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If you speak perfect English and have quant skills, you don't need to do an FE to get into the top places. That's the main reason you don't find American students with "ability" doing FE.

Definitely not "over-qualified" in the math department but sufficient. You definitely need an options class as well as like Ross said, programming classes. I haven't met many quants that were straight out of undergraduate but they do exist. However, top quality shops tend not to hire a quant...

Never did you mention anything about any relevant experience in your previous post AND I can find four people with no relevant experience who are now quant researchers who just graduated this December. Dude, don't bluff against pocket aces when I know you have 2 7. And for @New Trader , I think...

I am unsure where you get your data from, but it is by no means accurate at all. While true that it is unconventional for an MFE student from ANY school not just Baruch to go into IBD etc, there are a few Baruch graduates who work in IBD. One or two quant research/strats modeling is really...

do you know what a put and call is?

that's even less than the bare minimum, stochastic processes is almost always required.

I am sure if you had statistics on MFE students to post their SAT math score, I would say 95% got at least 780 and the 4.99999% got at least 750.

This is not meant to be derogatory in anyway, I would say most MFE majors got a score close to 800 if not 800 on their SAT math (at least 760).

I don't think any of that line was true except for the more stable.

sorry, i made a mistake. the markov chain was incorrect. X_0 = 9/11 which is .818181. I fixed the equations below and you can just solve it and show it is true. logic is still correct X_0 = .25 * X_1 + .25*X_0 + .5 * X_3 X_1 = .5 X_2 + .25 X_3 + .25 X_0 X_2 = 0 X_3 = 1

your reasoning isn't correct Look at the problem as a markov chain problem. let X_i denote the probability player A wins from state i and X_0 is the starting state where neither player has flipped a head yet, X_1 is the state where player B's previous flip was a head and player A has not...

no they don't. passing the first two is equivalent to taking the first class in probability. pass the next two and you are at the pre-mfe level

I used to work at the hedge fund arm of state street. They used many quantitative techniques including statistical arbitrage trading and signal processing (mostly automated). There are definitely jobs in this field.

an asset manager at a non commercial bank has a view on the economy and trades on this.

http://stat.ethz.ch/R-manual/R-devel/library/stats/html/kmeans.html

it cannot. area 1.2071 is not the solution such that the dimensions are fixed but rather it is the solution such that given the area of the squares will be 1, if I have a rectangle where I can manipulate the dimensions but keep the area fixed, 1.2071 is the minimum area needed such that I can...

this is totally irrelevant, but i do not believe that is a picture of you but (y)

http://www.wolframalpha.com/input/?i=maximize+sqrt(x)+*+(+sqrt(x)+%2b+sqrt(1-x))

no proof required, the minimum area is 1. for the case of non equal rectangles, the answer STILL doesn't change from the fact that the minimum rectangle to put both of them inside, is still the two squares next to each other. therefore the answer is sqrt(Area 1st rectangle) * (sqrt(Area 1st) +...

don't need MC to price this, there are market prices. can just sell all out of the money puts until at the money, and sell all out of the money calls until at the money. the following paper by peter carr shows how you can replicate any twice differentiable payoff...

this is just a short straddle...

by that chart ... it seems like years of experience is negatively correlated with salary.... big sample bias it seems

I was just hoping you said you would buy BBRY as an indicator I should buy it ...

"the market can stay wrong longer than you can stay solvent." Would you buy BBRY after tanking 25%+ today?

of the employers, I only see one investment bank (RBS).

depends entirely on you. look on the website. there are answers everywhere. every program is different. if you attend cmu etc, you will likely find a job.

don't listen to him. artificial intelligence is awesome.

What FE program accepts a student in with only 5 or 6 modules in math ?

... This had nothing to do with algos. These are retail customer's stop orders getting triggered. It has absolutely nothing to do with HFT. You are talking about many things here. If you are against rebate trading, you are against providing liquidity which is good for customers. If you or your...

That still doesn't prove your point that humans could not have triggered the massive drop in liquidity. And this is the first time I saw someone in finance complaining that they cannot compete. Doesn't sound like people in finance to me. Sounds like their occupations has unions....

if he answers that question, he would be out of a job no? in all seriousness, there are no arb opportunities... seems like he makes money off of delta from what he thinks is an overreaction.

