Home » Why I Didn't Finish My MFE Degree financial engineering

Why I Didn't Finish My MFE Degree financial engineering

Dedicating oneself to a field of study can be difficult especially when a program doesn’t meet your educational and career needs. Watch to find out why I didn’t finish my financial engineering masters degree.

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Why I Didn't Finish My MFE Degree

Why I Didn't Finish My MFE Degree

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Why I Didn't Finish My MFE Degree
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44 thoughts on “Why I Didn't Finish My MFE Degree financial engineering”

  1. MScFE is a pretty tough program but very rewarding. I am about to finish my MSCFE from Worldquant University. I want to encourage everyone who wants to be a financial engineer to give it a try. But the ride is pretty rough if you don't have a solid background in calculus. Benefits of doing financial engineering program can not be overemphasized. It is similar to studying other complex programs like quantum computing, robotics, AI, chemical engineering. These are tough programs but if you stick around and finish the benefits are huge. Am very surprised to hear that students from IVY league don't know Fisher Black yet for us we Black-Scholes model is so common in analysis. Almost an entire course unit is devoted to BS-model, derivative pricing, interest modeling. Am surprised that other quant students don't know Fisher Black. Must be a joke

  2. May I have your recommendation?
    I have recently graduated with a bachelor in Business Finance degree (1st class in UK from an average-ranked uni) and what I got to know is that I certainly don't want to touch anything related to 'business', because I find it useless for me. I have recently started developing myself in Python with the accelerated MiT course, and hence, I wish to develop my computational thinking and math. I consider to start this or another similar course like, perhaps, Applied Economics or idk… Something that can unleash my math potential. I am not a genius, I'd rather say an average mathematician, but with a great attitude to study. And now.. the main question.

    What should I have or how to check if I would like Financial Engineering before I enroll on it (from a personal point – what should I have to keep up)?
    I plan to spend the period, from this summer to at least spring, to develop myself through online courses – what is worth to take? Programming, pure math or data science for this field?

    PS. I like your videos and they open many not widely told cases. Thanks!

  3. I know you touched upon the fact that many of the top students don't know basic (essential) facts and that the professors didn't care about you as a student, etc… Do you still think an MFE degree would be worth it in-spite of all the negatives that you mentioned?

  4. Had you come to Berkeley, we would have cared. Sad you did not experience a wonderful journey. Our students love FE. Our students know why they are in the MFE… and please… our students know Derman, and Black-Scholes…etc….BEFORE they come to Berkeley

  5. People might not know what a hedge fund is, but they know they are willing to spend $70K+ on a graduate degree to work at one on the basis of nothing but comments made by strangers an internet forum; universities are well aware of this. (You see this a lot in online discussions, where programs and books are discussed, but hardly ever the actual work realities.) Administrators get tired of students who think they already know everything and eventually start to typecast them as such.

  6. at claremont university i was selected for admission but university has recommended me calculus 1,2 3 .in financial engineering because my background is not quant and im weak in quant. what do u say about claremont university.

  7. Need help. I did mba in finance from Pakistan now want to apply for MS finance or business analytics of financial engineering or any other field regarding business.what r other options.I want to apply in US.I HAVE ALSO GOT MAIL FROM TEMPLE UNIVERSITY ABOUT ADMISSION IN RISK MANAGEMENT

  8. 100% agree with you. The financial university exhausted you to be sure that your passion disappears and keep only the best ''remember by heart'' people. I did the ''remember by heart'' in my undergraduate and, later, it took me couple of books to realize what I just learned and what is the real use of it… In school you focus so much on the exam that you forgot why you're there.

  9. why do you judge other students' passion toward money is inferior than your passion toward Fin.Eng.? you are too biased. For example: Anyone can be the best nba player even without knowing who invented the game of basketball.

  10. 99% of my class had no idea about the course. They just had a maths background so went into it hoping to make money. Fact is, most will need a PhD and most are for quant. Only decent jobs are Equity derivatives structuring that many did not need a masters to do.

  11. Let's be clear, the asset price model wasn't invented by Black-Scholes. It was invented by Edward Tharp and Louis Bachelier, They're the geniuses.

  12. To be honest I agree with the point that you are making that most of the programs are cramping way too many subjects and assignments into the 1-1&1/2 year time frame. It's just the human greed at display at it's best. But I have reservation about the opinion that you need to know about Black, Scholes or Derman to be a good financial engineer. If you learn the skills required to be a good financial engineer with all honesty and hard work you will eventually get there, which is also true with other spheres of life as well. It took me 15 years to realize my dream to get into derivative pricing world (model validation), because I wanted to be in that area. Since I didn't had a phd the path was a bit hard for me.

