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[jpete]

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[Andy Nguyen]

Let's say, for example, that I land an entry-level job as a quantitative trader after getting my MFE.

Let's not get so far ahead of ourselves. The scenario you lay out is very unlikely to happen. The industry is going through the biggest changes in decades and a lot of positions you read about today will disappear when you are in the job market.
Dreaming of being a trader making 7-figure salary is no longer a reality today. What else would you like to do with your interest in math, programming?

 

[Andy Nguyen]

Contradictory to popular belief, you won't do much math on a daily basis. It's all about finance, not math.
Try to get an internship during undergrad and explore the field and don't limit yourself to some perceived notion about that "dream job".

 

[SYau]

I've also considered actuarial work, but it seems as though actuaries don't really use that much math in their day-to-day work and I feel like a career in financial engineering would be a lot more intellectually stimulating and intrinsically rewarding. I know it's not all about the money, but I'm very interested in finance as a whole and want a career that I could progress and become very successful in. I know this is very forward-thinking and overly vague, but I really want to find a career in finance that is very math-oriented and intellectually and financially rewarding.

I had a conversation with my boss/actuary the other day about our day to day work (actuarial/retirement consulting), and we agreed that most of what we do is just rudimentary mathematics. Our work consist of dealing with bad data and regulations/misc consulting. Advanced mathematics (actuarial) are almost never practiced because they are already pre-built into Excel macroes (that we cannot modify).

I am so glad that I found a quant job this week so I don't have to do actuarial work any more.

 

[emsfeld]

I am so glad that I found a quant job this week so I don't have to do actuarial work any more.

Check in again in one year's time and let us know about the level of advanced maths you've been applying in your quant job and the exciting, complex Excel macros you've been building :D.

 

[SYau]

Check in again in one year's time and let us know about the level of advanced maths you've been applying in your quant job and the exciting, complex Excel macros you've been building :D.

I don't think you have the correct frame of reference in how mundane actuarial work is.

 

[AndrewChang]

First of all, I'd like to apologize for my naivety and possible oversimplification, as I know very little about quantitative finance. I am a senior in high school right now and will attend the University of Michigan in the fall. I am very interested in math, computer science, and finance plan to eventually get an MFE or similar degree. I know financial engineering / quantitative finance is a very broad field, but I am wondering about the hierarchy of the field and common routes of career progression. Let's say, for example, that I land an entry-level job as a quantitative trader after getting my MFE. What would be a typical career progression from there? Is it common for people to eventually move into areas such as portfolio management. Additionally, is it uncommon for people with MFEs to eventually move into the 7-figure salary range? Again, please excuse my naivety as I can tell that I probably sound like an idiot to you guys. I'm just very interested in this type of career and want to learn more info about long term opportunities in the field. Thanks for all of the advice, I really appreciate it!

 

[olgenue]

Depends on the kind of actuarial work you get into.
A reinsurance company who underwrites a portfolio of different lines of business would like to know how it can optimize this portfolio. The chief actuary of that reinsurance company will then have to use optimization techniques to see which is the best mix of businesses it can underwrite.

 

[bubblegum]

Let's say, for example, that I land an entry-level job as a quantitative trader after getting my MFE. What would be a typical career progression from there?

possible career progression could be....
quant trader - desk quant - prop quant - defense quant - quant lord.

Seriously tho, i admire your enthusiasm, if you have not read the guide by M.J. now http://www.markjoshi.com/downloads/advice.pdf then do so.

Is it common for people to eventually move into areas such as portfolio management.

No its not at all uncommon.

Additionally, is it uncommon for people with MFEs to eventually move into the 7-figure salary range?

Yes it is very uncommon.

 

[TeeKay]

going to michigan should allow you plenty of opportunities to work in finance or trading without needing the mfe.

 

[JDawg]

If you're interested in quant trading, I urge you to read this guide. It'll give you an idea of what you'd be doing as a quant trader. If you're smart and go to a good school, there's no need to go $70k+ in debt and sacrifice 1.5 - 2 years of your life getting an MFE. Quant finance isn't like law or medicine where you need a license to practice.

Andy Nguyen you should add this to the master reading list

 

[Andy Nguyen]

Andy Nguyen you should add this to the master reading list

Good call. I had this guide a while ago but forgot to add to the list. It's been added now. Max Dama is a member here, btw.
https://www.quantnet.com/forum/thre...uants-mfe-financial-engineering-students.535/