How I Got Into CMU, New York For MS in Computational Finance?

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Hey! Who are you, what are you currently doing and what is your background?

Hello, I’m Nikhila. I did my Master’s in Computational Finance at Carnegie Mellon in New York City. Before that, I completed my MSc in Mathematics from BITS Pilani at the Hyderabad campus, where I also minored in Finance.

For my work experience prior to my Master’s, I interned at Credit Suisse as part of the PS2 program at BITS. I worked as a Credit Risk Analyst Intern for six months during my last semester and eventually received a PPO (pre-placement offer). I stayed on in that role for about a year before applying for my Master’s. 

Much of my work involved running models and generating reports, along with improving the models we used for risk assessment. A significant part of my tasks included automating the reporting processes, which were very manual initially. I was responsible for automating several processes using Python and Excel.

Regarding other internships, after my first year’s summer, I interned at a small software engineering company, where I worked on web and app development projects. I did a similar internship after my second year through the PS1 program at BITS with the Indian Red Cross Society. After my third year, I interned at a company called Intuit Management Consultancy, where my work was focused on business and data analytics.


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How did you decide that you wanted to pursue an MS in the US?

After my first and second-year internships in software engineering, I quickly realized it wasn’t something I wanted to do long-term. Fortunately, BITS offers minors, and I decided to minor in Finance—an area I thought I’d like, given my affinity for numbers.

I enjoyed Finance, especially quantitative aspects, but traditional roles like investment banking didn’t appeal to me. Then, through some courses like DRM and FRM and conversations with professors and seniors, I discovered Quantitative Finance. It appealed to me because it combined math, finance, and computer science, which allowed me to work across multiple skill sets rather than sticking to just one. In my risk management job, I used some quant skills, which helped me appreciate how finance and quantitative methods could merge.

So, I decided to pursue a Master’s in Computational Finance to bring together my knowledge of math, finance, and computer science in a cohesive way. I had background knowledge in these areas individually, but I wanted to understand how to integrate and apply them effectively, which is why a master’s felt like the right step.

Choosing to study in the US came down to two main reasons. First, as a US citizen, the logistics around residency and costs were much easier. I considered options in the UK and Europe, but ultimately, the job market in Quant Finance is strongest in the US. The financial return here is higher as well, making it a practical choice given the investment in a master’s program.

How did you start your application preparation; can you throw some light on profile building, GRE, LORs and SOPs?

After my fourth year, I knew I wanted to pursue a Master’s, but due to COVID in 2021, I decided to push pursuing my Masters. Additionally, I felt my profile wasn’t strong enough. That’s actually why I ended up working for a year, which was probably the biggest profile-building move I made. I had planned to take the CFA Level 1 exam as a credential, but COVID delays and my admissions offers led me to forgo it. It would have been a solid addition, especially for those without a finance minor.

GRE/TOEFL

I took the GRE initially in August, but I wasn’t happy with my score, so I retook it in September. I managed a 169 in Quant, which was essential since MFE programs expect a near-perfect quant score. My GPA was on the lower side, so I aimed to make my test results stronger. TOEFL, I scored 116 out of 120.

For the GRE, I mostly relied on Greg Mat for vocabulary, watching his videos and doing his quizzes. For Quant, I used the Manhattan Five Pound Book and Kaplan quizzes, which I found useful as GRE Quant seems to get harder each year.

SOP

My SOP strategy was straightforward. I started working on my SOPs around October-November. I began with a massive brain dump, listing everything notable I’d done, from extracurriculars to internships and academic projects. This draft served as a master SOP, which I then tailored for each school’s requirements, whether it was a one-page SOP or multiple short essays. My advice is to focus on telling your story and clarifying why you’re pursuing this path, rather than repeating what’s already on your resume. The SOP should be a narrative that explains your goals and what you’ll bring to the program.

LOR

Regarding LORs, I got a mix—some from finance professors and one from my manager at Credit Suisse. For MFE programs, it’s generally recommended to have one professional and two academic LORs since these are professional degrees, so a work-related recommendation adds significant value.

Interviews

With MFE programs, many schools also conduct interviews. Some programs send video prompts that you need to record responses to, while others hold live interviews. For example, MIT and Berkeley have highly technical interviews, whereas others like CMU  are more behavioral. Interviews typically happen around January and February, and admission decisions come by March.

What colleges did you apply for and what was the result?

I applied to 10 universities as below.

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Can you tell us more about the course and what the learning outcomes are?

So, the reason I chose CMU, beyond its reputation as the best, was because of the way they structured the course. They start with the basics in three core areas—math, finance, and computer science—and then each semester, they build on that foundation. Other schools allow more flexibility to pick electives right away, but I think that could make it tough if you don’t have a strong background. 

