Although most programs share a set of common courses, the number of required courses and elective courses can vary widely by program. Programs with a high percentage of electives can make it more challenging for potential employers to determine if graduates have all of the core skills required for success. It’s also important to understand how many of the electives are designed and integrated with quant finance. With some programs, students attend elective classes with students from other majors and have to “connect the dots” to quant finance on their own. Additionally, some programs offer valuable experiential learning opportunities like capstone projects and trading competitions while other programs do not.

Another key factor to consider is how well the program keeps pace with industry trends to stay relevant. Is there a group of senior faculty and/or industry professionals that continually evaluates the strategic direction of the program and makes updates to the curriculum based on changing industry needs?

It’s critical to assess how often the curriculum is updated and the types of courses being added. On that note, consider the importance of soft skill development as a supplement to quantitative skills. Look for programs with dedicated courses on honing key soft skills which can have a tremendous impact on both job and promotion success.

Access to complete and transparent employment data is critical for calculating return on investment. Does the program publish employment data and how much detail is provided? Does the employment data follow specific guidelines and is it validated by an accredited third-party organization?

Comparing program employment statistics can be challenging because the figures are not always defined or calculated the same way. For example, some programs include base salary only while others include guaranteed and/or non-guaranteed bonuses, stock options, signing bonuses and relocation expenses as part of the average salary. A few exclude salary data for non-US based positions, which can misleadingly increase the average salary figures. Some programs include the non-US salary figures but rather than converting to US dollars at the market exchange rate will instead adjust using a theoretical concept known as "Purchasing Power Parity" which also makes the average salary figures appear higher. Some programs report salary data with no reference to what percentage of the total class this “average” figure represents. Average salaries are dependent on other factors as well, such as prior work experience and job location. Programs with a high percentage of students with financial industry experience typically have higher average salaries. Programs where the majority of its students take positions in high cost cities like New York or San Francisco will generally show higher average salaries than programs where the majority of students take positions in lower cost cities like Austin or Atlanta. 

It’s also important to point out that job placement percentages can be influenced by a program’s graduation month and financial industry hiring seasonality. For programs with a December graduation date, many job postings may occur beyond three months after graduation making the six-month statistic a better indicator of placement success.

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