Masters for S&T Macro HF Exit?
I am an undergraduate studying maths/stats beginning in BB S&T on a rotational program, hoping to get a trading seat in FICC. However, I have spoken to people that have managed to get into these seats and my cohort itself and noticed that many of them have multiple masters in financial engineering etc. I’m hoping not to be at a disadvantage without having the same level of knowledge/experience as some of the older incoming analysts. I’ve also noticed looking at analysts/PMs at macro HF they all had STEM masters.
From this standpoint, I’m wondering if my best bet is to start the programme and try make up the difference between my knowledge and that of other analysts or look into deferring and trying to do a masters in financial engineering/ comp finance. Any advice would be appreciated.
Based on the most helpful WSO content, it's not uncommon for individuals in S&T, especially those aiming for roles in FICC or at macro hedge funds (HF), to pursue advanced degrees. Here's a breakdown of your situation and some advice:
Starting the Program: Given that you're already set to begin in a BB S&T rotational program, you have a valuable opportunity to gain hands-on experience. This experience can be just as crucial as theoretical knowledge when it comes to trading roles.
Knowledge Gap: If you're concerned about a knowledge gap, proactive learning during your program can help. This includes seeking mentorship, asking questions, and possibly taking additional courses or certifications, like the CFA, which can supplement your understanding of financial markets.
Masters in Financial Engineering: A master's in Financial Engineering or Computational Finance can indeed be beneficial for a career in trading, particularly at a macro HF. These programs can provide deep quantitative skills and knowledge that are highly valued in these roles.
Timing for Masters: If you decide to pursue a master's, consider whether to defer before starting your program or to work for a few years first. Gaining some practical experience could make your masters' study more meaningful and allow you to apply your on-the-job insights to your academic work.
Networking and Learning on the Job: While you're in the rotational program, network extensively and learn as much as possible from those around you. This can help you decide whether a master's is necessary for your career progression.
Exit Opportunities: Keep in mind that exit opportunities to a macro HF will depend not only on your educational background but also on your performance, networking, and the reputation you build in the industry.
In summary, starting the program and assessing your knowledge and experience as you progress could be a wise move. You can always decide to pursue further education after gaining more insight into the field and your own career aspirations. Remember, there's no one-size-fits-all answer, and the path to success in S&T and HF can vary greatly among individuals.
Sources: Ask Me Anything - Current Prop Trader/Advice for people wanting to make it/Breaking in, The Unfortunate Truth, On the off chance Investment Banking doesn't work out for me, FICC sales trading desk, Advice from an ex-IB MD on how to make it to Wall Street
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Don’t defer. Many people do masters programs to get their foot in the door. You’re already in the room with a BB S&T offer. Just work hard to make up for some knowledge gaps that may exist currently between you and them.
Bump. Also super curious about that. OP what did you choose?
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