11:47] dstefan for C++ - take a class; if not, a certification; reading by yourself might work, but you cannot prove it in your application.
[11:47] dstefan Spring is better. otherwise you could not be admitted for fall 2008.
[11:48] dstefan you can interact with current students and alumni on the QuantNet forum QuantNetwork - Financial Engineering Forum
[11:48] Are there any maths courses which I can take before applying? How can I apply for those courses?
[11:49] Thanks a lot for taking your time out and addressing our queries
[11:49] dstefan admission is based on the strength of your application alone, not by comparison with the other applications
[11:50] dstefan Dev - depends on what courses you need - you can take them at any reputable school, not just at Baruch
[11:50] Mr.Stefan i have scored 790 in quants and 390 in verbal and analytical4.0
[11:50] i have scored 94 intoefl IBT
[11:51] Good bye and Thank you Sir
[11:51] how good i am to apply for this course
[11:51] at ur university
[11:51] dstefan we cannot estimate admission chances based on thsi information - we need to see the entire application and evaluate it.
[11:51] For the Calculus admission requirement, for those of us who took Calculus long time ago, which Calculus courses or topics should we review?
[11:51] dstefan good luck!
[11:51] ok sir what u specifically expect ina SOP
[11:52] dstefan Those that are relevant for financial applications - I covered most of them in the upcoming book
[11:53] OK... thanks
[11:53] dstefan I apologize if this sounds like a plug - it is not. The truth of the matter is that I am not aware of any book covering the math topics required for studying financial applications, and that is why I decided to write the book.
[11:54] If I get a certificate in c++ and work part time for a small company doing non-financial programming, is that still valuable programming experience that can be transferred to finance?
[11:54] dstefan the statement of purpose is your to write. We indicate that you should address to issues, why do you want to study fin eng, and why do you want to study it at Baruch, but you should feel free to write any other things that are relevant.
[11:54] dstefan of course, all within reasonable length
[11:54] Dan, I am eagerly waiting for your book
[11:54] dstefan Q93 - yes, it is.
[11:55] ok TY
[11:55] dstefan Dev - that is very nice to say - I do believe it will be very useful, in particular for prospective applicants to fin eng/quant finance programs.
[11:55] generally how lengthy can a SOP be
[11:55] dstefan it is your SOP to write. it also depends on spacing and font size, correct?
[11:55] Looking forward to read your book this November ...
[11:56] dstefan November, indeed. (three months ago, I would have said September )
[11:56] I can find the information about Baruch maths courses on website?
[11:56] dstefan which math courses?
[11:57] the course which can prepare me for FE
[11:57] yeah i agree
[11:57] dstefan the requirements are at Baruch College's Financial Engineering MS Program
[11:57] I see a lot of top jobs in financial engineering requiring PHDs. is the trend now shifting or are Masters sufficient?
[11:58] dstefan I actually believe there are fewer jobs that require PhDs. Many list MFE as a sufficiend background as well.
[11:59] dstefan Ladies and gentlemen, thank you all for participating in the chat, and best of luck with your applications!
[11:59] Such a beautiful day, enjoy the last warm weekend of this year, thank you eveyone. Especially Professor Dan, thank you for taking your time with us. Look forward to meeting in Nov. event, by the way my name is Eva.
[11:59] dstefan I am looking forward to meeting you in person as well, at one of the information sessions.
[11:59] Thanks for your time Dan and I’m looking forward for your new book, bye
[11:59] thank u sir... awaiting to meet u at baruch
[11:59] i agree with you. Few jobs but pay is very high..well after 10 years experience too..
[11:59] dstefan Eva, thanks for the nice wishes!
[12:00] dstefan Cris, looking forward to seeing you again!
[12:00] dstefan vjay - good luck!
[12:00] thank you, have a nice day
[12:00] dstefan Q93 - correct.
[12:00] thanks see you soon, bye
[12:00] dstefan Good luck! And enjoy the rest of the weekend!
[12:00] Thanks Professor and have a good day
[12:00] thanks

[Chris]

Chat transcript for Nov 28th 10am-11AM

[10:05] dstefan thank you all for being here. questions?
[10:05] thanks for hosting the chat, Prof. Stefanica
[10:05] dstefan my pleasure.
[10:06] I want to ask if I apply for MFE in 08fall, does that mean I have to waste my first years' tuition and time in CCNY?
[10:06] i was told that there is a state-of-the-art academic trading floor in CUNY, could you please tell us how the MFE studetns can benefit from it? thanks
[10:06] dstefan I do not understand the question - could you tell me more about your background
[10:06] I began MA in Economics in 07fall
[10:06] in CCNY
[10:07] dstefan well, you can transfer up to four courses into the program. that has to be decided after you are admitted into the MFE program
[10:07] I want to transfer to Baruch next fall
[10:07] dstefan indeed, we have a trading floor and some classes hold sessions in there.
[10:07] dstefan you have to apply for admission, you cannot transfer into the MFE program
[10:08] yeah, that's what I want to know. Which courses can I transfer? That decides the courses I will choose to learn next spring
[10:08] dstefan any econometrics courses should be fine.
[10:08] Hello Prof. Stefan
[10:09] dstefan any statistics courses could be good, too
[10:09] how about corporate finance ,Investment and money and banking
[10:10] dstefan possible, we need to talk about it after you get admitted, in case that happens, of course
[10:11] I am MA student now,so I don't have much mathematical basis, will that influence my application?
[10:11] Prof, most of the job ads ask for phd in a quantitative discipline. Would an MS in Fin. engg land me in a job
[10:11] dstefan you need to satisfy the math requirements for admission
[10:11] professor Stefanica, I took the gre and scored 470 verbal, 800 quantitative. Is it worth it to retake the test because of the verbal score or is this score 'sufficient' - Julian
[10:11] which is??
[10:12] dstefan the jobs you refer to are listed online by recruiters. they may be for senior people, requiring experience as well. with a strong MFE eduation it is possible to land in junior positions where you compete with a fresh PhD
[10:13] Professor, I have been programming automated trading systems for the last few years but have not needed to use more mathematics than algebra and basic statistics. I am taking a differential calculus course now in order to refresh myself. Are there any courses additional math courses you would recommend taking in the spring in order to get the most out of the program? I am very much interested in statistical trading models.
[10:13] dstefan the verbal score seems fine to me - 470. in any case, you would be interviewed in person or over the phone before an admission offer will be made, and your ability to communicate in English will be apparent then.
[10:14] thank you
[10:14] dstefan courses - probability, linear algebra, finance or math finance courses.
[10:14] Dr. Stefanica, I graduated with MS in Electronics Engineering (a lot of math and C++) in Ukraine more than 10 years ago; I currently work as a software developer. To increase my chances to get accepted, should I re-take math classes in my local University (I live in US now) or should I take GRE Math Subject?
[10:14] dstefan math requirements listed at Baruch College's Financial Engineering MS Program
[10:15] dstefan Knowledge of Finance, as demonstrated by one undergraduate class or work experience
[10:15] thank you very much!
[10:15] dstefan Calculus (two semesters), Probability (one semester), Linear Algebra (one semester)
[10:15] dstefan C++ programming skills at the level of one undergraduate class, or by completing a certificate degree
[10:16] dstefan GRE math subject might be challenging, and would require brushing up on math anyway. I would suggest taking math courses and getting A's
[10:16] thank you
[10:17] is working experience essential when I apply?
[10:18] How long should the personal essay be? - is there a maximum, minimum, etc.
[10:18] can one apply to baruch after completing a semester in Financial Eng at another uni
[10:18] dstefan (relevant) working experience would be helpful, but it is not mandatory
[10:18] dstefan no max or min length for the personal essay - but it should be of reasonable size.
[10:19] 1000 words reasonable?
[10:19] I have 3years programming experience in pure application developement. Would companies value my work expericence after i complete my MSFE
[10:19] dstefan even if you are in another program, you need to apply for admission, you cannot transfer into our program; if admitted, up to four courses can be transfered.
[10:20] dstefan 1000 words? I do not know how many pages that would be. it is your personal essay, after all.
[10:20] 2 pages
[10:20] single spaced
[10:20] 100 words is about 2.5 pages
[10:20] 1000*
[10:20] if I applied for 08 fall, when can I know the result?
[10:20] dstefan yes, that is valuable work experience.
[10:21] dstefan then 1000 words is reasonable.
[10:21] thank you
[10:21] dstefan I cannot give a timeframe for when the answer will be given to your application. It depends on the strength of the application.
[10:23] On the course website it says: "All applicants must have a baccalaureate degree from a regionally accredited four-year college in the United States or its equivalent in another country". I am from Canada and our 4 year degree programs are called honours degree. you need a cgpa of 3.0 to obtain the 'honours' part of the degree. If by chance my gpa was just below 3.0 and i did not get the 'honours' stipulation, can i still apply for
[10:23] prof. thanks for your answers. I am planning on compleeting required math courses before applying to your program. Do u accept coursework taken at community colleges as prereqs
[10:23] if i am in another program, ny semester will end around the time the course commences in baruch. So do i need to apply now or is the application process n deadline diff for such a case
[10:23] dstefan Julian - you can apply.
[10:24] thank you
[10:24] dstefan coursework at community colleges should be fine
[10:24] Prof., has your new book been pubished?
[10:25] dstefan umesh - apply now
[10:25] ok ..thanks
[10:25] Do i need to mail my undergraduate transcripts and provement of degree directly to the admission office? What else should I mail?
[10:25] do u value web based application programming experience, if i have it as a part of my MSFE application
[10:25] professor, between what dates can one expect decisions on applications?
[10:26] dstefan Cristian, the book is in the finishing stages. I expect it to appear some time in December. If we have time, I will post its (current version) of the table of contents here.
[10:26] dstefan mail everything required in the application to the admissions office.
[10:27] dstefan any programming experience is good. C++ is best, of course.
[10:27] since I am an international student, is there a different application deadline?
[10:27] dstefan same application deadline for everyone, April 30.
[10:27] Prof. Stefanica, is it appropriate for us to inquiry the status of the application, or we'd better just wait till we hear from you?
[10:28] dstefan we will have an online application status up some time in early January
[10:28] dstefan inquiries now would be too early, indeed.
[10:28] we do not have a ga system in india...we just have a percentage and a class wid it(e.g. 60%-first class)..so can we skip on gpa in the online application ..because i do not know any method conversion method
[10:28] dstefan search online for GPA conversion methods.
[10:28] Considering the popularity of the program, would you consider adding a spring session?
[10:29] do you know when the 2007 class statistics will be on the webpage?
[10:29] what's the average GPA you accepted?
[10:29] Prof, whats the average age of people entering your program?
[10:29] dstefan spring session would require teaching the core math courses every semester. whenever we will be able to do so, we will be ready to offer Spring admission as well.
[10:30] thanks
[10:30] dstefan we do not screen applications, or make decisions based on age. we have students from all backgrounds and age brackets.
[10:30] dstefan 2007 admission stats will be up as soon as we have time to put them there. unofficially, here is what I have compiled until now:
[10:31] Will a MFE graduate be preferred over a non-MFE PHD
[10:31] dstefan 337 applicants for Fall 2007; 48 admitted (14% admission rate); 35 enrolled (19 full-time, 16 part-time)
[10:31] is the location of a school a mtter of importance..like Newyork n chicago are considered as the financial hubs..is this helpful to find a job in the field??
[10:32] dstefan Average GRE test scores of the admitted students: 795 Quantitative; 582 Verbal
[10:32] dstefan Quantnet05 - I do not understand the question
[10:33] dstefan location of the program is VERY important. being able to take the subway to the interview as opposed to flying there makes a big difference.
[10:34] Do recruiters and hiring managers give preference to MSFE graduates over PHD's
[10:34] dstefan it depends on the position. my experience is that no entry level position is set in stone for PhD's
[10:35] Prof. Stefanica, in your opinion, how soon do you think the financial industry can recover from its current problems? Thanks.
[10:35] In your opinion, if I was denied admission into the MFE, wouuld it be advisible to take an Msc. in mathematics and then reapply? would this strengthen my application if some undergraduate math marks are not so strong (due to extenuating circumstances)
[10:35] will this program give an edge to build a career in the emerging markets as well?
[10:36] dstefan my opinion on the financial industry is not relevant for this chat. but I do have an opinion on the matter, of course.
[10:37] sorry
[10:37] dstefan I would rather suggest you take graduate level math courses, as opposed to completing an entire degree, and then reapply. Real analysis, numerical methods, probability, linear algebra would be very useful courses to take.
[10:37] dstefan CTGuest - no reason to be sorry
[10:38] dstefan it depends what you want to do in emerging markets.
[10:38] thanks :-)
[10:38] great thanks for your help.
[10:38] Hello sir, Good morning
[10:39] are quants being hired in India.
[10:39] dstefan our students are looking for jobs in the US, primarily, and not India, so I do not know.
[10:41] can u suggest us of a book to start with..ofcourse till your book is out?
[10:41] Prof., I have bachelors degree from India. However, i completed my masters here. Do i stil need to take up TOEFL
[10:41] sumthin that will serve for pre - program preparation
[10:42] Sir, to begin with I really want to get into Baruch and i am also in the process of applying to baruch. I saw ur message today telling that the average scores are 795 and 583, but unfortunately i dont have that much score in verbal.I feel my SOP is good and i think my resume will also be good. Please tell me my chances
[10:43] Professor, can you tell us about some of the more interesting projects alumni of the program have worked on?
[10:43] Sir, to begin with I really want to get into Baruch and i am also in the process of applying to baruch. I saw ur message today telling that the average scores are 795 and 583, but unfortunately i dont have that much score in verbal.I feel my SOP is good and i think my recommendation will also be good. Please tell me my chances
[10:43] Sir, to begin with I really want to get into Baruch and i am also in the process of applying to baruch. I saw ur message today telling that the average scores are 795 and 583, but unfortunately i dont have that much score in verbal.I feel my SOP is good and i think my recommendation letter will also be good. Please tell me my chances of getting into this college
[10:43] dstefan book - for finance, either hull or neftci, intro to math of fin deriv; for math, I really have to say my book gives you the most concise overview of the math topics required for financial engineering study.
[10:44] dstefan Toefl may be waived in case of MS degree in US, but you need to ask for the waiver.
[10:44] ok
[10:44] Could u pls name ur book and the place where i could get in new york
[10:45] dstefan cannot commnet on chances, but the average verbal score should not be daunting. it is an average score - meaning people were admitted with lower scores than that as well.
[10:45] dstefan projects - implementing and backtesting trading strategies. many projects in styructured finance as well.
[10:46] Prof., when is ur book available in market for purchase?
[10:46] dstefan the book release will be announced on the QuantNet forum at 301 Moved Permanently
[10:46] ok'
[10:47] dstefan should be available some time in December, hopefully.
[10:47] ok cool
[10:47] is the growing demand for FE program complimented with equal opputurnities in the markets?
[10:48] I am doing my bachelors in Computer Science and engineering, I dont have any finance background....pls tell me where from i could get the info about stocks and options
[10:48] I am an engineering PhD student with a concentration in Computational Physics and Chemistry. I am very interested in your Master program. But my GRE score is older than 5 years. Can you make a waiver of GRE for those who have a PhD degree?
[10:48] I got admitted into Claremont Graduate University MSFE program. Is the Claremont progam a good one
[10:49] I am doing my bachelors in Computer Science and engineering, I dont have any finance background....pls tell me where from i could get the info about stocks and options
[10:50] dstefan the growing demand for MFE degrees is driven by the market opportunities for the holders of such degrees. the job market fluctuates though, so the best bet is to study in a program where the graduates are able to find emplyment consistently upon graduation, regardless of the market conditions.
[10:51] dstefan Quantnet67 - you would have to ask for the GRE waiver. The admissions committee will evaluate such requests on a case-by-case basis.
[10:51] Thanks!
[10:51] dstefan I cannot comment on the strength of another program.
[10:52] I was very confident of getting a seat at baruch but the statistics you gave today about the admitted students is intimidating me...can u suggest me any other college if at all i am not going to get into baruch
[10:52] dstefan read some introductory books - by hull and neftci - see above
[10:52] dstefan you should not be intimidated. we are looking at applications as a whole, and we do admit people based on the strength of the entire application, not just the test scores.
[10:53] dstefan if you do not apply, you cannot be admitted, right?
[10:54] Hi Dr. Stefan...i have a question...I graduated from IIT Roorkee,India where the GPA is ona sclae of 10..my GPA was 9.28/10..so i just converted it on a scale of 4 and it came out to be 3.71...do u think tht was the right way to do it?
[10:54] dstefan incidentally, the average GPA of the admitted studetns for Fall 2007 is 3.53
[10:54] Do u think a PHD is a better compared to a MSFE, if one is looking to become a quant
[10:54] dstefan 9.28/10 is really good. convert it whoever you choose to, we will notive the 9.28 on the official transcript and we know that is a very good GPA.
[10:56] Dr.Stefan..do you think that having worke in top financial firms like CitiGroup or MSCI can really be helpful in admission and then in placements?
[10:56] do 'quants' more or less work in risk management?..what are the other areas?
[10:56] I have graduate level GPA of 3.61? Is it sufficient?
[10:56] dstefan it depends on the field the PhD is in. it also depends on what you mean by quant. If yo udo not have a PhD already, I would go for an MFE making sure that the programming ability, knowledge of numerical methods and of stochastic calculus are on par with people studying for PhDs in math.
[10:57] Thank you very much sir, ur words are much consoling to me.....
[10:57] dstefan absolutely, good previous work experience makes finding a job upon graduation easier. also, a good internship could play a similar role.
[10:58] dstefan perople with strong quantitative and programming skills work in many areas. a good book for learning about the role of quants in financial institutions is ``The complete guide to capital markets for quantitative professionals" by Kuznetsov.
[10:59] i read on the web site that evalutaions of apps begin in december...is it advantageous if we apply now?
[10:59] dstefan the average GRADUATE GPA of the admitted studetns for Fall 2007 is 3.66
[10:59] I am now doing my bachelors in computer science and engineering... what would u suggest me to do to get an edge over other students
[10:59] Dr Stefan...obviously most of the students join top firms after graduating from Baruch...but have there been cases where student/students did something different..like starting a new freelance consulting company specializing in quant solutions..if so then does Baruch help such students?
[11:00] dstefan Since I was 5min late, I will stay on uintil 11:05
[11:00] dstefan the sooner you apply, the better, but the admission standards will be teh same for everyone.
[11:00] dstefan get good grades, do projects related to finance, if possible.
[11:01] i am doing a project in black scholes
[11:01] dstefan that is good.
[11:01] i am doing a project in black scholes pricing model...will that help me
[11:01] oh thank u very much sir
[11:01] dstefan anyone starting a consulting company would have to have previous work experience and connections. it did not happen to any of our graduates yet.
[11:02] dstefan time to wrap things up - thank you all for participating in the chat
[11:02] What was the average work experience of the admitted students?
[11:02] Thanks for your time Prof
[11:02] thanks prof/ stefan
[11:02] thank you professor
[11:03] bye
[11:03] dstefan Quantnet19 - I sent you a private message, please respond.
[11:03] thank you Prof. Stefanica
[11:03] Thank you for your time, Prof.
[11:03] dstefan average work exp - I do not have the number, and it varied quite a bit.
[11:03] Thank you Sir
[11:03] dstefan my pleasure - and looking froward to seeing your applications. best of luck!

[QuantNetwork]

CHAT TRANSCRIPT FOR JAN 24th, 2008

[09:00] welcome to the chat - thank you for being here
[09:00] questions?
[09:00] hello sir
[09:01] this is rajeev from India
[09:01] good morning NY. Adi here from Israel
[09:01] two of our current students, Mr. Muting Ren and Mr. Radha Krishna are joining the chat - thank you, guys!
[09:01] hi, nice to meet you
[09:01] Thank you dstefan for the chat
[09:01] it's 4pm in Israel - good to haveyou here!
[09:02] Hello,I want to know do you have anyreqirement for TOEFL and GRE
[09:02] I am from China
[09:02] you have to take both the GRE and the TOEFl (unless you have an undergraduatedegree from US)
[09:02] Good morning. Thank you for holding this chat. I was hoping to get an update on my application.
[09:03] I cannot do that during the chat, sorry
[09:03] What about the score
[09:03] to me, the most important thing is your GPA and the courses you have taken, especially in math and programming, the requirement for GRE and TOEFL is on the website
[09:03] we do not have a minimum score for either
[09:03] Greetings, Thank you for the chat...
[09:03] can we know that when can we expect the application status to update/change
[09:04] first of all, use the online application status update
[09:04] yes sir, i did that... do u update it every week or every fortnight ?
[09:04] all applications are looked at within one month of being complete, but usually a lot faster
[09:05] updated once a week
[09:05] okay...
[09:05] Would an MFE have to compete with an MBA in job descriptions?
[09:05] I totally understand your guys' concerns about the status. When I applied last year, I was just like you guys
[09:05] Thank you. And do you accept student whose major is Apllied Mathematics. My name is Shiyi Chen,from China
[09:06] MFEs have the advantage over MBAs in positions requiring quantitative and programming skills; MBAs could do a lot of different things, but more business oriented
[09:06] but the thing is there is a whole procedure for updating the system and we need to take responsibility for every applicant
[09:06] also as you say that there is no limited batch size, so what exactly do you expect from teh student
[09:06] hi, shiyi, nice to meet you
[09:06] we accept students regardless of their major - the application has to be strong enough though
[09:06] What do i need to do to prove that I have good skills in math?
[09:07] we expect the applicant to show promise to be a successful graduate of the program - and competitive on the job market upon graduation
[09:07] Of course, i think applied math major will have certain edge than students whose major is in arts because they take more math courses
[09:07] but even if you are in applied math, a good gpa is still important to you
[09:07] good grades in the math classes you took already, which should at least cover the prerequisite courses
[09:08] okay, so applicants with prior job experience will have better chances isn't it ?
[09:08] I have a quick question about the C++ coding you guys do -- what platform/compiler are you guys using? is that visual studio?
[09:08] I have a bachelors in computer sci. apart from that, would a certification from a math professor be good enough?
[09:08] i am using visual studio
[09:08] if two people have EXCATLY the same qualifications, and one has job experience, yes, it is true.
[09:08] What type of job positions would an MFE apply for?
[09:09] i am an algorithmic trader and i have been making automated systems based on quant models.
[09:09] ok; so students can use whatever compiler they want or is it generally assumed visual studio is the norm?
[09:09] i ahve been using C#.NET basically but not C++
[09:09] I assume as a Comp Sci major you also took enough classes to cover our prerequisites
[09:09] How about part time job experience
[09:09] adi, could you elaborate your questions in detail?
[09:09] even though i have no problem with C++, but i can't show my work exp in C++, will C#.NET experience help me
[09:10] job positions - see the listing at Baruch College's Financial Engineering MS Program
[09:10] Helo, Sir. I applied last year november, but my status still says "Not yet Reviewed",I'm little concerned about this.
[09:10] When can I expect the next update?
[09:10] yes dstefan they did... now I have also been reading a lot of finace and economics. Any certifications you'd recommend for the same? Thank you.
[09:10] quantnet99 - pm me your name now
[09:10] What would a job description be for a MFE grad? will it be in business, computer science, broker, trader ?
[09:11] no certifications other than CFA level I maybe (and more, but time is limited for you now)
[09:11] Now I am learning C++ by myself, is it enough
[09:11] Swarup,This is Radha, a current stuent from Baruch. The course is definitely mathematical in nature. So in that sense math prerequisites stated on the website are to be taken seriously. Else one might have to getup to speed on math while the program is going on. This robs you of your precious time
[09:12] any type of financial company - big bank, hedge fund, buy side, sell side, using quant and programming skills
[09:12] for a CFA level 1, i believe one needs to have min of 3 years of work ex. I have only seven months of it and I intend to pursue financial engg only in 2009 and till then i would like to prepare solidly for the same.
[09:12] you need to have had a formal C++ class on your transcript, even if post graduate, or have passed a certificate
[09:13] generally speaking, there is buy side quant, and sell side quant. In sell side, you will mostly engage in pricing different products and design hedging strategies. In buy side, as far as I know, you have to know a lot of time-series modeling stuff. This is my expression when I interviewed GS
[09:13] Hi, Dan
[09:13] anyway, if you are a quant, you have to date your data everyday : )
[09:14] Thank you Radha for your reply, I will keep that in mind. I have already started working hard on math topics like Multi-variate calculus, linear algebra, diff equations and probability... any recommended readings will be greatly appreciated
[09:14] even though i have no problem with C++, but i can't show my work exp in C++, will C#.NET experience help me ?
[09:14] Sir, i am an Algorithmic Trader, developing various automated trading tools based on quant models.
[09:14] rejeev, i think that will be fine
[09:14] i have been using Visual Studio, C#.NET basically but not C++.
[09:14] oh okay...
[09:15] i know some students in this program are professional c# programmer before, so dont worry about it
[09:15] rajeev - that is enough background for being considered for admission
[09:15] okay..thanks for the info.
[09:16] how long does the application process take? do u also conduct interviews for shortlisted candidates?
[09:16] Given the current credit crunch/default conditions, for those interested in working in Risk Management, other than pursuing positions in the risk management and credit departments, where else would you recommend one look?
[09:17] we conduct interviews with all shortlisted candidates. this process has started already and will continue until the end of the applications cycle
[09:17] okay..
[09:17] I am a social science major. Does recommendations have to be from math professors to demonstrate my potential as a grad student?
[09:18] it could be useful to have letters from math professors whose classes you took, but only if they know you reaxsonably well
[09:18] how much does professional recommendation letters weigh compared to the academic recommendation letters?
[09:18] quant86, the most important thing is to show up credential proof that you have taken some math courses and get good grades
[09:18] im curious, do you take into account scores on the GRE subject test in quantitative areas other than math (e.g. physics)?
[09:18] to me, that is more important than a professor writing recommendation letter to you
[09:18] they do not have different weights, they have to be good. we have no reuirement that at least one letter comes from professors, by the way
[09:19] I have international experience (Intel and other large corp) in statistics and Math analysis. As a non US citizen, what are my chances of finding a job in the USA upon graduation?
[09:19] JoshB - yes, we do take GRE Subject scores into account, from math, physics, hard sciences in general
[09:19] okay,
[09:20] one of our studetns who is from Israel and graduated this December has accepted an employment offer from a financial company in NY. I believe that answers your qeustion
[09:20] Adi, personal endeavor + a good program = finding a job (my 2 cent)
[09:21] sir, what do u think about the subprime crisis, fed's hurried 75basis pts rate cut, US govt. pumping in money in the economy....in your opinion how do u see a MFE student after an year??
[09:21] I guess that it does. Thank you. Do many of your international students find jobs and remain in the US? do you have any stats on that?
[09:21] hi..i am yet to give my toefl exam yet..can i be given conditional admit ocnsideringmy 16 yrs of english based educaiton
[09:21] what level of score in C++,you will believe that is enough for the application
[09:22] Forecasting things in general about the markets is a tricky business. I am not worried about the job prospects of our Baruch MFE students.
[09:22] ya, you have an incredible program...
[09:22] Incidentally, it is easier to place 30 people, than 100 people, so having smaller size cohorts is an advantage these days.
[09:22] congrats
[09:22] That's very good to know.
[09:23] Hello. i graduated in '96 and have been trading stocks for myself for last seven years. Although I believe I am an excellent candidate, i am stump as to where I can get 3 recommendations! Any suggestions?
[09:23] all our students (this includes international students) find jobs - almost lal in the US. we hope the trend to be confirmed this year, too.
[09:23] I have done my final semester project and a paper on optimization techniques implemented in C++. Is that enough to demonstrate proficiency in C++ or would you recommend any certifications for that. Thank you.
[09:23] sir, do u have cut-offs for GRE scores nad for TOEFL ?
[09:24] quantnet38 - you can request a Toefl waiver, but there is no guarantee you will obtian it, so taking the test is always a good idea
[09:24] othello - get letters from three different people I really do not know what else to answer
[09:25] swarup - yes, it should be enough
[09:25] Rajeev, i believe we dont have. But think in this way, if all my competitors' GRE is above 1350, while I am much lower. How about my chances??
[09:25] Rajeev, this link would give a fair idea of the GRE scores of the admitted students .. Baruch College's Financial Engineering MS Program
[09:25] we do not have cutoffs - the overall application must be above our admission standards
[09:25] i'm not justifying myself, but i kinda scored a bit low in my GRE.. cudn't get time from work, so do u consider freshers and experienced candidates scores on equal basis
[09:25] thanks, radha
[09:25] thanku sir...i have one more question..wat do u consider a decent score in GRE Subject Maths for a applyin to the program..
[09:26] top 75% in GRE Subject Math is good, below 50% may not need to be reported
[09:26] thanks..
[09:27] thank you dstefan, as I mentioned earlier, I intend to pursue a ocurse in financial engg in 2009. I have already started preparing for the course. Any referrals to recommended reading will be greatly appreciated. Thank You.
[09:28] check the quantnet.com, the recommendation section
[09:28] quantnet38, gre math is very challenging for non-math majors
[09:28] subject test that is
[09:28] which courses are more important to you in applicants, programming, C++ or Java, or linear algebra, calculus, statistics? what's most important in job experience?
[09:28] yes, indeed, which is why we do not require it, and do not suggest people should take it.
[09:29] but if you do take the GRE math subject, 75% is a very honorable score.
[09:29] good enough for a phd in math
[09:29] Dr. Stefanica, would you be able to give me an update regarding my application?
[09:29] the application as a whole is what is being evaluated. nobody is top in all categories.
[09:29] HEllo,what level of C++ skills you will accept
[09:29] at least, you need to cover most of the prerequisite courses to make you competitive
[09:29] yes, for a PhD in math, but not at top schools - try 90% or better there
[09:29] thank you Muting.
[09:30] one undergraeduate C++ class is the prerequisite. the more, the better.
[09:30] btw, Muting, did you participate in a chat last year?
[09:30] hello to all, i just joined in
[09:31] no, actually, but after I was admitted, I participated twice
[09:31] One more question, What score do you think is good
[09:31] you know, they kinda block quantnet in China, professor
[09:31] Let me get this right, if a candidate has strong math and programming background and is genuienly interested in finance and if he can show that in his application, the candidate has got good chances of getting in. Am I right?
[09:31] Sir, in my undergraduate univ i cant enroll again for any course onced passed out from it..i didnt take the required prerequisite during undergrads but did my slef study for preparing myself for it..how can i prove my credentials to admin
[09:32] Swarup, in my opinion, that will be a good candidate
[09:32] I saw the earlier question regarding those interested in risk management. Would anyone like to suggest an approach to pursue positions within that field?
[09:32] swarup - correct
[09:33] Thank you Muting and dstefan.
[09:33] qn38 - you need to take classes to prove your math credentials
[09:33] risk jobs are quite plentiful these days
[09:33] in particular in big banks being balied out...
[09:34] thanks, Muting
[09:34] One more question sir, once a candidate has been admitted, does he have the time to work part-time? If yes, what kind of a jobs can be expected?
[09:34] sir, how long do u think an applicant who has applied before december need to worry, if his status doesn't chnage
[09:35] in the online system
[09:35] swarup, that depends on your visa status
[09:35] Prof. Stefanica, I applied to baruch on Dec30 and still the status shows "Not Yet Reviewed". I also have received two letters from Baruch Dated Jan 8th and Jan9th. The first had a tick mark against GRE and the other one against TOEFL. Does it mean my Scores havent reached. I requested ETS to send scores more than a month ago.
[09:35] working part-time is not possible for an international student coming from abroad during the first two semesters.
[09:35] Sir, is it true that most of the admit offers are made in the first cycle of app review
[09:36] Muting, I didn't quiet understand, can you please elaborate? By status, you mean the type of Visa that I hold?
[09:36] if your application is complete, you should hear within a month. if the status is wait, it means that the application has been reviewed, but no decision wwas taken yet.
[09:36] quantnet38, we admit people based on their competency rather than timing
[09:37] okay
[09:37] thanks sir..
[09:37] amsh - yes, it means the scores were not received by our office at Baruch.
[09:37] Thank you very much. Hope to see you next academic year.
[09:37] dstefan- if I cannot work part-time, how can i fund my studies? is there financial help available in the form of loans, etc?
[09:37] q38 - no, most offers are made toward the end of the application cycle
[09:37] eg, i am holding f-1 visa and hence I cannot work for the first two semester
[09:37] thanks a lot sir, hope to see you @ Baruch soon...
[09:37] no financial help is available - sorry
[09:38] Swarup, in my opinion doing fulltime keeps you focused and you can see the relation between various courses that one takes in a semester..I think it makes one more focused
[09:38] Oh, now I get it. So Muting, how do your pay for your tution?
[09:38] rajeev - good luck!
[09:38] thanks...
[09:38] Good luck rajeev
[09:39] What is the tuition for MFE?
[09:39] Yes Radha, I guess you are right. But how do I finance my education?
[09:39] thanks radha,
[09:39] Prof. I have confirmed with ETS that my scores were already sent to Baruch. So what could be the problem?.
[09:39] I searched the emails from Baruch and have not found a link to a 'status' page. Other than the status letters, is there another location to visit for an update(the application page also does not have this information)?
[09:39] USD 18,000 for non-NY state residents, USD 9,800 for residents, for the entire program
[09:39] amsh - email the admissions office to find out
[09:40] the online application status link is on the front page of our program, at Baruch College's Financial Engineering MS Program
[09:40] Thank you.
[09:41] thank you dstefan, is it 18000 USD for non-US residents as well?
[09:42] yes
[09:42] yes, USD 18,000 for international students as well. The same as for New Jersey residents...
[09:43] Thank you Muting and dstefan. One more question, if you are not allowed to work for the first two semesters, how can we provide for ourselves during the course? Please bear with me for the questions. Thank You.
[09:45] the US regulation for getting a student visa is that you need to show that you have sufficient funds to support yourself while studying.
[09:46] Which textbook(s) do you use for the C++ pricing courses? I have Justin London's 2nd ed but I am looking for to supplement it with another...
[09:46] We use Joshi's book mostly
[09:46] thank you dstefan, appreciate it.
[09:46] Mark Joshi??
[09:46] I heard that was a good one...
[09:46] hi,dstefan,I have the last quesion,what score of the C++ you think is enough
[09:46] Designs patterns and derivatives pricing
[09:47] the list of books that we are using is also on QuantNet somewhere; Joshi is the main C++ book, Savich as well
[09:47] q15 - what do you mean by score of C++?
[09:47] quant15, try to get the grades as high as you can
[09:47] Alain is an alumn of our program - thanks for joining
[09:48] Hi, prof. stefanica... I'm home today so I decided to join
[09:48] I mean what score I get in rn
[09:48] At Baruch, We begin with Savitch just to bring everyone on same page and then quickly graduate to Joshi , Duffy
[09:49] Hello Alain. I believe there is a lot of scope for research in the field of finacial engg. Is the research restricted to the academia or is encouraged in the industry as well.
[09:49] Hi Alain, Could you share your job profile and experience with us.
[09:49] Alain: would you consider the Joshi book to be a self contained unit or do you use the Savich book to complement it?
[09:49] Workload in this program is very heavy in a good way
[09:49] I mean what score I get in the course you think it will prove my C++ skill
[09:50] I worked in a group that does Portfolio Analytics, optimization and risk calculations using custom factor models
[09:50] A's (top scores) is what we are looking for
[09:51] Thank you
[09:51] thanks, Alain, for joining
[09:51] Joshi's book is more about Object Oriented thinking and Savitch equips you with C++ Syntax . In a sense they have different objectives
[09:51] My group does some research to build the models but, there is a group in my company that does the full time research thing
[09:51] that group is actually under my same unit
[09:52] we are closer to the real life action
[09:52] Would you say you work on the sell side?
[09:52] alain any advice to someone who is just entering an MFE program? anything you would have done differently/studied more extensively in retrospect?
[09:52] to learn C++, pick a book and do a lot of coding... that's my only advice
[09:53] Hi Alain, thanks for sharing the information. Does your group consist of non MFE's. If so whats the background. Also with who all do MFE's compete for jobs.
[09:53] I work for a sell side firm on their prop trading area... so it's kind of a mix
[09:53] but we are expanding on to the sell side as well (prop trading is purely buy side)
[09:54] Thank you dstefan, radha, muting and alain for the chat. Looking forward for to Baruch
[09:54] Thank you,Byebye
[09:54] my group is a weird mix, 2 PhDs in Physics, 4 PhDs in finance, 1 ex mortgage trader, 1 MFE (me)
[09:55] and 2 or 3 system guys
[09:55] I do both, coding and risk analysis
[09:55] Alain: are there any platforms(OS and development) that your research group prefers to work in?
[09:55] we use anything and everything
[09:55] R, Mathematica, Java, Linux, Windows, some Perl
[09:56] Thank you for taking the time to answer my questions.
[09:56] we are getting into C++ now because we plan to use NVIDIA CUDA for fast math processing
[09:56] the other thing we are trying to get into is something call SCALA
[09:56] so how do you find it competing with the PHD's. How far has the Baruch program prepared you to compete with PhD's?
[09:56] does a lot of the financial community use cuda?
[09:56] i had no idea you were using that
[09:56] so that you know, my undergrad is EE and I also have a masters in Computer Science
[09:57] plus the MFE
[09:57] the CUDA part is brand new stuff
[09:57] very cool
[09:57] ladies and gentlemen, we are getting close to wrapping this up.
[09:58] thnka you all for coming, and to Alain, Muting and Radha as well!
[09:58] any questions, post on QN...
[09:58] any final questions?
[09:58] you can PM as well if you want
[09:58] if i've already been interviewed, when can i expect to hear back at the latest?
[09:58] thanks everyone...
[09:58] How do you get an interview? By request?
[09:58] If you are waitlisted?
[09:59] you receive an email invitation to an interview. the timing of the decision is usually announced during the interview, and it could vary.
[09:59] OK. Thank you.

