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So hard to tell -- B-school is sometimes a bit of a random process.
So working four years on in TMT at GS is not better than four years on a prop desk in GS FICC?
if you work on a prop desk, why would you go to bschool? that's the fallacy in your argument. one of them at least.
ummm bc if u lose money for the firm then u get kicked to the curb and nobody else will hire u...? maybe? :)
i could see a trader wanting bschool for 2 reasons. one, moving into managing the desk. two, realizing after their training, then a subsequent amount of time, that they aren't the right fit for trading. assuming the trader wants to make a career change, would they be able to get into bschool? or would their perceived failure as a trader hurt their chances?
1) going to b-school in order to manage a desk is an absolutely terribe idea 2)if you want to change careers, fine...and no, i don't think it hurts, there are far fewer traders applying so i think it's a slightly more differentiating feature. there's no failure perceived and it's no sin to want to change jobs
So plenty of people off the floor get into HBS and Wharton?
those ppl who left to go to bschool went to good places...wharton, chicago, that sort of thing. HBS is kind of a weird fit for someone who did trading, on a self selection basis. it's a very fluffy place.
Tell your friend he's a jackass. People get into the top b-schools from all sorts of backgrounds, and contrary to popular belieft, working for GS or McKinsey is NOT a magic ticket into H/S/W. In fact, it may be tougher coming from a common career field such as IB or consulting. Also, MBAs are heavily recruited for Sales, Trading, and Structuring. So the people on the trading floor with MBAs all got them at top schools (usually Wharton and Chicago, since most HBS MBAs I know can't add).
I thought HBS might help me build on my weaknesses whereas I do not think I would learn to much technically in business school.
as usual, i agree with skins
at Columbia now and there are a lot of x-traders here. As others mentioned, MBA is used for career switches, an entry way into BB for traders at small shops, or a way of moving from equities to fixed income or vice-versa. If you are at a BB and trading and want to continue trading, you are probably better off just moving laterally within the bank.
As far as getting in is concerned, if you had a good gpa, nail the gmat, have good recs, and can articulate what you learned in trading (market knowledge, technical skills, dealing with clients in fast-paced environment...) and why an MBA makes sense now for your desired career path, you'll be competitive. Otherwise you won't. Essays and spin matter - it's not just a numbers game.
Having leadership positions will get you into business school long before your fancy consultancies or IB'ing.
"ummm bc if u lose money for the firm then u get kicked to the curb and nobody else will hire u...? maybe? :) "
nah, you don't understand how prop works my friend.
No one wants to admit the firm lost a ton of money or what their strategies are, so they do not fire people?
no that's not it...there's this view, if you blow up, well someone trusted you to take a lot of risk, so you can find another job.
I mean, look at Meriwether.
i'm not talking about a billion-dollar blowup, i'm talking about a major fudge as a junior trader....face it, jimbo, theres a reason so many people avoid trading. its all luck.
Wow. Thank you for breaking it down for us! Your complete and accurate description of how a trader makes money is spot on!
Thank you sir! Luck! And here I was, thinking that the traders that make money do so on a regular basis because they are good at it.
Thank you for proving me wrong!
yeah that'd get you fired. but not it's not luck.
if a trader doesn't cut it at one place, he's not "blacklisted"? its still possible to find a job somewhere else where you may be a better "fit"?
of course.
again, look at Meriwether. you know who he is, right?
JWM Partners is back in the game. Plus, LTCM only got screwed because of a rare confluence of factors. With proper risk management, the firm could have been a major factor still today.
Coulda, woulda, shoulda...
They blew up and almost took the financial system with them. Some 'arbitrage'. sheesh.
And that's my point about meriwether. huge blowup, yet ppl still trust him with cash.
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