I basically need a lot of help.
Alright then. I'm about to be a senior in high-school and I'm looking at colleges/majors etc. I know that I want to work in finance, but right now, I'm thinking more trading/hedge-fund. I'm a little bit worried about what I should major in (as this will affect what schools I'm looking at). I'm looking at some top schools right now (Wharton, Carnegie Mellon, etc.), but some of the Ivies only have economics versus an undergrad business degree. One of my questions is this: Would a (double) major in statistics/economics be quant enough for trading/hedge fund jobs?
Also, on a bigger scale, will trading continue to be a viable career option? I'm worried that with all the HFT that they might start eliminating human positions.
Lastly, I keep hearing engineering, engineering, engineering. If I don't get into one of these top schools, would an engineering degree be my best bet, considering I still want to work in finance?
Thanks a lot guys.
I think you should worry about getting into a top school first. As far as what to study...major in something that has solid utility but a topic you're also interested in. If you don't want to do engineering, then don't do it even if everybody else tells you to.
Go to Wharton.
The end.
Just apply to all the targets and hope you get into one.
do what you think you will enjoy. Most trading jobs you can major in stats/maths/econ/finance/anything else and you can get in. The ones that need heavy maths/compsci well if you arent that type of person (read programmer type) than you most likely do not enjoy programming enough to beat out other Phd compsci candidates. So assuming you dont want to go down that route it doesnt really matter what you study, find something you are interested in and get top grades. If you are really interested in trading I suggest start reading about trading (I personally started with the market wizards collection which I still re read to thisday), then start going a bit more technical etc. Honestly best advice for your age is to find something you enjoy doing. It will a) make you more succesfull and b) much more interesting than all the finance/business school clones that walk through the doors.
Just dont assume you need to study something specific or business vs econ makes a big difference. I would say Economics/Statistics will prob be the most useful, but you know what, what you need to know about economics is best learnt out of books about past and current crisis, you know those 200 pg paperback books that you find at airports/local bookstores that I guess are classified as "Pop-Econ". Honestly read 10 of those on various topics and you will get a better understanding of economics than from a degree, which more oftne than not gets too bogged down in vairous theories and models and BS. One trader once told me, "everything you need to know about economics can be taught at the pub in 90 mins on the back of napkins". If you want some books to get you started just send me a PM.
Thanks a lot guys. I really wish I could just "go Wharton", but I really don't have the luxury of deciding haha. I'm just worried if I don't get into any top-level schools what I should do. Just try and get into a top MBA, I guess. But, if I'm correct, if I do get a top undergrad, traders don't always need MBA's, correct?
Correct.
But if you don't, attending a top mba will make recruitment to a top firm easier, obv. Also if you want to move up in desk (MD) you'll at least need some post-grad experience (Masters in something)
Ok, cool. If I don't get into a top school, do you think engineering is the way to go?
It doesn't really matter. Either way you're going to have to network a bit harder than if you got into Wharton, for instance. But I think econ/fin would be breezy if you got into eng and actually did well (it's hard AF). If you don't think you'll do well in it, though, I wouldn't go into it (also if you're not interested, forget about it). It all comes down to how good you are at math. More math-> more opportunities.
/././././.
btw the only benefit of an MBA for trading is that it gives another shot at a standardized recruiting process. Noone cares on the floor that you have a Harvard MBA etc.
Yea, I know that a school isn't going to make you a good trader or get you any further after you get the job. I guess I'll know where I'm at by Christmas-time. Thanks guys. Any other advice is appreciated as well
The consensus on this site is generally that if you don't get into a target, you fail at getting a shot at FO roles. Complete bs. OP, just get into a good school and get awesome grades, internships, and network and you'll be golden. You are already ahead of the game in that you even know how to go about getting these things and are on WSO.
I was very late to the game and still managed to land a decent FO position from a complete non target with only satisfactory grades.
Also, it is great that you think you want to be a trader, but you are still in HS! I think that during my college life I changed what I wanted to do like every 4 months (trader, ib, er, quant, so on, so forth).
IMO, if you get into even a semi target and kill it, you'll be fine. Just don't choose a school and major that will pidgeon hole you into something that you thought you wanted to pursue when you are only in HS.
what this guy said
Right, which is why I'm thinking statistics might be a good option. Took it last year in HS and pretty much merked it. My SAT's, grades and subject tests are all there, it's just so competitive to get into these schools. Plus the cost. Ok here's another question. How much debt do you think is "acceptable" for a semi-target/target?
Stats is good. But a double major in math would probably be better (I study econ, it's what I should've done). Btw, you don't need to be a mathematician to be a trader. It will just allow you to trade more complex financial instruments like derivatives, options, and other cray shizz.
Hard to say. I'm from Canada so I laugh at what you guys pay when I can just go to McGill/Ivey and then break into BB fairly easily as a few of my friends have done for about $6000/yr tuition (they work at MS, DB, one at GS). But there's more risk, of course.
As for your question it really depends. Are your parents millionaires? Are you going to be paying for it yourself? What's your risk appetite? Semi-target you never know, you could decide this isn't what you wanna do then wind up with a random degree you won't need (though I wouldn't say worthless). If you go to a top target I think it's definitely worth it but I'd still be reluctant to go $200,000 in debt and then try to start some sort of reasonable life. However, interest rates are really low so if there was ever a time it'd be now. Also, it could motivate you.
If I was to give any advice to you I'd say not to rush into anything like I did. Really there's no pressure even if you take like a year off. Really consider money, the schools ROI, etc. and try to make objective and emotionless decisions.
Computer science might be a good option, too. Or just learn programming on your own (though that's for more quantitative roles it seems, as I pointed out).
Fact.
yea, there's no way I'm going $200k in debt haha. Right now, my parents are reluctant with $80k. I'd be paying half.
And if I would end up at CMU, I'd definitely think about a CS minor.
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