Just curious, but why are you against HFT?

The move was literally in minutes level. Don't have to be that fast.

You can run a simple garch model on empirical data and show that it there is indeed positive autocorrelation in squared and absolute returns.

"The decay of autocorrelations of squared returns is exponential in a one-factor stochastic volatility model. Adding another factor makes the decay look more like the power law that we observe in return data." http://faculty.baruch.cuny.edu/jgatheral/VolDerivatives2007.pdf

Columbia MSOR students mostly cannot find jobs and you can ask most graduates. You are competing against Columbia MFE, MAFN and among MSOR. Easily over 300 students and MSOR students are viewed as being at the bottom of the three. It is true that Columbia still has brand name and what you make...

I know a person out of MSOR making $13 an hour doing database cleaning.

"you are too simple, sometimes naive." do not misunderestimate yourself

Delta gamma approximation is kind of risky for something like this. 50 points is a 3% + move so the approximation will indeed be off. Another reason is also probably of third derivative with respect to spot. Third derivative causes a lot of errors for something that is around 40 delta and for...

$25.60 + (-50)*(-0.396) + 0.5*0.069*(50^2) = $131.65

what kind of math did you study? where did you attend school? and mfe might not be the best choice if you want to become a trader (in the pure trading role sense unless you want to do algo or options trading).

Want to play the game? :). I will pay 74

you are also forgetting market making. market making is still allowed and banks have many traders that are quite good at it. in particular, barclays, goldman and merrill

I would call for the turn. If I get an open ended straight draw, I would consider calling again if the other person raises. Heart/Q, play it hard.

you cannot say it is 38 others random... you only know 5 cards, therefore 47 cards are random. just memorize the following rule, 2 * the number of outs * the number of cards left to flop in your case, ~36% hitting your flush. the entire game is an expected value game. if you have a 36%...

$(S_T - K)^+$, is the expected value of the option under any model of the underlying where as Black-Scholes assumes log-normal, constant volatility etc

"What goes up must come down, but what goes down may not necessarily come up."

some people use GPU programming so that is a big problem if their GPU is incompatible with linux

Just my 2 cents, I took Professor Liew's stat arb class at Baruch and I found it very interesting and helpful. I learned a lot about stat arb trading and my group actually met with PDT (it was amazing). One of the great soft skills that you learn from the class is that communication and...

this was literally my first try today!

11.7...

I would just like to bump this.

emacs is an editor that programmers use instead of using an IDE (i.e. eclipse, visual studio etc). After writing the program using an editor, you can compile your cpp code by writing a makefile and using terminal and g++

I stand corrected :)

I think that you will find the Baruch program extremely well suited for your taste. Domini mentioned that he doesn't believe any program even provide half of that list but I am here to tell you that Baruch really teaches you 6/11 ( more than half ) of that list :). One of the great values of the...

to be honest, you should become really good at programming and i mean really good. there are some firms who require their trader to know gpu programming and some really really good shops even fpga. if you are looking to enter entry level, most firms don't actually want you know anything...

you can really do anything ... MFE land jobs in many places... just what specifically do you want to do? range of MFE pay can range anywhere from 70k-250k right out of school

remember that it is even competitive to take the pre-mfe courses at baruch I heard.. i never took any myself... but you should ask around

I disagree... I think both Columbia and CMU will be quite lenient with their policy. You can probably use the fact that you got into Columbia as leverage of getting into CMU. Remember that this is a business and that both CMU and Columbia want you to be a student if you are good enough.

congratulations fredric! sorry we didn't meet at the competition but hope to see you guys next year!

got a samsung 40" tv from chase rewards store for 371 shipped and tax included :) http://www.bestbuy.com/site/Samsung+-+40%22+Class+/+LED+/+1080p+/+120Hz+/+Smart+HDTV/2126339.p?id=1218310409225&skuId=2126339&st=samsung%2040%22%20tv%20led&cp=1&lp=1

I got a 420 verbal 800 q but they said it is fine since I am an american born

Actually, most of our grad students are ivy leagues/top universities in their country. i.e. TsingHua University, Beijing U, Harvard, Cornell, USC, Columbia, UofT austin, U Mich, Lomonosov Moscow State University etc

This still doesn't answer the question. There doesn't seem to be a difference in wage at all. Which I believe was the whole basis of your argument. In fact, if what you said is true saying that many people received 200k+, this would imply that Berkeley has fat left tails and I mean REALLY fat...

