>Applicants must show strong interest in finance and financial markets
How do I get into finance /biz/?
I have been to the bookstores and seen all the fancy textbooks and everything. I attend UPenn of all schools, but I can't afford to buy a bunch of finance books and it's no longer possible for me to take a finance class. I know mathematics and study actuarial science on the side.
Where can I start?
I'm not sure if this is sarcastic?
I meant that I am about to graduate with a bachelor's in mathematics and have taken quite a number of graduate math courses. I have also studied statistics and for 2 of the actuarial exams.
How do I get into becoming a business analyst?
Either for an investment bank, consulting firm, even financial services corporation, etc.?
Everywhere I look says the same thing. "Have a strong interest in finance. Know the financial markets and have an opinion about them. Read the Wall Street Journal daily."
Ok I will start reading the WSJ daily.
How can I learn about finance though?
The analysis side of it? Derivative markets? Corporate finance? Valuation methods?
How can I learn about all of this?
And how do I "get an opinion" about financial markets? I want to be business savvy and I mean it, I'm just not sure where to start here.
As a non finance major with no real experience :
Business Analyst for a consulting firm is possible. The rest not really.
You'd need a PhD to be seriously considered for an investment banking position. Probably a Masters to be considered for a position in the less glamorous financial services (insurance, payday loans etc...)
Holy god, this is advice so dumb it must be a troll.
Relax OP. Your maths major makes you look smarter. If you actually want to go to good investment banking positions, don't mention your actuarial interest.
Go to career events, show yiuor knowledge about the position in the interview and cover letter
I know a few math majors who got the positions for investment banks as interns and now they're all going back as full time hires after graduation.
Also nobody enters the entry-level actuary positions with more than a Bachelors as far as I can see, since you mentioned insurance.
Basically I'm doing OCR right now and going to all the job sessions I can. They ALL brag "we have 51 majors hired. Your major will not determine whether you can work with us," even Goldman Sachs, even though I as well as any of the other hundreds and hundreds of people watching the Goldman Sachs job session that it's incredibly hard to land that internship.
Being an investment banker is not realistic for me, I realize.
But what about Global Markets Business Analyst? Risk Analyst? Or just "Analyst" in an asset management firm? Are these completely unrealistic?
I'm trying to get an internship.
Ah, ok why shouldn't I mention the actuarial thing?
I think I should at least keep the actuarial exams on my resume, no? I would have thought they show some level of risk assessment skill but maybe I'm wrong here.
From what I understand, it's typical for them to ask in the interview about my opinion on the latest financial trends and markets (e.g. oil) and I'm expected to be able to have an opinion about them and to clearly talk about what's going on in the financial world.
I also need to understand finance to a degree.
That's why I'm here.
I'm highly, highly considering auditing a course called "Corporate Finance" this semester.
What's the fastest way for me to learn everything a finance major would learn? What's the fastest way for me to become an expert in finance even if I don't end up with the internship?
Actuary is different. It's more or less based on passing the actuarial exams. I think there's probably some level of nepotism as well, but it's not a field I know much about.
If you're talking FS as in modeling of financial products such as insurance policies, or subprime/near prime loans etc... I haven't seen people get hired without at least some track record of postgraduate work. I personally wouldn't hire someone who only has some theoretical knowledge of what a multivariate predictive model is because they took calculus III and basic statistics.
Investment banking, I should take a step back on: my mind immediately jumped to quant, but there are a lot of different areas in investment banking. I know the bar is set very high in that particular arena (you'd mostly be competing with PhD's,) but I don't know about the other facets of the industry.
If you don't mind, I'd like to step back and consider that I'm just trying to get an internship at the moment.
The first one that jumps to mind that I am interested in is the "Global Markets Summer Analyst" one here: https://targetjobs.co.uk/employer-hubs/nomura/430534-2016-summer-internship-program
Or this one: http://campus.rbccm.com/en/home/our-programs/global-markets/summer-analyst-program-usa/
Do you have any advice for me in trying to land something like that?
Ok well regardless of prospects in banking,
Does anybody here know a good method or website for learning about finance?
Or a book that you would highly highly recommend that's rigorous but isn't $200+ like a textbook?
