Masters in Quantitative Finance – Universities, careers and relation to other degrees!

Finance is a vast field and if you are one among this crowd, you must have been in a dilemma for choosing the right field as it is confusing to differentiate between different finance degrees. This article is about the difference in the major fields with an emphasis on β€œMasters in Quantitative Finance”.  Some of the major degrees in finance are

–       Masters in Financial administration

–       Master of Science in Finance

–       Master of mathematics in finance

–       Master of financial engineering

–       Master of science in computational finance

If you are choosing a master of science in any finance program, you are not caged inside the finance industry. You can grab a job outside the field and is usually chosen by inexperienced under graduates planning for finance generalist positions.  A science program is more into subject and less into administration. An MBA degree with financial administration is more into management and administration of financial entities and you got to work in the areas of fixed income, finance instruments, risk management etc. This is a broader subject and is chosen by those who have relevant prior work experience. The MBA degree enhances your skils in the area and lets you grab higher positions within your field.

Masters in Quantitive Finance:

While different financial degrees emphasize on different variations – theory, techniques and applications, Masters in Quantitative finance falls under the second two variations and is less theory oriented. Often referred to as an MQF degree,  it is usually and 1 and half to 2 years course and needs prior study of mathematical subjects like calculus, programming, equations, linear algebra, measurement theory etc. This is different from both Master of Science and master of administration degrees discussed earlier. This is a preferred course for those who are interested in commercial node of the Finance industry.  This course is often treated as an equivalent to a PhD degree in Finance.

So, it is understood that quantitative finance is all about the study of mathematical theories related to finance that are used in financial instruments in banking or funding industries.  It is the application of your mathematical knowledge in finance industry. This quant program usually requires one or two years to complete depending on the University.

Careers:

With a masters degree in quantitative finance, you will be utilizing your mathematics and financial knowledge in the following careers

–       Algorithmic traders

–       Desk Quant specialist

–       Portfolio analyst

–       Risk manager

–       Quantitative developer

–       Model validate quant specialist

Top 5 Universities to consider for pursuing master of quantitittive finance

–       Stanford University

–       University of California Berkeley

–       Columbia University

–       Princeton University

–       University of Michigan

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