Starting Career at a Less Known Firm?
Hi all, for context I am senior graduating in the summer ‘24. I already have a return offer for a well known asset manager except it’s in their product and solutions group. While it was new, it wasn’t for me and I want to pivot into a prop/quant trading role instead. Many people from my firm have stayed a year or two then gotten an MSF to break in.
However, I’m not keen on going back for a year or two then spending money on a grad program. I’ve seen many job postings for quant and junior prop traders at firms such as Gelber, SG Cap Trading, Old Mission, etc. I’m familiar with the larger shops (ex: Citadel or Optiver) but not the other names. Would it be a good idea to start at one of these firms and then try to pivot to a larger shop or just stick with my current company and get an MSF?
Ah, the classic dilemma of whether to jump ship for a smaller firm or stick with a known entity and pursue further education. Here's the scoop:
Starting at a Less Known Firm: If you're itching to get into prop/quant trading and you've got the chops for it, starting at a smaller firm like Gelber, SG Cap Trading, or Old Mission could be a smart move. These firms might give you the hands-on experience and the specialized skills you need to thrive in the trading world. Plus, you'll likely get more responsibility earlier on, which can accelerate your learning curve.
Pivoting to a Larger Shop: Once you've cut your teeth at a smaller firm and proven you can handle the heat, you might find it easier to pivot to a larger shop. The experience you gain could be your golden ticket, as larger firms often look for candidates with a solid track record and practical know-how.
Sticking with Your Current Company and Getting an MSF: This is the more conservative route. If you're not one to gamble, you might prefer to stay put, soak up all the knowledge and networking opportunities at your current firm, and then hit the books again with an MSF. This could potentially open doors to those larger shops down the line, but it's a longer play and comes with the cost of tuition and time out of the workforce.
Remember, there's no one-size-fits-all answer here. It's all about your risk tolerance, career goals, and where you see yourself in the future. If you're a go-getter who's not afraid to take a less trodden path, starting at a smaller firm could be just the adventure you're looking for. If you're more of a planner and prefer a structured approach, then the MSF route might be more your speed. Either way, make sure to network like a champ – it's the secret sauce in the finance world. Good luck, future trader!
Sources: MSF Question and Answer, Am I screwing myself or perfecting my craft?, Took an Associate job at a tiny firm, how screwed am I?, MF PE is Paradise...LOL, MSF or MBA for my experience level?
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