First things first learn what "finance" actually means:
Investment banking: Bringing investments to the market. This is when a company wants to offer stock, bonds, buy another company. This can also be when a city or public entity wants to offer bonds.
Financial advisor: Help wealthy people, endowments, pensions, invest
Portfolio (or fund) manager: Manage the investments inside of a mutual fund or an investment fund.
Hedge funds: you're not here yet.
You can get a foot in the door at most of these from undergrad with a math degree. You'll need to network the shit out of it unless you go to a feeder school. You'll also need a basic background. I recommend:
Investment Banking by Rosenbaum and Pearl
Mergers and Inquisitions (website)
Breaking into wall st. (website)
Wall St. Playboys (website).
I've worked in finance for 9 years in private wealth and investment banking. Just got my masters and I just got an offer from a private equity firm.
You should be able to see this chart and instantly know whats wrong with it.
Learn accounting, You want to reverse engineer a usable income statement and balance sheet from GAAP reports.
Then you asked about the securities markets.
Download ThinkorSwim and go to the Marketwatch tab, change from heatmap to index watch and click ALL ETFs and memorize all the ones with volume over 1M
and a few that you find really interesting.
Of interest might also be the Analyst up and downgrade section.
if you want theres a course series on itunesU called investment philosophies.
Corporate Finance is also there.
Financial Markets with Schiller is there as well.
The whole point is just to show "the derivatives market is enormous, far bigger than the "broad money", which is fine because money invested in trading and assets is still money. Is that what I was supposed to find?
Also I downloaded thinkorswim like he said and I am looking at all the ETFs with volumes over 1million.
Why am I doing this though? What does this mean?
I'm sorry I just don't understand.
This is a meaningless point since derivatives stretch the definition of “worth” or “money” so far it barely makes sense, in addition to nothing having inherent value, whatever it is gold or an obscure OTC traded swap. However I don't know why he wants you to learn this. ETFs are getting more and more important in the fund industry, and will probably be the next big revolution, but I don't understand why one should learn these by heart.
In my opinion, as a guy working with funds, I think you should start learning principles of accounting and how a fund is working. What is a fund? What is a subfund? What are shareclasses? What does “cap” or “dis” mean? Those are little things, of course, but I think it's better to have solid basis.
Precisely why I am here but maybe OP should roll some coin into penny stocks for a year or something, put his results on a resume? I started off in tech wit ha college diploma and one of the first goons I worked for was a university math major with Italian manlet disorder. He was horrible at tech but sucked a good teat I guess.
So basically I'm just reading articles on Investipedia and trying to learn how to do Discounted Cash Flow analysis as a means of valuation as a jump start into learning about finance. Looking up anything I don't know and writing it all down in a notebook to study.
Is this the way it's done?
I will look into playing the penny stocks. I don't have much money at all to risk at the moment but I'll look into it anyway
Yes, significantly different. Although many procedures overlap, accounting emphasize on the very nature of the different objects used in the fund industry. Rather than accurately calculating NAV, or pricing some securities in order to do it, it tells you what is NAV, why is it this useful, where does it come from. Many people interested in finance don't know what a portfolio, a ledger, a balance or accruals are, and don't get the difference between a purchase and a subscription. You should start with the basis instead of directly diving in derivatives valuation or stock analysis. Accounting sure is boring as hell but this is very much needed.
mathematics is good, it involves the predictable rational efficient side of the market, but don't forget the other side
When I got an interview, I was asked the same question. I told them the truth, that I were really interested in finance but I didn't know that much because of a quite unrelated degree. I told them I was especially interested in the sophistication of the derivative market. They asked me what derivatives did I know, and I talked about futures, options, swaps. I couldn't name more than that. They asked me if I knew what Montecarlo or Black-Scholes methods were. I awkwardly said I do although I only knew about Black-Scholes. I successfully convinced them I was willing to learn as much as possible, and with above-average skills in Excel, MySQL and a quick experience with a Bloomberg terminal, they concluded I fit for the job. We talked about it years later and they admitted most candidates, even those with a high-level degree in finance, don't and can't understand what the work is about. You're going to learn with experience, they mostly seek curious, polyvalent and ambitious—not in the sharky meaning of the word—youngsters.