I am more convinced than last year that I should do a Math Finance degree. Anybody over here has math finance degree in NYC schools? Could you guys talk about your experience of application? How hard to get into Columbia or NYU’s Math Finance program?

that depends on your background. if you have solid math/engineering background and decent GRE scores, i imagine you will have a good chance. I did my bachelor degree in math and econs from uchicago, where they have a top class MS in Financial Math program, and will start either a MA in Stats or MSOR at Columbia this Spring. You can access the resume’s of the NYU class on their website. will give you an idea of where you stand. If you like to know more about financial math, i’ll be happy to answer.

Compared to those guys listed on Curant Institute’s website, I am pretty much doomed… Hahaha… But worth a try; who knows what’s going to happen…

well, good luck then.

I woudln’t say you need to have a level of mathematics with parity to Courant Institute members. “Applied Mathematics,” is still pretty abstract, I mean, some of this PDE research requires understanding of Banach Spaces and at least a familarity with graduate level Algebra in Groups… From my observations, Mathematical Finance is nowhere near as sophisticated as the frontiers of some “Applied Mathematics” subjects. In any event, what really matters in getting accepted is your paper/research. That and recs literally make or break your application in the top 15. The next tier of importance is probably GRE subject exams (if they apply) and perhaps grades… then the GRE general exam… but each department is differnt. Although IMHO, Mathematics graduate departments are ALOT less formal in their acceptance behavior then something like Economics, where most departments plug your stats into some regression formula … (a bit absurd in my opinion). Do some research on mathematics department research output (you can get a general idea by checking otu NRC 97’ report and asking around). What you will find out, is that “name” (i.e. Columbia, Cornell etc.) does not imply research quality. I don’t know anything about the North-Eastern schools, but I know alot of “non-uber-elite” institions in the mid-west that have superior departments. Good Luck.

To the original poster: WHat is your math backgroud now? What courses have you taken?

SergeLang Wrote: ------------------------------------------------------- > I woudln’t say you need to have a level of > mathematics with parity to Courant Institute > members. “Applied Mathematics,” is still pretty > abstract, I mean, some of this PDE research > requires understanding of Banach Spaces and at > least a familarity with graduate level Algebra in > Groups… > > From my observations, Mathematical Finance is > nowhere near as sophisticated as the frontiers of > some “Applied Mathematics” subjects. > > In any event, what really matters in getting > accepted is your paper/research. That and recs > literally make or break your application in the > top 15. The next tier of importance is probably > GRE subject exams (if they apply) and perhaps > grades… then the GRE general exam… but each > department is differnt. Although IMHO, Mathematics > graduate departments are ALOT less formal in their > acceptance behavior then something like Economics, > where most departments plug your stats into some > regression formula … (a bit absurd in my > opinion). > > Do some research on mathematics department > research output (you can get a general idea by > checking otu NRC 97’ report and asking around). > What you will find out, is that “name” (i.e. > Columbia, Cornell etc.) does not imply research > quality. I don’t know anything about the > North-Eastern schools, but I know alot of > “non-uber-elite” institions in the mid-west that > have superior departments. > If you check out anything, you will find that both Columbia and Cornell have absolutely world-class faculties in mathematics and nearly everything surrounding mathematics. In fact, I think Lobachevsky taught at both universities. > Good Luck.

It seems like people are very interested in MFE/Mathmatical Finance in here. Is it really that desirable of a degree? Why would a bank hire an MFE over someone with a PhD in applied math, physics or statistics?

The very same reason why a bank would hire a CFA over someone with a PhD in Finance

But it’s not like someone with a CFA is really marketing the same skillset as someone with a finance PhD. People with Finance PhD’s aren’t really looking for the micro/fundamental research type jobs that most CFA’s are seeking. On the otherhand, people with PhD’s in applied math, physics or statistics apply for research/risk managment/trading which is what I imagine you’re shooting for with the MFE.

ahahah Wrote: ------------------------------------------------------- > Why would a bank hire > an MFE over someone with a PhD in applied math, > physics or statistics? They probably wouldn’t all else being equal, but you can get a Ph.D. in any of those things and not have a clue about finance. That’s probably not true with an MFE.

Hey joey, This may be so, but there are other schools that also have “world class” faculties. For instance, even in NRC 97’, Michigian beat Columbia and Wisconsin, Minnestoa, and UCLA beat Cornell in research output/quality/citations impact. Whenever NRC 2008/2009 is released, I’m sure the large mid-western and large West-Coast schools will have increased their holdings of the top 20. This is cause, at leasst in terms of teh research in Mathematics/Physics the real exciting stuff is preponderantly happening in these two regions and leaving the North-East. I never said that Columbia and Cornell wern’t good schools for mathematics, only that name didn’t imply the quality of the departmnet was that much higher then a relatievely un-elite institions. Further, what does ti matter if Lobachevsky taught at one of these schools? What matters is what the departments are doing currently… Also, I know for a fact that Columbia & Cornell are heavily defecient in discrete/combinatorial/finitary/Algebraic mathematics as well as the Foundations research. In fact, I know that for the most part, there are no schools in the East-coast that even does any noticable work in the Foundations that are in the cutting edge, most of that is done by Illinois/Stanford/UCLA/Berkley/Wisconsin/Michigian/OSU. And as for Algebra, again, most of the really exciting programs seem to also be in the mid-west/west. The East-Coast schools have alot of Analyst I’ve noticed, but this old fashioned Analysis is, in my opinion, quickly becoming antiquated.