May 09, 2018

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This past fall, after leaving my job as a fixed-income trader in BAML’s Toronto office, I returned to school and attended the University of Toronto as a non-degree student with the ultimate goal of completing a master’s degree in statistics. It was a bit of an ‘in-between’ year for me where I took predominantly undergrad courses in order to acquire the necessary mathematical/statistical background for an MSc Statistics. I took courses in: linear algebra, linear regression, data analysis, multivariable calculus, real analysis, probability, and differential equations.

Over the past year I have had a number of conversations with individuals who are contemplating returning to school for something similar. This post is a summary of some of the things I found this past year that may be helpful for someone considering a return to school.

First the punch line. Returning to school is great; I do not regret it. For those considering it, give it some serious thought.

The Good

  • Developing an Understanding: I had a strong interest in math/stats before returning to school, and enjoyed reading articles with buzzwords such as ‘artificial intelligence’, ‘machine learning’, and ‘data science’. I am by no means an expert at these subjects now, but being in school has allowed me to develop a much deeper understanding of these topics than before. Personally, I find recent advances in these fields exciting (e.g. Deepmind’s AlphaGo), and believe some of these tools are extremely powerful. This was the #1 thing I liked about being back at school – an exposure to a number of subjects which I strongly believe represent the ‘future’.

  • Academic Rigour: UofT is a difficult school. I think a big part of this comes from the fact that departments at UofT are comfortable having test averages of ~65%. When I attended Queen’s Commerce for my undergrad, class averages for tests were in the high 70s. In October I was a little shocked when I scored 61% on my first multivariable calculus test. The high standards forced me to work very hard, and I was able to learn a great deal as a result. In retrospect, my hardest class, multivariable calculus, was also the one I learned the most in (and thankfully I was able to score an A- in the end).

  • Flexible Schedule: An obvious upside of being back at school is that your schedule is much more open. I appreciated ability to schedule in physical activity in the middle of the day (I was a big fan of lunchtime yoga this winter). Also, being able to set the alarm clock later if I did not get a good night’s sleep was a big plus.

The Not Good

  • Admin: As a graduate non-degree student taking undergraduate classes I was a bit of a unique student, and I encountered a number of annoying administrative roadblocks during the year. These included: being at the back of the line for course selection (and the accompanying anxiety of being on waitlists), having to jump through hoops to get into classes I did not have prerequisites for, and not being eligible for certain UofT programs. Most everything worked out in the end, but the process of working things out was generally a little stressful.

  • Academic Rigour: Did I mention UofT is a difficult school? The workload was very heavy. I would estimate school had me working just as much, if not more than my previous job. The workload at the beginning of the year was probably the heaviest due in part to me having not seen certain math in over five years. As the year progressed the workload became more manageable as I was able to relearn effective study habits.

  • Uncertainty: One thing that was hard to shake was constantly asking myself “did I make the right decision returning to school?” This was compounded by the fact I was often the oldest person in any class, which made me feel like I took a step backwards by returning to school. Plus, going from a job with a somewhat well-defined career trajectory to something more uncertain took some getting used to.

Key Points for Those Returning to School

  • Make Sure That You Are Interested In the Material: As mentioned above, the workload at UofT was heavy. I had gone into this year with a genuine interest in math/stats (one I have had my entire life), so despite the workload, it was bearable. That being said, I think if someone is looking to return to school to transition their career to data science and does not have a very strong interest in math/stats it would probably be wise to stick to a professional program (e.g. Master in Management Analytics) as opposed to something with a more academic focus. Going the academic route for someone with less of an interest in math/stats would lead to too many instances of one asking themselves “what am I learning this for?”

  • Get to Know Your Classmates: Knowing literally nobody in my classes at the start of the year was something I had not encountered before. Looking back I realized that getting to know my classmates was a huge help. On one hand, this helped when it came to assignments, tests, or even navigating the complexities of the UofT administrative system. On the other hand, returning to school can sometimes be an isolating experience, but having friends in your classes makes it much less so.

  • Taking the Long-View: It was important for me to adopt a long-term perspective this year. After I finish school (likely in 2019), I will have a long career ahead of me. It was sometimes hard being back at school, feeling like I was spinning my tires, while my peers were advancing in their own careers. It was important to remind myself life is not a race, and to trust my gut that what I was doing made sense for me.

In summary there was some good, some bad, but in general I was very happy with my decision to return to school.

For those considering it, I would say to make sure to thoroughly explore your options to see if returning to school is right for you. It is a demanding experience, so having confidence that you made the right decision is important in making it bearable. That being said, if you do think it’s a reasonably good option, just go for it! There is no better feeling than finishing a test/class/semester having gained a new understanding about how the world works.