This week we are pleased to welcome Heidi Pickett, Director of the MIT Sloan Master of Finance Program. Heidi worked in financial services for 20 years before becoming Director of this program in 2011. She fills us in on what the program is looking for in an applicant, how to figure out if the program is a good fit for you, and the application process. Listen in for the inside scoop!

Could you give an overview of the MIT’s Master in Finance program highlighting its distinctive features? [0:28]

The program was launched in 2008 at the height of the financial crisis, in direct response to the crisis. Our finance faculty felt that there shouldn’t be fewer people in the finance function, but better trained people. It’s geared toward early career finance professionals and grounded in finance theory, models, and applications. Modern finance was invented here at MIT, and the tools and models developed here and used throughout the world are taught by those who created them.

The MIT Sloan MFin comes in a 12-month and an 18-month option. What are the differences? [1:53]

The 12-month track is our original and primary track. The degree requirements for both programs are the same, but the 18-month track is ideal for those that would like to take more time and take advantage of more courses, not just at Sloan but across MIT. The 18 month program also allows for an internship to gain practical experience, which is a great opportunity for people who haven’t worked full time in finance.

I understand that this is a program geared to early career applicants. Is that correct? [2:51]

Yes. Not all MFin programs are geared to early career applicants, but ours definitely is.

What is the typical amount of work experience? [3:23]

The average is around 18 months, however full-time experience ranges from zero to three years max, with one caveat. We feel strongly about training people in the public sector as well (central bankers, official institutions, regulators, etc), so we do attract people from those types of organizations as well. Those students tend to be sponsored and return to their organizations after graduation and are usually outliers with 5-10 years of experience.

Let’s return to the 12- vs 18-month options. Other than the internship, is it just the love of learning that would motivate students to do the 18-month option? [4:51]

There are a few reasons people choose the 18-month option. The program is very rigorous and intense. Many students who have gone through the 12 month program have told us they wished they had another semester to allow for participation in the other things available, like clubs, leadership opportunities or running conferences. Others want the extra time to load up on additional courses, sometimes in finance, sometimes in other subjects.

How does the MFin differ from an MBA with a concentration in finance or a Master in Financial Engineering? [6:15]

MFin vs. MBA: The MFin is early career vs an average of 4-5 years of experience in the MBA program. You also get double the amount of finance courses, so overall it’s more quantitative.

MFin vs MFE: Intention. The MFin offers a broader range of subject matter, resulting in a broader range of opportunities upon graduation as opposed to a sliver of the market with the MFE. Students can customize their curriculum, and we do have a MFE concentration within the MFin progr...