How to position myself for an S&T role from a non-target
Hello chimps, I'm a senior graduating this December majoring in Math and Econ. I'll be concise, so here are the pros and cons of my CV:
Pros:
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Lots of quantitative classes pertinent to trading (Regression Analysis, Stat. Inference, Financial Engineering, Python)
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Taking the CFA Level 1 Feb '24
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Financial modeling projects (again more quant-oriented, like ML/Regression stuff)
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Internship (and job offer) in a Data Science/Analytics role at a Fortune 100
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Econ research assistant
Cons:
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Non-target (Rutgers/Penn State/Ohio State level state school)
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Less than ideal GPA (~3.6/4.0)
I slacked off a lot during my sophomore year and some part of my junior year and really did not have any idea about what I was gonna do till the end of junior year. I applied to analytics/data science roles for my junior year internship as I figured that's what I wanted to do, but alas, I got hooked on trading, specifically quant/prop trading. Applied to some of those internship roles and didn't get any offers. I currently have a call back from my internship but do not want to work there - I have it as a backup but I've been looking for trading roles. I have applied to quant/prop trading positions but am keener on S&T as I want more cross-asset exposure. Frankly speaking, that is not going too well; I have one or two prop shops I'm in the process with, was just rejected by HSBC after passing all the assessments, and still waiting on Standard Chartered and Barclays (although I am not keeping my hopes up).
Right now, I'm studying for the CFA to add an edge to my application and also because I'd like to eventually be an analyst/PM at a hedge fund (lofty goals, I know). I'm also doing cold outreach to a lot of smaller hedge funds, have a couple interesting vol/macro places that got back to me. I'm hoping to get an offer for a trading role or an analyst/trader role at one of these hedge funds, but realistically, I'd probably end up taking my call back offer. I reckon I'd do grad school after one or two years of work experience. Do you have any tips on what specific programs are good, networking advice, or anything within the general realm of making into trading?
Hey there, future Wall Street whiz! It sounds like you've got a solid foundation in quantitative skills and a clear vision of where you want to go. That's half the battle won right there! Now, let's talk strategy.
First off, don't underestimate the power of networking. It's not just about who you know, but who knows you. Start by reaching out to alumni from your school who are in the industry. LinkedIn is a great tool for this. Be genuine, express your interest in their work, and ask for advice. You'd be surprised how many people are willing to help.
Next, consider joining finance clubs or organizations, both at your school and in the wider community. This can provide valuable networking opportunities and give you a chance to learn from others in the field.
As for your GPA, while it's not ideal, it's not a deal-breaker either. Many firms value practical experience and skills over grades. Your internship and projects demonstrate that you have real-world experience, which is a big plus.
In terms of the CFA, it's a great credential to have, but keep in mind it's a long-term commitment. It might be more beneficial to focus on gaining practical experience in the short term.
Regarding grad school, a Masters in Financial Engineering could be a good fit given your interest in quant trading. Columbia has a well-regarded program, but there are many others out there. Do your research and find the one that best fits your career goals.
Finally, remember that the path to Wall Street is not a straight line. It's okay to take detours and explore different roles along the way. Each experience will teach you something valuable and bring you one step closer to your goal.
Keep your chin up, keep hustling, and remember: even monkeys fall from trees sometimes. But they always get back up and keep climbing. You've got this!
Sources: Advice Needed - Quant to S&T - How to sell my experience?, Advice for a 21-year-old entering BB S&T?, How to break into S&T as a graduate?, WSO Hall of Fame: Trading Forum
Network. Start with connections through people like family, friends, and professors (given you're a TA). When these individuals ask you what they can do to help you, your answer should be to put you in contact with more people who might have insight into achieving your goals. This will compound and eventually you'll talk to someone who is hiring or knows of a desk/manager hiring. The back door entrance still gets you in the building.
Thank you for your response - love the 'back door entrance still gets you in the building'.
If you can’t network your way in, then figure out a sideway into the business. Different products have different side routes of getting in. I started in the middle office in a role dealing with my current product for a little over a year after graduating, met the S&T people I was helping support, and eventually got into a junior S&T role for the desk I was supporting. It took a little extra time but if you find a side route it can still work out.
Thanks, would you say trading operations is a role that I could potentially pivot from?
What desk? Dependent on desk. I wouldn’t expect to go from operations to an exotic derivatives desk, but possibly on a more vanilla desk.
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