[QuantNetwork]

CHAT TRANSCRIPT FOR APRIL 5th, 2008

[19:59] dstefan Good evening (or good morning ) and welcome to the chat!
[19:59] dstefan Let's start - questions, anyone?
[20:00] good morning, professor stefan
[20:00] Hello!
[20:00] dstefan Hello - questions?
[20:00] I have a question. Is the program prefer student with engineering experiences or academic experiences?
[20:01] dstefan no preference - we enroll both students coming straight out of school and people with work experience.
[20:01] In terms of prerequisites, I've taken courses in Stochastic Processes that were sufficiently mathematical, but coded EE. Is that OK?
[20:02] dstefan Prasad - a rigorous stochastic processes course sounds very good
[20:03] Hi all. I submitted my application some time ago and received a mail saying that it's incomplete (missing recommendation). So, I submitted that recommendation and received another mail saying that my application is now Complete. Today however, I checked my status online and the tracking system still shows my application as Incomplete. I just wanted to know if it's complete or not. Thanks.
[20:03] Do most graduates of MFE programs work as research quants, or as Quant developers? I'm trying to get a sense for how close to the trading desk the job opportunities are.
[20:04] dstefan canayaz - I cannot answer such questions, sorry. once the application is complete, it should be evaluated within two or three weeks.
[20:04] dstefan when was the last time you checked the status?
[20:04] dtefan- I checked it online today. I also received an "application now complete" mail a few weeks ago.
[20:05] Does Baruch do anything to help students to find the interns during summer?
[20:05] dstefan Prasad - there is no pattern, or clear majority, in terms of what people work as. This year, the trend was less toward jobs requiring a lot of programming, and more toward jobs requiring research-type work
[20:05] I have PhD degree major in nonlinear system modeling/control/simulation, is this a big plus for my application?
[20:05] dstefan Gavin - yes, we are as involved in helping students find internships as we are in helping them find full-time jobs
[20:06] hello, I am postdoc, the project is about biomedical imaging, I am very interested the MFE program. I didn't attend the prerequisite course. is that ok
[20:06] dstefan Jin - a PhD degree represents a strong educational background, indeed, and is a testimony to research potential as well.
[20:06] dstefan havenlife- what prerequisite courses are you talking about?
[20:07] Hello sir, I do not have programming experience, but I meet the math requirements, will I be considered admission?
[20:07] Could you explain a little more details about the interns? Does Baruch directly recommend students to certain companies? Thanks.
[20:08] dstefan we have contacts in various places and email them the internship resume book twice, once in October, and then again in MArch, for those people who do not have internships yet.
[20:08] for example, linear algebra
[20:08] and C++
[20:09] dstefan depending on how strong the rest of your background is, a missing linear algebra course might be something we could trust that you can make up
[20:09] same situation, I just learn C, not C++
[20:10] actually, my past and current job are all about image reconstruction, which needs a lot of computation and programming
[20:10] dstefan however, you need to know C++ to be admitted in the program
[20:10] 1. Good Morning Everyone! //it's morning here,
[20:10] Another question about application procedure. Do the applicants need to be interviewed before admitted?
[20:10] dstefan if you are experienced with C, that is a plus, and picking up C++ might be mroe doable
[20:11] I have an MS in OR from UT Austin and an MBA from Virginia Tech. Finished school in 1996. Wanted to pursue a career in Financial Engineering, which was in a nascent stage then. I had to come back to India in 1996 itself, and have not found much opportunities. In this decade the subject has really grown. I still have a lot of interest to pursue FE. I now have the leisure and resources to do so. Would like to ask your opinion if MS
[20:11] without C course on my transcript, my application won't be considered, right?
[20:11] I have much experience in C++ and matlab, but never attend such course
[20:11] Are the applicants this year very competitive? what is the basic requirement do you have?
[20:11] dstefan everyone is interviewed before being admitted. however, being invited to interview does not guarantee acceptance in the program.
[20:12] that means I just need to learn C++ by myself, or join a course?
[20:12] Dear Dr. Stefanica, I submitted my application for MS in Financial Engineering in December 2007. My online application status shows that The Admissions Committee will not be able to make a decision on your application, because it is still incomplete as of now. This INCOMPLETE status has been there for a long time. Does it mean document missing or decision pending? Thanks!
[20:12] Given the subprime meltdown and the market recession do you think it is a good time to jump into this area now?
[20:12] is there any standards for reject application?
[20:12] dstefan havenlife - if you have experience in C++, mention it (and what you did in C++).
[20:13] I was also under the impression, since I had four years of grad school in US, I need not take the TOEFL and haven't taken that. Is it a requirement?.
[20:13] how about math course, I also have such situation
[20:13] dstefan sean - taking a course in C++ meets the requirement; learning on your own is very hard to prove
[20:13] On MFE's site it's stated that there is no student quota for admission and that you define your admission standards beforehand + stick to it throughout the admission process. One can deduce that from year-to-year your admission standards don't change significantly and resemble last years', however Stats page shows a different trend: lowering admission rates, increasing GPA & average GRE/GMAT scores. This is all indicative of limited admission
[20:14] dstefan while the applications this year are coming in higher numbers, and the applicants are strong, we do not have a set number of seats, so this fact does not affect anyone's chances of being admitted.
[20:14] Hello everyone, my application status is incomplete. How can I know what is missing?
[20:14] Also, does attending an U.S. undergrad exempt me from TOEFL?
[20:14] sir, I understand, that is why I took it this semester, but no grade at the time of application
[20:14] dstefan no Toefl needed is you have a US degree.
[20:15] What is the most deciding factor while making an admission decision (academic success, career background, clear future vision)?
[20:15] dstefan nodicjon - the admission standard changes every year, but once it is set, it does not change during an application cycle - whether applying in November and in April, the same atandard will apply.
[20:16] so how many is the size you plan to admit this year?
[20:16] there is no plan Quantnet94
[20:16] dstefan Chen0919 - email the grad adm office to see what is missing. you will also receive a letter in the mail about the missing items
[20:17] dstefan undergrad degree US = Toefl exemption
[20:17] Thank you . Prof. Can I take it in a community college?
[20:17] Thank you.
[20:17] Thanks!
[20:17] Do you give more preference to the candidate with higher GRE/GMAT while you face an admission dilemma (everything else being equal)? Is there a clear minimum for competitive GRE score (i.e. 750 - Quantitative section, 450 - Verbal section, 3.5 - AWA)?
[20:17] dstefan Cathy71 - mention you are taking a course, if needed, the decision will be made after you complete the course. a letter from the instructor of the course would help, too
[20:17] Hi Professor Stefanica, could you please define industry experience? does it have to be on the trading floor for several years?
[20:18] A grad school is US also gives an exemption to TOEFL? I had 4 years of Grad school
[20:18] dstefan sean - can take courses anywhere, the more rigorous the course, the better
[20:18] Prof. I would like to know how the current students are doing in their internship hunting. Do you have the placement record?
[20:18] dstefan no GRE/GMAT minimum. if EVERYTHING else is equal (which is virtually impossible), higher scores prevail, of course
[20:19] dstefan industry exp = experience relevant for future employment in the financial industry
[20:19] dstefan grad school in US - email to apply for Toefl waiver - it is frequently granted.
[20:20] Thanks!
[20:20] I have experience in investment banking but would like to be working on a trading floor after the program. Does the banking experience count for industry experience?
[20:20] dstefan the internship placement is ongoing, no numbers as of now.
[20:20] how is the general resources in Baruch? such as Lab, Lib, etc...
[20:20] Prof, I remember you said Applicants need to have a formal C++ class on the transcript, or have passed a certificate. The only exception is made to ppl with work experience in finance, right?
[20:21] Your Programs' internship/job placement statistics are impressive, how do you consistently achieve such a high standard? Do you have interview prep. courses for your graduate students?
[20:21] dstefan snedaog - sounds relevant to me, but cannot be sure until seeing the actual details about the job.
[20:21] dstefan very good resources. students have a private library for finance books, as well as their own computer lab/library, and almost everything by way of articles is available online
[20:22] Hi, Prof. Stefanica. How important is industry experience in admission?
[20:22] What is the average age of the students in the class. I am 37. Would I fit in the class?..
[20:22] I was assigned successful participant in 2007 Mathematical Contest in Modeling. Is it helpful to my application?
[20:22] dstefan Quantnet46 - one needs to know C++ before being admitted to the program (and then might have to take the C++ refresher course, as well)
[20:23] I'll be applying straight out of undergrad, but I have internship experience in IT for major IBs. I would like to move to a finance role. Is this possible, or is an MBA/M.Fin a better option? (Quant is very interesting to me)
[20:23] is VBA ok?
[20:23] dstefan nodicjon - we do a lot for our students to make sure they do well on interviews.
[20:24] dstefan industry exp strengthens one's background, but it is not mandatory
[20:24] Prof, how is the industry connection between Baruch and the wall street, or the finance community as a whole
[20:24] dstefan the Fall 2007 class was 21-39 years of age, median 27
[20:24] Thanks
[20:24] learning C++ was longtime ago for me, but I use VBA more frequently
[20:24] dstefan correction 21-45
[20:25] I would not be out of the bracket..
[20:25] dstefan chen - sounds helpful
[20:25] We use a lot of Excel at work to build models but from what I understand, I need solid C++ training. I am reading C++ primer now. What level do you think I should try to reach before the June refresher class? Thanks a bunch!
[20:25] May I ask how many have been granted admission till now?
[20:25] Do you have sort of guests-speakers/professionals periodic seminars similar to Columbia's & Carnegie Mellon's? If not, is it viable to arrange such events?
[20:26] dstefan prasad - cannot answer without knowing more details, and now is not the time to provide them. if your math/programming skills are strong, MFE might be a better option than MBA
[20:26] Dr. Stefanica, is at all possible to find out why I wasn't admitted?
[20:26] dstefan VBA mildly useful, but C++ is required.
[20:26] I would like to reapply want to know what area of my application I should attempt to strengthen
[20:26] Professor,I have learned C++ and Matlab, but my GRE Verbal Scores is low and I am quite worried about it.
[20:26] dstefan we have very strong industry connections, in particular ion New York, partly based on the success of our graduates.
[20:26] Prof. Can you recommend a college for me to study C++ in NYC, or do I need to go to Baruch to learn it before the refresher class?
[20:27] how long would be the transcript put on QN?
[20:27] same question with Sean here. thanks :-)
[20:27] Thanks for your time Professor! Good night!
[20:27] dstefan C++ level - one undergrad class before June refresher
[20:28] dstefan cannot disclose interim admission numbers
[20:28] dstefan we do have outside speakers and events
[20:28] dstefan it is organized by our student organization
[20:29] Thank you very much for your time. Really appreciate your help. Good-bye!
[20:29] among the students who successfully landed a job, were more of them getting trading floor/Quant trader positions or back office/supporting roles?
[20:29] dstefan Sanket - I will answer all questions about reasons for not being admitted in June. It is impossible to do so now. I will also advise people on what they need to do to strengthen their application, in case they want to reapply to our program
