What would be better for trading? I know you don't really need a MBA in trading, but I've heard you can make the program pretty quantitative and it is Booth. I've also seen various reviews about the MSFM program that say it is pretty bad. Is either a good choice or should I look elsewhere?
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What are your goals? I'm dating a girl in the MBA program and one of my best friends is in the MSFM, so I have seen a pretty good amount of both sides. I will say that both felt they have learned quite a bit of relevant quant work (one coming from a trading side with the goal to go to a large fund, the other coming from an one of the Big 4 auditors and looking to get into AM). Recruiting wise, however, MSFM is supposed to be terrible, while Booth is a top target for most.
Trading is pretty wide open, so you need to be a bit more specific about what you're looking for and if your goals are more education or just another chance at recruitment.
Goal would be to get into a top prop shop. Could be interested in Citadel as well. I feel like it would be msfm->props and booth->citadel. Agreed or could you get into props/citadel through each program?
Depends on which part of Citadel.... there are, of course, non-trading roles at Citadel that actively recruit through the MBA.
I know that there are top props that recruit through the MSFM program, but again, the recruiting isn't much better than the undergrad and you're going to go in at the entry level (same as a top undergrad). If this is your goal, it may be worthwhile, but it's an expensive way of doing it considering you've already done an undergrad, have WE, etc. If you PM me I may be able to put you in touch with some ppl that have prop experience and went to MSFM after having trading experience. As a tool to put yourself into an advanced spot, it isn't good for that.
yeah I wouldn't want to spend my money if it won't put me ahead anymore than just getting some more work experience.I am thinking about doing either program part-time though. Have you seen anyone in trading get a leg up through the Booth MBA or do most mainly get a MBA to make a career switch?
I mean you're going to start at the entry level if you're trying to be a trader, that's just a fact of the matter. You sound like you're a career shifter, so that's how you should be looking at it. I don't know what leg up an MBA is going to give you in trading when you have no experience. It is pretty much worthless for that. Even if you were trying to come in at some relatively high level research/quant role and try to leverage that into a spot on a trading desk, you would need work experience to go with it and a PhD or top masters program in straight up econometrics/stat/physics would probably be better for that anyway.
lol I'm just being serious. I know people from top prop shops (and places like Citadel) that tried to do this / rebrand themselves outside of their pure trading role and they have a hard time (their goal being to land some path towards PM at a huge fund... Citadel or DE Shaw or Tudor, etc), so the OP is going to have no chance most likely. It's a difficult time too with all of these bank guy out there that didn't get paid or were underpaid and are looking for new/different opportunities. Those are the people you're going to be competing with for some post-entry level trading role (along with the PhDs).
If your goal is just to go from prop shop to prop shop, I would tell you to
I like those suggestions. Much easier to focus on my current role and do informal education/individual course online. Thanks for the honesty.
Booth MBA is fine for trading, do not do the MSFM program... Trust me, MBA recruiting is much, much more structured.
You will need to network, network and network. Getting an associate internship at a BB during the summer for trading is going to be hard, as you are competing with better programs that have better reputation within S&T (think MIT MBA for its curriculum and faculty and Columbia MBA for the location...).
Do not worry about banks not taking MBAs for trading anymore, they do, it is just that the competition is more fierce now than ever. People with PhD's are getting MBAs now days, and don't forget about top MFE programs from MIT/Berkeley/CMU... You make sure the traders like you and you are all set.
What's the point of working at a prop shop then getting an MBA to go back in at the associate level (maybe!) at an IB? If you last that long at almost any prop shop (any of the semi-respectable ones at least) you'll be making more than that and not have student loans.
I get the impression the poster wants to stay in Chicago and/or possibly go to school part-time, which would make the MFE a non-option. Even then, you would need to go to one of the absolute top programs to make it positive EV recruiting wise.
This is too easy. Booth.
If you were looking to do a masters to make it into a prop shop you'd need to do an MFE at a top target. Below is a list of target MFE programs:
https://www.quantnet.com/mfe-programs-rankings/
I'd take the baruch ranking with a grain of salt, since the site is run by a former alum.
Yeah, I check out quantnet regularly. Bernankey, you think someone already in trading can get something(aka get their money's worth) out of that Booth program? I'm not looking for another shot at recruitment, more so just to learn and get some new tools applicable to trading. I don't have the pre-reqs for a MFE so that is why I was looking into Booth. I would be doing any program PT.
Honestly, no. You're not going to build any technical skills. Sure you'll learn about different products and some macro econ stuff but its going to be mostly general and things that you should already know.
Getting you're MBA will help down the line if you want to enter a management position at some point. Otherwise, an MFE is the only thing that will really give you a new set of skills that would let you move around withing trading or at least be able to understand the inner workings of particular products.
TigerBlood--are you in Chicago? Shoot me a PM if so.
TigerBlood--are you in Chicago? Shoot me a PM if so.
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