From Berkely Website. What makes you guys so different? ALL - Average Bonus Average First Year Total Compensation: $155,975 Median First Year Total Compensation: $144,000 Average First Year Base Salary: $101,125 Median First Year Base Salary: $100,000 Average Sign-in & Relocation: $22,876...

I actually was an actuarial science major before I was accepted to baruch MFE and you seem to have a much stronger profile than I did. For MFE, you need to know some stochastic calculus so I am guessing you know at least a little and also you need a lot of poisson processes for MLC and a lot of...

According to a lot of my friends, that class is very simple. Oh. Then good luck at Baruch! I am currently an MFE student at Baruch right now and we can meet up at Baruch if you would like.

Hi Anthony. I myself am a baruch undergrad and I was an actuarial science and econ major. Funny we never crossed paths. However, knowing the baruch curriculum, you definitely need more programming. Advanced calc I isn't that rigorous so I suggest you take it at a more technical school like city...

But I don't think you understand the level of commitment (at least Chinese parents) put in raising a child. Literally, they will force you to study and learn while others are playing sports. Totally different from any other parenting culture. Chinese parents will never spend any money for...

Not like the fact that US is sinking is new news to anyone. When I believe S&P downgraded GE, Berkshire (and I think like 60 other companies) etc rating from AAA to AA, their yield actually went down afterwards signaling markets were ahead of the rating agencies in lowering the companies...

School you came from doesn't really matter. Learn financial mathematics and I guess the basis of deriving black scholes as this is important and know more probability. You seem to know everything else pretty well.

It looks like you have covered just about everything. You seem like a strong candidate and good luck!

Seems like you fulfill all of the minimal requirements but you want to outshine everyone else to get in. It is a better idea to take a class like stochastic processes instead of econometrics/forecasting in my opinion. Also, I would recommend you learn C ++ as that is the language of choice for...

Exactly... and you must be getting it while your in school and they require you have this and that...

I have 2 exams ... and I found them pretty easy so far. You would think it is easy to get a job as an actuary but it is actually more difficult then you think without any internships.

people have different preferences... some prefer the math side more and some prefer the programming side more. depends on what you want to do in the end

I guess the brits are just better in english...

What the hell.... $25?!?!?!

within 8 business days. Yeah exactly. definitely worth the upgrade.

Nope. It was 45$ extra. I'm not talking about an external. For externals, you can probably get an e-IPS for 180ish, they have one on sale right now of an LG 21.5" IPS for 150.

Yeah, it has an IPS screen for 45 dollars. I really couldn't justify paying so much more for a touch screen when I can instead use the money I saved to buy an Ipad or something of that nature.

droid x

The original lenovo wasn't going to arrive by monday anyway... I will just bring in my other laptop for now, it meets all the requirements. It just is ridiculously heavy.. And no, from lenovo itself. The link is below if you are interested...

I just canceled my order for the X220 tablet and went for the x220 instead since it was on sale for 800 bucks with i7 processor and everything.. I couldn't resist and justify the price difference of that much.

I should have it before the refresher course and I do have another laptop that I can bring in if anything. I know your supposed to be the TA correct? :confused:

Hey SYau, mine still didn't ship and I bought it straight from Lenovo just to let you know.

I am a baruch graduate and I've taken Professor Gatheral who teaches financial mathematics, Professor Howard who teaches both stochastic processes and monte carlo simulations, and I know Professor Kosyigna teaches financial math and probability as well. So there are several professors of the MFE...

haha. Thanks for the convincing. I guess I will just get the tablet. I think I am going to get it with an i7 and change the ram and stuff myself.

I am unsure if I should buy an X220 tablet or an x220 at this point. The tablet is only a little more so I am a little indecisive.

Hey Syau, I was wondering why did you get the tablet instead of the regular x220. Do you think I should get the x220 as well? I am a fellow new MFE student at Baruch as well :)

The word "friends" kind of scares me . Seems like more than 700 people applied this year. :-ss

Baruch, overall 3.86 GPA. Double Major actuarial science and economics. Minor in statistics and quantitative modeling. GRE 800/410/4.5 Received confirmation that application received. 1/14 redirected to MSOR

No I'm not. I'm taking it at hunter colleg next semester. I will be taking monte carlo next semester though.

