Business School and Trading

Is business school really the key to break into trading?

This has been popping into my head a lot lately, with the job market as it is today, more and more prospective monkeys have dropped the chase and picked up the books instead to realize their BSD dreams.

Here on WSO, after the usual networking advice, "Go back to school" or "Take an MSF" has become the default response when people post here with trouble snagging jobs in trading.

But will it really help?

Or is a career in trading really dictated from undergrad?

Browsing through placement stats at msfhq.com, (check it out by the way, it has everything you need regarding MSFs/MFEs, plus it's run by our man Anthony) a large percentage of MSF placings fall into IBD rather than S&T, contrary to popular belief.

MFE placements into S&T however are pretty solid, Princeton's especially. (Gee, do you suppose?) But then again outside of Princeton and a few others you might be relegated to be a quant.

Not like that's a bad thing, it's just not everyone's cup of tea.

Then you have the MBAs.

Talk about an uphill battle, less than 20 MBAs every year end up with trading jobs. Some even say that 99% of MBA hires will never trade or get the chance to. With over 6000 students at the top 7 alone, I like my chances of getting a booty call from Irina Shayk better.

That said, are careers in trading only viable coming out of undergrad?

Is business school that big of a help?

All things being equal, it sure doesn't look that way.

Sadly for some, it may be their only option.

Comments (39)

Best Response
Nov 29, 2010 - 8:19pm
Midas Mulligan Magoo, what's your opinion? Comment below:

There's very little correlation between Bschool and trading, not saying it doesn't happen but whatever the numbers are they are only bound to decrease. The simple fact is that in today's world where HR girls are Goddesses to anyone not coming from the creme de la creme programs (or HEAVILY plugged) you are almost definitely going to have a trading track record if you want to get a shot at trading.

Speaking to some pretty influential guys I got the same line "oh yeah they don't even want anyone w/o a techincal background anymore". As far as "being relegated to a quant" I'm not sure what you mean, bro...quants are where trading is going if it hasn't gotten there already. A solid post Masters/Phd quant with some tangible experience and basic supra simian social skills can expect to see 250K as a base coming out.

I know that doesn't help dude but down the line Bschool's an asset. Keep in mind this is one of the worst times in history to be in your position, you can't kick yourself about things that are out of your control.

For the end, I'm going to tell you what I tell everyone here who asks this question. Trade your own dollar. You don't need a million bucks, but if you can trade your own account for 6 months with some decent alpha that is something you can take to a prop shop and they will definitely look at you. This is the best advice anyone can give you, because it is the ONE THING that nobody can ignore. All the diplomas, connections and bullshit stops when you hit the field. Read my post from earlier today. Think about it. That dude couldn't get an interview at a trading firm a decade ago. Today, if he showed up somewhere and showed them his account statements, they'd get down and blow him on the spot.

Not a solution to anything, I know. Best I can offer, though. Good luck.

Nov 29, 2010 - 11:15pm
K3, what's your opinion? Comment below:
Midas Mulligan Magoo:
There's very little correlation between Bschool and trading, not saying it doesn't happen but whatever the numbers are they are only bound to decrease. The simple fact is that in today's world where HR girls are Goddesses to anyone not coming from the creme de la creme programs (or HEAVILY plugged) you are almost definitely going to have a trading track record if you want to get a shot at trading.

Speaking to some pretty influential guys I got the same line "oh yeah they don't even want anyone w/o a techincal background anymore". As far as "being relegated to a quant" I'm not sure what you mean, bro...quants are where trading is going if it hasn't gotten there already. A solid post Masters/Phd quant with some tangible experience and basic supra simian social skills can expect to see 250K as a base coming out.

I know that doesn't help dude but down the line Bschool's an asset. Keep in mind this is one of the worst times in history to be in your position, you can't kick yourself about things that are out of your control.

For the end, I'm going to tell you what I tell everyone here who asks this question. Trade your own dollar. You don't need a million bucks, but if you can trade your own account for 6 months with some decent alpha that is something you can take to a prop shop and they will definitely look at you. This is the best advice anyone can give you, because it is the ONE THING that nobody can ignore. All the diplomas, connections and bullshit stops when you hit the field. Read my post from earlier today. Think about it. That dude couldn't get an interview at a trading firm a decade ago. Today, if he showed up somewhere and showed them his account statements, they'd get down and blow him on the spot.

Not a solution to anything, I know. Best I can offer, though. Good luck.

