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MFE & MFin admissions
A master's in financial engineering, and a career doing the job it prepares you for. Both halves matter when choosing a programme, and most advice comes from people who have neither.
Reading placement records properly
Every programme publishes an employment report and every one of them is technically true and structurally misleading. The number you are shown is a median starting salary and a placement percentage. Neither answers the question you are actually asking.
What to look at instead:
- Where, not how much. A programme placing thirty graduates into bank risk functions and two into systematic funds is a different product from one placing twelve into funds. The medians can look identical.
- Sponsored versus open. Some cohorts are heavily company-sponsored. Those students were employed on arrival, and they lift the placement rate without telling you anything about your own chances.
- Cohort size against alumni depth. A large intake competes with itself for the same desks. A programme of forty with twenty years of alumni beats a programme of two hundred with five.
- The three-year figure, if they publish one. Most do not, which is itself informative.
What committees actually screen on
These programmes are not selecting for the same things a general graduate school selects for. In rough order of weight:
- Mathematical maturity, demonstrated. Real analysis, probability, linear algebra, with grades. A stochastic calculus course you took and did well in is worth more than any statement about your interest in markets.
- Programming that is real. C++ or Python with something you can show. "Familiar with Python" is read as no.
- Evidence you know what the job is. Most applicants do not, and it is visible in a paragraph. Candidates who write about wanting to work in finance are separated quickly from candidates who write about a specific problem.
- GRE quant. Effectively a threshold. 168+ removes the question; below 165 raises one.
- Letters from people who taught you mathematics, not from managers who liked you.
The essay problem
Applicants from strong technical backgrounds write the weakest statements, reliably, and for the same reason every time. They describe what they built. The committee is reading for judgement and direction, which is a different document, and no amount of editing turns one into the other.
I do not write these. I make people rewrite them, sometimes eight or ten times. Committees can tell the difference between a statement that has been polished by a consultant and one that has been genuinely rethought, and the agencies that ghostwrite are precisely why these programmes discount applications from certain markets.
How I can help
The strategy hour
Your record read beforehand. In the hour, where you stand and honest odds at each programme you name.
£250 What the hour covers → 2The Quant Careers Report
Where an MFE leads: stated pay and the interview process at 13 trading firms.
£79 · PDF See what is inside → 3Quant practice
The probability, stochastic calculus and statistics these programmes screen for, with worked solutions.
Open to everyone Start practising →Common questions
Which MFE programme is best?
Wrong question, and the ranking sites profit from you asking it. The right question is which programme places into the kind of seat you want. Baruch places exceptionally into trading for its size and cost. CMU has depth and scale. Princeton is broader than a pure MFE and opens doors outside quant finance. They are different products.
Do I need a maths degree?
No, but you need demonstrated mathematical maturity, which usually means real analysis and measure-theoretic probability with good grades. Physics and engineering candidates are admitted routinely. Candidates with an economics or finance background and no proof-based mathematics are the ones who struggle.
Is an MFE worth it if I want to be a quant researcher?
Sometimes. For a strong PhD in mathematics or physics it is often unnecessary and occasionally a step sideways. For someone converting from engineering or software it is frequently the most efficient route in. The answer depends on what you already have, and I will tell you honestly on the call if you do not need the degree.
What GRE quant score do I need?
168 or above removes it as a question. Below 165 it becomes a reason to look harder at the rest of your file. It is a threshold rather than a differentiator, so there is no value in pushing 168 to 170.
When should I apply?
Round one, which for most programmes closes between December and January. Later rounds compete for fewer places and less funding. Preparation on the mathematics should begin the summer before.
Related
Quantitative finance careers
Interview preparation for research, trading and development roles once you are in the process.
Quant interview preparation → ·GMAT & GRE
99th percentile on both. GRE practice with worked solutions in the GRE bank.
GMAT & GRE preparation → ·What a quant interview is actually testing
What the desk screens for, and the stochastic calculus you can safely ignore.
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