I might be a couple of weeks late (well at least for US programs) in posting this but it could still be useful. Undoubetly, this is the worst crisis since the Great Depression and marks the end of an era of "credit expansion based on the dollar as the international reserve currency". This is probably the worst time anyone could go for an MFE (or equivalent). Students might be hoping that by the time they finish the program, markets would have changed. Well, they sure would be different from what they are now but the returns might not justify the cost of these programs. For those who haven't paid their tuition as yet can still drop out and take up any decent job in cosulting or even finance for that matter. What you don't want is to graduate after making a significant investment with slim possibility of breaking even. I would be surprised if banks hire more than a person or two from each (top) school through their full time program (if at all). Internships are a common way to get into these banks but in perhaps the most competitive job market in decades, tons of MFEs and MBAs will be trying for the same few spots (again, if at all). This might be debatable but I don't think financial industry will continue to pay the way it has been, particularly because there will be much fewer opportunities to exploit. Owners of this forum may not agree but I think quants will be in a terrible position and will have to settle for nonquant jobs: profitability of top stat arb groups was already declining before the crisis began and the crisis has killed the great 'value premium'; with structured products.... well, we all know what future regulations will do to them. All in all, for those who haven't started their programs should think about deferring for a couple of years and see how the industry changes and if it will continue to pay the way it has been. Those who have started but haven't paid their tution should do the same. Those who have paid shouldn't think much but convince themselves that they can still do well despite the current (and expected future) conditions.
Last edited by HyperGeometric
on September 18th, 2008, 10:00 pm, edited 1 time in total.