How to choose between the numerous Msc programs in Finance/Economics offered by LSE?

[contextual]

I am considering applying for Msc programs in the field of Finance and Economics at LSE this fall. The problem I am running into is that there are just too many options and I do not know which one would be most appropriate for me given my career aspirations and level/type of preparation at the undergraduate level. To add to the confusion, I have heard that not all of the programs offered by LSE command the same level of respect and that there are a few that are clearly more rigorous than the others. Can you guys please take a look at my profile/expectations, and let me know your opinion on the different programs at LSE? How do they compare to other Msc programs offered in the US and even other UK programs like Oxford's Msc in Financial Economics?

 

Student Profile:

I am graduating from a Liberal Arts College in the US and I majored in Mathematical Economics. I was initially interested in getting a phd in Economics and, as a result, ended up taking a ton math classes. However, I changed my mind earlier this year as I wanted to do something a little more applied and gain some work experience before going to graduate school. I have taken Probability Theory (A), Stochastic Processes (A), Numerical Analysis (A), Number Theory (B), Calc 3 (B+), PDE (A), ODE (A), Linear Algebra (A), Econometrics (A), Advanced Econometrics (A), and a bunch of Mathematical Economics electives (A). I have a 3.8 cumulative GPA, 740 GMAT, won the best thesis award in economics, worked as a RA for a number of professors (one of the papers I helped with was published), should be able to get really good recommendations from thesis advisor and the professor I RA'd for, have interned at a top economic consulting firm, and will be starting a full time job with the corporate finance team of a large firm in the US starting this summer.

 

Expectations from graduate school:

There are three main reasons why I am applying to these graduate programs this fall.

1) I want to gain access to front office career opportunities at top consulting and finance firms (McKinsey, BCG, Bulge Bracket banks, etc). I am hoping that a brand name like LSE or Oxford will give me opportunities that were not available to me as a graduate of a mid ranked US college.

2) I would like to strengthen my profile for top phd programs in Finance and/or Economics. While I might have decided not to attend a phd program directly from undergrad, I am still interested in pursuing doctoral studies either immediately after my Msc or after a few years of work following the Msc. Personally, I think the biggest gap in my application for phd programs is the lack of rigorous upper level proof writing classes like Real Analysis, Abstract Algebra and Functional Analysis. While I might not take a class entirely devoted to Real Analysis at the Msc programs, I feel that good performance in a class like Advanced Micro might allow me to signal my quantitative abilities to adcoms.

3) This is related to my last point. I want to join a program that is rigorous and that will allow me to develop my knowledge of Econometrics, Economic/Finance Theory, and other mathematics as it applies to Finance/Economics. This is primarily why I am not too keen on taking the traditional path of working for the next 4 years and applying to an MBA program, which seems a little to soft to me.

 

Keeping in mind my expectations and current profile, can you please let me know which of the following programs is most suitable for me and why? Also, what do you think of my chances of admission at these programs?

 

Msc Econometrics and Mathematical Economics

Msc Economics

Msc Finance

Msc Finance and Economics

Msc in Finance and Private Economics

Msc Accounting and Finance

Edited May 16, 2015 by contextual

[HauteFinance]

Based on your interests/goals, I'd say to consider dropping "Accounting and Finance", "Finance and Private Equity(?)", and "Finance" from the list. They're all far from bad programs, but you won't be able to take any rigorous econometric/economics courses, which would be a benefit going forward if you're hoping to have the option to go for a PhD. From what I can tell, those three programs tend to be more on the side of churning out graduates for the consulting/investment banking industry [The LSE does have a bit of a reputation for that].

 

EME would be the only one where could get an Analysis course, since you can take some modules from the Mathematics department with approval. That aside, "Finance and Economics" matches pretty well with what you want to achieve. You'd have access to professors in both departments, and could apply for the Research track if you're really looking for more advanced micro/independent work. Fair warning though, that track is basically the equivalent of the 1st year of their PhD program so it will be brutal. That's also one of the more competitive programs though (both tracks), but you'd have a pretty decent chance with the amount of mathematics and research experience you have.

 

In regards to careers, what country are you looking to work in afterwards? If you're planning to go back to the US, the brand name is probably worth more than the specific department to the average employer.

[contextual]

Based on your interests/goals, I'd say to consider dropping "Accounting and Finance", "Finance and Private Equity(?)", and "Finance" from the list. They're all far from bad programs, but you won't be able to take any rigorous econometric/economics courses, which would be a benefit going forward if you're hoping to have the option to go for a PhD. From what I can tell, those three programs tend to be more on the side of churning out graduates for the consulting/investment banking industry [The LSE does have a bit of a reputation for that].

 

Thanks for the reply HauteFinance. Based on the description on the LSE website, I did get the feeling that the EME and Finance & Economics programs were more academic in nature. Thanks for confirming it. Would you say the same of the Msc in Economics? Also, what is your opinion on Oxford's Msc in Financial Economics program? I got the feeling that the program is more academic / rigorous than the Msc Finance / Msc Acct & Fin programs at LSE, but less rigorous than LSE's Msc Finance & Economics or Msc Economics.

 

 

Fair warning though, that track is basically the equivalent of the 1st year of their PhD program so it will be brutal. That's also one of the more competitive programs though (both tracks), but you'd have a pretty decent chance with the amount of mathematics and research experience you have.

 

Could you elaborate a little more on what you mean by the program being brutal? From what I have gathered, Phd programs (at least in the US) expect their students to come in with strong Real Analysis skills. However, I don't see Real Analysis listed as a prerequisite course for admissions on LSE's Fin & Econ description. Should I be worried about my lack of RA? I can always take RA at a local university while I am working if it is absolutely essential. Also, do you see any gaping holes in my preparation based on my first post?

 

In regards to careers, what country are you looking to work in afterwards? If you're planning to go back to the US, the brand name is probably worth more than the specific department to the average employer.

 

I would ideally like to work in the UK but would also would be fine going to the middle east or Asia since I am originally from Bangladesh.

[contextual]

Hi HauteFinance, can you please take a look at my follow up and weigh in on the questions?

 

Also, will the lack of RA hold me back for PhD applications if I have done well in grad level micro/macro courses at a place like LSE?

[HauteFinance]

The MSc Economics is probably the most well-rounded of all the options; it's still rigorous and gives you a lot of flexibility in terms of post-study options. For Oxford, I don't know much about the school or the program, so I can't really make a judgement. It has a great reputation and a good mix of courses, but finding their placement statistics would be more helpful than my guess.

 

How the research track works is that you apply for the regular program, and then could be accepted after pre-sessional exams based on results/background. Even then it's not a guarantee for PhD Finance admissions, but completing the research track would allow you to finish the MRes in one year instead of two. I just called it brutal because the indicative reading list for the financial econometrics course look like it assumed quite a bit of prior knowledge.

 

Career-wise, I don't think you can go wrong with either Oxford or the LSE.

 

In regards to general preparation and the real analysis requirement, there are other folks on the forum much more qualified to give that advice. I'm in neither the economics nor finance department at the LSE, so I'm only useful for the general stuff.