[20:30] dstefan about 20% of our admitted students have been denied admission in previous years.
[20:30] dstefan any CUNY college should be good for C++
[20:30] dstefan no need to take the class at Baruch, although the class is good here, too
[20:30] Hello everyone
[20:30] dstefan the chat transcripts are available indefinitely on QuantNet, as far as I know
[20:31] dstefan most jobs (at least 80%) are front office
[20:31] sorry, prof., I have posted the question before, but disconnected for a while, so did not see your answer. Could you please give me a brief answer, thanks!Applicants need to have a formal C++ class on the transcript, or have passed a certificate. The only exception is made to ppl with work experience in finance, right?
[20:31] Professor Stefanica, I read Neftci's Principle of Financial Engineering. Are we covering the entire thing and actually doing the calibration ourselves?
[20:31] Is there a waiting list and if so, is the applicant informed?
[20:31] dstefan Q83 - see the transcript at the end
[20:31] How does Baruch judge if the student needs to take a c++ refresher course? Is there any entry exam?
[20:32] hi i am a graduate of Rutgers university i major in economics and accounting i didn't do so great but my work ethic has changed and i have a cfa level 1 what are my chance of being admitted to the program?
[20:32] I have a C course on my transcript but no C++ would this affect my application adversely
[20:32] dstefan Snedaog - part of the material in the book is covered in various classes, and other topics are covered, too
[20:33] dstefan no formal waiting list. unless invited to an interview, will not receive admission.
[20:33] dstefan if status is WAIT and no interview invitation was sent, it means the application was reviewed and no decision was yet made
[20:34] I used to do IB without much S&T experiences, what I should be working on specifically while attending Baruch
[20:34] what background are your students? anyone from finance or economics major? can they compete with other engineering and math majors?
[20:34] dstefan no entry exam - the decisions on refresher courses are based on whether the background of the applicant covers enough of the material taught in the refresher course
[20:35] Professor, my online application status is INCOMPLETE. But, I did not get an answer from graduate admission office for what is missing. Does INCOMPLETE mean document missing or decision pending?
[20:35] Prof.,my GRE Verbal Scores is low, will it influence my application?
[20:35] dstefan C course is better than no course; should mention whether you know C++ and how did you learn it and use it
[20:35] how does Baruch differentiate itself with a plethora of MFE programs out there.
[20:35] dstefan Sanket - questions about denied will be answered in June
[20:36] with the current climate of job losses is Baruch well positioned to help its students
[20:36] dstefan Q83 - background is given online on the Baruch MFE web page http://www.baruch.cuny.edu/math/Majors.html
[20:36] As the course title shows little info. about what are covered, how do you evaluate whether an applicant meets certain criteria?
[20:36] dstefan Q37 - please change the yellow font, can't read it
[20:37] dstefan INC means docs missing
[20:37] how does Baruch differentiate itself with all these MFE programs springing up recently at BSchools
[20:37] I do not have C on my transcript, but I am taking it now, is that OK
[20:38] dstefan low GRE Verbal score is worse than a high GRE Verbal score; how low is the score makes a difference though
[20:38] dstefan Q28 - don't understand the question
[20:38] dstefan Q83 - no, you need to know C++
[20:39] Dr. Stefan can you address my earlier concern, suitability of MFE for me to return to this profession. I know its a personal query, but would like to know your opinion
[20:39] dstefan Q37 - MFE programs offered in math depts and Bschools usually differ in terms of the depth of math and finance taught, but there are no general rules
[20:39] dstefan Q57 - email me, if I have time I will respond
[20:40] do you know about the quant-trader job opportunities overseas, say HongKong and Tokyo -- are they comparable with NYC?
[20:40] OK Sure
[20:40] i guess my question was is there an oversupply of MFE grads in the current bear market
[20:40] Dr. stefan i am a graduate of Rutgers university i majored in economics and accounting i didn't do so great but my work ethic has changed and i have a cfa level 1 what are my chance of being admitted to the program? I wanted to know if gpa is weighted higher or gmat scores
[20:40] dstefan a coupe of our students are doing internships in Japan - I expect to know more after that
[20:40] Professor, I called Cathy about my INCOMPLETE status. But she doesn't know what is missing for my application. What should I do?
[20:40] I guess I asked you the earlier one as Chalasani
[20:41] dstefan oagboola - cannot comment on admission chances. we do not have specific weights for each part of the application
[20:41] dstefan email Cathy about what is missing, we have very clear records about that
[20:43] Is there any case that companies dislike students you commend, and end with unhappily?
[20:43] what is the job market outlook for mfe graduates for the next 5-10 years?
[20:43] how about PhD after Baruch MFE do grads go on to PhD programs?
[20:43] sorry, not commend, should be "recommend"
[20:43] dstefan some do, but not many
[20:44] concerned with the same question as Q37 on oversupply of MFE grads in bearish market
[20:44] professor, I am taking an Introduction to Computer Science, which heavily use C++, but no grade at the time of application, is that OK
[20:44] dstefan Q94 - not sure what you mean by ``dislikes" - hiring people is not based on feelings
[20:45] dstefan oagboola - I believe the market for Quant skilled people will grow, as long as technology advances
[20:45] would like to join Q-37. Does the depth for MFE at Baruch prepare one for a PhD?.
[20:46] or is the orientation mainly towards employment
[20:46] dstefan walrus - oversupply is generated by strong demand at a point in time, and cannot be controlled; I would not worry about people with strong skills
[20:46] prof, I mean the ability and the suitability of students
[20:46] dstefan Q83 - include a preliminary transcript with no grade; if needed, we will wait for the grade to make a decision
[20:47] after all, workplace is quite different from the school
[20:47] dstefan Q37 - PhD in what field
[20:47] FE
[20:47] finance or applied math in finance PHD
[20:47] Critics said it is Quant that made products so complicated and hard to understand. Will subprime affect the prospect of MFE?
[20:47] Applied Math in Finance PhD
[20:48] dstefan our program is a professional MS program - we prepare people to have successful careers in the financial industry. if there is one field for which the MFE degree is useful in light of a future PhD is financial engineering / financial mathematics
[20:48] Thanks
[20:48] how often is the program curriculum updated as the market and technology changes?
[20:48] dstefan Q94 - could you rephrase your question completely, please?
[20:48] Hi Professor,I wanna know when the admission be finally decided?
[20:48] do you take into account of quality of undergrad when looking at GPA some schools are harsher on GPA
[20:49] dstefan Q83 - cannot comment on what critics say; the subprime crisis already affected the job market for everyone, including MFE graduates
[20:50] dstefan the curriculum is updated continuously, and the technology sophistication is constantly increasing
[20:50] are admissions for international students more competitive than domestic students
[20:50] if one of my motivations to get a mfe is to put myself in a position where right off i can earn substantially (120k+) immediately after graduation, and then have the opportunity of increasing my compensation more quickly than in other professions. is this still a reasonable motivation in the current situation? will it be in 2010 when I'd likely graduate form a mfe? i feel i might be better off sticking to my job as an engineer, whether
[20:51] Professor, I have called Cathy about what is missing. She told me I have no GRE scores reported. But I have requested a GRE waiver (I also sent a copy of my GRE scores, which is more that 5 yrs old) since I am going to get a PhD soon. So, she doesn't know exactly why it is INCOMPLETE.
[20:51] dstefan david - we make rolling decisions; we expect to be completely done by May 15 though (the deadline for applying is April 30)
[20:51] math and physics PhD also does Quant jobs and trading, what skill sets make a MFE grad differentiated from a math PhD?
[20:51] I applied 2 months ago but haven't heard any thing. by what date are admissions finalized
[20:51] what does "supporting trader" exactly mean? Since I heard entry level Quant do a lot of supporting services.
[20:51] dstefan we know what schools have grade inflation and adjust accordingly
[20:52] dstefan admissions are equally competitive for everyone
[20:52] dstefan international or US
[20:52] are there any publications that refer to you could recommend to stay in tune with advances
[20:52] yes, prof, is there any case that companies find the ability and the suitability of the students you recommend is not good enough, and end with unhappily?
[20:53] dstefan Q27 - I believe so, except that putting a price tag ion the starting salary might be unwise. doing so on total compensation five years in the job might be more appropriate.
[20:53] Does a more math background compensate for a weaker programming background
[20:53] dstefan Hu0421 - email me directly about this
[20:54] dstefan walrus - the trend on hiring math and physics PhDs vs. MFE grads might have been changing for the past few years
[20:54] Professor, are we going to continue using C++ on the job after this program or in many cases we need to switch to other programming languages?
[20:54] dstefan soin - is your application complete?
[20:54] so things are turning more positive for MFE is what you mean?
[20:54] I posted my transcripts but some were lost as my application status letter said that they were missing;I posted them again but have not heard would this adversely affect my application
[20:55] Is an applicant kept in rolling (if not admitted in first evaluation) until the final deadline?
[20:55] Professor I did not get any email or any thing saying it is incomplete
[20:55] do you mean prefer MFE to math and physics PhD fo the past few years
[20:55] Professor, could you tell me your email that I can use?
[20:55] dstefan Q94 - actually, our students tend to do well in interviews. I do not remember any strong negative feedback from interviewers since 2005... I do remember that one, though
[20:56] how are contacts with employers established at Baruch? are some new firms beginning to recruit at Baruch
[20:56] dstefan Sneadog - in many positions, people continue using C++
[20:57] what banks and firm target Baruch MFE?
[20:57] are there any publications that refer to you could recommend to stay in tune with advances?
[20:57] as far as i know finance is an area where soft skills and language skills are more important than elsewhere. do mfe programs get a bad rap because for a lot of their grads English is not a first language?
[20:57] dstefan walrus - yes, but only for strong MFE graduates. I continue to be surprised at how large some graduating classes are. there might be 2000-2500 in US alone, and I am not sure about the number of jobs available
[20:58] dstefan Q99 - indeed, if no decision was made, the application is looked at repeatedly
[20:58] thanks, prof, that's really good!
[20:58] dstefan Q43 - cannot say, PhD and MFE require different time commitments - it is not a decision people make when applying to PhD programs - to go in industry, that is
[20:59] dstefan Hu - find my Baruch email online
[20:59] Thank you Prof for your time here. Good night
[20:59] Thank you for all the info, Dan
[20:59] Thanks for all the info and answers. Good night.
[20:59] dstefan zulu - we already built relationships with quite a few places. we are being sought out by new employers constantly
[21:00] dstefan Q43 - all big banks are hiring our graduates
[21:00] good to know that! Thanks!
[21:01] dstefan Q27 - one purpose of interviewing people before admitting them into the program is to evaluate communication skills as well as soft skills.
[21:01] dstefan Thank you all for joining the chat!
[21:01] Professor can I send you email directly to find out status of my application and if I need to send any thing else as this has been couple of months since i have applied?
[21:01] Thank you Prof. Good night
[21:02] thank u prof. Good Night
[21:02] Thank you professor
[21:02] dstefan Soin - unfortunately, you should direct those questions not to me, but to the admissions office
[21:02] good night
[21:02] Thank you, professor. Good night
[21:02] I will do that thank again
[21:02] dstefan Good luck with the application process, and best of luck in your future careers!

