Alright WSO, a buddy of mine is a lurker here and has enlisted my help. he studied econ undergrad at a non target and has worked in software the past several years, most recently as a software engineer developing enterprise level software in Chicago. he's been accepted to a MSF (top 5 in the US according to Financial Times, no idea how relevant that is), and is looking for guidance.
I gave him the shpiel I normally give here: find out what areas of finance interest you, check your existing network, and if that doesn't work, start cold networking. I'm here to enlist the help of WSO, I think banking would be a good start for him, but I could also see a quant or prop trading shop being a good fit, though he doesn't have a CS background. also keep in mind he'll be in Chicago so I'm assuming most banks' internship programs wouldn't be relevant as they're usually out of NYC or SF.
He's looking for 2 things:
Ideally, an internship this summer before matriculating to MSF in the fall (he's been in the workforce at least 2, maybe 3 years)
Advice on networking/job seeking while in his MSF. it's a 2 year program so while he has time, he wants to get a head start
I've helped some of you here before, now I hope you can help me out as well.
@Cries" @IlliniProgrammer" and @ArcherVice" I seem to remember you having some connection to Chicago, your help would be appreciated
MSF Is a waste of time / money especially for someone with cse degree. You can get the same jobs with just undergrad.
Wtf wants to leave software for Finance?
Why?
Him, obviously.
he doesn't have a CS degree. as I said in the OP, he has an econ degree
he wants to leave software because finance is his true passion. he is paid well but not fulfilled.
What about finance makes it his passion and what doesn't he like about software development?
response from him:
What about finance makes it his passion?
I enjoy following the financial markets and the inter connectivity between them. I enjoy the challenge of finding edges and competing every day against the smartest people in the world. The history of the financial markets intrigues me, and I want to study their evolution. My background is in economics and since graduating college I have built software that analyzes macroeconomic trends as a hobby. Recently I began working on projects for a Trader (he specializes in spread trading), and through data analysis, we have identified hedging opportunities. This has been very fulfilling and rewarding. I now want to make this a career.
What doesn't he like about software development?
It is not so much that I don’t like software development, but more I want to develop software that analyzes financial data. IIT has a strong program for algorithmic trading. My dream job is to develop software that analyzes financial data to find edges.
I come from a similar background, though not CS. I'm finishing up my 2 year MSF and am still interviewing at various places so take my advice with a grain of salt.
In regard to the first question, it's certainly possible to get a pre-MSF internship but it's pretty late in the process to do so. The normal advice on here is to start blindly reaching out to boutiques but that takes up a ton of time. I would start searching for internships through LinkedIn and Indeed as I have seen them posted through the end of April. Look for IB, PE, HF, and other finance roles. Be prepared to take an unpaid internship.
As for the second question, take the next month or two to learn accounting and financial modeling. I made a big mistake trying to network without knowing this stuff as well as I should have and it cost me a few opportunities. Once your friend is comfortable with the technical aspect, start reaching out to alumni over the summer (even before starting the MSF). There's plenty on this site about networking and I don't have anything new to add. With a 2-year program you can leverage those relationships into internships and full-time offers. Note that internships at BBs may be difficult/impossible because of the MSF, which does not fit their hiring mold, so I would focus on MM and boutiques. But it's still a good idea to make connections with BB bankers who will pull for you at FT recruiting if you complete an internship elsewhere.
For reference of how this looks when it works: one of my classmates did a spring internship with a consulting firm, summer internship at a consulting M&A arm, and then got hired at a $200m PE shop.
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