Computational Finance vs Analytics vs IE

Graduate School
1

<p>Hi Guys,</p>

<p>I am going to be applying to various graduate programs in mostly analytics/quantitative fields, however I had a few questions for post graduate job opportunities for each of the programs (generally speaking not based off of placements) and the value of the degree. I am very keen on these three programs however I will be applying to various other programs as well. </p>

<p>Purdue: Computational Finance (either through the Mathematics or Stats dept)</p>

<p>Statistics</a> | Academic Programs | Graduate | Specialization in Computational Finance
[Computational</a> Finance Program<a href="elective%20classes%20to%20be%20potentially%20taken%20would%20be%20more%20programming/financial%20mathematics%20based">/url</a></p>

<p>Carnegie Mellon: MISM Business Intelligence and Data Analytics (BIDA)</p>

<p>[url=<a href="http://www.heinz.cmu.edu/school-of-information-systems-and-management/information-systems-management-mism/business-intelligence-data-analytics/mism-bida-curriculum/index.aspx%5DMISM"&gt;http://www.heinz.cmu.edu/school-of-information-systems-and-management/information-systems-management-mism/business-intelligence-data-analytics/mism-bida-curriculum/index.aspx]MISM&lt;/a> BIDA Sample Schedule](<a href="http://www.math.purdue.edu/academic/grad/cfp/%5DComputational"&gt;http://www.math.purdue.edu/academic/grad/cfp/)&lt;/p>

<p>(elective classes to be potentially taken would be more programming based)</p>

<p>Columbia: Industrial Engineering (Emphasis in Regulated Industries) Operations Research (Emphasis in Optimization or Derivatives Pricing)</p>

<p>MSIE</a> Concentration in Regulated Industries
M.S</a>. Operations Research</p>

<p>Notes:</p>

<p>My background is in Electrical Engineering from Purdue (out of state with loans)</p>

<p>I do realize that Purdue is not really known for its "quant" program and ranks between 20-22 and is not near a financial hub which may pose a disadvantage(Chicago is the nearest location 2hrs away). However, if I apply to Purdue I can potentially be FULLY funded if I get in. CF programs are generally expensive (and extremely difficult to get into i.e. IVYs) however I do have a passion for using my computer programming skills and applying it to financial markets. CFs generally get paid a lot if they are able to land a good job (again plausibility of that from Purdue?). I want to get an MBA later (Investment Strategy Track) </p>

<p>Carnegie Mellon's brand name weighs alot in the tech realm and I am also very interested in this program. However what are the job prospects if I do this program? Are there any advantages/disadvantages job perspective wise compared to getting a CF from Purdue? One of my concerns is that I'll be slaving away at a tech corp for a sub avg salary for years. Only stipulation, my eventual goal is to be in finance (get an MBA etc).</p>

<p>Columbia's brand name weighs alot also. I do realize they have an MFE program as well, however I am not sure what the likelihood of be getting accepted is. Please let me know what the job prospects of getting a degree in this program are. (However, my eventual goal is to be in finance and get an MBA later also)</p>

<p>I know there are "other" schools for MFE but right now my concern is evaluating these three schools (job prospects, stability, salary etc) and the best bang for the buck with the goal of getting an MBA after a few years. </p>

<p>Thanks!</p>

2

<p>Quantitative finance is a very hard field to break into, if you really want to be a “quant”. You have a better chance at being a software developer working with quants, but you usually get treated like crap by employers. There is a surfeit of QF/CF/FE grads looking for jobs and the market for them isn’t exactly good.</p>

<p>CMU’s MISM BIDA curriculum really doesn’t apply to quant work. CMU has arguably the best CF program out there (which is very hard to get in). Same with Columbia: their FE program is stellar, but a lot of the people who get rejected are encouraged to go to their ORIE program instead.</p>

<p>I would suggest getting advice from here <a href=“http://www.quantnet.com%5B/url%5D”>www.quantnet.com</a></p>

3

<p>Yeah I post the same topic in quantnet a few weeks back but still havent gotten any responses. How are CMU BIDA and Columbia’s ORIE programs in relation to receiving jobs that allow upward mobility and a solid income.</p>

4

<p>What sort of math and programming background do you have and how solid are your grades?</p>

<p>The computational finance program at purdue requires math prerequisites that are well beyond what most electrical engineers take. Have you taken “upper division” linear algebra and real analysis courses? Many math majors don’t even take more than a semester of each.</p>

5

<p>I’m not really concerned with “chancing” myself since I have plenty of research, TA’d, and solid grades. Its pointless to “chance” with grad schools. With that being said, I’ve already taken all the math classes that are required for taking those upper division math classes. I’ve taken the basic programming reqs within Electrical Engineering (Matlab, C, Python, AHDL/VHDL). My main concern is whether obtaining a degree from CMU or Columbia would be a better fit when breaking into the job market after (and more valuable) as opposed to getting a degree from Purdue in comp finance (given its location and reputation as a computational finance school). </p>

<p>Thanks for all the help.</p>

6

<p>You have to network a lot to get a decent quant job. Being in NYC and having Columbia’s connections can help a lot with that. It’s FE program is top 5 in the field, so hopefully overall the school will have useful resources. CMU’s also has top name recognition, but that’s for it’s MS CompFinance, and you also wouldn’t be in NYC there.</p>

<p>Purdue’s curriculum looks like the best suited to what you should learn, but taking more heavy math/programming electives at Columbia could net you the same education. Purdue is not a target school though, so you’ll have to network much harder.</p>

<p>Bottom line, if you need to take out a lot of debt for either of these programs it’s probably not worth it since the market is tough for these jobs. Unless you’re fine with doing IT or software development related work in the financial sector or non-quant financial stuff.</p>

7

<p>So would you recommend working for a bit (1-3 years) in consulting/engineering and build my experience then venture into getting an MS/MBA later? I have seen many grads who come out of MS programs nowadays and are getting paid almost the same amount (indeed dependent on the location) as an individual with a BS in engineering. That worries me.</p>