Not sure if anyone has already done this or is contemplating such a move, but would be interested to know how many ex-bankers/traders/ER/buyside guys are now at the SEC/FBI/DoJ in a financial fraud capacity.
Also interested to see if anyone might have similar experience instead at an IMF/Federal Reserve type institution doing more macro-oriented work.
Clearly the IB/PE to public sector path isn't particularly well trodden. Just would like to know if there's a path that doesn't require a pricy graduate degree.
The public sector is slow and boring.
The plus side is you get to keep your job forever.
The negative side is you're stuck in your job forever.
It's easy if you've worked at a prestigious firm. But, why would you? That's giving up money to work with slow people and minimal upside. Only go if you have a passion or need a lifestyle change. There's almost no going back.
not necessarily a bad thing if you've accumulated enough wealth after grinding out a decade in high finance
The public sector is for losers. Dont be a loser be a winner.
idk, i've always liked idea of being financially independent and secure by age 45/50 (meaning I don't have to work to sustain a comfortable lifestyle), yet still having the drive to do something less stressful than high finance.
for example, I get off to the concept of supplementing a modest stream of investment income with a government salary, all while helping out with the investigation to drive a fucking stake into the heart of the next Bernie madoff or steve cohen.
I'll take a stab at answering this--it's a path that I'm also interested in and I have talked to quite a few alums who went down this path (or at least considered it). Sample size for this is probably about 5 (all from top target) and I'm still in school, so take everything with a grain of salt.
First off, everyone that I have talked to has a graduate degree--either JD or PhD. I know that PhD is a requirement for almost any macro place (IMF and World Bank for sure). SEC, FTC, and DoJ almost always require a JD. Also remember that the GS pay scale heavily favors employees with grad degrees.
Actual politics (ie working as a policy advisor for an elected official) is one of the few things I can think of that doesn't require a grad degree--I have met a few ex-consultants who followed this path. Not sure if that is something you are interested in though. It's risker, pretty stressful, and you have very little job security.
Yeah, the cursory research I've done kind of indicates the same - which is unfortunate because you either shell out 250k for the JD or lose 8 years of your life in pursuit of a PhD.
The JD path would probably fit my interests best, but would only make sense if i can get into a top 5.
Look at UK universities for PhDs--much more streamlined process (3-4 years) than American PhDs.
I'm also interested in this. Its tough because the sample size isn't very large. For me, I'm really craving a job with a macro perspective, but don't really know what that would be. I love the markets and macro events, but just not sure the exact position that would fit. Maybe some sort of policy adviser or work for the IMF or World Bank would be worth looking into.
I feel you man. Macro events are fascinating to me as well - not so much the investing/markets side of things, but rather following business cycles, understanding trade and capital flows, and tracking the growth of emerging economies or regression of once promising nations.
I am truly surprised and dismayed that there aren't more substantive roles at the IMF or World Bank for those without advanced degrees.
The only one I would remotely consider is the fed.
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