Is MBA the right path for Global Macro?

I think Wharton, Columbia, Chicago, Harvard, Stanford, maybe MIT will be the programs that open doors for you. Wharton/Columbia/Chicago will open the most. NYU Stern may also help due to location.

I really would stay away from the GM programs (i.e. Tuck, Yale, Darden, Kellogg, Ross, Haas) if you are looking at hedge funds. They get near zero recruiting from HFs.

I would try to drop your resume to HFs and network right now. See if you can land something without an MBA.

Hey I appreciate that. I do plan on trying my luck with some funds once I officialy get the CFA charter, and I think I can network my way to meeting some of them, but I doubt much will turn up. I suspect global macro funds recruit guys with a stronger mathematics and economics background that just a BS/CFA combo.

I'm not too familiar with the different strategies and hiring needs at each of them. However, I suspect you're right - making bets on macro trends would probably benefit more from an advanced economics background than an MBA. I would also assume that value-oriented HFs, activist investors (i.e. Third Point, Pershing Square) would definitely benefit from MBAs.

One thing is for sure: It's not easy at all to break into that industry. You're going to have to seriously hustle for it and know your stuff cold.

NYU has a masters of economics program that looks like it hits the right areas curriculum-wise.

It's hard to get a good picture of what the opportunities would be after that program. It was difficult to break into IB as an undergrad not going to a target school. I know "impossible is nothing," but I'd like to set myself up for a more fruitful recruiting process if I'm going to invest this kind of time and money in graduate school.

I would try to reach out to alums and current students at both programs and see what their thoughts are. Sorry, but I'm just not too familiar with MS Economics programs.

Stern vs. MS Econ at NYU may be a tough choice... but if you're looking at Wharton, Chicago, or Columbia MBAs vs. an MS Econ at NYU -- it should be a no brainer.

I get it. This was what I had to do coming out of undergrad at a state school and applying to investment banking. I was hoping the post-MBA path would be a little easier if I went to the right school, but I guess nothing worth getting in life is that easy!

If you want to apply to Columbia, I'd highly recommend ED. RD is very difficult to gain admission during (comparable difficulty to H/S/W).

Thanks for the tip.

hey pearljam, are you applying for 2010? i'm interested in global macro too...that's pretty much all i want to do coming out of an MBA, although i know it'll be pretty tough to get into the sector.

anyways, anyone else have any suggestions on how to go about this? i have pretty good background in banks, good understanding of how to trade various products and risk hedging, and also experience in wealth/asset management. i'm also just naturally attracted to trading a macro strategy (since my background in undergrad was economics).

i also have pretty much zero interest in doing pure IB work after an MBA. neither am i interested in PE or VC. i really hate analyzing individual companies and poring over their financial statements or doing corporate valuations. and finding takeover targets and such nonsense.

ideally i'd want to get into a HF or do investment management on the buy side. as an alternative i'd like to trade on a prop desk for a big IB. a further fallback is S&T in general and then try to switch to the buy side later. what do you guys think about this game plan? is there any other way into the HF industry other than sheer luck?

also, for those of you that are in the field already, what do you guys think about working for a large sovereign fund like the CIC or Temasek? are those reputable enough on wall street or in london for career switches or other opportunities later?

thanks!

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I see what you're saying here, but personally my experience has been in FX, interest rates, commodities, and some credit derivatives. So as you can probably tell, I am really not interested in doing a financial analysis of an individual company. I would be a pretty bad candidate for pure IB or PE since I have no interest in it.

That being said, I have set my expectations realistically and I'm not saying I have to work for a HF. I'll aim for that but really I'll be okay working on the sell side for a few years before trying to switch over (or even *gasp* try to start my own HF). I think I have some edge in my experiences across all these macro related products. Of course since I also have experience as an Investment Advisor for high net worth private clients in China, I think can offer a lot to any HF that's seeking to sell to China. That's the angle I'm planning on selling myself to HF's anyways...we'll see how far it gets me. The economy's so bad right now I'm not sure how it will be by the time I'm done in 2011 or 2012. However, I'm okay to fall back to a S&T desk (probably sales, given my background and linguistic advantages, although I'd prefer trading), and I think all my experiences will still be applicable there.

Overall though, given the connections I've made in China while working there, the clients I've met, and the skills I've developed there, I think I'd be able to bring in quite a bit of money to HF's. I also think that if I can partner up with a few experienced traders then I'd be fine to set up my own fund with money from Chinese investors, so that's always a (riskier but higher reward) option.

I'd like to hear everyone else's thoughts on my plans. Criticism is definitely welcome and I'd like to get feedback from all you guys who have already been through (or are currently going through) the recruiting process. Thanks!

The china angle should work pretty well.

I will be back (working all hours at the moment) but I don't intend to discourage at all, more forewarn. With more detail, I can see where you are coming from.

I think I have a similar interests to you going forward. my background is in sovereign DCM so I do have that advantage. However, Im not sure how much Oxford is going to help you though - would have thought LBS would be te best option. Ps - with regards to approaching the funds, is it better to intern there over the summer or do you intern at a bank and join the fund straight after ?

Plus i also heard from a colleague that it makes sense to have some experience in flow trading before moving over to the HF/IM side if you hve no trading experience at all - ie do a few years first on sellside and then move to the buyiside. Is that really critical or can u just move there directly ?