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?
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