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You can't compare raw numbers of LBS. The student body is nothing like a typical American MBA student body. Our GMAT average is lower, but that doesn't mean much - English is not the native language of the vast majority of the class and the focus is very much on work experiences, internationalism, tight community with a global outlook.

The number of applicants doesn't mean much either. This is a very self selecting crowd, that knows exactly the kind of experience it wants. Many class mates I know applied only to one school. 20% of the class come from America - thats about 80 students. Whether it is easy or not for Americans to get in, I'll let you decide :)

With regards to your aims - S&T in New York - I dont think LBS is the best match. You can probably do a lot better with Stern or Columbia who have the location advantage. However LBS is equal if not better in terms of the preparation it provides (esp. for Finance). This year at the Chicago IPO challenge we took out the first, second AND third place beating all American schools there. We place strongly in London, Asia (HK/Singapore) and Europe. By the time people are recruited for these three regions, there isn't enough demand left for Wall st. in the school or we'd certainly be doing more about it. As I mentioned earlier, we do have the New York trek that is composed primarily of people with US work authorisation aiming to go to Wall st.

Your option of LBS + job in UK does make sense. But that's a rather roundabout way of doing things. You may as well go to an American school :)

lex21
Well, I am a US citizen/resident. As far as I know this authorization/visa issue would not affect me out of LBS ...

I have heard that this difficulty landing US jobs from LBS does have to do with the perceived prestige of the degree in the states, as well as the much smaller network. I'm wondering whether a school like Yale/Duke/Cornell actually has better placement / brand value for US firms directly from MBA (Visa issues aside).

Another option to consider would be LBS + job in UK for a couple of years, then transfer to the states. My impression is that one's post-MBA position has much greater influence on career trajectory than the degree a few years in. Anyone agree, or is it still best to go with a US degree with large network if your goal is to be in the states at any point?

Also, Smilies, I hear it is somewhat easier for Americans than Europeans to get into LBS these days. If I were to judge purely based on numbers LBS would be like a Duke or Carnegie Mellon to get into (700 avg GMAT, 2500 applicants), but I know you guys are often compared to Wharton, NYU. Thoughts?

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Going to LBS with a view to working in the US is almost like volunteering to make life difficult for yourself. Further, joining a bank on one continent with a view to moving to another on your own schedule is somewhat brave, as they typically view staffing to their ultimate benefit over individual wants.

I am unaware of anyone on any of the Summer Associate classes in S&T New York having attended LBS. It is most commonly (in no particular order) Columbia, Stern, Chicago, Duke, Tuck, Wharton and some others (BofA take some UNC through their base, and because they are actually pretty good).

It sucks to be at Chicago or Boston and have to fire to and fro to NYC to build relationships. Currently working having to travel transatlantic a lot, it would (a) burn a huge hole in your pocket (b) ruin your life and (c) probably not work out successful as it is such a commitment and would drain you when you meet people.

I don't think it has much to do with prestige. It does likely have a lot to do with the fact it is highly irrational to be a US citizen and go to a UK school to get a job in the US. There are plenty schools the equal of LBS in the US to make it unwise. BSD makes a good point on the priorities of LBS - fighting on the North American continent for recruitment would be hugely demanding for the school, especially when it has more suitable and advantageous positioning for its students.
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The question of whether Yale and Cornell are useful for getting an S&T internship at a BB still stands - anyone?
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Yes accidentally left out Wharton, but it's up there with Chi/Col. I put H at the top because with that degree I'd think it'd be a matter of choice, not available seats.

You say LBS is best for "the city" -- I assume you mean London? I've heard it's incredibly difficult to find jobs in the US from LBS -- to the degree that one might be better off at a second tier school in the US such as Cornell, Yale, Duke.

These are the percentages for S & T placement I found from employment reports:

NYU 10%
Chicago 7.9%
Columbia 6.9%
Wharton 6.4%
Duke 5%
Harvard 1%
Kellogg 1%
UCLA 1%

I found nothing on LBS MBA program employment report for S & T. But LBS MiF report
https://www.london.edu/assets/documents/ ... Report.pdf
shows 27% for 'sales, trading, structuring' functions. Not sure if this is a fair comparison for the other schools considering it's a masters in finance and includes structuring. Class size of 140 as well.