Okay this guys knows what he's talking about... and guess what, thats what i did except i presented my balances to a big bank and i got in easy... competing against Ivy's with absolutely no trading relevant experience. Just my bucks saved from internships and some cash here and there... i was considering selling my car at some point to make more money too.. thank god i got hired very quickly cause i was about to do it.

.
  • 2
Nov 29, 2010 - 8:27pm
smiths429, what's your opinion? Comment below:

" less than 20 MBAs every year end up with trading jobs."

Where did you get this from? Certainly it's tough to break in with an MBA. GS and I think J.P. don't recruit MBAs for their S&T program, but a handful of other firms do . . . Barcap, MS etc. Factor in the small shops . . . I think 20 is too low.

Nov 29, 2010 - 8:29pm
monty09, what's your opinion? Comment below:
smiths429:
" less than 20 MBAs every year end up with trading jobs."

Where did you get this from? Certainly it's tough to break in with an MBA. GS and I think J.P. don't recruit MBAs for their S&T program, but a handful of other firms do . . . Barcap, MS etc. Factor in the small shops . . . I think 20 is too low.

not true.. gs and jp hire mba's

Nov 29, 2010 - 8:33pm
James Hunt, what's your opinion? Comment below:

Consider that many of the people who are heads of a desk have an MBA. Although, that may be looking out too far in the future for a fresh sprout who wants to start trading. That being said, the path it isn't so cut and dry as say... IBD.

Good thread. SB for everyone.

In 1976, James Hunt broke the sound barrier through Eau Rouge only to retire before the event finished... following the race he had sex with three Belgian nurses at the clubhouse near La Source.
  • 1
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Nov 29, 2010 - 8:47pm
monty09, what's your opinion? Comment below:
James Hunt:
Consider that many of the people who are heads of a desk have an MBA. Although, that may be looking out too far in the future for a fresh sprout who wants to start trading. That being said, the path it isn't so cut and dry as say... IBD.

Good thread. SB for everyone.

this is true.. every desk head i worked for had a MBA

Nov 29, 2010 - 8:53pm
Status_Quo, what's your opinion? Comment below:
Jorgé:
Talk about an uphill battle, less than 20 MBAs every year end up with trading jobs. Some even say that 99% of MBA hires will never trade or get the chance to. With over 6000 students at the top 7 alone, I like my chances of getting a booty call from Irina Shayk better.

Source?

http://ayainsight.co/ Curating the best advice and making it actionable.

  • 1
Nov 29, 2010 - 9:23pm
Jorgé, what's your opinion? Comment below:

Midas,

Thanks bro really, I appreciate it. I am going through with Business school though don't worry, just wanted to hear the peoples thoughts on it in regards to a career in trading. As you said, it has little correlation to trading yet thousands of people take MSFs and MBAs hoping to push the restart button on their careers, was wondering what their perceptions of it were.

About the quant thing, yeah, not the best choice of words. Me not wanting to be one has something to do with that probably. Haha. I know it's foolish not to see that that's where the world is headed though.

smiths429,

Yeah, my bad on that thanks, didn't account for the other shops. Will change it after I get a proper figure.

Mr. Hunt,

Seeing that I've ran out of credits, here's a silver McLaren for you bro.

People like Coldplay and voted for the Nazis, you can't trust people Jeremy
  • 2
Nov 29, 2010 - 9:32pm
happypantsmcgee, what's your opinion? Comment below:

Sorry Jorge, this is James' favorite car, he told me himself

http://www.cargurus.com/blog/wp-content/uploads/2010/01/2011_hyundai_equus.jpg

The few trading places I have interviewed with are my only real frame of reference on this, but in those cases, the only guys with MBA's were the risk guys and the higher ups who didn't trade

If I had asked people what they wanted, they would have said faster horses - Henry Ford
  • 1
Nov 29, 2010 - 9:35pm
Jorgé, what's your opinion? Comment below:
happypantsmcgee:
Sorry Jorge, this is James' favorite car, he told me himself

http://www.cargurus.com/blog/wp-content/uploads/2010/01/2011_hyundai_equus.jpg

LOL

People like Coldplay and voted for the Nazis, you can't trust people Jeremy
Nov 29, 2010 - 9:35pm
Blank999, what's your opinion? Comment below:

Another thing to remember is that MFE's typically place in a narrow spectrum of trading. Most develop algorithms or test our trading systems.