[QuantNetwork]

CHAT TRANSCRIPT FOR AUG 13th, 2008

[09:05] What score will be safe in mathematics sub gre to have a good chance in securing a seat in your esteemed institute?
[09:06] top 25-30% is good. it is actually not needed to take it.
[09:07] Should I appear for CFA to bolster my profile?
[09:08] it would strengthen your application, but whether you want to do it or not, it is your call.
[09:10] So the program is going be to increase to 40 ppl in 2008 ?
[09:10] We also have alumni and current students in the chat, to answer questions
[09:10] We expect to enroll 40 students this semester, abotu 30 full-time
[09:11] I think small size have been an advantage of MFE in Baruch, how this gonna affect the placement?
[09:11] Esp considering the current market
[09:12] we do not have any enrollment target
[09:12] How does the work experience affect the application? Does the audit experience do any help?
[09:13] we admit everyone who is qualified. this year, our admission stadard increased greatly, to reflect the market conditions. we expect everyone who will complete the program to be succcessful on the job market, even in the current (and possibly worsening) conditions.
[09:13] relevant work experience strengthens an application, but is not an admission requirement
[09:13] audit - I need more details
[09:14] I have been in KPMG for two years, as auditor
[09:14] Eric,The students admitted each year is getting stronger and stronger, when I come to the class this year, I was surprised by how much work they have. Professor definitely give them a hard time in a good way: )
[09:14] it is a good work experience
[09:15] Also, reputation of Baruch is getting more and more recognition among recruiters thanks to quantnet and all the hard work done by professors and students here
[09:15] Thank you, Muting. Can I know what kind jobs do MFE in Baruch get?
[09:15] Like, what job description, what possbile career path?
[09:16] Mostly coding and debugging?
[09:16] This year, most jobs were (junior) quantitative analysts - for research groups in IBs, or in hedge funds
[09:16] even it's not finance related, you mean? I'm not so sure because it does not involve finance or programming?
[09:16] coding is part of every quant job - and C++, which is what we require our students to use while in the program is what is needed in most jobs
[09:17] our students did not accept IT jobs this year (I believe this was meant by ``coding and debugging")
[09:17] btw, every coding work will require some debugging
[09:17] Thank you, dstefan
[09:18] So what is the minimum requirement in terms of programming for MFE in Baruch? C++? what level is acceptable
[09:19] one semester of C++ is required
[09:19] it is possible to be required to take a C++ refresher course as well
[09:20] Oh, so what if my transcript does not include a C++ course?
[09:20] I am eric, I change the name
[09:20] you have to explain your level of C++ proficiency separately, if that is the case.
[09:21] I see, but I took VB and SAS courses, will that help?
[09:21] yes, that helps
[09:22] Can it be substitution of C++?
[09:22] not technically
[09:22] I am taking a national certicification exam in C++ in September
[09:22] But I dont think the result will be released before Janurary 2009
[09:23] that certification should be enough to prove C++ proficiency. You will need to add details about it in your application though
[09:23] Jan'09 is fine - the application deadline is Apr'09
[09:24] So the arrival time of application does not affect admission?
[09:25] no. we have rolling admission, and make offeres as early as January, but the admission standard is the same for every application, regardless of when it is submitted.
[09:25] this is one advantage of not having a set number of seats to fill up - every application can be evaluated using the same standard
[09:26] cool
[09:27] Then, I have the other question: how do you see soft skills in application for MFE?
[09:28] what about finance? what is the minimum requirement of knowledge of finance then?
[09:28] soft skills are very important when interviewing. in the application process, they come into play during the interview, which is conducted with everyone we are considering offering admission to.
[09:29] finance - minimum (emphasis on ``minimum") requirement is one undergraduate class in finance.
[09:29] I know math and programming are important, and I think I did pretty well in them. I also devote a lot of time to NGO work and developed my communication skill and leadership. I think that is my special part as a Chinese fresh graduate.
[09:29] So should me state this in the PS or just wait until interview?
[09:31] to get to the interview, your application needs to be strong - I would include all relevant information in the application, and, if needed, mention it again during the interview
[09:31] Thank you
[09:32] Thank you. Can it be substituted by something else, since I majored in applied mathematics in undergrad? maybe take some exams or certificates?
[09:32] In university, I got a lot of courses in math and programming, but have no credentials for finance, although I read a lot about that
[09:33] As long as you have a good GPA in your math and programming, finance part won't be a big concern
[09:33] make your case in the application (the statement of purpose would be one place to tell the admissions committee about your knnowledge of finance)
[09:34] as long as you show that you did read and understood material equivalent to one semester of finance, yes
[09:36] what is the standard for one semester? I am from China, so is it ok if I look up the undergrad finance course in Baruch to see how good it should be?
[09:38] that is a good idea
[09:38] In the website, it is said "In order to qualify as a prerequisite, each course must have been passed with a grade of B or better.", but my probability theory only gets a C, then I study hard and make up for it, get a A in stochastic process (based on probability and more advanced?), and ranked No.2 in class, I dont know if this make up for the C in probability?
[09:38] to me, if you can well understand the book by John Hull, that will be good enough for the beginning
[09:39] that scenario would make up for the C, indeed
[09:39] actually, technically, getting B or better in one class more advanced than probability fulfils the requirement
[09:40] cool
[09:40] I agree with Muting - you read and understand Hull, you fulfilled the finance requirement.
[09:40] Thank you.
[09:42] how much weight will put on undergrad courses? althought i ranked 2nd in univ., it was two years ago.
[09:43] I have one question, it is said that MFE fills the gap between quant and traders, is that true? And does this mean, MFE normally stick to research work and do not promote to management positions?
[09:43] ranked 2nd is really good
[09:46] MFEs are found in many positions
[09:47] there is a good interview of Tim Grant on the Quantnet
[09:47] but management positions are not necessarily common
[09:47] He talked about the similar issue and how does he try to break down the silo
[09:48] He is MD in UBS
[09:48] what i have been doing theses two years, honestly, involves much more business rather than math. auditing has been running me away from math. how much would you assess about this experience?
[09:48] So what it would be like for experienced MFE?
[09:48] I mean, normally
[09:48] I thought Quant need a PhD
[09:49] Thank you, Muting, I ll check that it would be very useful
[09:50] Renj, do not lean on your experience too much, if you feel your math becomes rusty, try to pick it up asap
[09:50] good advice, Muting!
[09:51] to be a quant you need knowledge and ability. a PhD degree qualifies you for types of jobs requiring more theoretical research, for example, but sich jobs are fewere and fewere
[09:52] Because the demand for quant is dropping?
[09:52] Thank you!
[09:53] because the theorerical basis of models has been established already, and most work is now computational, where the PhD type skills are less relevant
[09:54] What is the best way to present that i have picked them up? I mean, is there a better way to illustrate that than by words in statement of purpose?
[09:54] Oh, I see, so MFE are created to fill the computational part, and thats what MFE leads to
[09:54] how much modelling work will a typical MFE do? I really like modellings
[09:54] especially with math
[09:55] Chen, don't always go into one direction what a MFE can do, if you go to see the positions we have, it has so many variations
[09:55] Thanks, Muting
[09:56] the most important thing is that MFE grasp a good quantitative skills and they combine this skill with the finance knowledge
[09:56] In a world going to be more complicated, this ability is valuable
[09:57] Where can I find detailed employment report? I can just find the salary report on the website
[09:57] chen - MFEs developed naturally to replace PhD from positions that do nto require PhD type (theoretical research) skills. and the research positions are becoming fewer and fewer, while the positions requiring computational skills are increasing fast.
[09:58] what is published online is the most details we will provide on the website. maybe the following willmott post contains more information
[09:59] I just checked the wilmott post and it does not contain any additional info, actually
[09:59] thanks for participating to the chat
[09:59] any final questions?
[09:59] Thank you, dstefan and Muting
[09:59] np
[10:00] good luck with your application!
[10:00] bye!

