Grad school or work?

[TMDG]

I'm graduating with a BS in engineering in about 2 weeks and I've secured a full time position as a financial analyst. I know I want to go into finance, but the kind of work I want to do does not really align with the job offer I have now. Basically, I want to work as a quantitative trader or researcher eventually applying some pretty advanced math to the financial markets, building and implementing all sorts of models. This would most likely require an advanced degree and, because of that, I have also applied to several quantitative finance master's programs. I won't hear from these schools until around March. So, now I have to decide between accepting this full time position or rejecting it and waiting to see whether or not I get into school. I've only applied to the top 5 schools because from what I've heard, the name of the university is very important in getting jobs in this industry and the lower tier schools aren't really worth the money (around 40k for a year and a half which is pretty significant for me). These programs are pretty competitive, and even though I have pretty good grades, I think my chances of getting accepted into at least one program are only around 50%. If I take that route and don't get into any schools, I plan on looking for jobs in the springtime, working for a few years while taking some night classes to strengthen my profile, and apply again in a few years.

What would you guys suggest I do? I assume it would be pretty bad to take the full time position and leave the company next Sept if I happen to get into a school?

FWIW, the full-time position I got kinda fell into my lap because an older friend set up an interview for me and encouraged me to try to get the job. He obviously thinks it'll be best to get some work experience before going back to school. One of the reasons I'm leaning towards going to school first instead of working for a few years is that I've heard it's pretty hard to go from working and making money to doing problem sets and studying for exams without getting paid. Anyone have experience with this?

[theben]

i'd take the job and not even think twice. get some experience before you commit to specializing in a field. if you follow the work-wait-see approach, you'll make a more sound long term decision

[dustyn]

I think taking the job is best as well unless the programs you are applying to have a really strong track record in placing people in positions you'd like to be IF you don't have work experience. Many may place people with work experience in those positions, but it's essential to find out what their track record is at placing people without work experience at investment banks in quant trading/research positions.

Personally though, with your engineering degree, you probably have pretty strong math/analytical skills already, and to some degree I question why you need another quant degree to get anywhere. If you worked for 2-3 years then went to get an MBA at a top tier school, you should be able to secure an investment banking type job that would likely fit the bill.

[Suigin406]

take the job, get the experience while u decide the path u want to take. who knows, working might provide a new point of view on what path u want to take for the future...

[Hobbs.]

TMDG, my good friend from college did a 1 year masters program in financial mathematics at Haas a couple of years ago and now has a job doing exactly what you're looking for. If you've honestly evaluated your chances of getting into school and think there is a decent chance, taking the risk of not getting in will be outweighed by the potential benefits an advanced degree will offer you.

[fm191124]

TAKE THE JOB, even if you get in, it is only early dec, that is 10 more months until you would have to leave,

if you didnt take the job, what weould you do for money?