Can an MSc in Economics have any chance of being accepted at quant positions?

Avsy · 1/20/22

Hi everyone! I was hoping to ask if a person with an MSc in Economics has any chance to be accepted to quant positions? Based on what I have read here, an MFE or science PhD would be the ideal educational route (an Econ degree is not quantitative enough), but unfortunately I don't have anymore money for another masters and there is no way I would be accepted to science PhDs. I initially wanted to pursue a PhD in Economics (which is why I took the econ masters), but now am not sure anymore about this path and so I am considering other options. I was hoping to ask this question to see if I should even attempt obtaining a quant position and spend the hours obtaining the needed skills through online classes or if I should exert my effort towards options instead. Thanks so much everyone!

Extra info in case this helps: My undergraduate degree was in engineering. I also took a lot of classes on econometrics and causal inference, and have taken advanced math classes such as real analysis. My programming skills are currently weak, but I am willing to spend the time to remedy this. Thanks!

jarryds · 1/21/22

Avsy said:
Hi everyone! I was hoping to ask if a person with an MSc in Economics has any chance to be accepted to quant positions? Based on what I have read here, an MFE or science PhD would be the ideal educational route (an Econ degree is not quantitative enough), but unfortunately I don't have anymore money for another masters and there is no way I would be accepted to science PhDs. I initially wanted to pursue a PhD in Economics (which is why I took the econ masters), but now am not sure anymore about this path and so I am considering other options. I was hoping to ask this question to see if I should even attempt obtaining a quant position and spend the hours obtaining the needed skills through online classes or if I should exert my effort towards options instead. Thanks so much everyone!

Extra info in case this helps: My undergraduate degree was in engineering. I also took a lot of classes on econometrics and causal inference, and have taken advanced math classes such as real analysis. My programming skills are currently weak, but I am willing to spend the time to remedy this. Thanks!

What kind of engineering? That can make a big difference. My background was mechanical engineering (undergrad), and I can easily say that degree is not quantitative enough to prep for a quant position.

Programming being weak is definitely an issue, I have been interning for a HF, and still haven't left the terminal yet. Your biggest issue is proving on your resume that you are a capable programmer (this stands for math/stats too). Do you have any internships where you programmed? Could you swing an internship in data science/tech? This may get you closer to quant.

If you can't build your resume through school, you need to through internships/jobs. You could try to leverage a few positions to eventually move to quant. Your best bet is probably data science/data engineering. Summer is coming up, apply to 100s of places in a variety of positions. Literally apply to anything where you will do quantitative work

Avsy · 1/21/22

jarryds said:
What kind of engineering? That can make a big difference. My background was mechanical engineering (undergrad), and I can easily say that degree is not quantitative enough to prep for a quant position.

Programming being weak is definitely an issue, I have been interning for a HF, and still haven't left the terminal yet. Your biggest issue is proving on your resume that you are a capable programmer (this stands for math/stats too). Do you have any internships where you programmed? Could you swing an internship in data science/tech? This may get you closer to quant.

If you can't build your resume through school, you need to through internships/jobs. You could try to leverage a few positions to eventually move to quant. Your best bet is probably data science/data engineering. Summer is coming up, apply to 100s of places in a variety of positions. Literally apply to anything where you will do quantitative work

Thank you so much for your response! It helps me a lot. I agree, perhaps data science/data engineering jobs are more reachable to me than quant jobs at the moment. Thanks also for your advice to apply for internships. Perhaps a good plan for me now would be to improve in coding and at the same time look for internships that are relevant to data science/quants. My undergrad degree was in chemical engineering, which although I enjoyed and gave me some math skills, I believe did not give me sufficient math skills and math knowledge for a quant career (perhaps it is different for other universities).

Another plan I was considering was to maybe apply to an economics-related position in a bank while continuing to skill-up through online courses, and perhaps there is a chance for me to move to a quant position within the same bank.

jarryds · 1/21/22

Avsy said:
Thank you so much for your response! It helps me a lot. I agree, perhaps data science/data engineering jobs are more reachable to me than quant jobs at the moment. Thanks also for your advice to apply for internships. Perhaps a good plan for me now would be to improve in coding and at the same time look for internships that are relevant to data science/quants. My undergrad degree was in chemical engineering, which although I enjoyed and gave me some math skills, I believe did not give me sufficient math skills and math knowledge for a quant career (perhaps it is different for other universities).