I have taken 2 actuarial exams actually. Glad to have found another Baruch student like Yike and me !

Yeah I am a baruch student as well. Double major in actuarial science and economics.

Would you by any chance be a Baruch student as well Roni?

I sure will Andy. Thanks for all your help so far!

I know your pain roni... I am an American born and I freaking got a 410... But at least I got a 800Q / 4.5 writing. How is your columbia application going along? I am waiting to submit my stuff tomorrow as well. Also, I don't think you should explain your low grade as it is only an excuse to...

Hey Connor. So what are the chances of someone with an 800Q/410V/4.5? I totally blanked out on the vocabulary words and it kind of killed my score. I have a 3.86 overall gpa and I'm a double major in actuarial science and economics. I'll be done with every prerequisite this semester and I will...

I received an 800 on my q section and the quantitative section in my mind was a joke. I will have completed every required math course by this semester and I will be taking some extra classes in monte carlo simulations, stochastic processes, more programming classes, math of statistics etc so I...

Does this imply that I should not take the GRE again? I received a 410 on the verbal section.

Hi, so I received my GRE results today and I received an 800 on the math and 410 on the verbal.. with a 4.5 analytical. How detrimental is the 410 on the verbal to my application ?

Would you like to trade verbal scores for writing scores? I got a 5.0/6.0 A but got a 520 on verbal. :). What matters most to these institutions is the math. While verbal/writing doesn't hurt, it doesn't help that much after you break 550 and 4.0 writing I believe but your verbal is above...

Thanks a lot Connor! I would use my first paycheck to treat you to dinner as you have helped evaluate my financial engineering profile and helped me choose an internship but that would be kind of creepy :D. Thanks again.

My other alternatives are working as an intern at a small finance firm doing basically excel work. I feel as if I will actually learn more in the economics firm but I am unsure of my decision as of yet.

Hi all, I am wondering if interning at an economics research firm would help my chances in applying for financial engineering. It is an international firm in New York City and I will be performing roles in checking macroeconomic policies of not just the United States, but Europe and Asia as...

There have been studies that these books don't help you that much. Unless you are an international student where english is a second language, these books have been shown to only increase your score by a small marginal amount on average. But I think the reason people are going to school is...

It's a December 1st deadline so.. if you are starting all your things now. GOOD LUCK. On a separate note, thanks for responding to my profile Connor. The main reason why I am not doing actuarial science and doing financial engineering is because even when I applied for actuarial science, it...

Hello Everyone ! I previously posted my profile here on quantnet but I didn't get a response so here goes! I plan on applying for the Fall 2011 semester. I am 20 years old and currently a double major in Baruch in Actuarial Science and Economics with a current GPA of 3.86. I am doing this...

Hi Yike. I was wondering if I can talk to you about your applications to these schools. I am a fellow baruch student as well but I am looking to get into the MFE program and I'm not sure of which school I am matched for. I was wondering what your GPA was and what relevant course work you took /...

I thought you meant that even bond price will be the same.

This is true but why would two exact same bonds have two different coupon rates? That is a huge arbitrage and you can just buy this bond at the higher coupon rate and sell it for a premium for no risk free profit.

When you issue a bond, the coupon rate is fixed, the redemption is fixed but the yield rate is not fixed. Think about it this way, so when you buy a bond after issue for 1500 that is 1000 par value, you are getting a lower yield than if you bought it at 1000 because the coupon is fixed. While...

Thanks for the responses! I'm guessing I won't be applying to Columbia then but that was my dream program. However, Andy, you mention there were programs start in the Spring, can you give me an example? Thanks!

Hi everyone on quantnet! I was wondering if all programs started in the summer. I was actually looking towards going to Columbia MFE but then I just looked at their website and the program seems like it starts in the summer and there was a line saying "assuming you graduate May 20XX." I am...

Chances of getting in an MFE program. Hi all! I am basically becoming a senior this year and I was wondering what the chances of me getting into an MFE program is. I am going to try to get into an MFE program right out of undergrad. I attend Baruch college and I am a double major in actuarial...