I come from a math and CS background, but am currently looking for roles in IB, PE, trading, etc as opposed to engineering or quantitative research. Is it possible to get such internship/full time positions even if you have no finance, business, or economics background? Or do they mostly ask finance related questions in interviews and mostly look for finance majors?
If it is relevant, I've done engineering and QR internships in the past.
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It could be difficult with a PhD. A lot of banks see that much education as a hindrance (they assume you're a perennial student who's avoiding the workforce).
That said, it's all in how you spin your story. You NEED to understand finance in order to be considered seriously. After you can build out a model and have a good sense of accounting, your next step is going to be networking like a fiend. That's when you'll have to work on your story and make it applicable to the job. Different isn't bad, per se - but only if the ways in which you're different from the average bear (bull) can help you make your bank money.
You're going to be looking at boutiques, unless you went to a Harvard/Stanford/MIT/etc. Net work with alumni. Refine your elevator pitch. And good luck! Banking's a great job.
Thanks for the reply. I have significant work experience from before/throughout graduate school, so hopefully I should be fine in that regard.
In that case, just hit the pavement. And don't worry as much about getting into a Barclays or Goldman. Contrary to popular opinion on this forum, you can get anywhere if you get in and gain good transaction experience. My boutique has a better quality of life than most BBs and since any banker's currency is his or her relationships, I've got some real options whenever I choose to leave. My first associate left and jumped to Evercore, another guy who worked here before me went to Rothschild. What matters most is just getting your foot in the door, having a good attitude, and actually knowing what you're talking about through good deal flow.
Thanks for the advice.
Just one more thing that I am still not sure about, but is it actually worth it to make the move? I currently work in QR at a firm (was initially in FPGA, now QR). My first year guaranteed offer was 150k salary + 150k signing + 100k bonus), now around 320k. On an average week I work 50-55 hours.
But the reason I am considering taking a switch to banking is because the general opinion I get from my colleagues and PM is that for this role it usually plateaus around here. Where as I have more opportunity for growth in something like banking, even if I may have to do an MBA, or take a pay cut and work more hours. Does this sound reasonable, or am I being absurd even thinking about this?
Only you can answer that question. $320k all-in is nothing to sneeze at; you're seeing more cash flow than plenty physicians I know. Could you see more upside in banking? Yes. Could you live paycheck to paycheck even with that upside? Yes. Would the hours be tougher? Yes. Could you stay at your current job, live below your means, invest the shit out of your extra income, and walk away in a reasonable timeframe with a nice nest egg? Yes.
I guess what I'm trying to say is, unless you really feel trapped by making $320k a year (which I'm inclined to think is absurd), I wouldn't make the switch unless you're interested in the kind of work we do. Banking's ultimately more of a sales/communication gig as opposed to your current position. Do you feel that communicating value to the C-suite and buy side is something you'd enjoy, that you could be good at? Would you prefer that to your current job/trajectory?
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