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 fo 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 advistory, 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 the conclusion and I have finally accepted it.
Thinking back to what I truly 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 through 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 but some weeks I spend more time reading on my own than doing my actual job.
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? Something like this program is great: https://www.sipa.columbia.edu/sipa-education/mast…
Ah, the quest for a Master's in Economics that opens doors to macro research or prestigious institutions like the IFC, World Bank, IMF, etc., is a noble one indeed. Based on the most helpful WSO content, let's dive into some insights that might help guide your journey.
First off, your background in CRE and IB, coupled with your promotion to a 2nd Year Associate at a BB in NYC, showcases a strong foundation in finance. This experience, although not directly related to macroeconomic research, has equipped you with analytical skills and a deep understanding of financial markets, which are valuable assets in the field of economics.
Given your passion for macroeconomic research and advisory, and considering your self-taught knowledge in economics, pursuing a Master's in Economics seems like a logical step to formalize your education in this area and pivot towards your desired career path. While you've rightly pointed out that some programs are heavily quantitative or geared towards PhD pathways, there are programs designed with a focus on policy and practical application, which seem to align more closely with your interests.
From the WSO discussions and threads, a few key points emerge for someone in your position:
Target Programs with Strong Placement Records: Look for programs that have a proven track record of placing graduates in institutions like the IFC, World Bank, IMF, or in macro research roles within financial institutions. This often requires digging into alumni outcomes, speaking with current students or alumni, and reviewing the career services support offered by the program.
Consider the Program's Focus: As you've noticed, not all economics programs are created equal. Some are more theoretical and geared towards academia, while others emphasize applied economics, policy analysis, and economic development. Programs like the MPA in Economic Policy Management at Columbia's SIPA, which you mentioned, are designed to blend theory with practical skills in policy formulation and implementation.
Networking and Internships: Leveraging the network of a target program can be crucial for breaking into highly competitive fields. Look for programs that offer opportunities for internships or projects with organizations of interest. This can provide valuable experience and open doors for future employment.
Age and Experience: While you express concern about being "too old" or "inexperienced" for a career shift, it's important to remember that economics and policy fields often value diverse backgrounds and life experiences. Your background in finance and your age could actually be assets, providing you with a unique perspective and maturity that can be beneficial in macroeconomic analysis and policy advisory roles.
In conclusion, pursuing a Master's in Economics with a focus on policy and practical application seems like a viable path for you to achieve your career goals. While the journey may require careful selection of the right program and leveraging internships and networking opportunities, your passion for macroeconomic research and advisory, combined with your finance background, positions you well for this transition. Remember, it's never too late to pursue your professional calling, especially when it aligns so closely with your interests and aspirations.
Sources: Global macro recruiting - a primer, European Master in Finance programmes (pre-experience), Kennedy School of Government (and schools of the like), Economic Consulting Q&A - Past experience at major firms, Which masters to choose?
Ahoy there! It sounds like you're on a quest for a treasure trove of knowledge in the vast ocean of macroeconomic research and advisory. Let's chart a course through the WSO archives to find the map that leads to your dream destination.
Based on the most helpful WSO content and threads, here are some pearls of wisdom for navigating your journey:
Target Programs with Strong Placement Records: You're looking for a Master's in Economics program that not only enriches your understanding but also positions you well for roles in macro research or prestigious institutions like the IFC, World Bank, IMF, etc. The WSO community often highlights the importance of programs with strong alumni networks and placement records in these organizations. For instance, the Kennedy School of Government is mentioned for its placement stats and alumni in similar roles. While not economics per se, it's a beacon for policy and advisory roles.
Consider the Program's Focus: You've rightly noted that some programs are heavily quantitative or geared towards academia. Based on discussions in the WSO forums, it's crucial to find a program that balances theoretical economics with practical policy application and decision-making. Programs like the MPA in Economic Policy Management at Columbia's SIPA, which you mentioned, are highly regarded for blending rigorous economic training with policy execution skills. This aligns well with your aspirations.
Networking and Alumni Engagement: Engage with alumni from programs you're interested in. Many WSO threads emphasize the power of networking. Alumni can provide insights into the curriculum, the program's focus on macroeconomic research and policy, and how it helped them secure roles in desired institutions. They can also offer advice on navigating the application process and making the most of the program.
Age and Experience: Your journey is unique, and while you might feel that certain ships have sailed, the WSO community often shares stories of individuals making significant career pivots at various stages of their lives. Your rich background in IB and CRE, combined with a genuine passion for macroeconomic research, can be a strong selling point in your applications. Highlight how your experiences have shaped your interest in macroeconomics and your commitment to contributing to global economic development.
Skill Development: While formal education in economics is crucial, the WSO community also values self-taught knowledge and practical skills. Continue to deepen your understanding of economics through personal study and consider taking online courses in relevant areas (e.g., monetary policy, econometrics) to strengthen your application. Demonstrating your initiative and ability to self-learn can be compelling to admissions committees.
Remember, embarking on this journey requires a compass that points to your true north—your passion for macroeconomic research and advisory. With determination, the right Master's program, and the support of the WSO community, you're well-equipped to navigate the challenges ahead and reach your dream destination.
