Considering an MA in Statistics

[uglen]

Hey,

This is my first post in this forum! I am a newly graduated Economics and Business student from a European business school and will attend the UCSB MA Economics program from this fall. Eventually I hope to work in finance, and am considering pursuing a second master's degree after completing the MA at UCSB. The other option is to start work after UCSB, which probably is the best idea. But I really enjoy studying and would love to continue my studies another year or two.

Thus I am considering applying to some MA Statistics programs in the US to enhance my quantitative academic background. From my undergraduate degree I have done well in both mathematics and statitics courses, as well as finance and other quantitative diciplines.

As an exchange student in the US (one semester) I had a GPA of 3.7. My GRE scores are somewhat low (400 verbal, 770 quant, 5 essay) and I plan to retake the test.

What MA statistics programs should I apply for? How hard is it to get accepted to the best universities? How high should my GRE scores be (especially the verbal section), or are they perhaps already good enough to get into most programs? I would love to attend a university with a good reputation in statistics, such as Stanford, University of Washington or UC Berkeley.

Thanks for helping!

[lhfields]

Hi,

Congratulations on your admission to UCSB Master's program in economics. Here is my two-cent:

- In your first paragraph, the most important clause is the following: "Eventually I hope to work in finance". First, you need to narrow it down. What type of work do you plan to do? Trading and sales, risk management, consulting, or the like? Rethinking about this will give you a more clear idea of which program or career trajectory you want to be on.

- Just curious: when you state you are a recent graduate from a European business school, is this undergrad or grad school for MBA? Regardless of the answer to my question, if you plan to work in industry, why did you choose master's program in economics while you could simply applied for MBA program, which will enhance your chances of landing on a Street job as associate?

- Opportunity cost: May I ask what is the reason you want to pursue another Mater's degree in statistics? Do you believe it will increase your chances of getting your dream job significantly? Remember, while you spend two more semesters in classrooms, you are forgoing the opportunity of cumulating industry experience and wage. Of course, it is needless to mention most of the Master's program in statistics are not funded. If you really want to spend an extra year exploring statistical methods and inference, you might as well do it at UCSB since you would have established a firm network among professors, advisors, and fellow students.

- As for recommending good Master's program in statistics, I recommend LSE, Columbia, and Cornell. If you plan to work upon graduation, Cornell might be the best program since I've seen outstanding job placements. LSE has a program called Master's in Risk and Stochastics. I know a few friends who attended this program and are satisfied with the program's curriculum.

Best of luck,

LHF

Edited July 25, 2010 by lhfields

[uglen]

Hi,

Congratulations on your admission to UCSB Master's program in economics. Here is my two-cent:

- In your first paragraph, the most important clause is the following: "Eventually I hope to work in finance". First, you need to narrow it down. What type of work do you plan to do? Trading and sales, risk management, consulting, or the like? Rethinking about this will give you a more clear idea of which program or career trajectory you want to be on.

- Just curious: when you state you are a recent graduate from a European business school, is this undergrad or grad school for MBA? Regardless of the answer to my question, if you plan to work in industry, why did you choose master's program in economics while you could simply applied for MBA program, which will enhance your chances of landing on a Street job as associate?

- Opportunity cost: May I ask what is the reason you want to pursue another Mater's degree in statistics? Do you believe it will increase your chances of getting your dream job significantly? Remember, while you spend two more semesters in classrooms, you are forgoing the opportunity of cumulating industry experience and wage. Of course, it is needless to mention most of the Master's program in statistics are not funded. If you really want to spend an extra year exploring statistical methods and inference, you might as well do it at UCSB since you would have established a firm network among professors, advisors, and fellow students.

- As for recommending good Master's program in statistics, I recommend LSE, Columbia, and Cornell. If you plan to work upon graduation, Cornell might be the best program since I've seen outstanding job placements. LSE has a program called Master's in Risk and Stochastics. I know a few friends who attended this program and are satisfied with the program's curriculum.

Best of luck,

LHF

Thanks for the reply!

First of all, yes I know I should limit my career plan to be more spesific. I have thought about both trading and asset management, as well as risk management. I definately need to narrow it down further. No matter where I end up though, I hope to use my wide knowledge of business, economics and finance to get an edge in the competitive field. I also hope to benefit from my strong quantitative skills and ability to come with stress, make quick decisions, etc.

I graduated from undergraduate business school with elements of business, economics, finance, mathematics and statistics. The program was, like many European programs, 3 years. I chose to apply primarily for MA Econmics programs because I want a stronger understanding of economics and believe it will help me in working with finance. The UCSB MA Economics program also allows for several electives in finance, so I will increase my understanding of financial concepts as well. I did not concider an MBA at this point, but will definately consider it after working for a few years.

I know purusing a second master's degree has a great opportunity cost. But I also believe that it could give me a stronger quantitative background which would greatly benefit my career. Also, I look at the second master's option as a wonderful oportunity to live in a new place (US, UK or elsewhere), meet new people and have a great time.

Are MA statistics programs maily designed for people who plan to work outisde academics? For instance in finance? What kind of career are you planning?

[hubris]

Thanks for the reply!

First of all, yes I know I should limit my career plan to be more spesific. I have thought about both trading and asset management, as well as risk management. I definately need to narrow it down further. No matter where I end up though, I hope to use my wide knowledge of business, economics and finance to get an edge in the competitive field. I also hope to benefit from my strong quantitative skills and ability to come with stress, make quick decisions, etc.

If you want to trade (I assume equities), then get a job as a trader assistant to learn the ropes (to learn stuff while getting coffee), then either get promoted to a book after a few years, or get a MBA then get a book.

Being overly quantitative will make it easier to get pushed into the back-office risk management abyss, which is exceedingly hard to overcome once that is on your resume.

However, the MA in econ should be fine. Don't go overboard on creds.

Edited July 31, 2010 by hubris