I will complete my MA in Econ within the next year, at which point I will try to get an entry-level job in asset management. If I wasn't having a lot of luck finding work, I was wondering if getting an MSF would help, or if it's just redundant to pair a masters in econ with a masters in finance? If it is redundant, are there other masters degrees I should consider? Or should a masters in econ be enough to last my career? Would it be more useful to get a CFA instead of the MSF?
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It depends on the type of asset management work you'll be doing, or perhaps more importantly, what your future career path is. The MSF is great if you want to do more hardcore quant work.
Alpha's right. The MSF (depending on the school and specific coursework) is known for being very quant.
It's not a bad idea once you know what exactly you'd like to do with it afterwards. I don't know about your economics program, but with the MSF, you can learn more of the practical applications of whatever principles you've learned in economics. I do think the CFA may put you closer to where you want to be than an MSF (not to mention much cheaper than another degree), but just look into the different MSF programs and their course offerings and see if you have any interest in studying that for another 12-24 months.
My MA in Econ will probably be more quantitative than the MSF. I'm in a PhD program in Econ and am considering leaving with a masters. We consistently use math such as calc, probability, matrix algebra, differential equations, and real analysis. In fact, the PhD Finance students have to take all the first year Economics PhD courses, so my classes are actually at the same quant level as future Finance professors. I'm only adding this information, because I'm wondering if that makes the MSF even more redundant for me, since I probably won't be gaining many quant skills? In my program, we don't learn many finance applications of economics, so my interest in the MSF was to gain more practical knowledge/tools for jobs in finance, and am wondering if it's worth it, or if it makes more sense to try to learn the stuff on my own and study for the CFA?
I wouldn't mind studying that for another 12-24 months, assuming it was a wise career decision. The thing I fear, is that it may not help me much since I already have a MA in Econ. The other thing I fear, is that it's an inefficient way to improve my career, and maybe I'd be better off getting the CFA, work experience, etc. Thoughts, advice, insights?
First you need to start networking your way into asset management and try to pull it off without tacking on another diploma. If that doesn't work, then add on another degree and the CFA, but mainly you need to network to break in if there is no formal recruiting process.
Asset management, and buy side in general, is quite hard to get in. Make sure you get a foot in the door before you have too many academic papers.
Well, if you stick with the Ph.D. in economics, you could always have a shot at a quant-focused fund. But before anything else, consider what investment strategies interest you the most. Network your way around that area...and if the hiring market stays slow, then bone up on CFA materials to pass Level I as a demonstration of your commitment to the field. I don't see any harm in doing the MSF, but I don't see the added value of quitting a Ph.D. program for another master's. Might as well stick with it and network your way into a finance gig.
For what it's worth, I've seen plenty of behavioral economists have side gigs running their own AM firms. So maybe that's another possibility you haven't quite considered yet.
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Thanks for the advice. The thing is, my heart is no longer in advanced economics. I don't want to stick around for the PhD. I want to get a masters and hit the job market, that's how I'd be happiest.
Secondly, it'd take me 4 to 5 years after getting my masters to earn the PhD. That's enough time to earn a CFA (and/or MSF) and potentially get some work experience. In other words, the opportunity cost of staying is high.
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