Advice on Major
Greetings forumers, I need some advice on what to major in:
I'm sure I want to do something in finance (not marketing, general management, etc.) but don't really know any specifics and hope to get into some kind of client-based business (which from what i understand would exclude corporate finance). If I pursue a grad degree I would like to do it right after undergrad, which basically limits my choices to a MAcc or MSF/MFE/MSCF/etc.
1) If I major in accounting I could get the MAcc, pass the CPA, and potentially study for the CFA after that. Downside would be little exposure to pure math courses (diff eq, multivariate calc, linear algebra, etc.) and the fact that I don't really want to be a public accountant.
2) However, I could major in econ and take the math courses but if I don't get in a MSF program I would basically be screwed with the other 10,000 econ majors trying to find a job. Very risky.
Essentially, do you think I could break into Wall Street with scenario #1?
There are some people that do accounting right after undergrad and then break into Wall Street by getting their MBA (no way around this). You forget that you have to pay your dues no matter what so why not just start out with finance--no major is going to give you "client exposure" without proving yourself. What you want for client expose is a sales job, either in s&t or for something like institutional sales in AM which connects the banks portfolio managers/strategies with large intstitutions. Also, look at Private Banking under AM. Point is, besides the MBA for career switchers and IBD professionals. Wall Street does not care about all those other advanced degrees and will wonder why you got them in the first place.
Wow, I didn't realize the MBA was still that dominant. For some reason, I was under the impression that the degree has been "cheapened" because of the sheer number of MBAs in the marketplace and because schools like DeVry and Phoenix are churning out thousands per year - I'm obviously a novice though here though.
Is the name of the school a big factor? I'm pretty sure they're a couple of state schools I could get into after undergrad. With law school, for instance, I know the valedictorian or law review editor of the class has a lot more opportunities than the name might suggest.
The name is the ONLY factor when it comes to b-school.
Mathematics
Well damn - so much for a career in finance ha
If you want to go to grad school right away. Math, Physics, Engineering or Computer science are your best options to break into top MSF,MFE, assuming you are fixed on quant route. While pursing hard science degree gives you the technical skills you need, it doesn't limit your chance to break into front office sales role, sales trader or institutional sales are heavy recruiters of MFE/MSF programs. Dont go to Private Banking unless you like to work for rich ass grandpa. DO NOT go to Macc unless you wanna be an accountant.
I was afraid of that with the MAcc - I've always been told that "you can do anything" with an accounting degree and that it's the language of business, so you should become fluent. However, after surfing around on this site it seems like hardly anyone gets an accounting degree when they want to try out for Wall Street.
Also, there are some pretty mixed reviews on the Masters of Finance, even on this thread. Yey or ney?
I am not sure which side of business you want to get into? S&T, Research or Investment Banking?
MAcc helps IBD a little bit but not much around 5% of people score jobs in that area according to my search and almost zero for S&T. The reason I bashed MAcc is because I consulted with a MD on this question, his answer is a firmly no unless you want to get in to big 4. And yes accounting is important but when it comes to Masters degree its whole different game you are playing, because you are competing with MSF and MBA on associate level.
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