March 8th, 2005, 8:38 pm
I went to Columbia as an undergrad and am now in the NYU program, and was also accepted to Stanford's program 1 year ago, so just let me give my two cent's worth. The one main drawback of Columbia's and Stanford's program, which cannot be "overcome" is the fact that it is only a year long. What does this mean? If you go to Columbia, it means you start in the summer around July and take 2 summer classes, and you squeeze it in 6 weeks, and you take Stochastic Processes and Optimization. Then, when school starts around September, you take 4 core classes. Then come October/November, what happens?! Recruiters come and you have to interview for fulltime positions!!!! If you already have a strong background (like PhD) and know your PDE, Ito, SDE, Fokker-Planck, C++ etc., then you'll have no problem. But if you're like the majority of the people who are studying this stuff for the first time, then this is a big problem because trust me, you will not be fully prepared for the interviews. If you go to Stanford, you have to deal with the quarter system. Meaning that you will have midterms non-stop and you will have to cut classes, fly to the east coast for interviews etc. That kinda sucks don't you think? But having said that, I have a good friend who went there and he got a very good job as a quant after graduation.As for NYU, I love the fact that the program is small (27 this year, as opposed to 70+ in Columbia FE) and that we have the chance to do an internship during the summer. Thus, I had the fall semester, and 1/3 of this spring semester to prepare myself for interviews etc. And this time is precious because believe, they don't ask you easy questions like "what is the prob that you get 5 when you roll a die twice." They ask you stuff like "derive the BS pde," "prove that ...... is a martingale." This is really when I appreciate what I learn in NYU. On the other hand, NYU's program is prix fixe.....no choice at all. But I find that they "force" you to take certain classes because it's absolutely essential to develop those skills.....like computing for example. So honestly, take the NYU offer. That's my opinion. But if you're already very well-qualified (Physics PhD, Math PhD), then you might want to do the Columbia program, gain some financial knowledge, finish in 1 year, and start raking in the $$$. In any case, I did my BSc from Columbia. And I love that place. So you can't go wrong!!!Good luck