  13. Hey Dimitri I really love this video! I myself am a huge fan of studying for a course only if you're interested in it.

    I just wanted to ask you, would you say your applied economics masters gave you an edge into applying for risk positions compared to a MFE?

  14. Dimitri .. I'm taking a class an online FInancial Engineering class and was wondering if you could help me. Perhaps a private lesson or two. Please let me know. Thanks

  15. Dimitri, could you recommend a good math prep course, which will alow me to complete all of the math pre-requisites efficiently in order to be considered for an MFE program. I have a BS in non-quant field, however most of my electives come from Computer science courses. I also have ~10 years of combined experience in market/business analytics and asset valuation. Thank you!

  16. 5:30 It is this way because Universities are businesses at heart and to ensure students keep coming back they have to make sure a certain % pass and a certain % fail (normally 20% fail rate), if that number is say around 30-40%, the university starts to ask questions to the unit chair/coordinator. Since a lot of students only do their degrees because it will pay well or because their parents told them to (a lot of international students are like this) the unit chair has the make the exam easy, otherwise students will complain that it was too hard. So essentially undergraduate degrees are an absolute cake-walk where you can go through the entire degree and not know a single thing (I got through my Bachelor of Accounting utilising knowledge from High school and just wrote-learning information from practice exam papers 2 days before the exam).

    It's really quite depressing and will ultimately make the world less intelligent. I hate to say it too but a lot of students are that unconfident in their abilities that they cheat by paying other people to do their assignments for them. It kind of makes you wonder what they do with all their free time. They really only have to study for 2 days out of the entire semester, and even then, with the easy exam, they will still only score between 50-70. They didn't learn anything.

    A University Lecturer in Australia

  17. I really don't think students from NYU, CMU and Baruch don't know who Black and Derman are. I think most students from these programs are pretty strong quantitatively and have basic concept of what Quant is, and most of them are landing jobs in IBs and HFs. Maybe it is just my own observation.

  18. Hey Dimitri, I'm a finance undergrad and I have to decide whether I want to do a Masters (or MSc). The university in my city (HEC Montreal) offers financial engineering, finance, and applied financial economics. The director of financial engineering said that it is the hardest, followed by finance, and the applied financial economics is the easiest. Would you say that this is true? Most of my interest in financial engineering was that I'm interested in algorithmic trading, but looks like you don't really need it for that.

  19. Hey Dimitri, I see where you're coming from, but the topic of financial engineering is not very well known. It's still relatively new compared to other disciplines and I'm sure it will pick up like data science did, but until then, there's limited information on it for people to understand the uses as well as appreciating the innovations it brings and the history of it. From your review though, it sounds like there weren't a lot of people who work in finance or were interested in the field at your school and that sucks. I honestly don't see a problem with wanting to make money as I want to do that as well, but I also love learning about finance and math (more so with stat and econometrics rather than calculus). I work in structured finance and I've been preparing for a financial engineering program for the past year by taking math prereq courses so I'm looking forward to this field. Thanks for your insight on your MFE experience

  20. I read a review of the MFE online and realized it was written by you lol. You really make it sound like the crappiest thing ever. I can't believe how expensive it is. I guess 60 credits? BTW I hear they shut it down?

  21. Honestly, my reaction is that I'm horrified.  I have traded options since 2011, and knowing there are things like Citadel, that are touted to bring more liquidity to the market, yet, front run the trades wanted, just disgusts me.  People need to stop moving away from being people.  The thinking paradigm of gaining advantage over your fellow man is flawed in the first place.  Maybe one day, we will all realize that being human is enough, and dependence on computers to run things faster, more efficiently, and with great accuracy is truly self defeating, when all is said and done.  Heres to open cry in the market! Its more fun!

  22. I would say MFR just gives you a good foundation. You need to continue to develop on the job in all the core quant subjects ( maths, stats, programming etc.), especially programming if you have not touched it in depth before, as is the case of many MFE students who typically have good maths background but relatively weaker programming background. At least, that has been my case.

  23. Hi Dimitri. I am currently a math major and also doing the Cert in Quant Finance that Paul Wilmott runs. I also plan to get a masters in applied math. Is this enough to be considered a quant.

  24. Hi, do you think MSFE from worldquant university is worth it?
    Also, do you think with MS.c Financial Engineering, one still needs a professional certification in FRM and ERP from GARP?
    Between FRM and MFE, which has an edge over the other?

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