November 7th, 2009, 5:40 pm
I dont think your situation is as black and white as people suggest. Your situation is not the typical one because you already have an MS in a related field. If you had 60K, and had the option of going to FSU for an MFE or to a top 10 MFE, then I would agree with what people have said below. However, you are comparing a PhD with an MFE, which are completely different beasts. You have to ask yourself these questions before you decide:1. Will FSU count your MS towards your PhD?2. Do you have an advisor in mind? If so, is his/her reputation good in academia or industry?3. Do they offer good classes in probability, numerical analysis, and math finance?4. Do you want to be in academia in the future?5. How much do you like Florida?6. Do you currently have a quant job offer?7. Have you gotten close to getting an offer with your current academic background?If your answers to 1-5) are mostly yeses and nos to 6-7), then I would go for the PhD. If your answers to 1-5) are mostly nos but a yes to 6), then dont do either; start applying to jobs now. If you answered no to 1-5) but no to 7), then consider an MFE or MBA at more reputable school.Dont take my or anyone's advice here seriously, do your own research on FSU and the MFEs, and then consider whats best for you. Having said that, I would hire a good math finance PhD (that wrote a good PhD thesis that included theoretical and empirical treatment) from FSU over an Ivy MFE or a top PhD in empirical finance any day. Achieving a high score in your GREs only means that you are well read and can do 5th grader math quickly. It doesnt really translate into being good at higher level math or being able to speak English well.
Last edited by
ChicagoGuy on November 6th, 2009, 11:00 pm, edited 1 time in total.