Hey guys, I’d appreciate your feedback on this. Quick background, I currently work as an analyst at a distressed assets hedge fund and am looking right now at potentially getting a Masters. I have an undergrad in finance and passed CFA level 3 in 2014 (will receive my charter June 2016). I considered an MBA, but wanted to get trained in something more specialized. I considered QCF, but unfortunately I don’t have the heavy math background for it. I am leaning towards an MS in Analytics to get a better working knowledge of factor models, regressions, etc. The description for the MSA is below:
The MS in Analytics provides students with a greater knowledge and understanding of the quantitative methodology of descriptive, predictive, and prescriptive analytics: how to select, build, solve, and analyze models using methodology such as parametric and non-parametric statistics, regression, forecasting, data mining, machine learning, optimization, stochastics, and simulation.
Has anyone done this type of MS before? Is this worth my time/money? For those that have done hiring before for associate type roles, is this something you would look at favorably or am I wasting my time?
Thanks for your feedback!
Does the program say it’s not quantitatively oriented? I would imagine an MS degree that teaches statistical techniques would require a “decent” math background (decent being linear algebra and calculus-not sure what others consider decent…).
Assuming you’re comfortable learning a bit more math (or find a program you’re comfortable with), have you considered an M.Stat (Master of Statistics)? You can develop a very solid understanding of various techniques. Since it seems like the MS Analytics is basically statistics, I would consider a stats degree.
I agree, I was also looking into an MS in Stats but the school I want to go to doesn’t offer it. I figured the MSA was pretty much the same thing. As far as math background, I took calc 1 but that’s about it on that front. I guess I am just hoping the program doesn’t worry about the derivation of everything, but rather the construction and use of these models (allowing the programs aka excel to do the calculations).
I could be wrong, since I don’t have a stats degree (to my misfortune), but from my experience with graduate stats/econometrics courses they want you to be able to understand the derivations and theoretical details, but everything with data is run through a software package (SAS, R, STATA, but not excel). The idea is that you need to truly understand what the software is doing (how it’s calculating), so when you run into issues you can fix them and understand why they are occurring. The main difference (I imagine) would be applied classes might focus less on the derivations and proofs, but there would still be some math. For instance, I would be surprised to hear of any regression course that avoids deriving the OLS estimators and their standard errors (using calculus, but it can be done with matrix algebra). If it’s a convenience factor then probably go with what’s easiest for you. You could try emailing/calling some department heads at other schools (for stats/math depending on the schools setup) to give them an idea of what you’re looking for and to see who you could speak to specifically about the courses you’re interested in taking (to see the math prerequisites and get a feel for the course). I just see the Analytics description as mainly stats with some compsci (maybe?) courses as electives. I think statistics would be more flexible and more recognized in comparison to Analytics, but I have only my own opinion. Keep in mind, with a masters degree, you could teach (probably at a community college) that subject if you ever wanted.