Keep your spirits high, and may the winds of fortune guide you to the shores of success!
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?
MPhil Econ at Oxford has great placements at top institutions. However, very academic programme so they mainly look for research potential, which might be difficult to demonstrate.
JHU SAIS Master of art in international economics and finance （MIEF）seems like a perfect match for you given your ambition
@op how did you get on?
Did you take the leap and how have you found recruiting?
Aha- another "macro sounds interesting and I think I could do extremely well at it despite limited relevant background"
1.) How the heck are you going to get into a Masters of Econ without any econ and "not liking quant"...i'm assuming this means math?
2.) Investment research roles are hiring junior staff with very good quant/comp sci skills...but you are not interested in ones that are too much in this direction?
3.) Those policy institutions hire PhD's mostly which again see above; or those from very quanty masters (again see above)
4.) What could substitute, at least on the investment path, would be exceptional trading skills/product knowledge...again not applicable here
5.) The students that do well from an econ lite/quant lite program like SAIS or SIPA are those with relevant prior experience...placements are very misleading bc not like an MBA program where all come out with base level of skills; many of those who go to IFIs/CB/macro research where undergrad STEM and/or had relevant experience
6.) With all due respect I don't think you could write as good of a data driven/supported econ paper as you think you could; if you think you have "opinions about monetary policy" etc that seem like ones you read or hear about what you are likely missing is the talking heads generally worked at one time as an economist so what seems like commentary is actually drawing on a lifetime of quantitative work and/or they are a STEM grad who knows how to read third party/in house statistical/econometric research to draw conclusions
So what are your options? 1.) suck is up and realize you have a solid path/career now and you'd be giving up a ton for an uncertain path; 2.) basically start from 0 and take all the relevant math etc/teach yourself econometrics etc and hope for a junior research role in 2 years +; 3.) take some in between path where you pivot your current role towards more international deals, leverage 3 statement modeling skills to get into international corporate credit or something like, or keep grinding until you'll be so senior that you'll have some responsibility for thinking about macro...good luck
OP here. Coming back to this. Hoping someone else can chime in. Past 12-16 months I have focused on taking online courses, reaching out to people for their input (overall message was you need quant econ background for signaling, not actually apply it to the day to day, and simply know the right people to get in via uni network or general building out network on own time), and applying to multiple European Masters programs. Most of the conversations I had were very productive until I asked about compensation and most of my contacts flat out said that at my current level and total comp package, it would not be an intelligent move to do a masters or pivot. Tough.
Overall, agree with most of the comments from the above poster. Hopefully, you respond to some of my points below as you seem like you have good advice and could give me some direction.
Most of the Macro Econ focused roles I have looked into and people who I have talked to blatantly say it is a hard requirement to have taken Masters or above level courses in econometrics, data analysis, quasi compsci/engineering course, etc. They do say that in their actual roles, unless they are doing research at a CENTRAL BANK or GOV AGENCY, the "research" is more basic finance+econ focused and does not go beyond something someone in credit or equity research would do. My professional background is unfortunately missing the hard econ quant signal needed so unless I network insanely hard which I have been trying to do with little success as most of these jobs have low turnover or openings, the door is shut. I agree with points 1-4.
On 5, I looked into SAIS and SIPA and while the programs look extremely aligned as to what I want to LEARN, not DO (return to investments in a research role not market research for a POLICY role) the background of most of the people in these programs are several YOE in gov agencies and the program states that is the profile they are looking for, not me, a "finance bro".
On 6, agree to a certain extent. I think on a policy side; I am done for. On an investing side, I already do it for my current role (portfolio strategy and management), but like you pointed out, it seems I did not understand the difference between these more quasi policy/gov research roles and investment roles that touch on macro. which is where my disconnect has been in terms of job hunting/targeting. For clarity, my current role is in an asset class I do not find very interesting hence the need to pivot to something else.
On further options, and this is where hearing from you would be most beneficial, I am at a crossroads. Girlfriend is gone, promotions have happened, comp has gone up, and WLB has gotten better. I simply just do not enjoy my work at 100%. It is fun and I do work adjacent to what I want to learn/do, but it is not the "perfect" fit. My whole point over the past year or two has been to try and take a calculated risk and break the comfort I am currently in.
I have applied to several UK based elite/prestigious Political Economics programs and have fortunately gotten in. I decided not to pursue US programs as I have lived in US my entire life, went to US undergrad, and have only ever worked in US. I need some geographic diversity.
All programs are in London and are highly regarded for their fields. My issue with them is that they are either geopolitics and econ adjacent, not economics with geopolitics, which I feel the US does a good job at doing both at the same time. I was happy with the geopolitics angle but after thinking further, I do not think geopolitics + econ would have as high as of an ROI and econ anchor + geopolitics.
