Career advice for students not from top schools

[drwolfe]

My background: 29yo with an undergrad degree in computer science and minor electronics from the Caribbean. Currently studying for an MSc in FE at Malardalen University in Sweden and will be finish in 2015. I also have 3 years experience working in telecommunications (requiring knowledge of unix administration, bash scripts, etc. systems were required to administered 24/7 to ensure subscribers are able to make calls, top up, browse etc )

It was my intention to work as Quant Dev in one of the major financial cities in the world (preferably NY), however I have come to the conclusion that to get into these major cities I will require a degree from one the 'top' schools of the world. In addition to this, I would have to deal with immigration policies to get into whatever country I would have received a job offer.

A PhD is not appealing, my expected age upon competion would be 37 years, so what would you guys recommend?

The GARP FRM exams?
How about an MBA or another MSc degree from a top school (ugh, another year and a half to two)?
Start my own firm focusing on issues that would be useful to Financial Engineers?
Any information or advice would be welcomed, perhaps there is something I may not have thought about.

P.S. I decided to come to Sweden because I got a scholarship opportunity, so I am here for free.

 

[moretodo]

stay there in Sweden! you'll have a much more happy and satisfactory life compared to the one your trying to embark upon!

 

[ygmwy]

Get top into top mfe program in US. It's only one or two years, and you'll catch the sight of new york recruiters. I know people from Sweden and people who are 29 from various industries who are here now and did exactly that. Problem is getting into the programs.

 

[drwolfe]

Sweden is not the place to stay... for me. Any other comments?

 

[Keith Tan]

There are many small prop shops and firms in NY and Chicago that don't need top degrees. Some of these firms have difficulty getting quants and/or developers, because they are not well-known. For non-MFE students like me, this is a great learning opportunity.

 

[moretodo]

Get an MFE in the US. Apply to the top 8-10 schools from the Quantnet rankings.

 

[MNRC]

Get an MFE from a top school in the US. Barring that get a MS in Math from a top school with financial math electives. These are really your only options since there are hundreds of MFEs at target schools at any given time that are willing to work for free at the internships you desire. You could also try for a MS in Computer Science and take many financial math electives.

 

[bigbadwolf]

Get an MFE from a top school in the US. Barring that get a MS in Math from a top school with financial math electives. These are really your only options since there are hundreds of MFEs at target schools at any given time that are willing to work for free at the internships you desire. You could also try for a MS in Computer Science and take many financial math electives.

Agreed. Or go to a non-top school and turn hope and cash into dust and ash.

 

[Ken Abbott]

Agreed. Or go to a non-top school and turn hope and cash into dust and ash.

Well said.

 

[IntoDarkness]

ive been saying top 7 or bust!

 

[MNRC]

This industry is so competitive...

 

[ygmwy]

This industry is so competitive...

That is what they say, but I tend to think of it this way:

There are more jobs out there, not less. But the bar for those jobs has risen considerably over the past few years. That means there is more demand, but more at the higher end than at the low end. Thus, the jobs out there require students to do more and more each year. I don't like the picture that there are 10X students competing for X jobs in the market. I don't think it is accurate. That's how recruiting firms live or die: claiming the top people for the top jobs. In a sense, yes, the market is competitive, but your greatest competition is yourself. You are racing to meet the rising standards of the time.

Where you see students fighting is at the low end, because more students fall into that category, and there are only a limited amount of low end jobs. (And by low end, I mean quant jobs that used to be cutting edge, but now everyone and their dog could do it.)

 

[drwolfe]

Thanks everyone for the replies.... at this point I think I will either start my own tech company... or pivot into the role of a Data Scientist. I may change my mind (I have one more year of school left to think about it) but looking unlikely. The stress of first getting in, then finding funding... I do not want to go through that again.