[QuantNetwork]

CHAT TRANSCRIPT FOR SEPT 24th, 2008

[09:00] hello, and thank you for coming to the chat
[09:01] let's begin. questions?
[09:03] what skill will I get from Baruch MFE program except the knowledge i could learn by myself?
[09:03] hello Mr Stefanica. do you expect much larger number of applicants this year ? thank you
[09:04] the knowledge you get in our MFE program is based on what the instructors know will be useful in your future career. that is something very difficult to determine on your own.
[09:04] we have no expectation for the number of applicants. and since we admit everyone we deem qualified, it is not relevant for anyone's chances of being admitted into the program
[09:05] thank you, you actually answered my second question
[09:06] good
[09:06] Good morning, all
[09:06] Mr Stefanica, I have one question regarding job prospects. As people have discussed on QuantNet, how do you think the current market situation would affect placement of Baruch MFE? and you have any measures in mind to alleviate the hit?
[09:07] we are using all our resources to place our graduates. the job market will definitely be much tighter. until we see how our graduates do on the market, the rest is speculation.
[09:08] I see, thank you
[09:08] but I can tell you that openings appear even these days, at various places, so at least a few jobs will be available to the most qualified candidates.
[09:08] so what do you think a mfe student should do to improve himself in this last year of his undergraduate education? do you think that the understand of market is in the first place
[09:09] I am planning for admission in MFE program in 2009. Mr. Stefanica can you please tell me how many admissions will be granted? How many applications you think will be received? Thanks.
[09:09] strengthen the math and programming background, as well as improving the knowledge of the markets
[09:10] we do not have a set number of seats. everyone qualified will be admitted
[09:10] do you think that CQF could prove students' the math and programming background?
[09:11] yes, but I regard CQF as a terminal degree, after which you get a job, not as a stepping stone to an MFE
[09:11] What criteria are used to decide if a student will be admitted? Thanks.
[09:13] based on what we see in the application, the criterion is whether the candidate is going to be successful both in the program, and on the job market, upon graduation, given what we know the candidate will learn in the program and the type of job placement support we offer
[09:13] approximately what kind of score in GRE Math subject test would improve one's chances of admission ?
[09:14] my personal rule of thumb would be top 25% on the subject test is very respectable
[09:14] i do not get your idea very clearly. I am now learning it. do you mean that what CQF ask us to learn is just a goal, but it could not prove my ability?
[09:14] you do the CQF, you should look for a job, not for another degree before hitting the job market
[09:15] hi everyone
[09:15] My second questions is about the application process. Since essay and reference letters are submitted on online, the only thing I need to deliver to the Admission Committee physically is the transcript(GRE and TOEFL score will be delivered by ETS)?
[09:15] Does work experience substitute for prior education? For example, I have an MBA (Finance) but have worked for a few years as C/C++ and Java developer.
[09:16] the math subject test also contains topics, such as algebra, which is of no consequence for MFE studies, so I am not sure whether taking the GRE math subject test is necessarily good. if you know you are strong overall in math and expect a good score, then you should take the test. preparing for the test just to get in an MFE program might be an overkill
[09:16] correct - the transcript may be the only physical mailing to be made
[09:17] thank you, can I submit a scanned transcript first, so to speed up the application process?
[09:17] work experience is part of your background. while it does not substitute for education, in general, it might, in some special cases. for example, if you worked as a C++ programmer that satisfies the C++ requirement even if you never had any formal C++ classes.
[09:18] you think CQF is enough? i am just an undergraduate, no related job offers to undergraduate.
[09:18] we need the official transcript in order to make a decision on the application
[09:18] Thanks. Is GRE required?
[09:18] The programming requirement is one C++ course. Topic-wise, how much should students know on the most basic level to be competent for starting a MFE?
[09:19] whether the CQF is enough depends on your background, as well as many other variables. what I am saying is that doing the CQF to get into an MFE may not make sense.
[09:19] Hi everyone
[09:19] the GRE general test is required
[09:19] I got a 780 on the math - should i retake it?
[09:20] what would be covered in the first semester of a C++ course is the basic requirement. if that is the only thing you have ever taken, you may be required to take the C++ refresher course before starting the program
[09:20] i know. thank u
[09:20] i notice that MFE program prefer the students who own work experience .Is that for the program's good job placement number?
[09:21] the average GRE Quant score of the students admitted in Fall 2008 was 796. however, the lowest GRE Quant score of the people admitted to the program was 760.
[09:21] What refresher courses are required/offered, since I have not done that in a while. Thanks.
[09:21] I see, thanks prof.
[09:21] actually, we have no requirement for work experience, and no such preference
[09:21] I meant Math, sorry.
[09:21] refresher courses - see Masters in Financial Engineering (MFE) - Baruch College
[09:21] Professor: I have a strong background in c++ self-taught, but no professional experience. I have been coding for about 10 years in numerous applications such as security. My college only offers Java courses in their CS department. Based on my experience is it necessary for me to take c++ at all? Is Java good enough to satisfy the prerequisite for your program?
[09:22] prof Stefanica, what makes an application compelling?
[09:22] GRE Math subject is not required
[09:22] Can a course called Object Oriented Programming but in Java make me qualified for the program in terms of C++ ability? Considering I have taken a national computer certificate exam in C++, the result will be released in November, and I did well in the exam.
[09:23] QN72 - analyzing your C++ background based on your other strengths as a programmer will be a judgement call that I cannot make without learning more.
[09:23] OOP in Java + C++ certification should satisfy the C++ requirement
[09:23] thank you
[09:24] an application does not need to be compelling for admission, just above our admission standard
[09:24] If I want to be safe, do you recommend that I push for a Directed Study in Advanced C++, or just take the offered Java class?
[09:24] the more C++ you study, the better it would be for studying in the program
[09:27] Is it possible to pursue the MFE program with a part-time course load while working full-time? Thanks.
[09:27] yes, it possible
[09:27] While I understand you may not want to comment on another schools program, can you briefly detail why would entering Baruch's program be better than going with a Stevens Institute of Technology, Purdue, or Kent State
[09:27] prof Stefanica, ideally a candidate should get all As in the prerequisite courses. What if she doesn't?
[09:28] Do you forsee a drop in entry-level employment out of your program on account of the current economic conditions?
[09:28] drjmpc - you should research the programs yourself and decide which one would be best for you
[09:29] huangj - not all the students who are admitted in our program have straight A's; the overall strength of an application is what gets people in
[09:29] QN72 - speculative question; however, I foresee that the number of entry level positions in the overall job market will be much smaller than, say, two years ago
[09:30] Is internship and/or thesis required for graduation? Internship specially for a part-time student? Thanks.
[09:30] a capstone project is required for graduation; almost all of our full-time students do summer internships
[09:31] good morning Prof Stefanica
[09:31] Are there any other undergraduate courses you recommend to succeed in MFE?
[09:31] How do you decide if an applicant need refresher courses or not? is it a volunteer basis or is there kind of exam?
[09:32] the more math, C++, and finance courses you take, the better. if you can take a programming-oriented undergraduate math finance course, that would be very good
[09:32] what do your admission standard for undergraduate students if he has learned all related basic math and computer courses? is that enough?
[09:32] voluntary* sorry
[09:33] Is there plans for Baruch to participate in the Financial Engineering Case Competition for next year?
[09:33] i mean stochastic analysis, c++ etc.
[09:33] the decision on whether to require an applicant to take refresher courses is made by the admissions committee based on the strength of the application. there is no exam. the courses are only open to people already admitted in the program, and not to the general public
[09:33] drjmpc - interesting question, not as of now
[09:36] prof Stefanica, how do you stay current with the industry developments and areas of job demand?
[09:36] we interact constantly with people in industry and with our alumni working in industry
[09:38] are certain markets more interesting than others, in terms of opportunity?
[09:38] HOw long do you expect a student would take to complete the program part-time? Thanks.
[09:38] in the current market there will be more opportunities in risk management, than, say structuring (although even those have not disappeared completely)
[09:39] part-time: 5-6 semesters; full-time: 3 semesters
[09:39] i m done with my GRE general test (800 Q +610 V) and registered for math sub test in Nov.
[09:39] good luck!
[09:39] So can i mention in my Statement of purpose that i am taking CFa level 1 in June 09. ?
[09:39] Are classes offered during summer? Thanks.
[09:39] do your admitted students all have their clear goals of what kind of position they want in the industry?
[09:39] you can, but unless you passed the CFA level I, it will matter very little
[09:40] we offered only one class during the summer this year, Statistics for Finance
[09:40] prof, do students work on research projects with faculty?
[09:41] what area the students would like to work in usually crystallizes during their studies.
[09:41] so if my name not appear in final list so can u consider it again after CFA level 1 result ?
[09:41] Thanks for asking that huangj
[09:41] everyone does a capstone project, which may involve original research
[09:41] By specifically mentioning structuring, do you mean structuring will be squeezed a lot in the next few years? Although it takes much credits for current turmoil, but we still need structured products, right?
[09:41] Is it possible for a student to continue into a Baruch PHD program after achieving the MFE?
[09:42] do you see many quantitative traders come out of Baruch?
[09:42] mudit - all the decisions will be made by May 1, 2009.
[09:42] chen - that is what I mean
[09:42] QN72 - some of our students went on to finance PhDs, none at Baruch as of now
[09:43] huangj - we do have some alumni working as quant traders
[09:44] thanks, prof. Stefanica. how is the Singapore program affiliated with the new York one?
[09:44] thank you prof .Stefanica
[09:44] the Singapore program is not affiliated with the Baruch MFE program.
[09:45] Are there any graduates who had no W/E getting quant trader positions? Thank you
[09:45] Prof S. - does Baruch have a trading room for students to exercise ideas in a simulated environment
[09:45] chen - no
[09:46] in which direction do you see Baruch's program growing in the future?
[09:46] we do have a state of the art trading floor in the Subotnik Center which is accessible to all students http://zicklin.baruch.cuny.edu/centers/subotnick/
[09:47] huangj - we expect to continue to admit very strong students and graduate people who are very successful on the job market
[09:47] how much weightage admission committee give to work experience in an IB ?
[09:48] relevant work experience strengthens an application
[09:48] Prof S. - Trader monthly recently voted Chicago & London as the top cities for traders to flourish; do you see this having an impact on recruitment/placement in the near future, should this assessment be close to accurate?
[09:53] prof, how many applicants go to the interview stage?
[09:54] are the MATLAB tutorial resources available ?
[09:54] not relevant since the decision on one's application are independent on any other application
[09:54] Matlab is not used in our program
[09:55] what is the software you use?
[09:55] i am working on UBS IB project from last 20 months which mostly deals with real time market data (static & pricing)
[09:55] from various exchanges & vendors and my works include to analysis/design the data in order to enrich existing data in
[09:56] the system or create new data and maintain their time series.
[09:56] ok
[09:56] but unfortunately idon't have any exposure to matlab and math related work in my work
[09:56] so should i concentrate matlab SAS to boost up my profile
[09:57] Do you consider research experience on pricing bonds using Monte Carlo simulation relevant? It is realized in SAS
[09:57] ?
[09:57] matlab not required; not having math related work is fine, as long as you study math on your own
[09:57] C++, not matlab
[09:57] yeah thats i m doing
[09:57] chen - yes, that is relevant
[09:57] and writing Sub GRE and sure to get a good score
[09:57] good luck!
[09:58] thanks a bunch prof Stefanica
[09:58] Thank you, Prof Stefanica
[09:58] thank you for joining the chat, and good luck!
[09:58] Thanks Prof. Stefanica
[09:58] thanks prof. Stefanica
[09:58] thank you
[09:58] thank you
[09:59] one last question how much the AWA score matter in whole application process for MFE ?
[10:00] the better the AWA score, the better it will be
[10:00] Good luck, everyone!