  • 1
Nov 29, 2010 - 9:41pm
shorttheworld, what's your opinion? Comment below:

in terms of trading, are we saying prop trading, flow S&T trading, or portfolio management-esque roles that lead to trading/portfolio management at a hedge fund? i think that ends up being

in terms of MBAs going into trading, i know that Columbia and Chicago tend be very trading oriented as well as NYU, MIT, Wharton being good for pulls in those directions... and Tulane obviously for energy trading. i know SAC used to pull a few guys from stern each year for associate roles that fed into portfolio management trading roles based on some of their 'careers' profiles they have on their site. outside of these youre going to probably have to count your blessings to get into trading

the quant roles are kind of a double edged sword imho -- you may land trading roles but at the same time you may be relegated to being a programmer monkey. whether this is any 'better' than the other options that you may be getting if you get an MBA is up to you. besides, to go from a math phd background and breaking into high finance is probably a lot harder than we think -- actually i dont really know MUCH on this but i cant see GS or MS or barcap or etc running to wharton or harvards math department and being like ZOMG GIVE ME UR MATH PHDZ LUL and this being the 'best' recruiting method either

JUST SOME COMMENTARY FROM A SILLY LITTLE PROP TRADER

Nov 29, 2010 - 10:00pm
James Hunt, what's your opinion? Comment below:
Jorgé:
Mr. Hunt,

Seeing that I've ran out of credits, here's a silver McLaren for you bro.

Silver Mac's are always appreciated.

happypantsmcgee:
Sorry Jorge, this is James' favorite car, he told me himself

http://www.cargurus.com/blog/wp-content/uploads/2010/01/2011_hyundai_equus.jpg

How dare you defame my good name with such fecal matter. Someone won't be receiving a Festivus greeting card from me this year.

Good one, though. A real funny man you are.

In 1976, James Hunt broke the sound barrier through Eau Rouge only to retire before the event finished... following the race he had sex with three Belgian nurses at the clubhouse near La Source.
  • 1
Nov 29, 2010 - 11:09pm
K3, what's your opinion? Comment below:

B school... even undergrad B school would make no difference in the hunt to becoming a trader...

if you think your hot shit, PROVE IT... snap shot and document your trading for a month during an indifferent trending market and show it to a recruiter by just showing up to other University career fairs.... if your as good as you can prove, trust me, you'll get a job... i did it.

one simple observation before you begin your $$ dumping and losing, traders are BORN not made overnight... we think money money money trend strategy execution and PROFITS.... if you dont conduct your life like this regularly, guess what... your not a trader.

hope this helps.

.
  • 1
Nov 29, 2010 - 11:12pm
K3, what's your opinion? Comment below:

by the way... the guys who usually have MBAs on trading desks just get it after they became traders, not to become traders... the MBA is FOOO FREE.. thats why im doing one... it'll just increase how much money i make.

.
Nov 29, 2010 - 11:13pm
Blank999, what's your opinion? Comment below:

I was talking to Balbasur and I said if you really want to get serious about paper trading you can make it pretty impressive.

Go to Investopedia or something and set up a fake account. You can typically export this to excel. Do a daily PnL. Factor in transaction costs, taxes, whatever. Detail every trade, stop loss, hedge, risk measure, whatever. Calculate the DEAR or VAR. Sharp ratio, returns, everything. After a year or two you will have a massive record of your trades, why, profit, etc.

I personally think, and those in trading correct me, but if some kid comes with a bound 100 page document detailing ratios and every trade and performance, you will be 100x more impressed and take them much more serious. Now this is assuming all the other stuff is in line (resume, GPA, internships, etc).

  • 3
Nov 30, 2010 - 12:28pm
Gomez Addams, what's your opinion? Comment below:
Anthony .:
I was talking to Balbasur and I said if you really want to get serious about paper trading you can make it pretty impressive.

Go to Investopedia or something and set up a fake account. You can typically export this to excel. Do a daily PnL. Factor in transaction costs, taxes, whatever. Detail every trade, stop loss, hedge, risk measure, whatever. Calculate the DEAR or VAR. Sharp ratio, returns, everything. After a year or two you will have a massive record of your trades, why, profit, etc.

I personally think, and those in trading correct me, but if some kid comes with a bound 100 page document detailing ratios and every trade and performance, you will be 100x more impressed and take them much more serious. Now this is assuming all the other stuff is in line (resume, GPA, internships, etc).

Just about anyone can look like a genius on paper. If you have two years of brilliant paper profits, you better prove that you learned from mistakes along the way. And you better be able to articulate why your paper profits will definitely not look so good in the real world.

Dec 1, 2010 - 6:56pm
Bondarb, what's your opinion? Comment below:
Anthony .:
I was talking to Balbasur and I said if you really want to get serious about paper trading you can make it pretty impressive.

Go to Investopedia or something and set up a fake account. You can typically export this to excel. Do a daily PnL. Factor in transaction costs, taxes, whatever. Detail every trade, stop loss, hedge, risk measure, whatever. Calculate the DEAR or VAR. Sharp ratio, returns, everything. After a year or two you will have a massive record of your trades, why, profit, etc.

I personally think, and those in trading correct me, but if some kid comes with a bound 100 page document detailing ratios and every trade and performance, you will be 100x more impressed and take them much more serious. Now this is assuming all the other stuff is in line (resume, GPA, internships, etc).

I actually think this is good advice if you are going to go the paper trading route. Especially the bit about calculating everything including transactions costs, etc. But the key is that you really have to understand all this stuff so you can discuss it intelligently. Before I got to trade myself (professionally) i bugged my boss about it for months and finally he said "ok set up a paper acct" with no further guidance. I did exactly the above and way exceeded his expectations with time stamps for the trades, the carry on FX and bond trades calculated to the penny, etc. At the end of each month I sent him a whole data dump with my winners vs losers %, average winner, avg loser, sharpe ratio, etc. I did not make a big deal out of my results because nobody really thinks paper trading results are that "real" but it demonstrated alot of knowledge and commitment. After six months of that it made it hard for him not go give me something real to work with (since it seemed i took my paper acct more seriously then some of the traders working for him and running real money) which I am not sure he even wanted to do at first.

Even better, however, would be all the above info calculated in excel along with actual statements from your broker proving real non-paper results.

Bottom line is that paper trading is what you make of it. It can be impressive if done right or it can be a negative if its done half-assed.

Dec 9, 2010 - 11:56am
Gomez Addams, what's your opinion? Comment below:
Bondarb:
Anthony .:
I was talking to Balbasur and I said if you really want to get serious about paper trading you can make it pretty impressive.

Go to Investopedia or something and set up a fake account. You can typically export this to excel. Do a daily PnL. Factor in transaction costs, taxes, whatever. Detail every trade, stop loss, hedge, risk measure, whatever. Calculate the DEAR or VAR. Sharp ratio, returns, everything. After a year or two you will have a massive record of your trades, why, profit, etc.

I personally think, and those in trading correct me, but if some kid comes with a bound 100 page document detailing ratios and every trade and performance, you will be 100x more impressed and take them much more serious. Now this is assuming all the other stuff is in line (resume, GPA, internships, etc).

I actually think this is good advice if you are going to go the paper trading route. Especially the bit about calculating everything including transactions costs, etc. But the key is that you really have to understand all this stuff so you can discuss it intelligently. Before I got to trade myself (professionally) i bugged my boss about it for months and finally he said "ok set up a paper acct" with no further guidance. I did exactly the above and way exceeded his expectations with time stamps for the trades, the carry on FX and bond trades calculated to the penny, etc. At the end of each month I sent him a whole data dump with my winners vs losers %, average winner, avg loser, sharpe ratio, etc. I did not make a big deal out of my results because nobody really thinks paper trading results are that "real" but it demonstrated alot of knowledge and commitment. After six months of that it made it hard for him not go give me something real to work with (since it seemed i took my paper acct more seriously then some of the traders working for him and running real money) which I am not sure he even wanted to do at first.

Even better, however, would be all the above info calculated in excel along with actual statements from your broker proving real non-paper results.

Bottom line is that paper trading is what you make of it. It can be impressive if done right or it can be a negative if its done half-assed.

Excellent post.

Nov 30, 2010 - 1:18pm
Winnfield, what's your opinion? Comment below:

I first began researching b-school because I wanted to switch careers into bulge bracket trading.

I did extensive research and the landscape is discouraging.

While the anti-MBA rap is excessive and doesn't correspond with recruitment reality (every year the big 3 of finance - Chicago, Wharton and Columbia - place around 20 people per year in S&T, with NYU and others also pitching in), the fact of the matter is, banks are shedding their work force, particularly in S&T, as it seems like revenues have plummeted and are not expected to resurface.

See http://www.bloomberg.com/news/2010-11-30/barclays-capital-said-to-plan-more-job-cuts-by-end-of-january.html which is hot off the press.

