QuoteOriginally posted by: KackToodlesQuoteOriginally posted by: ArthurDentIf you finish a Caltech EE Phd, you'll be in the running for quant roles without wasting 100k in tuition and 200k in opportunity cost on an MFE. the problemo is that, while you may get that quant role, 8 years later you'll still be STUCK in that quant role. Many of the big banks won't promote you to the management side without an MBA. The lesson: don't see stars in your eyes when you jump into your first quant role. It's like jumping into the first year PhD program at Harvard.It's great that you are at Harvard, congratulations! But look 10 years into the future. Are you going to be happy with your career progression? Or are you still going to be code monkeying? It appears on Wilmott there are broadly two types of quants1.) Math/Stat/Finance PhD excellent in C++, getting paid in excess of 500k per year.2.) Not so brilliant PhDs, Masters in Quantitative Discipline - Doing only programming and getting paid of the order of 200k.The second types complain more.

QuoteOriginally posted by: bernardlevyQuoteOriginally posted by: almostcutmyhairQuoteOriginally posted by: bernardlevyHello everyone,I'm new to posting here, but have always found this forum to be immensely helpful when seeking advice regarding school or career. So, I would appreciate it if would help evaluate my chances for an MFE or an MBA, with emphasis finance.I'm currently a first year PhD student at a Top 5 engineering school (CalTech), majoring in electrical engineering. It wasn't easy for me to get here - my university accepted only about 5% of applications for the PhD program this year. However, I've become somewhat jaded by the fact that engineers don't make that much money, so I would like to switch to the finance industry. Yes, I apologize, but, it's all about the money (I don't come from a particularly wealthy family).Some background: I have a BS and MS in electrical engineering, with a 4.0 GPA for my MS and <3.5 for my BS. My GRE scores are Q: 800, V: 700, AW: 6.0 (all >90th percentile). I also have internships at Intel, Lawrence Livermore National Laboratory, and quite a bit of consulting experience. Unfortunately though, I have no full-time work experience.My question is: given my background and motivation, what are my chances in making into one of top MBA schools, with an emphasis in finance?Thank you all for your help.You don't need to spend $$$$ for an MFE (or whatever) diploma. Come on man, you are getting a PhD degree from CalTech. You can take (or just sit in) the stochastic calculus and math finance classes in your university and educate yourself. I'm not sure how many of those guys replying here know what it takes to get a PhD degree but one thing is for sure: with a PhD from CalTech, you need to be able to *teach* those MFE guys.Probably true, but I am a little uncertain I am that good.dude, seriously u need to figure out soon what u truly are interested in and what u are good at. seems like u want to quit engineering for business; forget about quant finance coz u will still be doing engineering. get a job in business consulting for a couple of years then get into a top MBA afterwards.

QuoteOriginally posted by: linguafrancadude, seriously u need to figure out soon what u truly are interested in and what u are good at.OP: You will learn what you are good at only by doing stuff, definitely not by thinking about it. If you can, you should suspend your phd for a year, take a leave of absence and work as an associate at McKinsey/Bain/BCG for a year to see whether you like it - they are happy to hire people with Advanced Science degrees, and it is hiring season right about now... For all you know you may come back to the EE PhD.

Hi everyone,I just wanted to write and thank you all for your excellent advice. I apologize also for the long delay in replying - I've been so busy in my program lately that I have not had much time to do much else.I've decided to drop out of my PhD studies. I've completed most of my coursework and will soon take the qualifying exam. Rather than prepare for that, I have decided to leave. I have found it difficult to transition directly into finance since I have zero experience. Instead, I am currently trying to score interviews at some consulting firms (McKinsey, BCG, etc) and hopefully break into finance that way.Thanks again for your replies and useful information.

QuoteOriginally posted by: bernardlevyHi everyone,I just wanted to write and thank you all for your excellent advice. I apologize also for the long delay in replying - I've been so busy in my program lately that I have not had much time to do much else.I've decided to drop out of my PhD studies. I've completed most of my coursework and will soon take the qualifying exam. Rather than prepare for that, I have decided to leave. I have found it difficult to transition directly into finance since I have zero experience. Instead, I am currently trying to score interviews at some consulting firms (McKinsey, BCG, etc) and hopefully break into finance that way.Thanks again for your replies and useful information.Great, best luck to u!

I don't know how long it takes to prepare for the qualifying exam ( and whether it will interfere with interviewing etc), but I would have thought it would look much better on your CV if you pass the qualifying exams and then leave the PhD.

There is no information about quals in the resume. If you fail the quals,they give you the master degree. If you pass the quals and then quit,they also give you the master degree.

well passing quals + at least B+ average in coursework usually implies advance to candidacy for the dissertation stage so upon questioning if it ever comes up, you could say it was a misalignment of interests instead of perceived incompetency which is probably reflexive when you hear caltech ee. Still it's better to spend time on interviewing, especially if you don't like science.

QuoteOriginally posted by: nov1cewell passing quals + at least B+ average in coursework usually implies advance to candidacy for the dissertation stage so upon questioning if it ever comes up, you could say it was a misalignment of interests instead of perceived incompetency which is probably reflexive when you hear caltech ee. Still it's better to spend time on interviewing, especially if you don't like science.don't think that matters much for business consulting. most ppl there might not even know what qualification exam is. they say grad school is losers' game.

QuoteOriginally posted by: nov1cewell passing quals + at least B+ average in coursework usually implies advance to candidacy for the dissertation stage so upon questioning if it ever comes up, you could say it was a misalignment of interests instead of perceived incompetency which is probably reflexive when you hear caltech ee. Still it's better to spend time on interviewing, especially if you don't like science.Nobody is going to care about your grades, whether you impressed your professors or jumped through any one of the dozen hoops in the academia.

hmm grad students have nothing but grades.