Found nothing on Cornell, Yale, Berkeley, INSEAD w/ Wharton Exchange Program -- these are the programs I'm more interested in learning about w/ regards to S & T because I'm more competitive for them. Another factor is that I'm not coming from the financial industry, which makes my job doubly difficult. At a second tier (but still strong) program like Duke, I'm guessing most finance jobs end up going to people who previously worked in the industry.

Appreciate your thoughts.

Just to step back for a minute, I have a couple of observations from these numbers, and from the employment reports as well.

-What's the breakdown for MBA's that go into sales vs. trading? For example, is NYU 8% Sales, 2% Trading?
-What about hedge funds? I noticed that on the employment reports, they have their own separate category. So would a hedge fund trader be part of the "Hedge Fund" numbers or the "Sales & Trading" numbers?

It would be nice if these programs would actually list the exact companies / positions that members of their graduating classes were heading into, instead of listing mere percentages. I believe that the MSF programs do this.
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I don't think there is much granularity between Sales VS Trading - they are just lumped in as one function.

Hedge funds are usually not considered S&T - most business schools have an "alternative investments" category.

I think the most detailed employment report comes from Kellogg, but that's not really an S&T school at all (more marketing and investment banking).
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I don't think there is much granularity between Sales VS Trading - they are just lumped in as one function.

Hedge funds are usually not considered S&T - most business schools have an "alternative investments" category.

I think the most detailed employment report comes from Kellogg, but that's not really an S&T school at all (more marketing and investment banking).

So then can we rely on those numbers? I don't believe so, because we would be leaving out the Hedge Fund numbers. Even if we include the HF numbers, we don't know the breakdown between trading / research. For all intensive purposes, I would assume that those who want to go into Trading would include HF Trading as a desirable career path.

There really are no rankings for this, but what are the top MBA schools for Sales? And what are the top MBA schools for Trading?
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I don't think there is much granularity between Sales VS Trading - they are just lumped in as one function.

Hedge funds are usually not considered S&T - most business schools have an "alternative investments" category.

I think the most detailed employment report comes from Kellogg, but that's not really an S&T school at all (more marketing and investment banking).

So then can we rely on those numbers? I don't believe so, because we would be leaving out the Hedge Fund numbers. Even if we include the HF numbers, we don't know the breakdown between trading / research. For all intensive purposes, I would assume that those who want to go into Trading would include HF Trading as a desirable career path.

There really are no rankings for this, but what are the top MBA schools for Sales? And what are the top MBA schools for Trading?

I'm pretty sure most employment reports distinguish between S&T, equity/fixed-income research, and hedge funds. Go to page 7 of Columbia's report: https://www.columbia.edu/cu/business/car ... Report.pdf

It distinguishes between Equity Research, Portfolio Management, Sales & Trading... I think the organization could be better, as by industry, it lumps investment banking/brokerage together, separating it from investment management, but when it lists jobs by function, these lines are not maintained.

If you go to page 9, for the interns, they organize it better: equity research, fixed income research, investment banking, investment management, portfolio management, private equity/LBO, private wealth, S&T, venture capital...

I think any of the top finance schools are probably good for both, but I could see more quant-schools creep into trading (like Chicago and Rochester) and more "leadership" schools (like Harvard and Georgetown) creep into Sales.
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So then can we rely on those numbers? I don't believe so, because we would be leaving out the Hedge Fund numbers. Even if we include the HF numbers, we don't know the breakdown between trading / research. For all intensive purposes, I would assume that those who want to go into Trading would include HF Trading as a desirable career path.

There really are no rankings for this, but what are the top MBA schools for Sales? And what are the top MBA schools for Trading?

This is an impossible question, as the paths cross too much. What happens to the person on a two year rotational program with some Sales and some Trading. There is no way the business can consistently work to a needs basis on things - they often cannot commit to an exact role on making the offer, so the student has to go in on a hope and a prayer. There is no defined feed - it is very personality based and a pretty random factor where you go. As a rule you will find more chance of being Sales (nature of MBA students). Harvard, Rochester and Georgetown are not really players in the S&T world from my experience.

I can tell you now the number of people who go from MBAs to HF trading. None, or near enough that it is a rounding error. You would have to do a good few years of analysis, research, proposals and stuff before you would get capital. It would be near suicide otherwise - this is why people get to work sell side, where there is flow and less position taking and holding. HF trading is a long term goal for any MBA.

