Finance major for S&T
Hey, I am currently deciding a major, and I have been planning on majoring in finance, but am interested in S&T, and am wondering if I’m Majoring in finance would be detrimental for my chances of working in S&T. I don’t want to be a full in quant, and am not sure if I want to work in ib, S&T, or another field yet, but I’m just wondering if a finance major would be alright for S&T ( and specifically trading)? Thanks
Finance and Math double major starting FT in S&T this summer happy to help if I can
Thanks for the help, how much do you think your math major has helped you break into the industry? Do you think you would have had a much different experience with just a finance major, as I am considering? And what part of S&T r u going into? Also, how important (or unimportant) is programming in getting a job and actually on the job? Thanks again for the insights and your help, I really appreciate it!
Sorry for the delay. I am joining an SP trading desk, which has more of an emphasis on the quantitative aspect of trading so keep that in mind. I would be lying to you if I said my math major wasn't absolutely huge for networking/recruiting/ and even on the job. Being able to grasp complex concepts in my major made me stand out as being able to handle the more complex desks. I don't know if I can say I wouldn't be here without it, but my genuine opinion is that if you are truly interested in S&T do not do only Finance. My finance major classes helped me on the fixed income/cash flow desks but honestly, that stuff could have been all learned a couple of nights behind a google screen. I love math, and I say that because it was really brutal as a major so do not make a switch just because you want to go into S&T, but maybe consider a quantitative finance or BAIT path if your school offers it.
As for programming, I was virtual last summer so I don't know what it truly feels like to sit on a trading desk but from all of my interactions I have concluded that it is a valuable asset and there is nothing to lose and all to gain from learning it. Hope that helps
Need something else like CS or math if you want to do trading.
It helps a ton, especially when teams are going through resumes. Many senior folks can't code but they look for juniors who can.
What about a program my school offers I computational finance? It involves higher level math (through like Calc 3 I think) a little bit more statistics, and programming in R, all supposedly applied to finance? I could also do the certificate they this program instead of the major, which skips the math, and save my gpa, but I don’t know if that is enough, to hve a finance major with a computational finance certificate.
I'm the person who commented above this, but I want to emphasize gpa and networking are huge for S&T. Make sure you know how difficult your course load will be before making a decision to switch. That being said, I love the math major and wear it as a badge of honor when I tell people, so all power to you.
To answer your questions, math/cs major is not needed. I'm in a trading desk and my background is finance. So you can definitely make it.
However, do I think I would be faring even better with a math/cs major? Absolutely. Not only will it open doors for you, but you will more naturally grasp complex topics/products. It teaches you to think in a certain way that I think is very conducive to a more successful trading career (problem-solving, critical thinking, working through complex problems in a structured manner, etc). Don't get me wrong, these are all things you can learn with time, on your own. But getting a FT offer at a top desk is a numbers game, and you have to stand out. Being average isn't good enough.
Do what YOU like. I can tell you're hesitant of a math/cs major due to GPA possibly suffering. Which is valid. But if you're not naturally interested in such majors, and don't find them incredibly interesting then definitely stray way.
Hey man currently a Finance and Econ double major going to intern at a top BB in S&T. My majors was not a issue for me getting in but you need to have a demonstrated interest in market and be somewhat good at math.
I would say though that not having a CS/math background limited me slightly for more quantitative desks when it came to desk placement.
If you are interested in trading, it would be foolish to not do math/CS (assuming you want to be part of the trading part/ altho math would be good for sales too). It's just a better hedge. Like you should be quantitatively inclined, so why not do something like CS/math that gives you a way to pivot into other fields in the future (namely tech). I'm sure you can get a role in S&T with a finance major, but you should still be good at math and might need to show it for some desks/firms while others don't.
Although you can get into S&T with a non-technical (e.g. finance / plain econ) background, those opportunities are fewer and further between, and that trend is going to continue. Most traders have STEM backgrounds. This is true even for the non-quant and flow seats. I think if you go into S&T with just finance, you're likely going to get steered into sales - which isn't bad, but I'm not sure why you'd want to limit yourself.
Additionally, having a math/cs/engineering degree gives you a lot more flexibility to lateral to other stuff in case finance becomes less attractive or doesn't work out.
Undergrad finance is sort of a joke in terms of work, so I get that you'll have more fun in college going that route vs science, but you should weigh that opportunity cost with the difference in expected ROI and be happy with your choice.
Also would like to add: you don't need insane math skills to be good at trading, but it's a signal that you're able to work hard and think logically. Obviously, you can do that with just a finance major, but then you need to convince everyone you interview with that you're just as smart (or smarter) than the person who decided to do a harder subject.
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