Does business analytics or data science play an important role in banks now?
Hey I'm new here at WSO. I'm thinking of getting a master's degree in business analytics and looking to find opportunities in the financial industry, particularly asset management and IB. I was just wondering how might banks go about hiring people with analytics background. Would they have a chance to go to the front office, or is it a back-office position?
Also really interested in this, declared my minor in business analytics this year and also looking into a career in asset management so would like to know more as well.
Bump. Currently majoring in Finance with a minor is bus analytics. I have a summer analyst role in capital markets IB lined up, but wondering if any business analytics skills could contribute or help set a foundation for something else
Great question and I'll try to answer the best I can.
Good luck!
Thank you for your insights! In terms of Phd programs though, do you know what specific programs they look for? Thank you!
Generally speaking, any of the STEM will do and you can also put Physics in there.
BS in Business Analytics with a minor in Math & Statistics here. Secured a 2021 Sales & Trading Internship at a BB in NYC for as a non-target, hope I can be of some help.
My Background: For the longest time since high school, I thought I wanted to be a Data Scientist. I did two Analytics internships my freshman and sophomore year summers through extensive networking and cold applying. I enjoyed the work a decent amount. However, I wanted something more challenging, client-facing, and meritocracy-based. I'm a big believer in meritocracy > degrees/credentials, and realized how valuable my analytical and statistical skillset was on the street, even in IB or ER or AM where it's more about the mentality and thinking process, rather than the skills. I didn't like the Tech side's over-emphasis on Academia (especially nowdays with tech recruiters sucking off Ph.Ds/Masters students with no real-life experience or social skills). Many roles on Wall Street will go nuts for someone articulate, analytical, and who thinks statistically about things, regardless of degree.
Advice: It seems like you're shooting for FO from the wording of your post. My best advice to breaking into FO from an Analytics background:
Opportunities: To give you some color, I've seen many peers with my skillset go into Quant Trading, Quant Dev, S&T (usually Trading rather than Sales), Quant Risk (MO), certain groups at BlackRock (like PAG, RQA, etc.). I'd recommend you shy away from "Data Science" teams at banks, as the skillset is very MO/BO and more operational/supportive than client-facing. You're pretty much another IT/Ops/Compliance, according to my friends who work in that area. Unless that's what you want, then by all means go for it.
Best of luck with everything!
Thank you for sharing! That's very helpful!
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