Another plan I was considering was to maybe apply to an economics-related position in a bank while continuing to skill-up through online courses, and perhaps there is a chance for me to move to a quant position within the same bank.

Chemical is a good foundation. Most of engineering is in general, but that gets less true for IE and Civil. Definitely start practicing programming right now (hackerrank, leetcode). I would chose HackerRank if you are more elementary, they have more lessens. Python is probably you safest bet, although if you want to work in data science, you need to understand R. R really is not that difficult, you can learn by completing projects.

That last bit is right on the money. Get exposure at an institution while improving you quantitative skills. Use that experience and newly learned skills to leverage your way into a quant like positions. Most of these banks have like "quantish" rotational programs that you help you get experience and build your resume. BOA's is called Quantitative Analyst Rotational Program (i think).

Avsy · 1/22/22

jarryds said:
Chemical is a good foundation. Most of engineering is in general, but that gets less true for IE and Civil. Definitely start practicing programming right now (hackerrank, leetcode). I would chose HackerRank if you are more elementary, they have more lessens. Python is probably you safest bet, although if you want to work in data science, you need to understand R. R really is not that difficult, you can learn by completing projects.

That last bit is right on the money. Get exposure at an institution while improving you quantitative skills. Use that experience and newly learned skills to leverage your way into a quant like positions. Most of these banks have like "quantish" rotational programs that you help you get experience and build your resume. BOA's is called Quantitative Analyst Rotational Program (i think).

Thanks so much for all of your advice @jarryds!

Ken Abbott · 1/22/22

jarryds said:
Chemical is a good foundation. Most of engineering is in general, but that gets less true for IE and Civil. Definitely start practicing programming right now (hackerrank, leetcode). I would chose HackerRank if you are more elementary, they have more lessens. Python is probably you safest bet, although if you want to work in data science, you need to understand R. R really is not that difficult, you can learn by completing projects.

That last bit is right on the money. Get exposure at an institution while improving you quantitative skills. Use that experience and newly learned skills to leverage your way into a quant like positions. Most of these banks have like "quantish" rotational programs that you help you get experience and build your resume. BOA's is called Quantitative Analyst Rotational Program (i think).

Quantitative Management Associate Program (QMAP). I know because I ran it when it first started in 2000.

Also, I think if you have an MS and not an MA in econ (and you took the right quant courses), you could make your case to do risk or even model validation. We had many statisticians / econometricians working for us at MS and BARC.

Avsy · 1/22/22

Ken Abbott said:
Quantitative Management Associate Program (QMAP). I know because I ran it when it first started in 2000.

Also, I think if you have an MS and not an MA in econ (and you took the right quant courses), you could make your case to do risk or even model validation. We had many statisticians / econometricians working for us at MS and BARC.

Thank you so much for your advice Prof. Ken! I will definitely look into the QMAP program, hopefully I will still be able to apply if I am qualified and positions are still open. I will also do more research about risk and model valuation, they sound really interesting! If I may ask, where should I go to learn more about these valuation jobs and what are the essential skills required? Thanks!

Ken Abbott · 1/23/22

Avsy said:
Thank you so much for your advice Prof. Ken! I will definitely look into the QMAP program, hopefully I will still be able to apply if I am qualified and positions are still open. I will also do more research about risk and model valuation, they sound really interesting! If I may ask, where should I go to learn more about these valuation jobs and what are the essential skills required? Thanks!

Global Quantitative Management Analyst Program

campus.bankofamerica.com

The Fed - Supervisory Letter SR 11-7 on guidance on Model Risk Management -- April 4, 2011

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk: Allen, Steve L.: 9781118175453: Amazon.com: Books

Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk [Allen, Steve L.] on Amazon.com. *FREE* shipping on qualifying offers. Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk

www.amazon.com

Avsy · 1/24/22

Ken Abbott said:
Global Quantitative Management Analyst Program

campus.bankofamerica.com

The Fed - Supervisory Letter SR 11-7 on guidance on Model Risk Management -- April 4, 2011

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk: Allen, Steve L.: 9781118175453: Amazon.com: Books

Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk [Allen, Steve L.] on Amazon.com. *FREE* shipping on qualifying offers. Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk

www.amazon.com

Thanks!