Masters of Financial Mathematics at UNSW (2 Viewers)

[RIZAL]

http://www.maths.unsw.edu.au/statistics/study/mfin.html

Does anyone know anybody doing this course? What have you heard about it?

I'm looking at doing this and then getting into a S&T position at a BB IB.

 

[velox]

Seriously, go save up some money and do your masters overseas. Will have more cred than UNSW (not that UNSW maths is bad, its very good imo).

Look at:

MSc Finance & Eco LSE
MSc Finance Princeton
etc

You dont need an MSc in maths to trade, although I guess it will help in the interview.

Iirc you're an actuarial student... You should have good enough quant skills. Have you tried for any marketmaker jobs? Good pay, conditions, but its hard to go to an IB since there is a bit of stigma attached to them. Plus its not the whole zegna suit business and hang out at customs house bar every night.

 

[§eraphim]

UTS has a better quant fin masters.

 

[velox]

UTS has a better quant fin masters.

but not a good enough brand.

 

[§eraphim]

I disagree.

1) A straight quant fin masters student can't compete for quant jobs when compared against Honours and PhD students who are their intellectual betters.

2) It's recognised within the Sydney quant community, which is enough once you've landed a quant job and need to do further study. Internationally, I don't think your uni would matter that much, they would consider your skills and achievements at work. eg solve this PDE NOW!

3) I don't see any other working people like traders and sales people doing it for work (maybe out of interest?). There are better alternatives.

I've been at uni long enough to see pass the flashy websites, glossy brochures and deceptive claims made by uni's like UNSW. The UNSW Fin Math Masters doesn't even have a single programming subject which is just pathetic.

 

[velox]

Masters courses aren't that useful for quants then. (based on what you are saying).

Regardless its probably better for Rizal to go overseas. Im sure he is smart enough to get into a top uni o/s and get a scholarship.

 

[§eraphim]

No, they're useful when ONCE you're working as a quant, not to enter quant (just like CFA).

Uni's dont offer scholarships for coursework masters as they're usually self-funded (eg international students) or employer-sponsored. Grant money funds scholarships for research and high achievement in degrees leading to research, eg Masters by Research.

In summary, you're wasting your time and money taking shortcuts through coursework masters. Doing a maths/engineering degree is a good place to start.

 

[velox]

But dont most quants have a PHD anyway? So why would they take a masters? I thought those masters were for people like structurers and traders who trade exotic stuff.

Actually lots of US unis offer aid for post grad degrees. My bro in law got a half scholarship to colombia or ucla - forget which one - for a coursework masters (LLM)

 

[§eraphim]

But dont most quants have a PHD anyway? So why would they take a masters? I thought those masters were for people like structurers and traders who trade exotic stuff.

Actually lots of US unis offer aid for post grad degrees. My bro in law got a half scholarship to colombia or ucla - forget which one - for a coursework masters (LLM)

I'm taking about quant in Australia. People may have done PhD's in unrelated fields, eg physics, computer science, pure mathematics, etc. The masters is a quick way to pick up knowledge.

 

[jb_nc]

Doing a maths/engineering degree is a good place to start.

What do you suggest then? I'm doing a B.Eng. was thinking about fin maths in some degree, so you're saying coursework masters aren't that good at all?

 

[§eraphim]

What do you suggest then? I'm doing a B.Eng. was thinking about fin maths in some degree, so you're saying coursework masters aren't that good at all?

Well, they're pitched up people with a certain background who can take advantage of it, ie, qualified people with the appropriate background, eg maths PhD but who hasn't done fin maths before. Basically, its best if you do a Maths degree before starting any financial maths. If we take the US as a benchmark, for graduate studies you need to pass a series of exams on assumed knowledge which includes abstract calculus ("analysis"), probability theory, stochastic processes, optimisation theory, etc.

I think engineering is a good complement as you will have genuine modelling experience, some programming abilities, and it's a good career path on its own.

 

[jb_nc]

Well, they're pitched up people with a certain background who can take advantage of it, ie, qualified people with the appropriate background, eg maths PhD but who hasn't done fin maths before. Basically, its best if you do a Maths degree before starting any financial maths. If we take the US as a benchmark, for graduate studies you need to pass a series of exams on assumed knowledge which includes abstract calculus ("analysis"), probability theory, stochastic processes, optimisation theory, etc.

I think engineering is a good complement as you will have genuine modelling experience, some programming abilities, and it's a good career path on its own.

A B Eng is good enough to enter the market and can compliment a Masters in Fin Maths? (Sorry, I'm a bit confused on what you said there).

The highest level of undergraduate pure maths I take is in my first year, the rest is spent in the ChemE department so I wouldn't really know about any of those mathematical methods -- not 100 per cent sure of that though because I don't know what methods I'll learn in my II-IV years -- is that where the M Sc knowledge and techniques come in?

 

[§eraphim]

1) Most importantly, know your pure maths before doing any serious financial maths in your masters.
2) If possible, pick up some modelling/programming skills on the side, eg BEng. But this can be learnt on the job/thru a masters program.

This is a relevant link:
http://www.math.cmu.edu/grad/degree/phd-mf.html

 

[jb_nc]

1) Most importantly, know your pure maths before doing any serious financial maths in your masters.
2) If possible, pick up some modelling/programming skills on the side, eg BEng. But this can be learnt on the job/thru a masters program.

This is a relevant link:
http://www.math.cmu.edu/grad/degree/phd-mf.html

I don't think I'll be getting 1st class honours, maybe 2:1, yeah, so I couldn't really do a PhD at all -- and I don't really want to either.

What do you think of Sydney's B Sc financial maths and stats programme? http://www.maths.usyd.edu.au/u/PS/financial.html. I was thinking of transferring to the double degree at the end of next year

 

[§eraphim]

You need to do higher degrees (Hons, masters, etc) to get sufficiently into financial maths. 1 subject on option pricing will just scratch the surface.

 

[jb_nc]

You need to do higher degrees (Hons, masters, etc) to get sufficiently into financial maths. 1 subject on option pricing will just scratch the surface.

Thanks heaps for your advice.

By the way, what do you study?

 

[§eraphim]

Thanks heaps for your advice.

By the way, what do you study?

Commerce/Science (Finance and Maths) - UNSW