The course is three semesters, and it’s structured in an intense way with each semester split into two “minis.” Each mini is around six to seven weeks, where we take five classes with weekly assignments, finals, midterms, and sometimes projects. By the end of the program, you’ve completed nearly 30 classes.

Another big reason for picking CMU was their career services. In the US, you generally have to find internships and jobs on your own, but CMU’s program has a dedicated career services team specifically for the MSCF program. They work almost like a placement unit, which is rare here. This support is actually how I landed my internship.

Location was another factor. I wanted to be in New York, at the center of the finance industry. CMU’s MSCF program has a satellite campus in New York, so I could choose between Pittsburgh and New York, and I chose New York. The alumni network here is strong, and they host events where you can connect with people already in the industry, which is really valuable for learning and networking.



What is the cost of tuition and cost of living, and how are you planning to fund your studies?

The tuition at CMU is around $30,000 to $35,000 per semester, since the program falls under the Tepper School of Business. The cost of living and accommodation adds up to about $15,000 to $20,000 per semester, which breaks down to roughly $2,000 to $3,000 a month for rent and everything else. 

To fund my education, I made enough money during my summer internship to cover my fall semester expenses, so that semester was self-funded. For the rest of my expenses, my parents generously supported me, which was an amazing gift from them.

Regarding teaching assistantships (TA) and research assistantships (RA), since I’m at the New York campus, there are fewer opportunities compared to the Pittsburgh campus. As for scholarships, CMU only offers merit-based ones, where they assess your profile and select top candidates.

What are the job opportunities after master’s?

For internships, the application process generally starts a year before, so if you’re aiming for a summer 2025 internship, you’ll need to begin applying around July or August of 2024. When I arrived at CMU in July, my program began in September, but we had a “prep month” in August. They went over basics to help us get started quickly, including interview prep sessions.

Most internships involve an online assessment as the first step, which can cover topics like probability and linear algebra. For some, there’s also a coding round, with coding questions typically at the medium level on LeetCode. The technical rounds for internships are a bit lighter since they know you’re just starting out; these might include resume-based questions, probability and statistics, basic coding, Python, and sometimes finance concepts like options and Greeks for quant roles. They also ask probability puzzles to test your thinking, especially for trading and quant research internships, where they focus on topics like regression, probability puzzles, and linear regression.

When applying, I submitted around 10–15 applications a week on average. Sometimes, during busy weeks, I’d even send out up to 50 applications. The peak hiring season for MFE roles is August to October, leading up to Thanksgiving. After Thanksgiving until the new year, things slow down significantly, and if you haven’t secured an internship by February, it gets challenging.

For internship pay, it varies, but the average ranges from about $35 to $50 an hour, though some high-end quant trading internships pay up to $100 or more per hour.

As for full-time jobs, the process is similar but with more advanced questions since you’ve completed your studies. Most MFE programs end in December, so full-time positions typically open up around January to February. 

In terms of full-time salaries, last year’s market was rough, so pay was on the lower end. Banks typically pay $100K–$110K for master’s grads, while buy-side firms like Point72 or Two Sigma may offer slightly better, around $120K–$150K. Rare quant roles might offer around $200K–$250K. On average, you’re likely looking at $110K–$160K right out of school, but again, the job market can vary widely.

Any final words of advice for anyone who aspires to be where you currently are?

Think about it carefully before you commit. I know everyone thinks, “Oh, they’re saying it’s hard, but I can do it. I’m from BITS,” or something similar. But this is probably one of the most intensive master’s programs you can pursue. People don’t realize it because, in a way, it’s like getting three master’s degrees in three very in-depth, broad fields. It’s as if you’re becoming an expert in three areas at once.

If you’re deeply interested in these areas, I’d say it’s one of the most rewarding master’s programs you can do from an intellectual standpoint. Another reality is that many MFE programs fall under business schools, making them as costly as MBAs. It’s not something to take lightly, and once you start, even the job and internship process is really tough.

Throughout the process what were some helpful resources, tools and books you used?

Greg Mat was my go-to resource, along with the 5lb book. Kaplan’s online portal is another useful tool; they have a question bank that I used frequently.

I also found GRE Prep Club to be excellent, especially for verbal practice. They had all sorts of verbal questions that really helped me prepare. Besides these, I did a lot of practice exams from various websites—anything I could find to get a range of practice.

For MFE-specific university selection, QuantNet.com was a lifesaver. It’s the best site I found for all things related to MFE.

When it came to housing, Facebook groups were helpful, especially if you’re moving to New York. For finding an apartment, StreetEasy is the best place to look.

I traveled with Qatar Airways, and here’s a tip: if you’re a student, Qatar lets you bring three suitcases. That’s how I brought a ton of stuff from India.

Suggested by TheGradPost

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Connect

Linkedin – Nikhila Kulukuru

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