computational finance vs. machine learning

[zennydmt]

I have an interest in both these subjects and I was accepted into the masters program in statistics at Purdue University. Which program seems the most organized/interesting:

http://www.stat.purdue.edu/academic_programs/graduate/joint_stat_cs.html

http://www.stat.purdue.edu/academic_programs/graduate/gradCompFinance.html

[Xero735]

I have an interest in both these subjects and I was accepted into the masters program in statistics at Purdue University. Which program seems the most organized/interesting:

http://www.stat.purdue.edu/academic_programs/graduate/joint_stat_cs.html

http://www.stat.purdue.edu/academic_programs/graduate/gradCompFinance.html

I would go with the CS one

[zennydmt]

Any reasons as to why?

I would go with the CS one

[Xero735]

Personally just having that computing background is more attractive and allows you to move into more areas than just having the finance background

[zennydmt]

Isn't the point of a masters though to have specialized knowledge about a particular domain. My worry is that I will be one in a million with a MS joint stats/cs degree. With comp finance degree, I will be able to easily work in the financial industry.

Personally just having that computing background is more attractive and allows you to move into more areas than just having the finance background

Edited April 2, 2011 by zennydmt

[kash]

With comp finance degree, I will be able to easily work in the financial industry.

That would be true only if the financial math program has a good reputation and has a proven record of placing people. I personally think there are far too many financial mathematics programs out there way more than the actual number of jobs. This link has some details on that http://www.businessinsider.com/the-coming-glut-of-financial-engineers-2011-3. Also being in Purdue is not an ideal location when you want to break into finance combine that with the fact that the program is not really well known.

[coffeeintotheorems]

Hey Kash, I was going to link to that article but you beat me to it. Do you follow Quantnet too, by any chance?

Zenny: Please read the article Kash linked to, and check out the more general discussion on Quantnet (for example, http://www.quantnet....233/#post-52288 .)

Competition for quant jobs is going to be fierce, and you're going to be competing with tons of MFE grads from programs that are either more prestigious than Purdue or are located in easy proximity to the financial hearts of NYC, Chicago, etc. You really shouldn't take out a hefty loan to do only an MS in this specialized field from a second-tier CF program in the middle of nowhere. I second what Xero said about the computer science program being a better bet by allowing you to move into other fields. God only knows what quant finance will look like over the coming decade.

On a related note, I'll probably be going to Purdue to pursue the Computational Finance track, but I'll be doing a fully-funded math PhD, so the financial risk for me is lower (and nonexistent, if you don't take into account opportunity cost.)

Edited April 3, 2011 by coffeeintotheorems

[kash]

Hey Kash, I was going to link to that article but you beat me to it. Do you follow Quantnet too, by any chance?

Zenny: Please read the article Kash linked to, and check out the more general discussion on Quantnet (for example, http://www.quantnet....233/#post-52288 .)

Competition for quant jobs is going to be fierce, and you're going to be competing with tons of MFE grads from programs that are either more prestigious than Purdue or are located in easy proximity to the financial hearts of NYC, Chicago, etc. You really shouldn't take out a hefty loan to do only an MS in this specialized field from a second-tier CF program in the middle of nowhere. I second what Xero said about the computer science program being a better bet by allowing you to move into other fields. God only knows what quant finance will look like over the coming decade.

On a related note, I'll probably be going to Purdue to pursue the Computational Finance track, but I'll be doing a fully-funded math PhD, so the financial risk for me is lower (and nonexistent, if you don't take into account opportunity cost.)

Yes i do follow quantnet (dont post on it though), although i follow it less than i used to, mainly because i am not that interested in Mathematical finance anymore. I am more interested in Finance and economics from a statistical perspective and not from the probability theory, numerical methods (programming) perspective that most people on Quantnet are interested in.