Summer analyst or summer associate

[sebastianwang]

Hi I'm a first year PhD student in financial mathematics at a top 3 university in the UK, my research focuses on the pricing and hedging of exotic equity derivatives.

I would like to do an summer internship next year and I'm more into trading and structuring, but I'm a bit puzzled about whether I should apply for summer analyst or summer associate programs at investment banks as I know that the summer associate programs are tailored for MBAs. I did a summer analyst program during my master's study at a BB firm within Quantitative risk management.

Any suggestions will be appreciated, thanks a lot guys.

 

[sebastianwang]

Any suggestions please?

 

[Nelson]

I can't really speak with the UK environment (I am working and living in North America ) I personally would go for the Associate Program, because given the amount of knowledge you have, it would be difficult to for companies to take you on as an Analyst (assuming the latter is the lower of the two positions). People often think that it would give them an advantage by applying to more junior positions given their relatively experienced backgrounds, but what they often don't know is that banks tend to disfavor over-qualified applicants just as much as under qualified ones. If trading is what you truly feel passionate about, then you should look upwards, not down.

 

[Joy Pathak]

They won't take you as analyst. Analyst is almost always strictly for undergrads. Apply for the associate position, you have a better shot of getting it.

 

[mfegrad]

They won't take you as analyst. Analyst is almost always strictly for undergrads.

or those without any work experience from ms programs.

 

[sebastianwang]

I can't really speak with the UK environment (I am working and living in North America ) I personally would go for the Associate Program, because given the amount of knowledge you have, it would be difficult to for companies to take you on as an Analyst (assuming the latter is the lower of the two positions). People often think that it would give them an advantage by applying to more junior positions given their relatively experienced backgrounds, but what they often don't know is that banks tend to disfavor over-qualified applicants just as much as under qualified ones. If trading is what you truly feel passionate about, then you should look upwards, not down.

Thanks for your input mate. I would like to go for associate program as well since no one really wants to start as an analyst after 3-4 years of in depth learning in financial maths. What I'm worried about is that I may not have sufficient industry experience as those MBAs do, so I'm not sure whether I'm qualified for the associate program. Any more suggestions?

 

[Aaron Wong]

Thanks for your input mate. I would like to go for associate program as well since no one really wants to start as an analyst after 3-4 years of in depth learning in financial maths. What I'm worried about is that I may not have sufficient industry experience as those MBAs do, so I'm not sure whether I'm qualified for the associate program. Any more suggestions?

Believe in the heart of the cards!

 

[Nelson]

Ask yourself this:
1. What do I want to do this summer? --> Get a trading internship
2. What specific roles I should take? 2 choices: a. Analyst b. Associate
- Use the infamous method of elimination, you ruled out analyst, and that leaves you with... Associate
You now know where you want to be and the specific role you must take to get into it. Experience or not, this is apparently your only route to achieve this short term goal, so stop self-doubting and start applying! I am sure you will do fine

 

[sebastianwang]

Believe in the heart of the cards!

Yeah, I should

 

[sebastianwang]

Ask yourself this:
1. What do I want to do this summer? --> Get a trading internship
2. What specific roles I should take? 2 choices: a. Analyst b. Associate
- Use the infamous method of elimination, you ruled out analyst, and that leaves you with... Associate
You now know where you want to be and the specific role you must take to get into it. Experience or not, this is apparently your only route to achieve this short term goal, so stop self-doubting and start applying! I am sure you will do fine

You're right, I'll do it. Besides, if I do the internship two years before graduation rather than being an perultimate year student, will they consider me for an full-time offer even if I do well?

 

[Nelson]

You're right, I'll do it. Besides, if I do the internship two years before graduation rather than being an perultimate year student, will they consider me for an full-time offer even if I do well?

They may extend you another summer offer, but knowing you won't be able to work full time anyways in the following year, they won't give you a full time offer. (Unless, you are prepared to quit your current studies if such an offer does become available, but that's up to you and your employer to discuss )