From non-elite college to Wall St?

H

hvk

Do you think it probable that a grad student (ms) in applied stats from a non-elite university can get a job on Wall ST.?

Background=
- relatively young and American,
-smart and quantitative but not "Jim Simons" smart,
- only experience in finance is a recent equity research internship with a (small) hedge fund in Tx,
- only trading experience a single transaction in Alcoa, bought in middle single digits in 2009 (when you couldn't miss) and sold in low teens,
- disaffected undergrad econ student (not convinced econ can even be considered a science)

I'm interested in learning fixed-income, energy (e.g.electricity) and commodity markets.

Is one kind of math better as preparation than another for this type of work, e.g. real analysis vs applied math? I don't have time for both.

Should I even think about working for a Wall St. firm given that I'm not at an elite university?

Thanks.
 
Quote from hvk:

Do you think it probable that a grad student (ms) in applied stats from a non-elite university can get a job on Wall ST.?

Background=
- relatively young and American,
-smart and quantitative but not "Jim Simons" smart,
- only experience in finance is a recent equity research internship with a (small) hedge fund in Tx,
- only trading experience a single transaction in Alcoa, bought in middle single digits in 2009 (when you couldn't miss) and sold in low teens,
- disaffected undergrad econ student (not convinced econ can even be considered a science)

I'm interested in learning fixed-income, energy (e.g.electricity) and commodity markets.

Is one kind of math better as preparation than another for this type of work, e.g. real analysis vs applied math? I don't have time for both.

Should I even think about working for a Wall St. firm given that I'm not at an elite university?

Thanks.
More...

in this market, with all the competition, I think you are going to be facing a lot of better competition for each and every position. May work, but I give your chances at 1-2%
 
Don't listen to steve46.

It's all in who you know. If you are serious. Move to NYC get connected and you will have a good shot. 85% if you can meet the right people. Go for it if you reallyreally want it. If not, move onto something easier
 
Quote from hvk:

Do you think it probable that a grad student (ms) in applied stats from a non-elite university can get a job on Wall ST.?

Background=
- relatively young and American,
-smart and quantitative but not "Jim Simons" smart,
- only experience in finance is a recent equity research internship with a (small) hedge fund in Tx,
- only trading experience a single transaction in Alcoa, bought in middle single digits in 2009 (when you couldn't miss) and sold in low teens,
- disaffected undergrad econ student (not convinced econ can even be considered a science)

I'm interested in learning fixed-income, energy (e.g.electricity) and commodity markets.

Is one kind of math better as preparation than another for this type of work, e.g. real analysis vs applied math? I don't have time for both.

Should I even think about working for a Wall St. firm given that I'm not at an elite university?

Thanks.
More...

for sure you are qualified to be a rate specialist etc. for a utility co. probably they hedge their costs in the energy market and have a special department where you will learn alot.

similarly for physical commodities Co's.

lots of luck.
 
read the first few chapters on McDonald, same situation. The guy busted his nuts trying to get a job on the street. I think he sold pork chops just get "sales experience" on his resume.

Also, the author does present what it feels like not having a presitgious degree working with those who do. Interesting.



colossalbullapproved.jpg
 
The chances for anyone getting a job in trading are not good, but it can be done. Bigger institutions are more likely to focus on the degree from an "elite university", but you may find you are happier somewhere else anyway.

FWIW, here is my advice:

-Learn EVERYTHING you can about the job market. You say Wall Street, but I'm wondering if you really understand the diversity of market-related jobs available. Probably not, so step #1 is educate yourself.
-While you're doing this, make all the connections you can.
-Move to NYC or Chicago (or Houston if you're leaning toward energy.)
-Work your ass off, work free internships, get your foot in the door and get that first job. Be prepared to take a job that pays very little at first.
-Do not focus on the degree or education you have. It's not your education, it's the formal education in general that frankly is not worth a lot in the real world. I tend to hire people without formal finance backgrounds and some of my best hires have been people who literally knew nothing about the markets. What matters is that you get that first opportunity and work as hard as you can to learn everything you can.

It can be done. It's going to be even harder than you think, and you are going to want to give up at several points. Just keep going and something will work out for you.

Quote from hvk:

Do you think it probable that a grad student (ms) in applied stats from a non-elite university can get a job on Wall ST.?

Background=
- relatively young and American,
-smart and quantitative but not "Jim Simons" smart,
- only experience in finance is a recent equity research internship with a (small) hedge fund in Tx,
- only trading experience a single transaction in Alcoa, bought in middle single digits in 2009 (when you couldn't miss) and sold in low teens,
- disaffected undergrad econ student (not convinced econ can even be considered a science)

I'm interested in learning fixed-income, energy (e.g.electricity) and commodity markets.

Is one kind of math better as preparation than another for this type of work, e.g. real analysis vs applied math? I don't have time for both.

Should I even think about working for a Wall St. firm given that I'm not at an elite university?

Thanks.
More...
 
Talon,
It's posts like this that earns my respect. I've read your posts for several years now. Keep posting. Your one of the only reasons to come to these forums.

Quote from talontrading:

The chances for anyone getting a job in trading are not good, but it can be done. Bigger institutions are more likely to focus on the degree from an "elite university", but you may find you are happier somewhere else anyway.

FWIW, here is my advice:

-Learn EVERYTHING you can about the job market. You say Wall Street, but I'm wondering if you really understand the diversity of market-related jobs available. Probably not, so step #1 is educate yourself.
-While you're doing this, make all the connections you can.
-Move to NYC or Chicago (or Houston if you're leaning toward energy.)
-Work your ass off, work free internships, get your foot in the door and get that first job. Be prepared to take a job that pays very little at first.
-Do not focus on the degree or education you have. It's not your education, it's the formal education in general that frankly is not worth a lot in the real world. I tend to hire people without formal finance backgrounds and some of my best hires have been people who literally knew nothing about the markets. What matters is that you get that first opportunity and work as hard as you can to learn everything you can.

It can be done. It's going to be even harder than you think, and you are going to want to give up at several points. Just keep going and something will work out for you.
More...
 
If failure isn't an option in your mind you will succeed. You may have 1000 detours and setbacks but those who are persistent reach their goals. The main goal may seem tough or far off but if you take small steps each and every day those steps will add up and ultimately lead to your success. Best wishes to you.
 
The chances for anyone getting a job in trading are not good, but it can be done. Bigger institutions are more likely to focus on the degree from an "elite university", but you may find you are happier somewhere else anyway

_______________________________________________________

LOL.. and those Elite Educated folk are the ass clowns that couldn't keep their money, run their Firm into the Ground and then yell to the government to bail them out like a bunch of socialist.

Fuck WALLSTREET. Its a joke and so are most who work on "it".

You wana play a mans game and trade. Move to CHICAGO. Get to know a "LOCAL" who put his/her own money on the line to build what they have. Look at the PROS who really live and die by the Horns.

I love NYC for the women, art and nightlife...but WALLSTREET is a joke and only holds it's "Reputation" due to fools touting the "Firms".

Why do I say this, because I have had experince in both...CHICAGO BOY's hold down the title..but they don't give ashit about write ups, books written on them, (Marty is an exception). They care about playingthe game for real, with their money for the most part.
 
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