Masters in Financial Mathematics or Statistics Anyone?

[WallStGolfer31]

I've been thinking recently about applying to a masters program first, more specifically a Masters of Financial Mathematics or Masters of Statistics program. My rationale behind this is along the lines of acquiring skills in one of these programs to enhance the depth of my research. Any opinions? Is anyone else doing the same?

[financePHD2007]

Definitely try Waterloo's program.
Here is the link:
www.mfinance.ca

[tct]

This seems like a good strategy if your undergraduate record is spotty. I think doing well in a rigorous financial mathematics program could send a signal that you're interested in this field and that you have the necessary preparation. Stanford program's web site mentions that some of their students continue to work on a Ph.D. degree. The only problem with this approach is that most of departments treat their Masters students of financial mathematics as cash cows and do not give any financial aid.

[walidreza]

Many Canadian schools offer good masters Finance degrees with strong research experience. You may try UBC, U ot T (without research, will start from 2007), Usask, Waterloo, Concordia and so on. Whereever you go, you should emphasis on the class size. A small class size can give you a life-time experience!

However, I disagree with tct at one point. Finance PhDs most probably are not like Econ PhDs in that they dont take students without giving full financial support. There may be 1/2 very good schools doing that. My point is if you really love doing research, any school within 30 ranking may serve your purpose! The main part is how much research you can do after your PhD!!

I beleive you will get more than 25 schools offering full-funding within the top 30!

[tct]

Originally Posted by walidreza

Many Canadian schools offer good masters Finance degrees with strong research experience. You may try UBC, U ot T (without research, will start from 2007), Usask, Waterloo, Concordia and so on. Whereever you go, you should emphasis on the class size. A small class size can give you a life-time experience!

However, I disagree with tct at one point. Finance PhDs most probably are not like Econ PhDs in that they dont take students without giving full financial support. There may be 1/2 very good schools doing that. My point is if you really love doing research, any school within 30 ranking may serve your purpose! The main part is how much research you can do after your PhD!!

I beleive you will get more than 25 schools offering full-funding within the top 30!

Uh, what I said was the terminal masters programs rarely give any financial aid, and they _are_ expensive. Of course, once you get into a Business Ph.D. program you most likely will be funded.

[WallStGolfer31]

One more question guys,

Do you think a top 40 or top 50 program would still be good or a waste of time? The reason I ask is because I have an offer for a tutition free, 15 -20k stipend.

I'm tempeted to do it even though I know I could get in somewhere better.


What would you guys do?

[tct]

I think top 40-50 does not give enough information to answer this question. I think it depends on the school, what you want to study, and what you want to do with your life. (but I can't help you much either way since I don't know much about Finance programs).

Your offer does sound tempting. If you go for a masters degree first, you will end up spending some $30-$50K USD and losing at least one year in exchange for a possibility of getting into a better Ph.D. program in 2008 or 2009. It's a tough choice. I would go for a Ph.D. now because I am in the upper half of 20s and the time is becoming very valuable to me.

[shootermcgavin7]

Originally Posted by WallStGolfer31

Do you think a top 40 or top 50 program would still be good or a waste of time? The reason I ask is because I have an offer for a tutition free, 15 -20k stipend.

While pedigree certainly matters when you're doing a job search after graduation, judging from the placements of most schools in the 30s and 40s it doesn't matter quite as much as say, Economics.

You can go to a school ranked #49, and if you have a good job market paper to present at the FMA and AFA conventions, you can still do well in placements. There are also a lot of opportunities outside of academia.

I'd imagine this has a lot to do with the fact that a lot of these programs only have class sizes of 1-3 students; added to the fact that there is a high demand for Finance PhDs - salaries at research institutions routinely approach $140k + 2/9 summer money.


Personally, I would have no problem going anywhere in the Top 50, but it depends on what your goals are. I know people who would refuse to go to any program outside of the Top 20.