Sales and Trading

Question

Hi everyone,

I’m an international prospective student of an MBA program in USA, and I’ve been looking around for schools which best prepare me for sales and trading recruitment. I do have experience in S&T in my home country (South America, very different than Wall Street) so I don’t know how much my experience will help me. Anyway, besides the obvious options (Wharton, Columbia, NYU, and Booth) which other schools are good in that area. Don’t know anything about Kellogg or Duke for example. Or any others I should look? help from eveyone will be very valuable, currents students, alumni, people working in that field...... etc.

Any suggestion will help.

Thanks.

PadawanOfTheGMAT · Answer

I think for S&T an MBA won't help you that much. Some top schools offer MSc in Finance tailor made for that purpose.

3underscore · Answer

OK, first of all, Padawan is incorrect. There are plenty people go into S&T from MBA programs, though the nature of the beast is there are less seats, same as there are less people do it than Investment Banking. An MSc in Finance is a different beast but can lead to the same place - it is really up to you what you care to do, but I think more MBAs than MSc's make it (this could easily be a false positive - there are way more MBAs than MSc's as well).

The stronger schools are Wharton, Columbia, Stern, Chicago (I trust), Duke has some, UNC has some with BofA, and then you are in a bit of a crapshoot - I am sure MIT or Harvard doesn't do you any harm at all.

The stronger schools are Wharton, Columbia, Stern, Chicago (I trust), Duke has some, UNC has some with BofA, and then you are in a bit of a crapshoot - I am sure MIT or Harvard doesn't do you any harm at all.

PadawanOfTheGMAT · Answer

Well there are much cheaper and very good specialized 1 year MSc in the UK vs super expensive 2 years general MBAs.

DrSatisfaction · Answer

MSc's can be a way into S&T, but it's not necessarily that much cheaper. For instance, the Oxford MBA is 1 yr, just like its MFE program (although the GMAT average for its MFE program is supposed to be ridiculously high...like high 700's). Cambridge, INSEAD, etc. are all 1 yr as well. Your point is only valid if it's MSc in the US for 1 yr vs. the usual 2 yr MBA's in the US.

3underscore · Answer

Which is something entirely different than what you first said, which was categorically incorrect. I pulled you up on saying something incorrect, now you go on the attack with a completely different angle. Plus you only use the UK as an example, a population of 70m in the world with an overstated self-perceived status.

In the UK MBAs have only started to become established as they have forced universities into completely restructuring their process by bringing certain departments together and establishing some that had never existed. It makes sense there to have an established MSc program and is good at what it does. The fact remains that the expensive MBA does something entirely different. Only the individual can decide what is most appropriate for them (which to you, apparently, is cost).

Gacarva · Answer

Hey guys, thank you for your insights....... anyone has more suggestions about MBA schools for S&T.... the thread kind of deviated.........

PadawanOfTheGMAT · Answer

DrSatisfaction + 3underscore: we are talking about reality not a dumb gmat CR test okay? Some time ago I called my former class mates who are now traders at major banks in London, Paris and NY. None of them have an MBA, just an MSc in Finance.

Certainly an MBA can get you a position, but it's no longer guaranteed to land you a job and there are more efficient ways to get to the same result.

DrSatisfaction · Answer

getting back on topic here...you've already listed the powerhouses for mba's to get into S&T. these are probably the most likely routes, but definitely by no means a guarantee.

your success with all the other schools pretty much depend on your profile and how persistent/lucky you are. a lot of S&T is about fit...so you can get to that interview stage with an mba, msc, cfa, phd in some sort of quant related field, high school diploma, etc. but the bottom line is, what happens after the interview is all a crap shoot and there's no guarantee. you can have the perfect profile with degrees and certifications out the wazzoo but be rejected at every job you apply to because you have no understanding of risk and no feel for the markets and no ability to sell anything.

to me, an mba is a pretty well hedged position to have in your finance career...even if you didn't attend one of the powerhouse S&T feeder schools. basically you get to take a shot at the trading half of S&T, if that doesn't work out, you can still work the sales angle and be at a huge advantage to guys with just a msc or mfe or cfa. and of course if none of that works, there are still other options - ibanking, PE, HF, VC, consulting, industry, etc.

3underscore · Answer

OK, lets move past your matrix like bending of the discussion.

Sure, an MSc can get you into S&T. Quite often towards more quantitative roles as well (as often these are mathematical finance or quantitative finance courses). An MBA can get you in as well.

Neither of these is guaranteed however. The question of efficiency is really dependent upon what you are choosing to do and your reasons to do so. If you want to do math and theory, do an MSc. If you want to do broad thought points with other more rounded items, do an MBA. If you just want to trade - screw doing either and try and just get a job. There is really a level of actually wanting to study for a qualification - these should not be considered expensive efficiency vehicles of enhanced probability (not that many don't, but they are also the ones that typically devalue the learning experience).

The fact remains that in the US, S&T roles and structure is more developed to recruit MBAs. Outside of the US this is less the case.

shrouded1 · Answer

Hey guys, I can perhaps give some perspective from the "other side". I have worked in an S&T role for almost three years, and have in this time been part of hiring MBAs as interns as well as full time employees. In my experience, the school you go to really matters in so far as the relationships it has with the institutions that come to hire. Beyond that the actual content of the MBA program does not matter as much, but of course if you say you had an MBA with a finance focus, you would be expected to know a great deal more.

My own motivation to do an MBA as some point is driven more by a need to seek an alternative career at some point, but monetarily it is not the greatest decision to take. After working for two years, you can generally beat whatever an MBA new-hire expects to make in his first year. So as such if you can get in without an MBA, that's probably the better option !

Finally on the distinction between "s" and "t", it really depends on how you fit into one or the other, and I have seen so much movement between the two that for all practical purposes morphing from one to the other isn't all that hard later if that's what you really wish to do.

As a final note, of all the people I work with, barely ten per cent are MBAs, maybe a quarter or so have degrees like the MSc in finance,so the majority have studied in unrelated fields.

Iruh · Answer

Hi shrouded1 or anyone that can respond.

What if you obtain an MBA and don't have a related background(non finance)? I have worked at a hedgfund and one of the partners told me if I want to get into trading my best bet would be to get an MBA. Does my concentration matter as much (ex: finance or entreprenuership)?

https://gmatclub.com/static/posted_from.png     Posted from    GMAT ToolKit

shrouded1 · Answer

Its all about the fit

If you have a non-finance background and your MBA is also with a non-finance major, you can still get through provided you can justify applying and of course make the right impressions in the interview. It just makes it harder but not impossible. (I neither have a finance background nor an MBA but still got through)

Iruh · Answer

Thanks for the feedback shrouded1.

Kudos

https://gmatclub.com/static/posted_from.png     Posted from    GMAT ToolKit

Sales and Trading

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards