Best path for investment research at bulge bracket banks?
I'm especially interested in global macro research teams at these banks that focus on currencies, rates, emerging markets. Is an econ masters or Phd required for these roles, or can one get in with an MBA from a strong finance program?
Pretty sure you need an advanced background in econ to do investment research in a currency or rates group.
Banks hire MBA's for IB and to a lesser extent sales&trading (mostly sales, very few for "pure" trading). I don't think they hire MBA's for research or strategy roles, but I could be wrong on this.
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Given my trading background, what to do to get into investment research? (Originally Posted: 04/13/2013)
I'm wondering how realistic it is to get a job on Wall Street (entry level and/or internship) given my background. I've applied to about 50 positions in equity research, investment banking (admittedly this was probably a waste of time lol), and financial analyst positions in general, with no responses (note that as of right now I just sent out the resumes, cover letters anything they asked for and will be calling all these firms up next week to follow-up)
Anyways here are my credentials, point is to critique and give me your honest view:
College: State School Major: Bachelors in finance GPA: 3.2 Graduation date: May 2012
Post-graduation - working at a proprietary trading firm trading equities (see below for some more info) for the last 10 months. I have my trading records and was slightly profitable after commissions over this period, with the best results coming in the final few months
Pre-graduation - I think this is the biggest problem. I started in 2009, stacked summer courses to graduate in 3 years (by may 2012). I think this was a mistake, should have gotten internships but that's irrelevant to this thread so I'll shut up about it.
The main thing qualitatively I have pre-graduation besides my major and ok GPA is that while in college I was trading for my own personal account. Had a lot of success in my senior year of college for this: Grinded the account up from $40k to $52k. This isn't outstanding performance for a trader, but I thought it was still a good accomplishment given this was trading (not buying, holding and hoping) and the results were consistently though modestly profitable through my senior year. So I added this to my resume.
So my cover letters have focused around the experiences trading rather than academic things. I talked about researching companies, buying/shorting them accordingly, etc. both at the trading firm and while I was in school.
I think my assumptions were off here, though: I've been working in NYC as a trader for 10 months and I'd heard once you break in, it gets easier to get your career going on Wall Street.
Maybe I was too optimistic here? Thoughts? Most relevant, what are my realistic options in your opinion, and the way I should go about looking for a job in investment/financial research? Point being: not from an ivy league school but have demonstrated how passionate I am about the markets. I want to convey this (without using the word passionate as that seems to be a major NO based on these forums of course), and think if I can get in an interview the potential employer will see this. The problem is getting there...
Thanks for your time if you respond to this
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I recommend that you post your resume in the Resume Forum. You can remove the company names and school but the descriptions are important, especially whether they relate to investment research.
Also, regarding prop trading, it depends where you traded and what strategy was applied. If you churned your account doing discretionary trading trying to capture 10 cent moves at SMB capital then it is different than trading at a quantitative firm such as Jane Street..
Whats the difference between these two firms? Smb capital seems pretty legit I checked their site out. Jane street seems to be in a diff league though
Best mfin/mfe programs for investment research? (Originally Posted: 04/19/2013)
Aside from princeton mfin, which is obviously the best program. A friend is planning on applying next year and is looking at the following programs: berkeley mfe, uchicago msfm, columbia financial engineering, nyu mathematical finance, london business finance.
He's open to S&T but ideal job is research/strategy at a large AM shop such as BlackRock, PIMCO, wellington, aqr, etc.
my large AM hates mfin. Seriously. Also, couldn't he/she just ask you, considering you have ~ 100 posts on this topic?
Why does your large AM firm hate mfin/mfe students?
There's just no recruiting at all out of any mfin/mfe programs and when I was considering MBA vs. Mfin/MFE the powers that be basically told me not to bother with the latter. I have no feelings either way, but there seems to be very little credibility for the degree here.
MSF - Investment research (Originally Posted: 01/24/2014)
Looking for an MSF program in NYC. I'd like to get into investment research or something similar
3.7 gpa Haven't taken the GMAT yet but my ACT was just average so I'm assuming GMAT will be 550-600
TNA is the go to man for this. I'm sure he will weigh in shortly. From what I've gathered, GMAT is pretty important and you should really aim to get that score more in the 650+ range. Check out TNA's site, msfhq.com for a TON of info.
NYC is tough. You'd think the city would have a ton of programs, but they don't.
I'd suggest you check out Baruch. I have a draft blog post ready on my site regarding their brand new program. It is in the approval process, but should be ready for fall of this year. Looks like a really good offering.
Outside of that you could check out Rochester. The have a NYC MSF and MiM. The MSF is really for people with some work experience, but the MiM would work if you were more junior.
Pace has a program, as does Houston. They aren't really programs that the schools focus on so you'll be on your own.
These are really what you have when looking for MSF's in NYC. There are other programs outside of NYC that place there, but in the city you are limited.
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