Should I Pursue an MS in Financial Engineering After My Computer Science MA?
As an individual with a Master of Computer Science (2016) and currently working, you're considering a second Masters degree in Financial Engineering. This decision involves assessing several factors, including financial feasibility, time commitment, and personal interest. Let's delve into these aspects to help you make an informed decision.
Financial Considerations
The pursuit of a Master's degree in Financial Engineering is a significant financial investment. You will need to budget for tuition, campus fees, and any living expenses during your studies. There are two primary ways to finance a degree: through loans or your own funds. Additionally, scholarships and grants can offer partial or full financial assistance. It is crucial to weigh these options carefully and consider the repayment terms of any loans you might take out.
Time Commitment
A typical MS in Financial Engineering program can take anywhere from 1 to 3 years to complete. This timeline represents a substantial investment of your time. During this period, you may need to forego any earnings, or you may have to work part-time. Therefore, it’s important to evaluate your current employment situation and the potential return on investment. If you believe you could have potentially earned more elsewhere during this time, you might need to reconsider the financial and time investment.
Personal Interest and Passion
To succeed in a master's program, you should genuinely be interested in pursuing a career in finance or financial engineering. This field involves studying complex financial products, risk management, economic models, and more. A true passion for these topics is essential to stay motivated through the demanding coursework and internships. Additionally, the program should allow you to apply the knowledge and skills gained in other areas of your life, such as managing the stock market or working at organizations like CME Group in Chicago.
Future Career Prospects
After earning your MS in Financial Engineering, you may wonder if you will appear overqualified in the job market. The key to avoiding this perception lies in emphasizing your unique qualifications and experiences. For instance, your background in Computer Science can be a significant asset in today's financial sector, which increasingly relies on advanced technologies and data analytics. If you can demonstrate how your skills in programming, data analysis, and computational methods can be applied to financial engineering, you will present a compelling case to potential employers.
Informed Decision-Making
Colleges like University of Illinois, Urbana-Champaign, and Illinois Institute of Technology (IIT) in Chicago are renowned for their strong programs in Financial Engineering. These institutions offer rigorous coursework, research opportunities, and connections within the industry. Before applying, consider visiting campuses, attending open houses, and speaking with current students and alumni to get a clearer picture of the program and experiences.
Conclusion
Your decision to pursue a second master's degree in Financial Engineering is significant and should be made thoughtfully. By carefully considering financial feasibility, time commitment, and personal interest, you can make an informed choice that aligns with your long-term career goals. If you remain passionate about finance and the potential for career growth, an MS in Financial Engineering could be a valuable investment in your future.
In summary, a second master's degree can be a worthwhile pursuit if it aligns with your career aspirations and you approach it with a clear understanding of the challenges and opportunities involved. Your background in Computer Science and dreams of working at CME Group make you a strong candidate for success in Financial Engineering.