Value of Advanced Degrees

mikeczyz · #1 03-24-2007, 02:25 AM

Hey,

I don't know if this is the proper place to ask but I am wondering about the relevance and value of advanced degrees. I am graduating with an ugrad degree in finance within this year. I am considering pursuing a masters in statistics, applied math or financial mathematics.

Good idea? Bad idea?
I'd be thrilled to hear some opinions.

Thanks.

crazy canuck · #2 03-24-2007, 03:46 AM

Excellent idea if you get it from a good school.

gull · #3 03-24-2007, 04:47 AM

bls.gov may have some statistics on the salaries of people in different fields or with different degrees.

mikeczyz · #4 03-24-2007, 11:21 AM

I did a bunch of research into statistics grad schools last night.

Basically, it ain't looking good for me. Most schools want applicants to have taken somewhere around 7-10 semester-long post pre-calc math courses. hmmm. that ain't me. i need to find a way to rectify this situation.

scotchnrocks · #5 03-24-2007, 01:22 PM

As far as engineering is concerned, I got a master's degree from one of the top 3 schools in my field before entering the work force. It makes it easier to get a job, but pay isn't too much above what non-master's students make, which is something you kind of expect since work is mostly about gaining experience in a specific field. I expect it to make more of a difference a few years down the road.

mikeczyz · #6 03-24-2007, 07:39 PM

Got a response from one of the programs I'm looking into:

The MS program has prerequisites of: linear/matrix algebra; advanced calculus through Jacobians and integrations of functions of several variables; and a year's worth of "elementary" probability and statistics."

What's that sound like to you guys? Calc1-Calc3? A semester of linear algebra and 2 stats courses?

I'm gonna cross-post this in another forum and see if we can figure something out.

ChromePony · #7 03-24-2007, 09:20 PM

[ QUOTE ]
Got a response from one of the programs I'm looking into:

The MS program has prerequisites of: linear/matrix algebra; advanced calculus through Jacobians and integrations of functions of several variables; and a year's worth of "elementary" probability and statistics."

What's that sound like to you guys? Calc1-Calc3? A semester of linear algebra and 2 stats courses?

I'm gonna cross-post this in another forum and see if we can figure something out.

[/ QUOTE ]

I think if you had taken those classes you would probably qualify for those prereqs.

I'm interested in what you find cause I'm in a similar boat with looking for grad programs in this field, but I have more math of a math/sciene background and usually less finance/econ than they are looking for.

crazy canuck · #8 03-24-2007, 11:26 PM

When I said yes I meant a master's in financial math or quantitative finance.

If I were you, I would find out what it takes to get into a top program, maybe even spend an extra year taking math/computer courses (or at least the summer).

Also, I would look at the courses in the program and kind of
learn about them in advance. Like learn some of Hull (not just read) maybe, if you haven't yet.

And make sure the program has a good placement for people with no work experience.

CrushinFelt · #9 03-25-2007, 02:55 AM

I'm doing a masters of science in finance. It's currently more well-known overseas than here, but after the one year program you are coming in above entry level finance positions. (i.e. In a place that had I, II, and Senior Analyst positions, I interviewed for Senior Analyst).

mikeczyz · #10 03-25-2007, 03:23 AM

No, I don't think I'll have to spend an extra year taking math courses. I'm currently on pace to graduate in 3.5 years but I think I can squeeze all these additional courses into an extra semester. It's gonna suck tho. Really, REALLY suck.

I'm looking at calc for summer school.
Physics 1, stats 1, calc2, intro to linear algebra for fall 2007.
Stats 2, calc 3, 2 finance electives and a philosophy general credit spring of 2008. isnt' senior year supposed to be easy?

ChromePony- Most stats programs don't give a damn about finance/econ courses. It's all about the math courses you've taken (or not taken). As for financial mathematics, the uofchicago financial mathematics degree (only one year!!!) has no finance/econ prerequisites. i think your math background will pleasantly surprise you.