Chances of me going into banking?

Water Cooler Careers
#1

I’ll be graduating soon with degrees in both computer science and physics. I have an interest in doing either banking or hedge funds, but I there is a few things. I go to a state university instead of a university like Harvard, Wharton, or Stanford, I don’t have a finance background, and I don’t have as many connections when it comes to the banking world. Generally asking what are my chances of going into banking/hedge funds?

#2

It depends on a lot of things:

  1. Which state school?

  2. Are you any good? If you’re top 1% at Rutgers, you can still go places.

  3. What internships have you done?

  4. What sort of job do you want to do? IB analyst: probably too late at this point. Some kind of programming or quantitative job at a fund: maybe, depends on how good you are.

  5. Do you have anything that makes you special?

I think the better way to ask this question is if you can pitch your candidacy somewhere to get feedback.

#3

Well I go to Clemson, but not at the very top cause I have a 3.97. I have done any banking related internships and I was thinking of doing quantitative work to be honest. Only special skills I have is I’m proficient in SQL, Python, and C++ if that makes a difference. I was looking to start out as a software engineer and then switch to hedge funds once I get a masters or a doctorate if that’s possible.

#4

It should be feasible to get a programming job at some hedge fund. You’re not going to get into something like Citadel at this point, but there are many other firms that have a need for technical work. The relative attractiveness of working at finance firms has decreased over the past few years, so competition has also decreased, to be honest.

I think the odds that you will be hired directly for a portfolio management job are low without more experience, but working at any finance firm will be one step closer, as it will help you learn about the industry and develop some contacts. Ideally, you would want to start in a job that is close to strategies or applications used by front office staff, as this will maximize your exposure.

Also, if you’re planning on getting a master’s degree, I’d recommend that you do this as soon as possible, even before working anywhere, if your financial situation allows for that. Your skills will be sharpest at this point, and the returns will have longer to compound. PhD sucks. Unless you want to be a professor, I don’t see why you would consider this.

#5

Just out of curiosity what do most salaries look like for bankers/quants?

#6

Use glassdoor.com or Wall Street Oasis survey

#7

This is roughly what I understand the range to be for total compensation, assuming big firms. 50% of total compensation is usually bonuses.

Analysts: $140k to $180k

Associates: $250k to $400k

VP/Director: $350k to $800k

MD: ???

Programmers probably will make less then this. You won’t get to be a quant without more degrees, but they will start on the associate track usually.