Breaking into FX S&T, non-target, very low GPA, good network, help please!
Hello fellow monkeys,
I am graduating very shortly here and I am(have been) looking to break into an entry role in S&T. I know that I have an extremely steep, long hill to climb(low gpa, nontarget) and in all actuality its probably the Mt. Everest of hills. Unfortunately I have not had any experience as a SA or any experience at an institution for that matter. I am extremely well versed in markets/trading due to the fact I have been following them day in and day out for about 6hrs/day for the past 3 years. Another positive thing that I do have is a pretty decent network of contacts of both BB(GS bond trader, JPM VP) and MM boutique PWM/ a few PE firms to name a few. How can I leverage this in my favor? I know that getting on a BB desk is probably completely out of the question, so I would be willing to start in a significantly less prestigious firm/market. I'm very good at interviewing and right now I'm interviewing with a global retail/institutional currency brokerage. Would anyone be able to provide sound advice as to what I should/could be doing right now to further the possibility of getting on a desk as an assistant trader or any other similar position? Thanks in advance for the input.
Taking a trip to NY to meet with your contacts would help if you haven't already done that. Also, maybe a masters program at an ivy would help. Other than that, just network as much as possible and don't give up.
As nontarget kid said "Don't give up"
I have a B.S outside of the realm of Finance and did not go to a target school... Now I work on a trading floor in a big metropolitan city on the east coast... living the dream :)
"If there is a will, there is a way"
The fact that you are about to graduate with no experience compounded with your terrible GPA makes it very hard for you to do anything about it at this point. My question is, if you have been so interested in the markets for 3 years why didn't you pull up your GPA and start looking for work experience back then? You could have avoided this awful situation in the first place.
As for what you can do about it now... you basically answered your own question, leverage your network to the fullest extent but don't be disappointed if they are not able to help you due to your awful credentials. At this point try to get a job in any sort of finance and try to work out of that position into what you really want to do as it will be operose to get a job starting out in FX with a bad GPA and no quantifiable experience as FX is a very demanding career.
As the guy above me stated, a good masters program in financial engineering or math could be the solution to your troubles, unfortunately with an awful GPA you will be hard pressed to find a good masters program that will accept you, however it could be a possibility if you knocked out the GMAT with a 750+, but keep in mind that a score of that stature is hard to attain.
I agree with these points, but I'm pretty sure the GMAT is for MBA programs and the GRE is for the financial math/engineering programs. In terms of the GRE, you would need at least 168-170 on the quantitative section in order to stand a chance.
The average quantitative GRE score for Harvard was 768, so you need to use that as a benchmark. I've heard that mid 500s will get you into a decent program but you want to shoot much higher for the top schools
The top score on the GRE is now 170 for each section (verbal/quantitative). I believe 168-170 on the new GRE is equivalent to about 780-800 on the old GRE. Anyway, you basically have to get a perfect score on the quantitative section.
Oh wow, I wasn't aware of this change, but yes, if that is the equivalent to a 780-800 then that is what you need to shoot for. If I were you I would be buying some GRE books and beginning to study from now.
166/170 on quant is equal to an old 800 score.
http://www.ets.org/s/gre/pdf/concordance_information.pdf
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