Master of Stats OR MFE?

[garethalex]

Hi all,

I'm a year 3 student from National University of Singapore (NUS), currently exchanging in UCSD. My primary major is quantitative finance. I also got double major in Statistics and minor in CS. I plan to pursue a master degree, but could not decide between master of Stats or financial engineering (or even industrial systems engineering). At this moment, I'm aiming at job in banking area (To be honest, I haven't got a VERY interested area yet). I know that stats provides more opportunity while MFE is more specific, but could anyone give me some advice other than that, based on my information here? Plus: I kind of lean on MFE since it probably will give me a better school, but seems like the tuition is a bit expensive (or is there any way like doing TA to reduce the tuition?).

Some of my basics are as follows:

GPA: 3.78/4 (Converted from 4.73/5), Dean's List (top 5% of the cohort)

1 individual research project (Econometrics based. Not published.).

Charted Financial Analyst (CFA) level I passed.

Relavant courses:

Math: Mathematical analysis I, II Linear algebra I, II Numerical analysis ODE Numerical PDE Mathematical finance

Finance: Accounting Corporate finance Financial markets Investment instruments

Stats: Probability Regression analysis and linear model R/SAS/SPSS programming Planning: Stochastic process Time-series

CS: Data structure I, II Computer organization Language: Python, C++, Java, Matlab

 

[garethalex]

To seniors: Hope you will get your dreamed result soon!

 

[Drew L]

My friend, with your dedication you should consider a PhD.

There's not going to be a huge difference between the MS Stats and MFE degrees but hey, MFEs are expensive whereas you might find GTA funding for an MS Stats degree.
Honestly I'd go for a MS Mathematics over any of those, and possibly pick up a graduate minor if that's an option. For real derivatives pricing the theoretical math is pretty highly valued.
Just my 2 cents though!

 

[Ken Abbott]

My friend, with your dedication you should consider a PhD.

There's not going to be a huge difference between the MS Stats and MFE degrees but hey, MFEs are expensive whereas you might find GTA funding for an MS Stats degree.
Honestly I'd go for a MS Mathematics over any of those, and possibly pick up a graduate minor if that's an option. For real derivatives pricing the theoretical math is pretty highly valued.
Just my 2 cents though!

I disagree. I teach in three MFE programs and I have an MS in stats. There's a huge difference. A statistics MS would likely include:
Probability
Inference
Time Series
Regression
Multivariate
OR Methods

Other than time series, I don't think you'd get those in an MFE.

 

[Drew L]

I disagree. I teach in three MFE programs and I have an MS in stats. There's a huge difference. A statistics MS would likely include:
Probability
Inference
Time Series
Regression
Multivariate
OR Methods

Other than time series, I don't think you'd get those in an MFE.

...what kind of MFE doesn't have a probability course? And tbh most MFEs are cross listed with the Stats/OR departments so you can take a lot of stats courses if you want to.
But I see your point regardless. I would still recommend OP go to a PhD program though. I'm thinking of doing one just so I can get paid to take a lot of courses in these realms.

 

[Philip_Mitterrand]

MS Stats + Computational courses from a highly regarded Uni will have more opportunities than MFE from a podunk University. Ex. MS Stats from Uni Chicago will have more opportunities than MFE from Rutgers.

Hi all,

I'm a year 3 student from National University of Singapore (NUS), currently exchanging in UCSD. My primary major is quantitative finance. I also got double major in Statistics and minor in CS. I plan to pursue a master degree, but could not decide between master of Stats or financial engineering (or even industrial systems engineering). At this moment, I'm aiming at job in banking area (To be honest, I haven't got a VERY interested area yet). I know that stats provides more opportunity while MFE is more specific, but could anyone give me some advice other than that, based on my information here? Plus: I kind of lean on MFE since it probably will give me a better school, but seems like the tuition is a bit expensive (or is there any way like doing TA to reduce the tuition?).

Some of my basics are as follows:

GPA: 3.78/4 (Converted from 4.73/5), Dean's List (top 5% of the cohort)

1 individual research project (Econometrics based. Not published.).

Charted Financial Analyst (CFA) level I passed.

Relavant courses:

Math: Mathematical analysis I, II Linear algebra I, II Numerical analysis ODE Numerical PDE Mathematical finance

Finance: Accounting Corporate finance Financial markets Investment instruments

Stats: Probability Regression analysis and linear model R/SAS/SPSS programming Planning: Stochastic process Time-series

CS: Data structure I, II Computer organization Language: Python, C++, Java, Matlab

 

[MarketMan]

I disagree. I teach in three MFE programs and I have an MS in stats. There's a huge difference. A statistics MS would likely include:
Probability
Inference
Time Series
Regression
Multivariate
OR Methods

Other than time series, I don't think you'd get those in an MFE.

You definitely get Regression, Multivariate, and OR Methods specific classes in an MFE (or at least the one I am at). That said, I agree in part. I would like to see more Probability and Inference specific classes. It is "assumed knowledge" but 90% of the class doesn't know it or hasn't taken it in years so their knowledge has diminished.

 

[edgerr]

I disagree. I teach in three MFE programs and I have an MS in stats. There's a huge difference. A statistics MS would likely include:
Probability
Inference
Time Series
Regression
Multivariate
OR Methods

Other than time series, I don't think you'd get those in an MFE.

I'm an engg. I want to become a quant.

What degree should I aspire to pursue now for this to happen?

MFE Or MS in maths or MS in data science?!

My aim is to be able to snag a good job wherein I can build models etc that is required in HF etc.

I'm also ready for a Phd after that so as to increase my chances of employability in a niche area.

Which path out of 3 above(math,mfe or DScience)would be suitable for me?
Currently,I'm learning c++.