My concern, is pursuing a political economics the right path to take? With higher comp coming in (180k+) and exceptional WLB (multiple vacations a year, saving 60%+ of gross pay, etc), the opportunity cost is high to leave my role and rebrand myself as a potential EU or London worker, with substantially lower comp. I could hypothetically come back to the US but would I be able to find a better role especially not coming out of a US program. It is a comp vs passion vs practical skill for job market discussion unfortunately and I cannot make a decision.
I could accept the programs I got into, and supplement on my own time the econ side, but I think I would still lack to the clear econ signal/flag for employers. Another option that does exist is to delay my entry a year and refocus on applying to programs in the US + UK that are more econ focused, and supplement my geopolitics itch with standalone courses. I would also have to crank out Micro/Macro/Econometrics to hit the minimum hurdle to apply. Another item to consider is that my firm has agreed to fund any masters programs as long as it is part time and online. Programs like JHU SAIS Master of art in international economics and finance fit perfectly into this, so does Georgetown, etc. Apologies for long post and stream of consciousness. Appreciate any responses.
Hi- kudos for some honest self reflection. A few things I would just opine on as someone now in a macro PM seat:
1.) I think the people you speak to are exaggerating a bit- i would phrase it more like "a lot want stem phd for hiring but really need undergrad stem for on the job" vs. "need quant skills for hiring but only need typical equity/credit for the job"...and if anything day by day moving more in quant direction...in any event irrelevant if cant get job
2.) easier for finance bro to get in sipa/sais bc of this
3.) don't go to the UK...it's cooked for salaries/asset management firms/quality of life (in know ill get push back but my view)
4.) don't pay to study geopolitics...only people you pay for opinions on geopols are harvard poli sci phds/former diplomats/former 3 latter agency members etc etc
5.) your comp package/WLB is solid but certainly not "call it a day" so i get the attraction of passion but for goodness sake if you;re on a fast trajectory to $1mm in private credit for example stick with it
life isn't fair and things look simpler in retrospect. at the same time i always say give yourself the most options then decide when theyre availabe...well to me clear easy one to turn down masters. If i were you i would do this
a.) apply to serious quant masters you can get hired out of like NYU MA econ (if you cant get in diff story)
b.) apply to JHU type part time to satisfy credential
c.) slowly try to pivot towards LATAM focused deals to satisfy curiosity etc
d.) see what all your options are and decide whether switch is worth it etc
my guess is your best bet will be take the JHU type course + pivot to LATAM deals where need a little bit of that macro + become super rich and pursue being part of think tanks etc as donor/hobby
Great, thanks for the response. Good to know on SAIS and SIPA. In an ideal world where I meet the reccs for all programs SIPA, SAIS, Georgetown, and JHU look excellent to me. Slightly regretting focusing on UK only, especially as I look more into UK/London QoL and pay (assuming I stay in the UK/Euro area for employment). Thoughts on going to the UK and going back to the US? I would target 1 year intensive programs to not lose out on earnings (I do not have sufficient funds to fund on my own 2 years)
On point 4, I now agree. I think it is easier and more logical to satisfy the personal desire/interest to learn and the signal to employers by having a Econ foundation + an elective on geopolitics, rather than Geopolitics foundation + econ electives.
On Point 5, I have friends and alumni from undergrad with 10+ YoE making base + bonus less than my stated base so it is a hard sell to work in UK/Euro. The role I have right now is great on an hourly basis and it is a privilege to be "complaining" about it... it would be cool to study a topic I enjoy in a different country tho. Hence the dilema.
Point 5 A-D, my main goal of pursuing a masters is not be a quant master but to be able to adequately explain the following topics:
Monetary Economics
Development Economics
Macroeconomic Policy
Applied Econometrics
And understand them in the context of geopolitics to then apply that to macro investing.
Turning to programs and whatnot, my firm would pay 100% for any online course (masters, single course, diploma, etc) assuming I do it while working. From my understanding, SIPA + Georgetown are not online but I could take online standlaone courses (waste of time IMO). JHU is the only decent program I have found that is 100% online. They also have 4 course certificates in International Economics (Micro/Macro, International trade, plus electives on any course within the school) or fully online MS programs in Applied Economics or Ms Financial Economics. I am sitting on offers from Kings College and LSE for International Political Economics and Msc Economics courses. The Kings MS Econ program is by far exactly what I wanted (1 yr relatively low cost econ program in other country) but not sure if it is worth it. I am thinking that I could potentially do the JHU certificate and reapply for the next cycle to SIPA + Georgetown with better expectations, a solid plan, and some pre-built econ courses to boost candidacy that I would not have paid for. What would you reccomend with this additional info?
OP here and coming back to this. I actually got into Columbia SIPA EPM. I am now weighing Kings MA IPE in London vs Columbia SIPA EPM in NYC. Columbia has better core econ classes, Kings has better macro + geopolitics classes. I thik the value of being in London as a foreigner is higher than being an American in NYC (I interned in NYC before and did not like it).
Ut nihil vel earum dolores. Culpa voluptatem sunt et vel nulla odit. Distinctio recusandae et ut suscipit vel. Eos ea consequatur et est ut. Quisquam veniam at labore. Veritatis est officiis rerum non voluptate. Voluptas rerum dicta ullam nobis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...