UCB MFE Does Berkeley MFE give any scholarship?

[Shweta]

Does the MFE at UC Berkeley (Haas School of Business) provide any scholarship (merit based OR need based)?

 

[Andy Nguyen]

I don't believe so.

 

[shivgan joshi]

No

 

[Kittu]

They do not provide scholarships. Though they have a tie up with a credit union which practically lends out $50k without a co-signor to international students. Many of the international students in my class took this loan.
(I am a current MFE@Berkeley).

 

[debkumar]

Estimated Program Cost of Attendance (2013-2014)
University Tuition + Fees $59,895
University Health Insurance $3,459
Estimated Living Expenses $31,800
Estimated Books, Supplies $2,500
Estimated Loan Fees $332
Total Cost of Attendance $97,986

How can $50K cover that? Generally, how much are you expected to provide from your pocket?

 

[debkumar]

One more thing - in general all the MFE programs are expensive. Do people get campus jobs? Do you get time to do those jobs? Finally, how easy it is to payoff your loan?

 

[bigbadwolf]

One more thing - in general all the MFE programs are expensive. Do people get campus jobs? Do you get time to do those jobs? Finally, how easy it is to payoff your loan?

Campus jobs pay close to minimum wage and taking them is counterproductive: a good MFE is hard enough as it is, requiring all one's time and nervous energy. In general, "working your way through college" is extinct -- the tuition has spiraled into the stratosphere over the last few decades and while college students may still be holding part-time jobs, the income doesn't make a serious dent on tuition and living expenses.

 

[debkumar]

In that case, based on the starting salary, how easy it is to payoff your MFE loan?

 

[shivgan joshi]

In that case, based on the starting salary, how easy it is to payoff your MFE loan?

I think only for the people in India who earned due to real estate bubble in India or other developing nations are doing these MFE.

US banks still can get an international vendor who is CFA Chareter or like FRM Charter or like 4 yrs hardcore exp or Master from top Place in India/China in around 60-80k. How can a non experienced person who just do MFE expect higher pays?

The arbitrage has ended as banks have access to all smart peope due to the outsourcing rules.

Thinking to pay MFE from your own loan is a very bad idea, do MFE if you have inhereted wealth from somewhere.



Just one point of view, seniors might give better idea about the real scnerios.

 

[bigbadwolf]

In that case, based on the starting salary, how easy it is to payoff your MFE loan?

It's a gamble. It would be nice to say that it is a calculated gamble but unfortunately it's difficult to calculate the odds. There are many good MFE programs graduating many strong MFEs. The number of jobs is limited. Everyone is trying to stand out from everyone else -- but how realistic is that? People are reluctant to acknowledge that while they may have been big fish in small ponds, they are small fish in large ponds or lakes.

Other than the stiff level of competition, the future of the volatile finance industry as a whole is unclear. You can have a job today and no job tomorrow -- but your non-dischargeable payments on your student loan continue to accrue inexorably in the debtor's prison that is the USA. Dare you take that gamble?

 

[Kittu]

Estimated Program Cost of Attendance (2013-2014)
University Tuition + Fees $59,895
University Health Insurance $3,459
Estimated Living Expenses $31,800
Estimated Books, Supplies $2,500
Estimated Loan Fees $332
Total Cost of Attendance $97,986

How can $50K cover that? Generally, how much are you expected to provide from your pocket?

$50k won't cover all your expenses. But that's all what you can get. Keep in mind that this is a no cosignor loan..that is we did not put any collateral to get this loan. You will need to foot the rest of your bill. The total cost of attendance should at least be $10-12 lower than what they write should you spend as a student.

 

[Kittu]

One more thing - in general all the MFE programs are expensive. Do people get campus jobs? Do you get time to do those jobs? Finally, how easy it is to payoff your loan?

You won't have any time to do a part time job. Berkeley MFE is super extensive and you have a lot of academic things to take care of. Nobody in my class worked part time during the program.

 

[Kittu]

I think only for the people in India who earned due to real estate bubble in India or other developing nations are doing these MFE.

US banks still can get an international vendor who is CFA Chareter or like FRM Charter or like 4 yrs hardcore exp or Master from top Place in India/China in around 60-80k. How can a non experienced person who just do MFE expect higher pays?

The arbitrage has ended as banks have access to all smart peope due to the outsourcing rules.

Thinking to pay MFE from your own loan is a very bad idea, do MFE if you have inhereted wealth from somewhere.



Just one point of view, seniors might give better idea about the real scnerios.

