Canary Wharfian
Administrator
- Jul
- 47
- 1
Staff member
Degree/Subject Choice
An commonly asked question by students is something like: is [insert degree] "good enough" to break into [insert industry]? While a valid question, the answer is complex and is not always a simple "Yes" or "No".
You should study something based on what you believe you will like studying, and not on prospects in becoming an investment banker or a super-star trader. If you do this, you will have already done yourself a favor and saved yourself lots of time.
Truth is, for investment banking (and sales), it doesn't really matter what you study as long as it's at a reputable institution. Michael Burry (The Big Short) notedly got a degree in medicine. Many others, whether on a spring week or summer internship, study something not related to finance at all too: like Classics at University of Oxford or English at University of Cambridge. Yet, they might still be interning on trading or banking desks.
However, it it imperative that you study towards a STEM degree if you want to work as a software engineer in trading or become a quant. In those roles, raw mathematics and science skills are a requirement.
Firms in private equity and hedge funds tend to have the same preference. For trading/markets-related roles, they often require a technical degree (note: not necessarily finance!), whereas for corporate finance-related roles, it does not really matter.
University Brand Name
Graduates from so-called target universities, when compared to lower-ranked, so-called non-target universities, are by far not equal in terms of their value in the workforce due to the difference in prestige of the universities and assumed competence. In fact, non-target students face a very steep uphill battle unless they quality for DEI programmes and will require lots of networking effort to have a realistic chance of landing their first role. Usually, it's better to rebrand yourself once you have worked a few years in the industry, with a Masters Degree at a top university.
Moreover, they also lack the ease of networking opportunities (think: Lunch with Citibank programmes and others) which is a disadvantage and general culture towards investment banking and other high-finance roles can be a motivating factor during the term.
Let's get the effect and causations right.
The cause of the overwhelmingly more attention given to the top 10 universities receive is quite simple - while it might not sound fair, these universities basically guarantee that their graduates are the best talent available. Which means less money to spend on rehiring someone if it goes wrong.
Resume Formats
Students often fret over the format and content of their resumes. It is a waste of time that you could have used better. Of course, you need to make sure your resume's grammar is on point, the content is punchy, and the format is professional. However, after a certain point of having improved it, the marginal benefit you get from another hour of trying to make it better is negligible. Recruiters famously don't spend more than 30 seconds looking at a resume and the name of the university is the first thing they check. It follows that you should prioritise your time on things that actually matter - not whether a commas was left out. Those things might matter when it comes to applying for a senior, experienced role but it rarely does on entry-level roles.
Lots of success in the application season comes down to luck too, anyway - banal things like did the recruiter have a good day when looking at your resume, or not? So you should spend your time doing higher ROI (Return on Investment) things instead. Like networking. Or your hobby, even.
An commonly asked question by students is something like: is [insert degree] "good enough" to break into [insert industry]? While a valid question, the answer is complex and is not always a simple "Yes" or "No".
You should study something based on what you believe you will like studying, and not on prospects in becoming an investment banker or a super-star trader. If you do this, you will have already done yourself a favor and saved yourself lots of time.
Truth is, for investment banking (and sales), it doesn't really matter what you study as long as it's at a reputable institution. Michael Burry (The Big Short) notedly got a degree in medicine. Many others, whether on a spring week or summer internship, study something not related to finance at all too: like Classics at University of Oxford or English at University of Cambridge. Yet, they might still be interning on trading or banking desks.
However, it it imperative that you study towards a STEM degree if you want to work as a software engineer in trading or become a quant. In those roles, raw mathematics and science skills are a requirement.
Firms in private equity and hedge funds tend to have the same preference. For trading/markets-related roles, they often require a technical degree (note: not necessarily finance!), whereas for corporate finance-related roles, it does not really matter.
University Brand Name
Graduates from so-called target universities, when compared to lower-ranked, so-called non-target universities, are by far not equal in terms of their value in the workforce due to the difference in prestige of the universities and assumed competence. In fact, non-target students face a very steep uphill battle unless they quality for DEI programmes and will require lots of networking effort to have a realistic chance of landing their first role. Usually, it's better to rebrand yourself once you have worked a few years in the industry, with a Masters Degree at a top university.
Moreover, they also lack the ease of networking opportunities (think: Lunch with Citibank programmes and others) which is a disadvantage and general culture towards investment banking and other high-finance roles can be a motivating factor during the term.
Let's get the effect and causations right.
The cause of the overwhelmingly more attention given to the top 10 universities receive is quite simple - while it might not sound fair, these universities basically guarantee that their graduates are the best talent available. Which means less money to spend on rehiring someone if it goes wrong.
Resume Formats
Students often fret over the format and content of their resumes. It is a waste of time that you could have used better. Of course, you need to make sure your resume's grammar is on point, the content is punchy, and the format is professional. However, after a certain point of having improved it, the marginal benefit you get from another hour of trying to make it better is negligible. Recruiters famously don't spend more than 30 seconds looking at a resume and the name of the university is the first thing they check. It follows that you should prioritise your time on things that actually matter - not whether a commas was left out. Those things might matter when it comes to applying for a senior, experienced role but it rarely does on entry-level roles.
Lots of success in the application season comes down to luck too, anyway - banal things like did the recruiter have a good day when looking at your resume, or not? So you should spend your time doing higher ROI (Return on Investment) things instead. Like networking. Or your hobby, even.