New to board, Looking for advice!

[Brian Jones]

First off, If I'm in the wrong section please just let me know....I'm still trying to learn this site!

I was just wondering what some of your thoughts were on grad programs for me. A little information about me...

Attend University of Central Florida. Started as engineering major but switched because I love the math part more and am finding that Financial modeling/financial engineering and that kind of stuff is what I really want to be in. That being said, I plan to graduate Spring 2013 with GPA around 3.3-3.5. I also got a business minor. I am also going to be taking some preliminary actuary exams starting in March.

Just some questions:

When should I start taking the GRE/GMAT?

Is one preferred over the other?

What are some good financial engineering school/business intelligence programs?

What kind of test scores do I need to get into some of these schools combined with my GPA?

I know that's not much to go off of, but any suggestions would be great!! Or if you want to know more about my situation to help me out, I would love that and will answer questions!

Thanks for your time

Happy Holidays

Jones

[Mal83]

Hi Brian...welcome! You might want to post this in the Business/finance subsection of the board, this is the GRE section...not that your questions wouldn't get answered but sometimes the appropriate section just gets the kind of traffic you specifically need to get some answers.

I am not in the same field but I can help out generally.

Typically, if you are applying for Fall admissions, which means your applications will be due between December-March prior to your Fall semester start date, some schools have even later deadlines for Fall application cycles. You want to take the GRE/GMAT maybe between September-early November. You might need to take it twice if you don't score well the first time and you will have to wait until the next calendar month. Many don't have to take it twice, but some do...I did. I didn't take it until November for the first time and I effed up big time, I never thought that would happen and I cut it really close by not sending my scores from the first time and taking it again in December. My first application was due in mid January and it could take a few weeks for ETS to send the scores out to the schools. So yeah I was panicking. Fortunately it worked out and all my schools got the scores in time. If you want to take the test earlier than that then go for it...if you feel you're prepared. The sooner you start preparing for it the better. Look over the ETS website so you understand what the requirements are and then start browsing GRE study books to get an idea of how much and how long you will need to study. Everyone is different in that respect. But generally people spend a good few months on it at least. I put in about 4, but I was out of undergrad for a little while and needed to relearn all of that math.

As far as which test will be more appropriate is up to the school. You have to look at the application instructions for each program, it will tell you which test to take. If you're going for an MS rather than an MA, the GMAT might be more what you'd be looking at, but again, it'll be program specific, sometimes you can take one or the other, sometimes not.

Can't help with specific program info because this is absolutely not where I'm at, but just start with a good old fashioned google search.."financial engineering Master's programs." Maybe look around this forum in the finance or business threads, see what schools people are attending and talking about. But it's largely up to you to just start the search by looking at the websites and the admission requirements to see what feels right. Geography will play a part in your decision too, how far are you willing to go? There are some great schools out there for my field but I didn't even bother looking into them much because they are not in the area I want to be in. So it depends on your priorities just as much as it does reputation and name, maybe even more so.

The kind of test scores you will need also completely depend on the program. This info will be readily available in the admissions requirements section of the websites. As a very general rule of thumb on the GRE, you want to score above a 300 combined verbal and quant sections...this is based on the new GRE scoring system which I didn't have...so if anyone can say more precisely what the minimum cut off score would be, please do. Many programs out there will not have a minimum score per say, but basically you don't want to fall below that 300 or so score, that will kind of indicate that you're not competitive...not that I agree with that, I hated the GRE, but just letting you know what to expect. The websites of the programs will indicate somewhere the average stats of accepted applicants or give some kind of range. If you fall inside that range than it's not something that you'll have to worry about. The more reputable and prestigious the program, the higher the scores for the applicant pool. But still, if you don't quite achieve the "average score" that's also not an automatic reject, I didn't quite hit the average score for my program, was waitlisted and eventually accepted. The GRE is just one part of the application, it's a total package, one strong point can sort of make up for a weaker point and so on. But the more quantitative your program is, the more weight the GMAT or Quant section of the GRE carries...generally. Same goes for GPA, you have to look at the admissions requirements...but those that are pursuing degrees in your field might have more specific information about it. But just because you don't fall exactly within all of the ranges or average statistics provided by the program websites doesn't mean you should give up on it if it's something you really want. You want to be close for sure, but if you have some real strengths like a lot of relevant experience in the field or something like that and can put together a solid and convincing statement of purpose you always have a shot. Hope that helps...don't hesitate to ask, ask, ask!

Edited December 26, 2011 by Mal83