Looking for New Perspectives

Hey everyone, I was hoping to get some advice on my current situation. A bit more superficial details about myself: I go to a state school, study a bunch of STEM stuff, and spent my last two summers (received a return offer as a sophomore) as an intern in equity derivatives at a bank. Perhaps it's because of the current market climate (or maybe because I have kept learning throughout these last years) but I have gotten really interested in global macro, specifically in EM, given that I was raised internationally + everything in macro being interconnected really attracts me to that space. I also really, really like vol products. However, I could not rotate in FICC vol trading desks because my bank splits equities and fixed income into different S&T programs (you know the one...) I received a soft offer sometime in the middle of the summer for an algo options market making desk, but it didn't really attract me since I like the institutional flow side a bit more because I get to talk to clients a bit (makes the job interesting knowing who's on the other side vs the CP being a WSB YOLOer lol), the possibility of managing my own book and learning how to take/manage risk, and so on. Because of this, I kept saying no to that desk throughout the summer because I wanted to pursue my passion (if I don't do this now that I'm young, then when? maybe this is a naive line of thinking? still unsure). The two macro-y desks in equities that traded vol were not hiring this summer, unfortunately. So yeah, I ended the summer with no job, mostly my doing. Now I have to figure out what to do with my life, and this is where I could really use some advice. I was thinking of a couple ideas: 1) Apply for banks FT and pray, but they don't seem to be taking many people at the moment 2) Apply to prop shops and keep learning vol even though they don't have the wide array of products you'll find at a bank and they don't cover EMFX and EM rates; however, their expansion into the institutional options flow business attracts me 3) extend my graduation by a semester or two and apply for summer analyst positions at banks once again (intern 3 times in a row then... gonna look like that intern robert deniro movie haha) and 4) try to clutch an MFE and hopefully get into a bank (not really considering buy side at the moment) as an associate. What do you think? I feel like a bum right now even though I know it was ultimately my decision to put myself in this spot, and I'm sure I won't regret this in 5 years... but it really fukn sucks rn. And good luck to anyone who's in a similar spot... recruiting for this business seems pretty tough right now, especially after the low return rate Thanks Update: option 3) ended up happening and I could not be more grateful. Sometimes it is really worth it to take these types of risks and pursue your passion. Good luck to anyone that reads this Update 2: After doing the internship, I got a seat in rates at a top bank. Be confident in yourself to the point you’re delusional and chase what you really dream of! Do not underestimate your ability to mold the world around you, and never ignore the role that luck plays in your life.

4 Comments
 
Most Helpful

I'm gonna sound like an asshole but you can't be this selective in this environment. Also, low chance that you get directly placed as an associate out of a MFE; only one bank does that im pretty sure so for the rest you have to start over as an analyst. I think you gotta network with ppl on individual desks instead of online apps and if that doesn't work, extend your graduation by one sem. I think MFE is a last resort option cus it takes longer and it's pretty expensive. 

 

I would not mind starting as an analyst after MFE to be honest, but I do agree that it takes a bunch of time and $$$. I like the idea of reaching out to people on individual desks; I have started doing so but only to people associated with my school (once again, a state school, so not too many), but I will reach out to people from desks of interest if/once the alumni route is exhausted.

 

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