That said, it's not all doom. One of the alumni who interviewed me is working as a structurer in a bank that leads that particular market. He made it sound very doable. I remember visiting Kellogg's IB and CM club's website last year (a terrible job market at a school not known for quantitative finance) and saw that both Citi and Morgan Stanley were doing S&T recruitment on-campus. It said MS was looking to hire EIGHT cumulative into their equity and fixed income desks. Kellogg's incredibly transparent, though, and in terms of actual hires, I think there were a few Credit Suisse sales jobs in fixed income and equity derivatives (can't recall).

What is less obvious is how many people are going into sales, how many into structuring, how many into trading, what their backgrounds were, and what the process was like.

I don't understand where all this anti-MBA vitriol comes from: it's a chance for people who discovered their passion for markets a little later to get back into the game. I don't see why people who come in humble and hungry and ready to start from scratch can't be part of the process just because of age (as long as the right attitude is there).

However, in this environment, in which no one is hiring, who the hell knows?

Does anyone working at a BB have any intel on the latest MBA hires (if any at all) and what went on in the selection and recruitment process?

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
  • 2
Nov 30, 2010 - 1:36pm
Brady4MVP, what's your opinion? Comment below:
jtbbdxbnycmad:
I first began researching b-school because I wanted to switch careers into bulge bracket trading.

I did extensive research and the landscape is discouraging.

While the anti-MBA rap is excessive and doesn't correspond with recruitment reality (every year the big 3 of finance - Chicago, Wharton and Columbia - place around 20 people per year in S&T, with NYU and others also pitching in), the fact of the matter is, banks are shedding their work force, particularly in S&T, as it seems like revenues have plummeted and are not expected to resurface.

See http://www.bloomberg.com/news/2010-11-30/barclays-capital-said-to-plan-more-job-cuts-by-end-of-january.html which is hot off the press.

That said, it's not all doom. One of the alumni who interviewed me is working as a structurer in a bank that leads that particular market. He made it sound very doable. I remember visiting Kellogg's IB and CM club's website last year (a terrible job market at a school not known for quantitative finance) and saw that both Citi and Morgan Stanley were doing S&T recruitment on-campus. It said MS was looking to hire EIGHT cumulative into their equity and fixed income desks. Kellogg's incredibly transparent, though, and in terms of actual hires, I think there were a few Credit Suisse sales jobs in fixed income and equity derivatives (can't recall).

What is less obvious is how many people are going into sales, how many into structuring, how many into trading, what their backgrounds were, and what the process was like.

I don't understand where all this anti-MBA vitriol comes from: it's a chance for people who discovered their passion for markets a little later to get back into the game. I don't see why people who come in humble and hungry and ready to start from scratch can't be part of the process just because of age (as long as the right attitude is there).

However, in this environment, in which no one is hiring, who the hell knows?

Does anyone working at a BB have any intel on the latest MBA hires (if any at all) and what went on in the selection and recruitment process?

Most of those people are going into sales, not pure trading.

Having said that, the anti-MBA vitriol is ridiculous. A top program is well worth the money.

Nov 30, 2010 - 1:43pm
monty09, what's your opinion? Comment below:
jjc1122:
jtbbdxbnycmad:
I first began researching b-school because I wanted to switch careers into bulge bracket trading.

I did extensive research and the landscape is discouraging.

While the anti-MBA rap is excessive and doesn't correspond with recruitment reality (every year the big 3 of finance - Chicago, Wharton and Columbia - place around 20 people per year in S&T, with NYU and others also pitching in), the fact of the matter is, banks are shedding their work force, particularly in S&T, as it seems like revenues have plummeted and are not expected to resurface.

See http://www.bloomberg.com/news/2010-11-30/barclays-capital-said-to-plan-more-job-cuts-by-end-of-january.html which is hot off the press.

That said, it's not all doom. One of the alumni who interviewed me is working as a structurer in a bank that leads that particular market. He made it sound very doable. I remember visiting Kellogg's IB and CM club's website last year (a terrible job market at a school not known for quantitative finance) and saw that both Citi and Morgan Stanley were doing S&T recruitment on-campus. It said MS was looking to hire EIGHT cumulative into their equity and fixed income desks. Kellogg's incredibly transparent, though, and in terms of actual hires, I think there were a few Credit Suisse sales jobs in fixed income and equity derivatives (can't recall).

What is less obvious is how many people are going into sales, how many into structuring, how many into trading, what their backgrounds were, and what the process was like.

I don't understand where all this anti-MBA vitriol comes from: it's a chance for people who discovered their passion for markets a little later to get back into the game. I don't see why people who come in humble and hungry and ready to start from scratch can't be part of the process just because of age (as long as the right attitude is there).

However, in this environment, in which no one is hiring, who the hell knows?

