Which Master’s Program is Better for Breaking Into Quant?
I’m trying to determine whether a Master’s in Mathematical finance or a Master’s in Pure or Applied Mathematics is more beneficial for a future career in quantitative finance. Initially, I assumed that a quantitative finance degree would be the optimal choice, but I’ve come across differing opinions. I’m curious about the advantages of pursuing pure or applied math instead. Additionally, I want to clarify the distinction between a quantitative finance bachelor’s and a master’s in the same field.
As a software engineer with two years of experience at 29, I’ve struggled with underemployment and finding my niche. The competition for unspecialized SWE roles is fierce, and I often feel that my skills in math are my strongest asset. Many software engineers with only a Bachelor’s in Computer Science aren’t utilizing advanced math in their roles, and that’s a concern for me. I want to make sure my math skills are essential in whatever role I take on. My passion for math drives me to continually learn, solve problems, and teach others. Now, I’m looking for a way to leverage those skills into a rewarding career that values my expertise rather than relegating me to coding tasks.
I’m planning to move back to my hometown soon, making online master’s programs my only option. Some programs I’ve found include those at the University of Washington, University of Chicago (starting their first online session next year), Johns Hopkins, University of York (UK), and USC. There’s also WorldQuant University, which is tuition-free but only nationally accredited, leading to concerns about its recognition in the U.S.
One significant hurdle for my applications is my undergraduate GPA of 2.7, which declines in the second half of my transcript—typically not what admissions look for. I wish I had done better, possibly even majoring in math, but I can’t change the past. I’ve heard that strong letters of intent, high GRE/GMAT scores, and good letters of recommendation might help, even though not all programs accept these. I’m considering taking a preparatory course from Chicago to enhance my application. Despite my ambition, I’m aware of the challenges I might face in the admissions process. The number of online programs in math and applied math seems to exceed those in quantitative finance, which gives me hope.
I’ve been trying to connect with current quants or mathematical finance students/graduates, but it’s been tough due to their busy schedules. I understand that quant roles are highly competitive, but isn’t that the point of pursuing a master’s?
A few points for clarification:
- I’m aware that quant roles can be demanding, and I’m prepared for the hard work involved.
- I’m not fixated on firms like Jane Street or Goldman Sachs or even Wall Street in general. My main goal is to leave the realm of non-specialized SWE jobs and develop recognized math expertise that translates into better compensation and responsibilities. I’m also open to exploring other fields that value math expertise, such as Machine Learning.
- If I pursue an online master’s and find good opportunities outside my hometown after a few years, I would consider relocating. However, I’m not willing to move immediately for graduate school.
Thank you to anyone who managed to read this entire post! I’d appreciate any insights or advice you can share.
One response
It’s great to see your enthusiasm for math and your willingness to pivot your career toward something that aligns more closely with your interests. Let’s break down your questions and considerations regarding the best path for entering the quant field.
Masters Degree Type: The choice between a Master’s in Quantitative finance, Applied Math, or Pure Math largely depends on your career aspirations within the quant arena.
A Quantitative finance Master’s often includes specific courses that focus on financial models, risk management, and numerical methods, which are directly applicable to roles in finance. This path may expose you to practical applications more quickly, which could be advantageous in securing a quant role at a finance firm.
A Master’s in Applied Math or Pure Math typically emphasizes theoretical foundations, analytical rigor, and problem-solving skills that are applicable across various fields, including finance, data science, and Machine Learning. Many quants come from these backgrounds since the mathematical tools for quant work (like stochastic calculus, optimization, and statistical analysis) are deeply rooted in applied and pure mathematics.
If you feel confident in tackling advanced mathematical concepts and want to distinguish yourself in a quantitative role, either advanced math option could be beneficial—however, exposure to finance in your coursework will be a significant advantage.
Online Programs: It’s wise to consider your options among the online programs you mentioned. Be mindful of the program’s curriculum, faculty expertise, and connections to the finance industry when evaluating. Programs with a strong quantitative finance focus might give you the edge with specific training, whereas applied or pure math programs might require you to showcase your practical finance knowledge during job applications.
Admissions Concerns: Your undergrad GPA may pose some challenges, but the admissions committee often looks at your entire profile. Your passion for math, relevant work experience as a software engineer, and any strong GRE/GMAT scores or prep courses could significantly enhance your application. Strong letters of recommendation and a well-crafted statement of intent that showcases your enthusiasm and capability can also mitigate concerns around GPA.
Networking and Mentorship: Keep pursuing connections. Consider platforms like LinkedIn or financial forums where quants gather. Networking can open doors and provide you insights into their experiences, which can guide your decision-making as well. You might even be able to find informal mentorship opportunities from graduates of the programs you’re interested in.
Alternative Fields: Since you expressed interest in other fields for math experts, keep in mind that many roles in data science, Machine Learning, and artificial intelligence rely heavily on strong mathematical backgrounds. The skills you would gain in a quant-focused program could be transferable to tech firms or startups that value advanced statistical and analytical skills.
Remember that the financial industry can be competitive, but your unique combination of software engineering and a robust math background makes you a strong candidate. Whether you go for a quant finance master or a math-intensive program, continue honing your skills, building your network, and staying open to various opportunities. Good luck!