What Does A Prospect In Quant Trading Do After Undergrad?

I'm aware that it's very tough to get a quant position straight out of undergrad. As a high school senior in Canada deciding between a target quant program (Waterloo Math) and IB targets with the goal of working in HF, not at a quant fund per se, but a "semi-systematic" fund, I was wondering what types of roles grads from target quant programs get before getting an MFE, which I've read is useful even for non-systematic positions. Thank you in advance.