Hello wise people of AF: I am getting ready to graduate, and at the moment the job market is still looking pretty bad. I have applied for many many jobs, and have heard from 2. I’m even getting to the point where I am thinking about applying for everything (marketing, PR, Operations, admin etc). Today, an idea popped into my head. Maybe, I should get more education and wait out the storm. Hopefully, when I graduate from a masters program, finance jobs will be abundant and I will have more qualified than the new finance graduates. Is this crazy? I’ve always hated new graduates who move straight to an MBA. What do you recommend?
Bad idea. Chances are without decent work experience (in any field) you probably won’t get accepted at a good MBA program. My advice is to stick it out, get at least a couple years of experience anywhere and then apply for MBA.
I would not recommend it. Unless you are doing a master’s in a hard science or math/stats a masters in finance (non top 5 program) or 5 year undergrad/mba program is pretty much useless and only put you further into student loan debt. If you really want to work in money management one day I would start with the CFA program right away. It will not get you a front office job by itself but it really help you get into a company money management company (compliance, marketing, operations). If your not hurting for a paycheck to pay for life I would recommend you volunteer around your city, something you always wanted to do, something where you can network with professionals, do something you always wanted too and succeed in it. People who graduated in 07-09 are pretty much in the boat your in and once the job market turn around you will really have a leg up if you passed level 2 and have something interesting to talk about on your resume.
What value is a Masters degree if you don’t have experience? If you can convince me you can convince a recruiter.
Whats your background/goals? When I was doing my final internship all the senior trading staff told us to go back and get a masters and wait out the storm of shit that is 2008-2010 the lost years. A lot of people have taken that advice, but most ended up going to top MFE style programs.
Does everyone take loans for MBAs/Masters in the states? Or is it grants? Or parent funded? If grants, how do you get them?
Where are you situated muddahudda, posting at these timeS?
A Master’s degree might be useful, especially if it is in a quantitative subject. I would not have gotten my current job in trading with just an undergraduate degree.
I would not do a masters degree with no experience. When you graduate with your newly minted degree, you will be paid the equivalent of an entry level salary because you have no experience. I would find a job, even if it is not your “dream” job, and increase your education via the CFA or CPA in your own time while the economy improves.
thommo77 Wrote: ------------------------------------------------------- > When you graduate with your newly > minted degree, you will be paid the equivalent of > an entry level salary because you have no > experience. It depends. For instance, MFE graduates with no job experience get paid significantly more than undergraduates. If it’s something more trivial like a Master’s in Finance, than it might not make a difference.
Hello Mister Walrus Wrote: ------------------------------------------------------- > It depends. For instance, MFE graduates with no > job experience get paid significantly more than > undergraduates. If it’s something more trivial > like a Master’s in Finance, than it might not make > a difference. I agree. If you go into a highly quantitative field of finance then more education is of more value to an employer than experience. Graduate schools must be flooded with applicants hoping to go to school to “productively wait out” the bad economy. However, if the US economy does not create enough skilled jobs for all these new graduates with advanced degrees, we could see newly minted MBAs and law school grads struggle to attain a ROI.
cpham - did you do well in undergrad? what does it mean you are getting ready to graduate . . . you mean May 2010 or December 2009?
I went to school in Canada, BC. It’s not a top Canadian university, but a strong regional institution (2nd or 3rd in my province). My grades are pretty good. If you translate them into a 4.0 scale, it should be about a 3.5 (87%). I will probably graduate with distinction and hopefully, make the Dean’s list. I will be graduating in Dec 2009. So the clock is ticking.
There was a thread a little while ago. One guy in BC got into a buy side firm as a portfolio admin, or something. He is planning to stick it out for a couple of years and nail couple levels of CFA in the meantime. Try to get a gig in any role in an investment firm. There are quite a few in BC. I think RJ was hiring couple weeks ago for a sales assistant. I am guessing you didn’t go to Sauder then?? SFU?
cpham Wrote: ------------------------------------------------------- > I went to school in Canada, BC. It’s not a top > Canadian university, but a strong regional > institution (2nd or 3rd in my province). > > My grades are pretty good. If you translate them > into a 4.0 scale, it should be about a 3.5 (87%). > I will probably graduate with distinction and > hopefully, make the Dean’s list. > > I will be graduating in Dec 2009. So the clock is > ticking. Converting from a 9 point scale, by any chance…?
Thanks everyone. It’s great to hear a lot of different opinions. Pretty close, Victoria actually. GTM, have you been on the 9 point scale?
p.s. what do you guys think about applying for a job that you don’t have enough experience for? I remember being told to do it a few years back, but in this economy is it just a waste of time?
cpham, you’re quite optimistic about our little university. 2nd or 3rd in BC is pretty bad if you want to work anywhere besides a government job. I finished in April 09 and moved to Europe to do an M.Sc. in Finance and Economics at a better university on a full scholarship. I know that I will be competing for the same positions as recent undergraduates, but at least I am learning new things and experiencing a new culture. Otherwise I would be working a govt. job in Victoria. So my advice would be to apply for a masters degree (NOT an mba) at a better university which banks actually visit.
What did you have to do to get a full ride? Perfect GPA? Solve world hunger? Just wondering if have a chance at that.