Associate hire in BB 
(Chimp, 4 
Points) on 3/20/10 at 11:52pm
Might be a dumb question, but I really need some inputs. I know fresh MBAs are a major pool for banks to hire their new associates, internal promoted analysts is another. I wonder do banks really hire associates from other sources?
I got my master degree the end of 2007 and started working in a prop trading shop since then. The firm is decent however I think the cultrue in the small group doesn't fit me very well and decide to look for a position in a BB to start over. Given my working experience, I think an associate position would be a good fit. But I have the concern BBs don't hire new associates except for new MBAs. I have missed the application cycle for 2010, so I'm thinking to wait for another several months and apply for the positions for 2011 from their website. Do I have a chance? I'm talking about positions in trading.
Thanks in advance.
Do you have an MBA?
by bcbunker1Do you have an MBA?
They take lateral hires
by Gekko21They take lateral hires (experienced hires on the banks website). Your best (and really only option) is to use any contact you have at a specific bank. Use old HS or college friends. Gain access to your college's (undergrad and masters) alumni database which lists their employer and job description (every college has one). The good news is that you are an experienced trader, so it should be relatively easy to switch as opposed to someone who does not trade. If you went to a non-target school or do not have contacts than getting an MBA is your best bet (you may have to leave the MasFin off your resume, too many questions would be asked, but do your own research on this). Also, if you have contact at the bank you don't need to wait to contact people as lateral hires can be interviewed/brought on whenever and is usually pretty group specific.
Also, where/what was your masters degree?
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Gekko21 wrote: They take
by jjc1122They take lateral hires (experienced hires on the banks website). Your best (and really only option) is to use any contact you have at a specific bank. Use old HS or college friends. Gain access to your college's (undergrad and masters) alumni database which lists their employer and job description (every college has one). The good news is that you are an experienced trader, so it should be relatively easy to switch as opposed to someone who does not trade. If you went to a non-target school or do not have contacts than getting an MBA is your best bet (you may have to leave the MasFin off your resume, too many questions would be asked, but do your own research on this). Also, if you have contact at the bank you don't need to wait to contact people as lateral hires can be interviewed/brought on whenever and is usually pretty group specific.
Also, where/what was your masters degree?
I'm in the same spot as the OP. I have about 5 years of work experience total, currently at a small hedge fund working for a group that trades equity pairs using a stat arb strategy. But I don't have a quant background.
From talking to people, it seems like banks really aren't hiring traders right now except campus recruits and very senior people. I'm considering reapplying to MBA programs this year because if I can get into a place like uchicago or columbia, I think getting a BB trading job would be almost guaranteed.
Thanks for your comment,
by hehehahiThanks for your comment, Gekko. I think it's a good suggestion to contact the existing network. Back to my original question, so I guess from what you said the answer is 'no'?
As for my background, I got my master in science from a non ivy but yet pretty decent (top 3 public) school in US, although personally I don't think where you go to school counts as much for experienced candidates as it does for fresh graduates, maybe I am wrong. I also considered lateral hires, but I am deeply frustrated, since normally lateral hires require more experiences, i.e. AVP to director level (5-7 yrs) and I still consider myself a junior level candidate and don't think I'm qualified for that. And that's exactly why I raised my original question at the first place.
Finally, if that's true that MBAs have a better chance, may i ask why? No offense, but personally I really can't see for a trading role why a fresh MBA has any edge over someone already with 2 yrs experiences in this business.
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If you have a master in
by bcbunker1If you have a master in finance and 2 years of experience in trading you dont need an MBA to lateral. An MBA would be a complete waste of time other than to build a network. You probably cant get into an "associate" class because it is almost always for fresh MBAs but certainly you can get an experienced role. Just have to go out and network.