You can't be more wrong here. I am an Indian..and I or no one in my family earned a fortune in real estate bubble. Heck..if I would have, I would not have bothered to uproot myself at the age of 27 and move to a different country all together.
I can safely vouch for other Indians in my class too. Yes, their financial backgrounds vary..but the blanket statement is so wrong.
I-Banks hardly hire outside US for front office roles. The guys from IITs in India were mostly in mid-office type of quant roles in Indian offices of these banks. I am not sure, but I haven't come accross an IITian who was recruited from India directly into a front office role in USA.
As for non experienced people, its a tough situation to comment on. I have a couple of guys in my class who are right out of undergrad into Berkeley. One of them has a FT offer with a major Bank, as a starting level analyst. Not bad for someone who is 22? The other person is super smart and might just land an Associate role....but this guy has like 1-2 years of work ex...Most of my classmates came to Berkeley to look for front office roles post graduation...and not because they had inherited wealth!!!!

However, I must put a word of caution here...the recruiting picture is not as rosy...the markets are super tough...a majority of our class is still interviewing and there aren't many front office opportunities out there...

 

[debkumar]

WOW!!! That's scary.

 

[shivgan joshi]

You can't be more wrong here. I am an Indian..and I or no one in my family earned a fortune in real estate bubble. Heck..if I would have, I would not have bothered to uproot myself at the age of 27 and move to a different country all together.
I can safely vouch for other Indians in my class too. Yes, their financial backgrounds vary..but the blanket statement is so wrong.
I-Banks hardly hire outside US for front office roles. The guys from IITs in India were mostly in mid-office type of quant roles in Indian offices of these banks. I am not sure, but I haven't come accross an IITian who was recruited from India directly into a front office role in USA.
As for non experienced people, its a tough situation to comment on. I have a couple of guys in my class who are right out of undergrad into Berkeley. One of them has a FT offer with a major Bank, as a starting level analyst. Not bad for someone who is 22? The other person is super smart and might just land an Associate role....but this guy has like 1-2 years of work ex...Most of my classmates came to Berkeley to look for front office roles post graduation...and not because they had inherited wealth!!!!

However, I must put a word of caution here...the recruiting picture is not as rosy...the markets are super tough...a majority of our class is still interviewing and there aren't many front office opportunities out there...

Thank you Kittu!

That was helpful, but given than one spends 100k (Quote: Total Cost of Attendance $97,986) and gets a salary of 100k in New York which is very expensive place, and assuming loan is India what is net liability after 2 years and how does one manages to pay loan?

Yes front roles are not outsourced but most of back end jobs are outsourced, I have been looking at it IB where many banks have moved their research & analytical part to India/China/Chile/other places.

Considering the fact that industry in it's most troubled shape, tuition bubble is just around to burst, outsourcing has been aggresive in last 5 years, one needs to be very careful become moving in MFE.

Debkumar: I hope this helps.

 

[shivgan joshi]

It's a gamble. It would be nice to say that it is a calculated gamble but unfortunately it's difficult to calculate the odds. There are many good MFE programs graduating many strong MFEs. The number of jobs is limited. Everyone is trying to stand out from everyone else -- but how realistic is that? People are reluctant to acknowledge that while they may have been big fish in small ponds, they are small fish in large ponds or lakes.

Other than the stiff level of competition, the future of the volatile finance industry as a whole is unclear. You can have a job today and no job tomorrow -- but your non-dischargeable payments on your student loan continue to accrue inexorably in the debtor's prison that is the USA. Dare you take that gamble?

I think after the health-care insurance bubble (that made it expensive), real-estate bubble, tuition loan bubble is its peak today and I don't see it coming down. Everyone is paying his healthcare, home loan and education loan where the pricing don't match with what we think it should be. What is the best way out of it ?

 

[bigbadwolf]

I think after the health-care insurance bubble (that made it expensive), real-estate bubble, tuition loan bubble is its peak today and I don't see it coming down. Everyone is paying his healthcare, home loan and education loan where the pricing don't match with what we think it should be. What is the best way out of it ?

Don't get ensnared in the first place -- then you won't have to extricate yourself from it. It's a rigged game with the odds stacked against you.

 

[mfegrad]

Yes front roles are not outsourced but most of back end jobs are outsourced, I have been looking at it IB where many banks have moved their research & analytical part to India.

i haven't heard of research depts or quant groups being moved to india.

 

[Ken Abbott]

i haven't heard of research depts or quant groups being moved to india.

Not just India, but that's a big part of "smartsourcing." Big firms have also established quant groups in Prague, Budapest, and Warsaw.

 

[pphan]

@OP: Check out these "rumors" if you have times ,

http://www.econjobrumors.com/topic/drop-out-and-get-an-mfe