The tables where people go are pretty obvious. Investment Banks are broken down because there are four tracks (S&T, Research, IB, Management) which are pretty much mutually exclusive for candidates. Hence they break it down. Everything else is just a headline number for a path.
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This is an impossible question, as the paths cross too much. What happens to the person on a two year rotational program with some Sales and some Trading. There is no way the business can consistently work to a needs basis on things - they often cannot commit to an exact role on making the offer, so the student has to go in on a hope and a prayer. There is no defined feed - it is very personality based and a pretty random factor where you go. As a rule you will find more chance of being Sales (nature of MBA students). Harvard, Rochester and Georgetown are not really players in the S&T world from my experience.

I can tell you now the number of people who go from MBAs to HF trading. None, or near enough that it is a rounding error. You would have to do a good few years of analysis, research, proposals and stuff before you would get capital. It would be near suicide otherwise - this is why people get to work sell side, where there is flow and less position taking and holding. HF trading is a long term goal for any MBA.

The tables where people go are pretty obvious. Investment Banks are broken down because there are four tracks (S&T, Research, IB, Management) which are pretty much mutually exclusive for candidates. Hence they break it down. Everything else is just a headline number for a path.

How can this be random? The personality and skill set of a salesperson is far different than that of a trader.

I would believe that anybody in one of these programs knows where the end goal is ("I want to be a salesperson" / "I want to be a trader"), rather than someone who wants to be a salesperson ending up in trading and vice versa.
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How can this be random? The personality and skill set of a salesperson is far different than that of a trader.

I would believe that anybody in one of these programs knows where the end goal is ("I want to be a salesperson" / "I want to be a trader"), rather than someone who wants to be a salesperson ending up in trading and vice versa.

You accept a job. You may want to be a trader, but you accept at a firm having expressed your desires.

Then you get the list of summer desks - guess what? Twice as many Sales jobs as trading. No worries - but then, do you really want to trade equities, or did you always say Fixed Income was your bag? Is it worth bidding for the Commodities trading desk when you have no relationships with the desk? The guy you have really strong ties with has a Sales job on his desk, so you might take that as it is a fast track to an offer.

Then you do the summer, and maybe you get an offer on a rotational program (as above) or as a generalist. Maybe you get a global offer for a desk, but they say they don't know what their requirements are in a year.

Who knows - maybe the bank gets bought out, all the people you have relationships with leave, and you are left up **** without a paddle.

All these things can happen. You meet MD Sales guys who were trading a year ago and switched, and vice versa. Not always the case, but certainly from some.

Doing an MBA and a rotational program simply serves to get your foot in the door. I am sure way more people fancy themselves as traders that sales. But they also know saying you want to trade slams shut doors in a game you can ill afford to do that. That you do not make any of the decisions really in this game, save committing to a firm at some point in time.

The best I can say is wait till you are there - it is the same between people wanting to do IBD FIG and ending up in Retail. Things happen that you can't control, and any MBA doesn't mean your wishes become a significant concern to the firm - you take any job for the job you can get after that.

Recruitment is hugely relationship based, so sometimes decisions that don't immediately seem not directly what you want you have to choose an organization, and the people, and then hope that you can move that to the job you want, the need they have. You can only do one summer internship, and until this year when classes were to small, FT only S&T recruiting was not normal, so you just have to place your bets and hope. One thing that is certain is you need to get an offer from your summer if you want to play it off other firms, as failing a ten week interview is pretty tricky to get round. With the odds, a lot of people side with the relationships of people they get on with, who will look after them, and then - over time - they will get to where they want their career to go.

All of the above S&T points happened in the year I was there. No class recruited more than 50% of the summer interns. Typically setting out a stall of your wants doesn't work well, and being flexible comes across as less cocky and difficult. You really have to balance the two, and enjoy a bit of luck. But the best policy I have seen is to take desks you want, and work from there to try and do the job you want. As an Associate you aren't building up much more than product knowledge the first years, so switching is possible and *when* you have a job, you can start to express what you want.

All that is why I say it can be pretty random.

Oh, and I don't recommend saying the personality and skillsets are different - there are a lot of overlaps, but different hierarchies of the qualities. That said, telling someone who has traded for ten years why you should be a trader, and they think your resume screams "sales" or that the qualities required of the job are similar... it has its risks. The only guy I know who had a solid base for saying he wanted to trade was a former floor trader, a lot of the others got laughed out of town.

