Major Question
I go to Georgia State in Atlanta and want to start out in investment banking but eventually transfer to a more quantitative role. I'm majoring in Finance currently but I was wondering if should change majors to either computer informations systems or risk management and then minoring/doubling in Finance. The reason I ask is because while Georgia State's finance program is decent, their CIS and RM programs are ranked 8th and 4th (respectfully) nationally by U.S. News. I know rankings are subjective but it still shows the strengths of their programs. If I want to eventually be doing quantitative work at a regional hedge fund would either of the two majors be sufficient to get into IB or should I stick with Finance and minor/double in one of the two. Thanks.
I'm still a college senior myself, but from my casual observation among my friends.. major in what you want to do, and what you're good at. If you want to break into IB, then major in Finance and be at the top of your class.
I don't think that CIS or Risk Management is the key to impress IB (or quant fund) recruiters. If anything, I've seen people who associate those majors with middle/back office type of jobs (unless those functions are the 'quantitative work' you've been referring to). If you want to eventually end up as a quant, I think it's more important to have very strong math/programming groundings -- that is, major in math or straight-up CS.
Just my 0.12 cents (after taxes).
You can major in anything you want in order to break into IB, you need experience, proof of good analytical skills, and some understanding of Accounting & Finance. I think it is recommended to major in Finance. It will save you a lot of time and nerves during SA/FT recruiting season. Try to double if you can, just in case. Bottom like is that experience matters more than major/GPA.
As for hedge fund. It depends on how much more quantitative role. At some point you might have to pursue programs like Masters in Financial Math from NYU (1 year), although some quant positions do require full PhD (4-6 years). If you want to do that, you pretty much need to major/minor in math or engineering. It depends on Masters/PhD program. For example NYU program expects you to take the following undergrad classes: Multivariate calculus (through partial derivatives, multiple integrals, and Taylor series) Linear algebra (systems of equations, determinants, factorization, range and null space, and eigenvalues of symmetric matrices) Calculus-based course in probability (independence, conditional probabilities, Gaussian distribution, law of large numbers, central limit theorem).
P.S.: if you pursue any grad program with "Math" in it, you are expected to know programming.
I just didn't know when it came down to recruiting whether or not the fact that their RM program is ranked 4th would matter more than majoring in Finance. I'm more of a quantitative person which is another reason I brought up the RM degree. I realize that by going to Georgia State I will be somewhat localized but in Atlanta they do have a decent alumni base. I dont want to get caught up in the back/front/middle office, I realize that the more quantitative roles aren't seen as prestigious or lucrative as the more FO jobs and trading jobs but it's not a significant factor in my decision. I would only be using IB as a stepping stone/exit opp/exp. path.
Also, I would probably just go to Ga Tech after a few years for their financial engineering program. Im not sure I have enough time to switch to a major in Math. I've already to deep into Finance to switch. There's not too much of a difference in RM so it wouldn't cause any problem as far as graduating.
It sounds like you want to be in the S&T part of business. A quant academic background will put you in good steed. You don't see that many people with finance majors there, mostly engineering or comp sci or maths
If you want to be a quant, major in mathematics or engineering. You can still get into IB with a high GPA, and you'll have the framework and technical horsepower to transition to a quant-focused role.
I just don't think it would be a smart move to change majors to math as I'm already pretty deep into my Finance major. Until recently I had just wanted to go into IB and didn't really think about what I wanted after that, but after having a little exposure to quantitative/statistical arb. and doing some research, I started thinking that Risk Management or CIS might be better to declare due to the programming (albeit minor) involved. If those two programs weren't highly regarded at Ga St. then I wouldn't bother but it surprised me that they were ranked so high nationally or even ranked for that matter. Also, if I wanted to go to Ga Tech for their financial engineering program after undergrad, is it expected to know a good deal of programming and math or can you get by with doing just basic programming and up to Calc II? I've taken Calc but haven't touched differentials or anything of that level.
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