I graduated '08 with a bachelor's and master's from MIT. Unfortunately for me, I didn't have the foresight to get any trading internships while in college.
Is there any chance to get into a junior trading role or internship off cycle? I'd like to be sell side.
Any particular asset classes I should focus on? I thought fixed income or derivatives would make the best use of my quantitative background. Any thoughts on this?
Thanks!
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Have you had any finance internships?
No, I didn't have any trading/finance internships.
See if you can still access career services/OCR. A lot of '09 MITers are still applying/interviewing. Most of the bulge brackets are recruiting at MIT this year for S&T, though deadlines are mostly past. Having said that, I know someone who didn't get accepted to a BB on OCR but then networked and is still going to NYC to interview.
I'd say the most important thing is to NETWORK at this point. Get on the business mailing lists and goto the info sessions.
I pay quite a bit of attention to who is getting jobs at what trading firms at MIT, and I can tell you that almost all of the prop shops are constantly hiring if they're impressed by you. Most of them also do not care if you know nothing about finance, many of them prefer you have no finance experience. Being EECS, you certainly seem qualified. Try: Optiver, DRW, SIG, Allston, GETCO, Gelber Group, IMC. They are definitely the prop shops that recruit hardest at MIT.
DE Shaw and Jane Street may also be worth applying to, but definitely make sure you prep for their interviews.
Also, a former MIT grad recently left Jane St and is starting his own prop shop called Five Rings Capital. They are hiring aggressively, and the pay is extremely competitive. They are paying externs $2,000/wk for 4 weeks this January. For comparison, Goldman Sachs S&T externship is paying about 1,000/wk
algorithMIT,
Five Rings Capital looks like a very interesting place. Do you have any more information about them?
The guy who started up Five Rings Capital was previously a partner at Jane Street (amongst the first few guys to join them). Currently the firm has 10 employees - and there are around 3 traders (two of which are from Jane Street). They pay competitively (>100) and have a pretty good setup. And based on how they were recruiting at MIT for externships, they are looking to grow and get their name out there. It might not be a bad idea to get into this firm while its still young.
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