Small trading firm or masters and re-recruit after internship
I recently got an offer for a trading SA position at a small equities market making firm. However, it’s not as well known/prestigious/high-paying as JS/Optiver/Citadel.
I didn’t realise I wanted to do trading until near the end of the recruitment season and only passed a couple firms’ tests and then flopped the interviews, mostly because I didn’t realise they’d be hard given how straightforward (formulaic/memorisation based, no hate to the IB guys) IB recruiting was.
On track for a strong first in one of the main-target degrees at Oxbridge/LSE/Imperial. Most of my peers are all going to JS or Optiver or Citadel so it seems a bit of a waste to not brush up on Olympiad combinatorics and some linear algebra and try for them again.
Would this require an extra year for a masters as I heard you need to be an intern at most of these places before you can be hired as a grad? If so what quant finance masters programs are the best?
Based on the most helpful WSO content, here's what you need to consider:
Taking the Small Trading Firm Offer:
Pursuing a Master's Degree:
Re-Recruiting Without a Master's:
Preparation for Re-Recruitment:
Timing and Strategy:
Ultimately, the decision depends on your long-term goals and how confident you feel about re-recruiting with or without a master's. Both paths can lead to success if approached strategically.
Sources: Best internships for Quant Trading?, What offers would you take over a BB S&T?, Deciding on quantitive majors/career path?, Majoring in Wall Street?, How to be a Millionaire Trader
There are quite a few good firms that while not quite at the level of the 3 firms you mentioned still present excellent opportunities but there are also quite a few small trading that are struggle to make significant pnl and where you are unlikely to be successful. If this is your only offer it's certainly worth doing the internship to get some relevant experience and a better idea of the firm and how likely you would be successful there. Even though many firms primarily/exclusively hire returning interns it is also still worth recruiting for full time opportunities directly as a master's is a lot of investment for the far from certain prospect of an offer from a top firm.
Is there any point recruiting for FT trading roles at banks? I get the sense they hire more outsiders for FT roles compared to the top quant market making firms.
The investment in a masters isn’t really a concern - I genuinely enjoy academics and I wouldn’t mind another year of university and cost isn’t too much of an issue.
That said, I wouldn’t mind another primarily be doing it to add a year in which I can reapply for internships.
I think I’ll apply for FT at any places that are better/more prestigious than my internship and who hire FT grads who haven’t done their internship (I’m assuming this category is more bank-heavy?) then internships at top trading houses with the assumption of a masters year. Is this a sensible plan?
I'm not sure if this is an Europe specific thing or something that has changed a lot in the past few years but certainly most if not all large quant trading firms have hired a decent number of graduates who didn't intern there.
FT recruiting at banks makes a lot of sense if you would be happy working at a bank and doesn't make a lot of sense if you wouldn't be happy working at one. Personally I don't think I would have enjoyed or succeeded working at a bank but I know others who certainly have.
Unless you plan to return to where you interned I think it makes sense and is fairly common to simultaneously apply to FT positions and masters programs and it shouldn't present a problem when recruiting as long as you make it clear in interviews that you would pick the FT role over the masters if you got an acceptable offer.
There are only a couple places that I’d rather end up, including banks.
Would applying to other internships/FT roles/masters jeopardise my return chances at my original firm? I.e if the firm found out. Is it likely they’d find out?
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