Cambridge or lower-tier US college for quant trading/research in the US?

If you want to work in London, go to Cambridge, otherwise it's advantageous to go to US programs. It's easier for recruiting. Firms will arrange travel, interviews, etc only for exceptional cases so applying for jobs across continents is just adding another geographical barrier.
Getting into Jane Street and the likes are very tough regardless of which school you go to. Recruiting for undergrads and graduates/MFE at firms for specific roles follow different schedule so you need to plan accordingly.
We have some recent AMA from members in quant researcher/quant trader positions. Look at their AMA to get a good idea of the background and their hiring procedure.
 
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