Will "quanty" bankers have an advantage?
Hi wso,
I would really appreciate your opinions about a talk i had with a JP Morgan VP a few days ago (i'm just an aspiring banker). He told me that there's a lot of automation going on in banking (machine learning's stuff being the hottest) and that he believes a quant (maths, cs, physics) bsc + finance msc is the best and most future-proof combo to have. What do you think about this? I mean m&a is the core part of banking and doesn't even requires calculus 1. He also added that even those shooting for consulting should aim for a maths bsc + msc management. And in light of these considerations, which is the best option in your opinion (just hypothetically, since i've already made my choice):
A) bsc econ (target school) + msc finance (target)
B)bsc physics (non target school) + msc finance (target)
Even assuming a quant bsc is looked upon favourably, does it still apply if it's not from a target (with a rebranding msc from a target school)?
Thanks in advance for your opinions.
i hate to sound like a broken record but id choose option A
Anything from a target school will be perceived as better than something from a non target school, and you can always get a minor in cs or something of that nature
If you still think the msc in finance is needed, then the target undergrad opens up schools like MIT for it, while the non target undergrad would require a near 4.0 in physics to end up with the same school options
Half of the applicant pool already looks like this. Shoot for double major Finance (or econ) and Math with a minor in physics then get that MSc Fin and/or MBA from HYP to increase your odds of getting a spot. Best of luck.
Ok, so even a target msc isn't enough for a rebrand. What do you think of his ideas about automation and the increasing need and respect for quant degrees?
Automation will probably only happen in S&T and also possibly valuation. S&T automation will mainly be on trade execution on the equity side of things (and also derivative trading of various types) where as valuation could see modeling automated to some extent.
In regards to your question about this process causing a surge in demand for more quant-oriented degrees I'll have to agree. Although, most current S&T guys were STEM majors or quant-based majors anyways and the valuation guys have to know a good bit of maths and coding to even model at a higher level.
Overall, "quant degrees" sounds like a cool term and all but the field is already oversaturated with them. They're basically a requirement at this point. You're not competing against Ivy kids with Econ/Fin majors anymore. You're now competing against Stanford / MIT kids with double majors in fin/econ and computer science with minor in math and physics. Take this advice seriously and please prepare accordingly if you want your career in banking to have any sort of longevity.
Ok, i understand and share your thoughts. Anyway now i'd really appreciate your advice beacuse if i consider the aformentioned aspects i'm kinda screwed: i'm doing physics with minor in cs but it's from a non target uni (i have a quite high gpa though). My plan was to do an msc in finance or computational finance after my bsc to better my pedigree, but i don't understand how competitive it is to get into a good msc in usa considering i'm from europe. Is being from a target undergrad so important even for msc admissions? Seems like all the italian guys studying in the Ivyes from my country have a Bsc from Bocconi. I was thinking also about doing a second bachelor in economics after i finish mine (here bsc are just years long and my family can pay for it, so debt is not an issue Or maybe try to get a first msc from a good uni (think UCL, imperial, lse, oxbridge, warwick) and then do a second one in the States). What would you advise? And what about consulting and IBD areas (m&a, ecc), will these 2 affected (to any extent) by the AI revolution?
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