If someone wanted to be a fixed income research/financial analyst, and eventually a portfolio/money manager within fixed income, which grad degree(s) are best? I ask, because I recently found out that fixed income research is more technical than equity research, so I've wondered if this changes the relative usefulness of grad degrees. For example, is an MSF more useful in FI than equity research and equity portfolio management? Is an MSF a better degree for a fixed income specialist than the MBA? What about other degrees, such as Masters in Econ, Masters in Financial Engineering, Masters in Stats, etc? Are there any other degrees you would recommend looking into for someone who wants to be a fixed income portfolio manager in the future?
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Rhodes scholarship, but they are hard. Two friends of mine with exceptional resumes were rejected.
Do a PhD in math or econ.
They take 4 years and you won't go into debt. You'll come out much sharper and have greater attention to detail and more methodological sophistication.
If you want an MBA, log into UPhoenix.com and buy it.
Everyone has an MBA. They're diluted and lack rigor.
I am currently in an Econ PhD program, but I don't think I want to stay. For one thing, it actually takes 5-6 years these days to finish. Furthermore, you don't learn much about finance/investing, and none of the professors are involved in the market (they do academic research about finance, but none of them actually work in the industry). The research experience is more abstract and detached from the real world, so I'm not completely convinced it's the best way to break in. With that said, I feel I'll learn some useful skills here (like advanced econometrics), so I think there is a benefit, I just don't know if staying the entire time and earning the PhD is optimal, and instead figure that leaving early maybe the best play. What do you think?
Aside from a PhD, what are the best degree(s) for fixed income? In other words, what masters degree(s) are most worthwhile for someone with my goals/interests?
P.S. In case I didn't make this clear before, I'm not necessarily talking about landing a high-profile job at a BB as a FI analyst. That would be awesome, but those jobs are hard to get. I have more modest goals, namely, getting a job analyzing fixed income securities, even if it's at a small, regional firm. One day, I'd just like to be making investment decisions, and I think FI might be a better fit than equity for me personally, although it's honestly to early to tell.
"Fixed income Research" is a pretty broad term. You could be a credit analyst, a rates analyst, a quantitative researcher, etc. That said, I don't think there's a set rule. I've seen PhDs in each of those jobs, and I've seen people with nothing more than an undergrad degree in those roles. If I were you, I'd be most concerned with your school's reputation in recruiting.
I'd also comment that I've seen a handful of guys who've gone PhD track, but got jobs with ABD ("All-but-dissertation") status. They have the mathematical aptitude to do anything, but they're not officially PhDs....this may be up your alley.
Thanks for the ABD advice. Just out of curiosity, what masters degree(s) would you recommend considering for someone who wanted to do fixed income research? What are your thoughts on the MSF for some interested in FI research? What about your thoughts on the MBA? (I know you said it's a broad field, I'm just looking for some "broad strokes" right now).
I don't know if this is possible at your school, but here's what a close friend of mine did. He was a Bio phd, but absolutely hated it. So he took classes from the Operations department while doing his PhD, and earned enough credit in the end to get an MFE. He got his MFE, dropped out of PhD, and is now a quant on WS.
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