Does anyone working at a BB have any intel on the latest MBA hires (if any at all) and what went on in the selection and recruitment process?

Most of those people are going into sales, not pure trading.

Having said that, the anti-MBA vitriol is ridiculous. A top program is well worth the money.

disagree

Nov 30, 2010 - 1:22pm
monty09, what's your opinion? Comment below:

I do and honestly it is nothing against the mba's its the talent already on desk.. we have 7 people on my desk with over 4 years of trading exp and under 27.. no mba will get up to speed against that... its a safe bet to go with exp people which is why you will find fewer mba's in trading. those hires still need jobs and once they learn that trading is not happening.. sales, marketing, etc etc are doors that open...

Nov 30, 2010 - 1:31pm
Winnfield, what's your opinion? Comment below:

monty09, that sounds like a cool desk. You must be having fun.

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
Nov 30, 2010 - 2:01pm
Brady4MVP, what's your opinion? Comment below:
monty09:
agree to first line. disagree to second..

the moves people made 5 years ago are getting tougher and tougher

economy is picking back up. at least for finance, the hedge funds and investment management firms are recruiting aggressively at the top schools like harvard, wharton, booth, columbia.

the social aspect is subjective, but b-school is probably the 2 most fun years of your life. it's a unique experience.

Nov 30, 2010 - 2:02pm
Winnfield, what's your opinion? Comment below:

No interest in prestige here.

Lots of interest in learning the fundamentals that I missed in college and became aware of through work. The MBA provides that.

Lots of interest in markets for liquid securities. The MBA seemingly does not provide that on the sell-side. It may, depending on one's background and hustle, provide opportunities for the buyside.

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
  • 1
Dec 1, 2010 - 11:52am
koske, what's your opinion? Comment below:

Some really good posts and insight from a variety of people above.

What do you guys think about going as a junior from a top-ish IB in Europe into a S&T internship, in the aspiration of getting into S&T down the road.

You think its a case of taking one step backwards to take two steps forwards? Or is it not feasible, becuase I am just wondering along with other people in my position (hopefully there are still some left) if this is a way of getting into S&T?

As for the MBA comments above, I have to say, I still belive an MBA from a TOP program holds good value (both academicly [if you have good parctial work experience prior], and monetarly[how much more incrementaly you will make after MBA completion]). With that said, and which I assume it is understood by all on this forum, having all these credentials means JACK SH*T if your a complete muppet, you have to be personable, interactive and most of all self motivated to get anywhere in this business.

I

- Only time will tell....
  • 2
Dec 1, 2010 - 1:53pm
K3, what's your opinion? Comment below:

guys... think of the top traders you may know or heard about... do they have MBAs? the majority of them were traders before any mba was considered....

That should answer some questions.

.
  • 1
Dec 3, 2010 - 12:56pm
TomNext, what's your opinion? Comment below:

I am a trader at a non-BB bank. I applied to b-school (yale and CBS in 2008, stern in 2009) with a 710 gmat. all of my essays spoke about wanting to stay in trading and move to a BB. I did not get into any schools.

At this point, one or two years later, in most ways I'm glad that I did not get in.

another trader

Mar 14, 2011 - 2:06am
Brady4MVP, what's your opinion? Comment below:

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Mar 14, 2011 - 3:19pm
monty09, what's your opinion? Comment below:

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Career Advancement Opportunities

September 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (= =) 99.2%
  • Bank of America Merrill Lynch (▲04) 98.8%
  • Financial Technology Partners (+ +) 98.5%
  • Evercore (▽02) 98.1%

Overall Employee Satisfaction

September 2022 Investment Banking

  • Jefferies & Company (▲12) 99.6%
  • Greenhill (▲07) 99.2%
  • Evercore (▲01) 98.8%
  • PJT Partners (▽02) 98.4%
  • Macquarie Group Limited ABN (▲21) 98.1%

Professional Growth Opportunities

September 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (▲03) 99.2%
  • PwC Corporate Finance (▲12) 98.8%
  • Bank of America Merrill Lynch (▲05) 98.5%
  • Houlihan Lokey (▲05) 98.1%

Total Avg Compensation

September 2022 Investment Banking

  • Director/MD (10) $613
  • Intern/Summer Analyst (318) $407
  • Vice President (38) $392
  • Associates (209) $257
  • 2nd Year Analyst (130) $163
  • 3rd+ Year Analyst (19) $160
  • 1st Year Analyst (438) $151
  • Intern/Summer Associate (83) $150