[QuantNetwork]

CHAT TRANSCRIPT FOR DEC 15th, 2008

[09:00] dstefan> Hello everyone
[09:00] dstefan> Thank you for joining the chat.
[09:00] Aileen> good morning
[09:00] alexfei> good morning
[09:00] Mark_Su> Good morning, happy to be here.
[09:01] dstefan> We have three of our current students, Mr. Aditya Chitral, Mr. Carl Schmidt, and Mr. Mark Su also joining us here.
[09:01] dstefan> Questions?
[09:01] Carl> Good morning
[09:01] Chen_Siqi> Good morning, everyone
[09:01] alexfei> I am a international student. I want to know when we will get the phone interview after we submit the application online?
[09:02] dstefan> You will be invited for a phone interview only if the Admission Committee suggests so.
[09:02] dstefan> An interview is not an automatic part of every application
[09:03] Chen_Siqi> Do all the admitted students get interviews?
[09:03] Aileen> I want to know if the finance crisis will affect the enrollment of 2009
[09:03] Mark_Su> I think the answer is no.
[09:03] dstefan> All admitted students are interviewed (on the phone or in person) before being offered admission
[09:04] dstefan> We do not have any enrollment target in the Baruch MFE Program. As in all previous years, we will admit all candidates whom we deem qualified.
[09:05] Chen_Siqi> Thanks, professor, I have one question about my supporting materials. I already submitted application and sent my transcript, but the admission office told me they didn't get it
[09:05] alexfei> As I know, your application deadline is 15th April. If I submit the application now, Do I need to wait for your decision till coming April?
[09:05] Chen_Siqi> Does anyone here know somebody named M Lesko?
[09:05] Chen_Siqi> He picked up my transcript
[09:05] dstefan> Chen - email Ms. Cathy Levkulic Cathy_Levkulic@baruch.cuny.edu> about the status of the transcript
[09:05] Aditya_Chitral> I think the applications are reviewed on rolling basis
[09:05] Chen_Siqi> Thanks for the contact
[09:05] Aditya_Chitral> You may get an interview call and a decision before that too.
[09:06] dstefan> We have rolling admission. If you submit your application now, it will be evaluated in early January. We expect to begin making admission offers in January.
[09:06] Aileen> ok. and how many students admitted will get fellowship,TA or GA?
[09:06] alexfei> I see. Thanks
[09:07] dstefan> no fellowships, RAs, TAs are being offered
[09:07] Aileen> ok, thank you
[09:08] Aditya_Chitral> You can search for GA's and TA's in other departments though.
[09:08] Aileen> u mean i can do TA RA in other dept.?
[09:08] Mark_Su> Aileen: Most full time students depends on your personal financial resource in the first year.
[09:09] Aditya_Chitral> Yes you can do.
[09:09] Aileen> ok, i see
[09:09] dstefan> yes, you can find research assistantships in other departments
[09:09] Aditya_Chitral> The first semester is pretty rigorous, and many full time students opt out of doing jobs for at least the 1st semester.
[09:10] Chen_Siqi> I am very interested in the Capstone project, can you give more details about it? Like what kind of topics are possible, is it sponsored by banks or corporate?
[09:10] Carl> Yes, I would not have been able to work during the first semester. Some students managed to, however.
[09:11] Aileen> so full time students are allowed to do jobs out side the college during the semester?
[09:12] Carl> For American citizens, you can do whatever you wish.
[09:12] dstefan> Chen - it is going to be a while until the Capstone project will be a current topic. It is done under the supervision of the MFE Faculty, including people from industry.
[09:12] Aditya_Chitral> If you are an international citizen, You are not allowed.
[09:12] alexfei> What's upper bound of work permission hours? 20 per week?
[09:12] Carl> If you are an international student, I'm not sure.
[09:12] Chen_Siqi> Thanks, professor
[09:13] dstefan> As an international student, coming directly to the US to do the MFE, you cannot work for the first two semester, except on campus. And you can only work 20 hours a week.
[09:14] Aileen> ok,i c
[09:15] Aileen> and, what do most students do after they complete their study? what percentage keep on pursuing PhD?
[09:16] Mark_Su> Very few.
[09:17] Aileen> so they just step into the job market?
[09:17] Mark_Su> Most students choose to go to work for industry after the program.
[09:17] radha> Replying to Chen-Siqi: After you are done with 2 semesters , you would kind of develop interest in some specific area. Capstone project is done in the final semester of your course. You need to find a guide for your project in the department and then showcase your interest area.After which you work on it for a semester under his guidance. I think that a capstone project should address 3 aspects. Math, fin and business aspect about a problem/iss
[09:17] dstefan> Very few, indeed, and even fewer in recent years; see Masters in Financial Engineering (MFE) - Baruch College for more info
[09:18] Chen_Siqi> Thank you, radha
[09:18] Aileen> does it mean companies prefer masters?
[09:19] Carl> Statistics regarding who pursued a PhD after graduation can be found here: Masters in Financial Engineering (MFE) - Baruch College
[09:19] Aileen> thanks for the info
[09:19] dstefan> Our program is a professional masters program. People studying in our program are first and foremost interested in working in the financial industry, not in pursuing a PhD
[09:20] Chen_Siqi> I just read Mark and Aditya Chitral's profiles on Baruch web sites I noticed that both of you plan to enter the field of risk management, I am also interested in that area. Can you share your opinions in this field? Do many Baruch graduates enter risk management? How to best leverage the resources of Baruch to succeed in such area? Thank you
[09:21] dstefan> Actually, it may be the case that after completing our program Mark and Aditya may end up wanting to work in another area. Risk Management was their choice before starting the program.
[09:22] dstefan> The Risk Management class will be offered in the Spring semester.
[09:22] dstefan> We will offer a Risk Management seminar this January; see Fixed Income Risk Modeling and Performance Attribution Seminar, January 2009, Baruch College - QuantNetwork - Financial Engineering Forum for more information
[09:24] Aditya_Chitral> Opinion: We have several talks given by people from industry, and with the current market situation, one thing they are bullish about is Risk Management jobs.
[09:24] Chen_Siqi> Thanks for the information, professor.
[09:29] dstefan> Any more questions?
[09:29] DHaynes> have you accepted many people for next year already?
[09:30] dstefan> we have not begun evaluating applications yet. we expect to do so in early January, and will begin making offers then.
[09:30] Rafael_T> Hi Professor Stefanica. I would like to ask, what specific math course should I take this Spring before submitting my application, if I only took basic calculus and basic statistic during my undergraduate course?
[09:31] dstefan> Take Probability and Linear Algebra. Also, you need to take C++ (but I believe you did that already).
[09:33] DHaynes> are the refresher courses mandatory?
[09:33] Mark_Su> No.
[09:33] dstefan> no. but the Admissions Committee may require some people to take them as part of the admission offer.
[09:34] dstefan> The refresher courses are closed to people who were not admitted to the Baruch MFE program.
[09:34] Chen_Siqi> Is it possible for admitted students to do a summer internship in NYC (if he/she can find one) before the program starts?
[09:35] dstefan> It is possible, but we could not help with finding internships before the program starts.
[09:35] dstefan> Also, you need to have the right to work in the US to do so.
[09:36] Chen_Siqi> Why do people cannot work outside campus during the first two semesters, but eligible in the summer before the third semester?
[09:36] dstefan> These are the immigration rules.
[09:37] Chen_Siqi> I see, thanks
[09:37] Aileen> do most of the students concentrating on risk management complete FRM or PRM before they enter the workforce?
[09:37] dstefan> However, if you already studied in the US before, you may be able to work outside the campus, even as an international student. I am not 100% sure about this though, and the rules are constantly changing.
[09:38] dstefan> Aileen - no, they may complete those certifications after graduation and working in industry.
[09:39] Aileen> do the courses of MFE relate much to those two certifications ?
[09:40] Rafael_T> I found a few probability course at Hunter College: STAT 113 Elementary Probability and Statistics, STAT 212 Discrete Probability, and STAT 311 Probability Theory. Would the elementary probability course be sufficient for the application?
[09:40] dstefan> Indeed, most of the material (at lest 60%) for those certification is covered in the MTH 9845 Risk Management class, as well as in a few other classes.
[09:40] Aileen> thanks, professor.
[09:40] Carl> You should try to take a calculus-based probability course
[09:40] dstefan> STAT 113 would be enough, STAT 311 would be preferable. You should also make sure you apply yourself and get very good grades in those classes.
[09:44] Rafael_T> Thank you Professor. I will do my best this Spring. I am already reading your Math Primer book.
[09:44] DHaynes> is there a preference for American students?
[09:44] dstefan> Rafael - Good luck! I assume you are aware that a Solutions Manual for the Math Primer book is also available now.
[09:45] dstefan> DHaynes - there is no preference based on any criterion other that the fact that the applicants should qualify for admission
[09:45] Rafael_T> yes, I got the email from your assistant. It is out today, so I will get that as well. Is it available at the Baruch bookstore already?
[09:47] dstefan> Available at fepress.com (20% discount) Solutions Manual: A Primer for the Mathematics of Financial Engineering - $29.50 : Financial Engineering Press, Book store and at amazon Amazon.com: Solutions Manual - A Primer for the Mathematics of Financial Engineering: Dan Stefanica: Books
[09:47] Rafael_T> Thank you.
[09:48] dstefan> The Math Primer covers the material taught in the Advanced Calculus refresher course. Most of the supplemental questions from the Solutions Manual were part of the homework for the 2008 Advanced Calculus refresher course as well.
[09:49] Rafael_T> I see. Btw, I would also like to mention to the other people here, that the International Association of Financial Engineers ( International Association of Financial Engineers - Home) holds forums (most are free) once in a while.
[09:50] dstefan> You mean the ``How Did I Become A Quant" series?
[09:50] DHaynes> Are there any student organizations that would be interesting for an FE student?
[09:50] Chen_Siqi> Thanks for the information, Rafael_T, is it online?
[09:51] dstefan> Our students have their our student group at Baruch College.
[09:51] Rafael_T> Yes. If you go to International Association of Financial Engineers - Home, under the Events section. Many events have free registration. Yes, the "How I Became a Quant" series.
[09:51] Rafael_T> The most recent forum, "State of Risk Management and FE in light of the crisis" was also very good.
[09:51] dstefan> I believe there are also videos of the presentations from that series available to IAFE members
[09:52] dstefan> And their professional forums adhere to a very good quality standard.
[09:52] Chen_Siqi> actually, I subscribed a web site called QuantPress, they sent good articles to you from time to time : The Quantitative Finance Library
[09:52] dstefan> And most of them are free.
[09:53] Rafael_T> It was at the Goldman Sachs building. For members, the videos are available. Current Barch MFE students can get membership for $25 a year. All the forums are archived on video, I believe.
[09:53] Rafael_T> Nice Siqi, I will check that out as well.
[10:00] dstefan> Thank you all for joining the chat. Good luck with your applications! Happy Holidays and Happy New Year 2009!

