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not good
My fund tends to employ a lot of econ majors from targets and non-targets alike. We look to see if you're personable, determined and passionate about your work rather than judging you solely on your major and school. FX and Commodity trading oozes with Economics and other social science majors. Plus, the stats minor or medial (what on earth is a "medial"?) adds a quantitative touch to your skill-set.
Downtown22 can you please elaborate why it is "not good"? BTW to be more specific I go to a top Canadian university, and I am contemplating whether to major in mathematics and statistics (with econ minor) or alternatively economics with a minor in math&stats. Why would math be so important for an individual who trades FX and commodities?
Haha sorry, I only say not good because it's a very competitive industry to break into already, and it's only that much harder coming out of a non-target school. Econ and math/stats shouldn't hold you back at all unless you're looking to get into HFT or a quant shop. I guess I just feel the whole "what are my chances" question is somewhat meaningless. If you major in something legit, get good grades, find decent internships, network, and kill the 1 or 2 interviews you manage to land, anything is possible, even out of a non-target (trust me, I made it out of a non-target as well). But if you don't go to HYP, then your major alone isn't going to get you anywhere.
"medial" sure does sound like a non-target terminology (read: my name).
cheers,
non target master
Yes this is what I thought. I just wanted to ensure that an econ major wasn't a big roadblock to get to trading. I suppose as long as you have good internships, and impressive skills it shouldn't matter what you majored in.
I wouldn't say it doesn't matter... If you want to get into trading, I would definitely try to study something quantitative (eg add math or stats to your econ degree), and I think its even more important if you're coming out of a non-target. And if you want to get into a prop shop, then a degree in comp sci or math is de facto required.
How well do you do? I made 20% last year without a major.
Yeah, I'm sure Rings and Fields would come in handy while working at SMB Capital.
I was an econ major but then again i didnt get a trading job straight out of college.
It might be different on the buy-side or sell-side. In the prop trading world, I know exactly two econ majors, of course I suspect that there are more out there. But I know boatloads of physics, math and engineering majors. I was also a non-target (more like totally off the radar) econ major.
The word medial comes from the Latin medialis, from medius, meaning the middle.
arbitRAGE - I'm looking at careers in finance and I was a math/econ/stat major. What fund are you referring to? If you wouldn't mind sharing.
How could this be so? Why are there so many more math/physics/engineering majors in proprietary trading firms? Certainly in a quant fund it would make sense, but in across prop shops in general?
Listen AceofSpade, they choose math/engineering majors because they want smart, hard working kids who are very comfortable with numbers, and frankly getting a high GPA in a math/engineering major shows all three traits perfectly.
It's the same reason why they pick Wharton kids over University of Washington business kids, when they probably learn the exact same topics - Wharton kids are just simply smarter and better than those washington business kids regardless of what they may have learned in the classroom (they probably may even share the same textbooks).
No, you will not solve complex proofs and do multivariable calc in your job but doing that major and getting a high GPA shows your degree of intelligence, which is what trading firms are looking for.
I know a few Economists who have gone into Trading.
i was an economics :D
Well to respond to chubby bunny, yes I agree that a degree in a quantitative field is indicative of high level of intelligence, however that won't necessarily make someone a great trader. I can understand why a firm would prefer choosing individuals who appear to be less risky because of their degree, but a lot more goes into trading then just raw intellect (LTCM ring a bell???). Maybe its just me, but I think experience actually trading (being profitable on your own account) should hold more weight than a few math tests you did in school.
To put a little finer point on it- Getting into an elite school is harder than a non-target-It often requires a more competitive nature, along with higher test scores and a higher IQ. It is not a perfect process, but it is very reliable. Like Ace of Spade pointed out, there is a lot more to a great trader than raw intelligence, but hard science and engineering majors are more likely to have that background. And firms have the advantage of being able to pick and choose since getting into the business is also very competitive. They get slammed with tons of resumes. It is easier for them to start by focusing on those from the right schools with the right degrees.
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