Master's in Economics (U.S/U.K) for Macro-Research or IFC/IMF placement
TLDR; What Master's in Economics programs exist either in the US or UK that have a high likelihood of placing an individual at a Macro research team at a fin institution or a macro research/advisory role at something like the IFC, World Bank, IMF, etc.
Hi everyone, long post but bear with me. Some background, I started off in CRE doing Acq/AM/Dev for a little less than 2 yrs before transitioning to IB where I have recently been promoted to a 2nd Year Asc. I am at a BB in NYC (Non-CRE group). In total I have about 5.5 years of experience. I do not have an advanced degree, BSc in Finance only. US citizen but LATAM parents.
I have been fortunate/lucky enough to have a good amount of deal experience through my roles in both IB and CRE and feel confident that I can transition to "better" (PE/Corp Dev/HF) roles and go the route this forum hypes up a lot (MBA/PE/HF/Master of the Universe Finance Billionaire). However, I have been doing a lot of self reflection and have come to realize that I do not wish to work in Finance or anything "deal" related anymore.
It has taken me a while to realize this, but I have come to the conclusion that my true professional calling is in research and advisory, specifically macro economic research and advisory. At both the roles I have previously worked at, while I did enjoy working on deals, feeling a sense of accomplishment from putting money out the door and/or making money for the team/firm, and developing myself to "think like an investor", I never felt truly passionate about what I was doing and could not see myself staying in the field for the long term. It has taken me a while to come to this conclusion and I have finally accepted it.
Thinking back to what I genuinely enjoy in my roles, I keep thinking of the research reports that would come across my desk and how I would DEVOUR them. Whether the research was on a speciffic CRE submarket, a primer on a random industry, an update on some election in LATAM, or a piece from a bank's ER team, I felt so happy being able to read these reports and absorb so much knowledge. I would and still do strategically plan my day to be able to read whatever Equity, Credit, Macro, Rates, etc (whatever asset/product class) reports I could get my hands on. The reports I LOVE the most are the Macro research reports. I find Monetary Policy and everything relating to the Fed or what any central bank does specifically in EMEA or the America's fascinating. I read these reports so much that I wonder to myself "Why am I even doing this current job when I know that I could write a report like this and not only do well, but absolutely adore doing so?". My dream job would to be an economist at a central bank, a government, or a government/international agency or organization that not only publishes research but makes decisions/investments to promote economic development.
Due to my age (27) and current relationship status (likely to propose to long term girlfriend within the year) I feel as though a lot of ships have sailed for me and I do not want to stick it out in an industry that I have no passion for. I have thought about transferring internally or going to another bank as a macro research analyst or applying to a role with the IFC or World Bank, but due to my age and lack of formal education in economics, I have been rejected in the past and am afraid of chasing a career path without the actual skills needed to perform. I mentioned above I feel as though I could write a research report mainly because I have taught myself econ (personal reading of textbooks, research reports, YouTube, etc) but I have absolutely no formal training as an economist. I have never even taken an economics class....
I have started looking at Master's in Economics programs but have not been able to find a program that fits what I want to do. Some programs only exist as pathways to PhD programs, are too Quant/CompSci heavy, or are more geared to research only and not policy execution or investment/decision making. What advice can anyone on this forum provide to help me with finding a program to pursue and is pursuing a program even worth it or am I simply too old/inexperienced?
Ahoy there! It sounds like you're at a pivotal moment in your career, ready to swing from the branches of high finance into the rich jungle of macroeconomic research and advisory. Let's navigate through the canopy of options based on the most helpful WSO content and insights from the WSO Academy.
Given your aspirations to delve into macroeconomic research and potentially land a role at prestigious institutions like the IFC, World Bank, or IMF, it's crucial to find a Master's program that not only sharpens your economic analysis skills but also opens doors to these organizations. Here's a tailored vine of advice for you:
Target Programs with Strong Placement Records: Based on previous WSO threads, it's evident that certain programs have a stronger track record of placing graduates in macro research roles or at international financial institutions. While specific program names aren't mentioned in the context, it's wise to research and reach out to alumni from programs you're interested in to gauge their career trajectories. Look for programs that boast about their alumni working in places like the IFC, World Bank, or IMF.
Consider the Curriculum: You mentioned a desire for a program that isn't too Quant/CompSci heavy but still offers rigorous training in economics. Based on the highest ranked content on WSO, it's clear that a balance is key. Seek out programs that offer a blend of theoretical economics, policy analysis, and quantitative methods. This will ensure you're well-equipped for research and advisory roles, without being pigeonholed into overly technical positions.
Networking and Internships: The Networking Guide from WSO Courses emphasizes the importance of building connections in your desired field. Look for programs that facilitate internships or have strong ties with international financial institutions. This hands-on experience, coupled with strategic networking, can significantly boost your chances of landing a role at the IFC, World Bank, or IMF.
Location Matters: Based on insights from the WSO Academy, programs located in financial hubs or cities with a strong presence of international financial institutions (e.g., Washington D.C. for the World Bank and IMF) may offer additional networking opportunities and exposure to the macroeconomic research community.
Age is Just a Number: While you express concerns about age and timing, remember that the finance world values experience and maturity. Your background in IB and CRE, combined with a Master's in Economics, could position you as a well-rounded candidate. Many individuals transition into economics and policy roles later in their careers, leveraging their diverse experiences to offer unique perspectives.
In conclusion, while the journey to finding the perfect Master's program in Economics for your goals may seem daunting, remember that with the right mix of research, networking, and strategic program selection, you can chart a course towards your dream role in macroeconomic research and advisory. Keep your spirits high and your curiosity alive, and you'll find the path that's right for you. Best of luck on this exciting adventure!
Sources: Global macro recruiting - a primer, Kennedy School of Government (and schools of the like), European Master in Finance programmes (pre-experience), Economic Consulting Q&A - Past experience at major firms, Which masters to choose?
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