<p>Hi,</p>
<p>I'm trying to become a derivatives trader (in fixed income or commodities) preferrably. I currently am a sophomore at RutgersU in NJ, and have had experience with a BB IBank in Cap Mkts. in the past summer (it collapsed in the following months). </p>
<p>I need some advice as to what will set me up better for entering Sales&Trading for a major bank or firm. I know that they look highly on finance+math, but the finance program at Rutgers isn't particularly well-targeted by big banks. Engineering on the other hand gives me quant skills and entrepreneurial flexibility. But I'm not sure about how recruiting is for engineers. I think they are targeted for IT, and "Technology" jobs within IBanks - something that I don't want to do.</p>
<p>I'd appreciate some feedback or insights.</p>
<p>More math is always better. Since you already have past experience, then getting your foot in the door will no longer be a problem. I don't think your major will hinder any chances you have at S&T since you already have capital markets experience. Most of the time, it is difficult to gauge whether an engineer is choosing finance as a means to make money or a passion. One summer internship has already shown your level of interest. So choose whatever major you feel the most comfortable with.</p>
<p>Things to consider,</p>
<p>Derivatives can be complex or simple. When you're talking about exotic baskets and uncorrelated baskets, then you'll need a good grounding in mathematics to run simulations which often require complex mathematical formulas and programming languages. Usually, this is in quantitative trading departments and most are PhDs. On the other hand, the underlying asset may tell you more about the derivative that you're trading and simple black scholes may be the case.</p>
<p>GPA. You'll want to keep your GPA as high as possible. What are your SAT scores? how's your math abilities?</p>
<p>Fixed income trading doesn't require as much math skills in my opinion.</p>
<p>My advice.... more math is always better. I plan to continue my mathematics studies after graduation.</p>
<p>thanks for your help.</p>
<p>As for SAT scores, I have a 790M, 750CR. I have 800s in SAT II Math subject tests and 5s on the AP Calc exams. The issue I have is that with a Finance and Math double major, I'll be limited in terms of career choice. There's no guarantee the trading thing will be a success, especially in this economy, so I feel that engineering is a better hedge. On the other hand, I know that i may be a bit more challenging to maintain a high GPA as an engineer. But then again, engineering gives more entrepreneurial ability than math and finance.</p>
<p>Feedback again?</p>
<p>Major in engineering. Anything practical. I thought econ would make me a god of all gods in the finance field. Then I quickly learned that anyone can learn finance by picking up a few textbooks. And its not easy to learn math or engineering that way.</p>
<p>My rec is to major in computer programming. And continue completing S&T internships.</p>
<p>If I had a chance to do it over, i would have majored in engineering or math</p>
<p>that's good advice. What did you end up majoring in JPNguyen?</p>
<p>I'm having trouble getting any feedback from the places I've applied despite my past experience and relative youth (i'm only a sophomore)</p>
<p>Any advice on that?</p>
<p>
[quote]
that's good advice. What did you end up majoring in JPNguyen?</p>
<p>I'm having trouble getting any feedback from the places I've applied despite my past experience and relative youth (i'm only a sophomore)</p>
<p>Any advice on that?
[/quote]
</p>
<p>Continue to make an effort to network with your recruiters. Eventually, you'll find yourself looking for another job and at the same firm you once interviewed for in college. </p>
<p>I ended up going from comp sci to bio med to econ(stuck with it) since it was my sophmore year in school. Figured, it was too late to switch back to comp sci. </p>
<p>Engineering is a good major for S&T. It provides you with a strong foundation in mathematics and programming. Risk modeling requires knowledge of quantitative concepts in finance. Derivatives for instance, you are going to want to know how to run a monte carlo simulation. Its pretty easy in excel. But the outlayers and quantifying it is what you'll learn in an internship. Pick up on SAS, C++, and VBA... definitely</p>
<p>I met a quant who specialized in derivatives. he was a triple major at MIT, won the physics olympics in china and could run circles in stochastic calculus... so i'd recommend picking up a ton of math and ditching finance if derivatives is what you'd like to focus on.</p>
<p>I'm not trying to be a quant; i'd like to be a trader</p>
<p>Also, I'm not at a target school (Rutgers). Does that make a difference? I've tried "networking" by mentioning names here and there of people that I've met and people that recommended me to apply to certain programs. I'm doing all the sophomore rotational programs, and I've applied to summer analyst gigs as well. </p>
<p>This would be immensely frustrating if nothing were to work out.</p>
<p>there's networking and there's networking. My friends are who I drink and party with. My network is people who I call/email on a monthly basis. </p>
<p>I understand that you aren't becoming a quant but you need to be able to run simulations as a quant would. It's the fundamental risk modeling technique</p>