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CHAT TRANSCRIPT FOR JAN 15th, 2009

[09:05] moli> Are there many applicants for MFE this year in China?
dstefan The applications are currently coming at a fast pace. The numbers from last year, see Masters in Financial Engineering (MFE) - Baruch College
can be an indication of the number of applications being received.
[09:07] wangmengran> well, there are three students are applying for MFE at Baruch in my class
dstefan good luck!
[09:07] rahul_agarwal> I suppose the number of applicants do not affect the number of applicants getting accepted
dstefan We admit all applicants we deem to be qualified. There is no lower bound or upper bound or required number of people to admit or enroll.
[09:12] chandra> Can anybody shet some light if this course is helpful to a quant options trader? i am an options trader at a hedge fund and looking to sharpen my quant and programming skills to aid in my quant options trading. I trade volatility.
dstefan The program would be helpful. If you want to continue in the same position, though, you may only need to take a few classes, not the entire program.
[09:13] luodan> So Sholmi, you are a student in Baruch now?
[09:13] shlomi> Yes
[09:14] williamy> How many hours do you study per day?
[09:14] shlomi> Alot, the program is very demanding
[09:14] williamy> What's a lot?
[09:14] williamy> 10 solid hours?
[09:14] moli> What programming environment are you guys mainly working in?
dstefan Visual Studio C++
[09:15] luodan> Hi, Sholmi, I have some questions, how do you get your internship? by yourself? or by recommendation from the professors?
[09:15] shlomi> Formally in class its around 3 hours a day
[09:15] williamy> Excluding class hoursshlomi>luodan>williamy>shlomi>williamy>shlomi>wangmengran>shlomi>
[09:18] lidong> Hi, shlomi, do many of the accepted students receive tuition waive?
dstefan There are no tuition waivers, or tuition reductions, for the Baruch MFE program. However, the tuition is raher moderate: $9,800 for the entire program (three semesters) for New York state residents and $18,000 for the entire program for international students and US residents who are not NEw York state residents.
[09:20] luodan> Shlomi, is it possible for everyone who is supposed to be admitted to take an interview?
dstefanBefore being offered admission, every strong candidate is interviewed - over the phone if not in New York, or in person otherwise.
[09:20] rahul_agarwal> how would you rate the baruch MFE program compared to other MFE degrees
dstefan You need to make a comparison of the programs for yourself, depending on what your goals are, different programs could be a better fit for you. For a professional program like our MFE Program, employment numbers would be very important.
[09:21] rohomilee> what i worry is living expenses in NY
dstefanthere is a detailed thread about NY living expenses on QuantNet. http://www.quantnet.com/forum/showthread.php?t=170
[09:23] toronto> I did my undergraduate at University of Toronto in Canada. Can I be waived from the TOEFL ?
dstefanSend an email to baruch.mfe@gmail.com after submitting your application asking for a Toefl waiver. It should be doable.
[09:23] luodan> Hi, Prof. Stefanica, is it neccessary for everyone who is supposed to be admitted to take an interview?
dstefanYes
[09:23] rohomilee> to Prof.Stefania: how if an applicant has no recommendation letter as it is dangerous to ask for recommendation letter in my current workplace
dstefanEvery applicant has to submit at least three recommendation letters.
[09:23] luodan> another one what specific skill do you inspect during the interview?
dstefanThe interview gives the admissions committee to clear up any questions about an applications, and also gives the candidate a chance to ask questions and learn more about the program.
[09:24] rohomilee> as it is dangerous to ask for recommendation letter in my current workplace
[09:24] moli> Question to Prof. Stefanica: Would the Admission Committee consider the self-study of finance as a compensation for the prerequisite for the financial knowledge?
dstefanIn certain cases, it is possible. But you should then expect questions related to finance knowledge at the interview.
[09:24] wang_yin> to Prof.Stefania: when we can get the final decision roughly?
dstefanAll decisions will be made by May 1. A decision is usually made within one month of the application being complete. Out on-line application update system should be up shortly and you will be able to check your application status there.
[09:25] rohomilee> to Prof.Stefania: What is the purpose of recommendation letter? to prove authenticity of candidate? to prove applicant's personality?
dstefanTo learn more about the applicant from people who are in a position to evaluate the applicant's work and qualifications directly.
[09:25] luodan> Also to Prof.Stefania: is it possible for a student without working expierence in financial engineering to find a job in investment bank?
dstefanYes, it is, but that applicant must be strong in other areas.
[09:25] shlomi> wangmengran: In todays market nothing is easy, but its possible.
[09:25] toronto> second question for Prof. Stefanica: If I have a strong background in all areas, but no C++ experience, do I still stand a chance of being admitted ?
dstefan You need to know C++, or at least study it currently in order to be admitted in the program.
[09:26] rohomilee> well... i think it is quite natural for us, a career switcher to join this kind of program
dstefan Many of our students are taking the program for a career change.
[09:26] lidong> To Prof.Stefania: I have a quesion about admission. I wonder which part we should concentrate most, when preparing application profiles, to improve our competitiveness.
dstefan All of them. The application is evaluated as a whole.
[09:27] williamy> Professor Stefanica: As of January, has the number of applicants gone up or down from last year's figure?
dstefan This information is not relevant for admission purposes, since you are evaluated solely on the basis of the strength of your application, not relative to other applications, since there is no limit or minimal requirement on the number of people we enroll.
[09:27] moli> Question to Prof. Stefanica: What do you think about 2010's job market perspective for the 2009 class?
dstefan It will be better than this year's or then next year's market.
[09:27] rahul_agarwal> Prof.Stefania: I'm appearing for certification in Currency Futures(National Stock Exchange-India) towards end of January, if I mail a copy of the certificate, will it be considered as a part of the review process?
dstefan It will be, provided you pass it.
[09:28] chase_slater> Shlomi, is it common for students to test out of some of the refresher courses, or is it recommended to go ahead and take all of them?
[09:29] shlomi> Chase_Slater: I think that if you can you should take all of them, they are good, and most of the people need them
[09:28] luodan> to Prof.Stefania:When would you give interviews to students you are interested in?
dstefan After the application is complete and evaluated by the admissions committee, an email invitation is sent to the candidate.
[09:29] wang_yin> To prof.Stefanica: how frequent do the student taking the courses in MFE use Matlab?
dstefan Never. We require all work be done in C++. In some instances, VBA might be used if an instructor from industry requires it. But never Matlab.
[09:30] shlomi> Wang_Yin: In our program we dont use Matlab at all. We use only C++
[09:30] rohomilee> I really hope Professor can join us now and answer our questions lively
[09:31] lidong> Hi Shlomi, which do you think is more important, academic performance or mathematical finance related work experience?
[09:32] shlomi> lidong: I dont think that there is something more important, you should have impressive background, whatever you have done.
[09:31] moli> Question to Prof. Stefanica: For an applicant without formal education in finance, will the interview be more focused on other issues?
dstefan Possibly, but not necessarily, and not exclusively.
[09:33] rohomilee> I think MFE program would expect us with little relevant experience, because those experienced may not come to join this program as the opportunity cost for them is extremely high, let alone their salaries forgone and astronomical tuition fee, and also absence of 1.5-2 yrs in the job environment
dstefan Take a look at the backgrounds of our 2008 students on QN, at http://www.quantnet.com/forum/showthread.php?t=2738
Most people have finance experience, but not all. Those without work experience are strong in other areas.
[09:33] moli> To Shlomi, how much for the living expenses there in NY?
[09:34] shlomi> MoLi: It depends on you, you can live cheaply, but if you want you can spend as you wish
dstefan see also Cost of living in NYC- a break down - QuantNetwork - Financial Engineering Forum
[09:33] wang_yin> To Prof. Stefanica : to some extent, they look similar. another question, what is the advantages of Baruch MFE graduates over other universities in NYC such as NYU
[09:33] lee> Shlomi: Can you share with us any latest internship and placment information of this program? I heard CMU and NYU's program didnt do very well
[09:36] shlomi> Lee: I dont know what you heard about CMU and NYU, Its interesting. Todays market is tough. I know that my class is now looking for internships, Its the season now.
dstefan The relevant numbers are employment within three months of graduation and how many people have summer internships at the end of the semester. It is still early to report numbers.
[09:35] wangmengran> to Prof. Stenfanica: for an applicant, which one is more important during application? toefl GRE scores or research and intern experiences?
dstefan cannot rank them by importance. the overall strength of the application is what matters most.
[09:36] shlomi> Lee: I dont know what you heard about CMU and NYU, Its interesting. Todays market is tough. I know that my class is now looking for internships, Its the season now.
[09:37] wang_yin> to Pro.Stefanica: One more question, is PDE important for MFE courses? since I only have taken the ODE course in my university
dstefan Yes
[09:38] williamy> Professor Stefanica: In the past, how many percent of the applicants who were invited for the "unofficial chat" were also offered admission?
dstefan I assume you refer to interviews. It is not relevant, since you are not competing for seats with the other people being interviewed.
[09:40] luodan> Is there anybody know actually how many universities got the MFE program?
dstefan A non-exhaustive list is at www.iafe.org
[09:40] rahul_agarwal> how would rate Baruch on the palcement issue?
dstefan Compare our numbers from Masters in Financial Engineering (MFE) - Baruch College with those of the other programs.
[09:40] qn74> My main interest is in algorithmic/quantitative trading. Would Baruch's program be fitting?
dstefan We are offering a summer course in Statistics for Finance which includes some algo trading as well.
[09:41] wang_yin> to Prof. Stefanica: what do you think the development of derivative market in US? since it seems to be certain that the market will be under more control, will the skill and method learned from MFE now be useful in the future?
dstefan Not the right forum to address these issues.
[09:43] chase_slater> Shlomi, could you talk a little about living arrangements? For example, do most out-of-state students live in the same area, or do most people do their own thing?
[09:45] shlomi> Chase_Slater: Baruch dont offer dorms, but everyone have their own arrangements. Its individual
[09:46] lee> Seems everybody is worried about job market, but it is Baruch's traditional strength
dstefan And we expect our students to do well.
[09:46] williamy> Professor Stefanica: What's your perspective on admission rate versus yield?
dstefan That is less relevant now. What should matter to an applicant is whether she or he will be made an admission offer.
[09:50] williamy> Professor Stefanica: How would you define sucess for a student after the first semester?
dstefan Getting A's or A-'s in all classes. They are very demanding and getting a good grade reflects having learned a lot.
[09:55] williamy> Professor Stefanica: Most of the student profiles of the past three classes are quite intimidating and since my past performance and work experience are irreversible and incontestable facts and the letters of recommendation are out of my hands, what is one advice you'd give to current applicants?
dstefan Take, or re-take, more relevant classes and get A's. Try to work in a relevant field. Learn C++ well.
[09:55] rahul_agarwal> Do candidates from financial work background have an upper hand in the review process?
dstefan On the work experience category they are in a better position, but as an overall application many other factors come into play as well.
[09:57] williamy> Professor Stefanica: What's a typical day for a FT student?
dstefan Students should answer this question. I assume it involves a lot of study, reading and programming, as well as reading financial news..
[10:00] wangmengran> to Prof. Stenfanica:what is the most popular career paths now, after the financial crisis, for a MFE student? Investment bank, commercial bank, hedge fund or insurance company or others?
dstefan Risk management seems to be an area where openings currently exist.
[10:00] williamy> Professor Stefanica: How do PT students in this professional program change/influence the dynamics of the classroom?
dstefan Very posititvely, given their direct knowledge of the markets.
[10:03] williamy> Professor Stefanica: What's the most challenging class in the first semester?
dstefan It depends on one's individual background.
[10:05] williamy> Professor Stefanica: How many admitted students in the past visited the campus prior to admission?
dstefan Last year, everyone from the NY area who was admitted sat in a class.
[10:07] wang_yin> To Prof. Stefanica: Regarding the teaching staff in MFE program, will you invite some guest speaker from the industries to hold a lecture?
dstefan We do have about 8-10 guest speakers a semester. The list of talks on the program webpage has not been updated in a while, though.
[10:08] shlomi> Wang_Yin: We have alot of lecturers who are practitiones from the industry
[10:08] williamy> Professor Stefanica: Where do you see the future of Baruch MFE?
dstefan I expect the Baruch MFE community to strengthen continuously, and to have very strong students continuing to join our program.
[10:10] rog> Prof: how do you see the future of MFE given that many outsiders questions quant's mathematical model as one of the reason behind this fiasco? how do you see the complex derivatives?
dstefan I think people will rely on mathematical models even more after all is said and done. But nobody knows for sure.
[10:12] williamy> Professor Stefanica: How can a (cs/math/science) PhD benefit from a MFE?
dstefan Your background in that area would be very strong.
[10:17] wang_yin> To Prof. Stefanica: I have a question about the admission, what will you focus on during the evaluation of our application materials? The quantative part of GRE, the quant background during the undergruate study, or something else?
dstefan All parts are important, the overall strength being the most important.
[10:19] rog> To professor stefanica: will Baruch consider an application without recommendation letter?
dstefan No, you need three recommendation letters.
[10:21] rog> I don't want my employer know anything about my applications
dstefan Try to obtain letters from other sources - previous employers or professors, maybe.
[10:22] rog> It had been some years since my graduation, i'm still not sure if i can get letters from my school professors
dstefan It is an option, nonetheless, especially if the grades were good.
[10:25] rog> To Prof.Stephania: does Baruch have any admission quotas for each race, gender, or nationality?
dstefan Absolutely not.
[10:26] moli> Well, as I know, they don't have quotes in any year, the same for this year
dstefan Correct. Again, sorry about not being able to interact live. Hopefully, this will not happen again at the next chat.

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