I suppose I should finish with my own exact experience - if you know that an offer letter is sat on a printer, and all you have to do is answer the questions right, you have to make decisions. The heads of Sales & Trading are both in front of me, and say they want to make me an offer but cannot commit to which country it would be in, sub-desk of the whole (global) business line (which covered structured items, spot, swaps, options, quant research) or whether it would be sales or trading.

I always felt I would be more suited to trading. I did not chose that time to mention it, and told them I was happy to work in a role where there was a requirement for me to be involved and busy, rather than bored on a desk I felt most drawn to, and that I found the detail in each desk interesting as I learned more. They signed the paper and handed it to me. The story to this ends somewhat differently, as I never learned what the role would be as a consequence of TARP. My friend who was on the exotic options desk all summer and had an offer from them has found his role change immeasurably from what he felt he had signed up for.
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No class recruited more than 50% of the summer interns.

What happened to the rest of them? I assume that the banks do most (~90%) of their FT hiring from the summer intern pool. Do many of these students graduate without an offer?
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Sorry, I was editing the above.

Of the 50% of the summer class who didn't get offers, nearly all ended up "pursuing other interests" I believe the correct phrase to be. Yes, most the recruitment comes out of the summer class, if not all, and they always have there options open. This is why I point to how random it is, as there are so many variables interplaying.

The only person I know who moved firm was because his bank vanished, and the only non-offer guy I know who found something spent 12 months working a very strong network he had to get into a small place that most people would not recognize the name of.
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Question: how much credibility is "sales" given on the buyside, either from actual hedge funds or from institutional investors? With trading the weighting is fairly obvious (people may discuss degrees or flexibility of credibility, but the applicability is not really disputed, I imagine). What does Sales do that is valuable from a buyside perspective?
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Product knowledge, relationships with Sales people, Research and Traders. Hedge Funds can get in some seriously illiquid and ugly positions, and your sales guy is the person in the bank who has experience in getting traders out of those by working the phones. They may have a reputation for working well with the trader on ideas that they put on the prop book - most bank traders are flow anyway, so it is arguable what they bring to move buyside.

That would be my first assumption. I can ask a few people who would really have opinions on this (they both ran successful funds).
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lex21


These are the percentages for S & T placement I found from employment reports:

NYU 10%
Chicago 7.9%
Columbia 6.9%
Wharton 6.4%
Duke 5%
Harvard 1%
Kellogg 1%
UCLA 1%

Appreciate your thoughts.

These look to be 2008 numbers. My thoughts:

Wharton looks to be an anomaly. Since 2005, they have been hovering at around 3%, with the exception of 2008.
Fuqua was 3% for 2009.
Chicago was 5% for 2009. During the bubble years, (2006-07), they hovered around 10%.
Columbia was 3.5% for 2009.
Still waiting on NYU's 2009 report, numbers aren't out yet.
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These are the percentages for S & T placement I found from employment reports:

NYU 10%
Chicago 7.9%
Columbia 6.9%
Wharton 6.4%
Duke 5%
Harvard 1%
Kellogg 1%
UCLA 1%

Appreciate your thoughts.

These look to be 2008 numbers. My thoughts:

Wharton looks to be an anomaly. Since 2005, they have been hovering at around 3%, with the exception of 2008.
Fuqua was 3% for 2009.
Chicago was 5% for 2009. During the bubble years, (2006-07), they hovered around 10%.
Columbia was 3.5% for 2009.
Still waiting on NYU's 2009 report, numbers aren't out yet.

Hi NYCAnalyst, good to see you again.

Wharton's numbers are significant, considering how large their class size is. Apparently 2008 was a particularly dismal year, in which the hiring stats got butchered.

Chicago clearly seems to be an S&T feeder even though they also weren't able to keep all of their relationships.

NYU is a top S&T school as we know, but it's also unclear whether or not they've been to recover spots post-crisis.

Columbia is apparently less S&T-oriented - I spoke to an alumnus who explained that usually, "private equity craze" sets in pretty strong amongst students. This was a recent graduate.

Zero insight into Duke.
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Product knowledge, relationships with Sales people, Research and Traders. Hedge Funds can get in some seriously illiquid and ugly positions, and your sales guy is the person in the bank who has experience in getting traders out of those by working the phones. They may have a reputation for working well with the trader on ideas that they put on the prop book - most bank traders are flow anyway, so it is arguable what they bring to move buyside.

That would be my first assumption. I can ask a few people who would really have opinions on this (they both ran successful funds).

wouldn't they be pretty valuable running client relationships and selling to institutional investors if they're in a HF?
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