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jambodev
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Joined: September 6th, 2008, 11:07 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:10 am

QuoteOriginally posted by: JuniorStructurerMSc people are usually people who failed to get into the graduate programme with the BSc. Not necessarily.QuoteOriginally posted by: JuniorStructurerThe MSc essentially provides the candidate a 2nd chance. In reality there is very little difference between a BSc and MSc candidate when it comes to the realities of working.You may or may not be right about this, but this doesn't change the fact that in terms of the basic salary the figure that you mentioned is way off IMO.
 
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MarkBanfield1980
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Joined: July 20th, 2009, 8:57 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:14 am

Thanks JS you are a legend. May I ask which university you went to? I have to say I am still really keen on the course content in the MSc Mathematical Trading & Finance from CASS. I have a few mates who work for Barclays Capital, they said they do hire graduates from CASS, although they did mention that Oxford / LSE would put you in better stead. I can live on £35k a year start. In this market however, what % of graduates would you say are getting jobs? CASS told me before the crunch that their grads were qachieving over 90% employment rate.
 
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JuniorStructurer
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Joined: June 30th, 2005, 7:50 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:15 am

The numbers I quote above are real numbers from my experience.They are based on an MSc candidate with no experience out of Uni.They are correct numbers and those in the field will attest to them rather than the endless number of wannabees on this forum staring from the outside (The basic could have risen since my time due to inflation but dont expect over £40K).Also remember that my boss who is an MD only earns a basic of around £100-£120K. His bonus however is in the millions. This is how front office pay works. The basic essentially means nothing.
Last edited by JuniorStructurer on September 27th, 2009, 10:00 pm, edited 1 time in total.
 
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MaxCohen
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Joined: June 13th, 2007, 2:44 pm

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:16 am

Hey Markbanfield1980,Cass isn't necessarily that great, but an MFE will help get you a job in an investment bank doing something quantitative. You should not think you will be a pure quant. But there are plenty of other technincal/analytical roles out there. I think the job discussion on wilmott is generally a bit short sighted. Unless you are doing pure quant role then who cares sort of thing...I sat the MFE @ Cass and all the guys with good grades got jobs starting around basic £35-40k. (This is going back a couple of years before the credit crunch). Your bonus will depend on exactly what you are doing. So this is not neccessarily mega bucks to some peeps, but it is a good foundation to start your career. If you are anygood at your job your salary should increase accordingly.A lot the time the sucess of finding a job using your MSc will depend on you dissertation topic. Pick something that a employer is in need of staff with knowledge of then you maybe be luck. This is what I found anyhow.In terms of what has been said about where you undergraduate degree from. The sort of elitist attitude that the top jobs are only for those who have been to Oxbridge etc, should not put you off an MFE. I certainly thinks it will help to get to a place you would not have got to otherwise. What about sitting the MSc Financial maths @ Oxford. This way you get the best of both worlds. The bullshit brand part and the knowledge.
 
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MarkBanfield1980
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Joined: July 20th, 2009, 8:57 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:31 am

So Jambodev,Care to disclose your opinion on what is the more accurate starting rate for a newbie?Cheers,Mark
 
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MarkBanfield1980
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Joined: July 20th, 2009, 8:57 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:36 am

Hi MaxCohen,Thankyou very much for your insightfull reply. I have thought about oxford and some of the other schools. Since I turned down the CASS offer, I now have more time to apply for the better schools. I am fairly confident in my ability to perform well in these courses, although I need to learn some programming, which I will use this time for before starting next year. Also heres hoping things are looking bright in two years from now.Thanks to all for your replies.
 
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DominicConnor
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Joined: July 14th, 2002, 3:00 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 11:47 am

Juniorstructurer: MSc people are usually people who failed to get into the graduate programme with the BSc. The MSc essentially provides the candidate a 2nd chance. In reality there is very little difference between a BSc and MSc candidate when it comes to the realities of working.That is simply wrong.JS is presumably thinking of other aspects of banking or indeed other industries where that can be true.Most quantish jobs take MSc as an absolute minimum, some require PhDs.It is pretty rate to get in as a quant with just a BSc. There exist many quants at that level, but you need to understand that they entered this line of work when things were different.Some people get into quant/developer positions based upon a BSc, but you have to be pretty good for that to work in this market.Starting salaries for Msc's are the same as BSc's so around £35K basicThat's not true either.It is the case that many MSc do start at roughly the same base salary as BSc, but the average for MSc is markedly higher. That has two components, again some of the better jobs are reserved for >= MSc, and some firms pay MSc better.An MSc or CQF has almost inevitably a positive net present value expectation. The variance is of course pretty high, and MaxCohen is right that the options you choose do significantly affect your market price.JS was nearly right about base salaries being a smaller % of senior pay, but...Things are changing, which matters if you are making decisions based upon the market from 2-30 years from now.At many firms base pay is increasing radically as a % of total compensation, UBS is a good example of this, part of a significant change in many firms.It is very hard to work out what the (roughly) stable equilibrium will be. From what banks tell me, we will have a pay environment where some firms pay base with small bonus, and some the reverse, and some in between.Some firms will have opaque and questionable policies on "claw backs" for senior staff, and the definition of the claw back and who is "senior" is going to be a mess for >5 years, and may become a problem that literally is never solved, ever.A 90% employment rate is not exactly impressive of course, since before the mess, the general employment level was better than that.Saying "90% of people got jobs paying >35K" would be a hard number, if true, but even then would beg the question of what they earned before. Oxford, for instance, seems to have a higher % of people who have worked before than Cass, so you can't easily compare the two.That's not saying Cass is bad, but that no financial masters produces any numbers that I really believe, or that can be used to make good decisions, which is of course more than a little ironic.
 
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jambodev
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Joined: September 6th, 2008, 11:07 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 2:11 pm

QuoteOriginally posted by: MarkBanfield1980So Jambodev,Care to disclose your opinion on what is the more accurate starting rate for a newbie?Cheers,Markfor someone *with* good programming background can be >=50K
 
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MaxCohen
Posts: 511
Joined: June 13th, 2007, 2:44 pm

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 2:27 pm

You are correct jambodev. A class mate on the MFE @ Cass who was older and had some solid work experience in I.T actually landed a job closer to 60-70k doing development work. But you won't gain the advance level c++ skills from an MFE alone to land such a job. These things take time. So this is a rare exception!I believe in london the majority who sit an MFE generally have either little/no finance or no math knowledge. The MFE is used like and MSc conversion course. Either you come from a math back ground and gain the finance knowledge, or if you come from a finance background you gain the math. I am taking the extreme but this was my case. BSc Pure math + no finance knowledge and a friend had an MSc in Finance background + little math.Perhaps if you go to some of the U.S schools like Carnegie Mellon entry level salaries are much higher. But then I reckon the general student back is quite different too.
 
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jambodev
Posts: 80
Joined: September 6th, 2008, 11:07 am

Chances of getting a job after Cass MSc Quant Finance

September 28th, 2009, 2:51 pm

QuoteOriginally posted by: MaxCohenBut you won't gain the advance level c++ skills from an MFE alone to land such a job.I suppose this is true.
 
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KennyMing
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Joined: February 23rd, 2007, 4:43 pm

Chances of getting a job after Cass MSc Quant Finance

October 24th, 2009, 2:52 am

How about if European Quant Schools? Any good recommendation?

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