FICC Research

Hi guys I'm going to be doing economics and stats next year at a supposedly targeted uni for banking. I've been interested macroeconomics for a while and I'm thinking of going into economic research at a think tank or in some sort of civil service job but lately I've been interest in doing FICC research at a bank.

1) I realise that there are very very very few jobs in FICC research at banks but will there still be jobs in the future or will the career be taken over by AI ?

2) If I fail to get a FICC research gig at a bank, what similar roles in finance should I consider? I am very analytical and I'm really interested in markets and the macroeconomic side of things rather than stocks.

3) I'm slightly introverted- I don't mind talking and building relationships with clients but I also do like to work at a desk for a while and I can't constantly be in touch with clients because it drains my social energy. Should I consider a different career if this is the case? Because I have heard that banking and specifically equity research are very client facing, but I'm not sure with ficc research since they don't meet company directors or anything...

4) do banks mainly recruit MSc/PhD students for FICC research or can you get in as an undergrad as well? Because on LinkedIn I mainly see people with an MSc in Finance or Economics going into FICC research?

1) Research cannot, by definition, be taken over by robots. It's a human, connections-based, intellectual job until AI can start thinking for itself and can start making relationships - you're pretty safe.

2) Economic consulting, FI at an asset managers, etc

3) You'd be right in the fact that FI research is more cerebral than ER, but you'll still need to maintain contact with important figures (i.e. BoE professionals, hedge funds, commod houses etc) so yes - a modicum level of social skills is required

4) No, they recruit at undergrad too. If you're wanting to do quant research, I'd try to smash your degree and take as many high level maths courses as poss. General FI research not so much

The phenomenon you're seeing is Europeans. Europeans tend to finish their education with a Masters degree after 5 years of uni vs the more common Bachelor's here.

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Thanks for the help! So is the culture within research quite extroverted then because of the client relationships? And I have an offer for maths with econ from lse as well as an offer from ucl for econ and stats. For ficc research, which one is preferred? Which one will open up the most opportunities, such as for quant research?

ER tends to be a mix of personalities. FI culture is a bit more 'reserved', in comparison.

Doesn't matter between those two. In fact I think my friend at GS knows someone with that exact course at UCL in FI research (they started like a year ago).

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Ok thanks. Just one more question: I don't have very good extracurriculars so far- I just do volunteering, fundraising and some other stuff like prefect. So do you think banks will still consider me if I take up a lot of extracurricular activities (there are some societies I'm interested in) at uni even though my extras at school aren't great? And do banks also care about things like student investor competitions and stuff like writing on the Market Mogul?

Also, are you working in banking? Or a uni student? Because you seem to have a very detailed knowledge of the industry. I've seen you give great responses on another thread as well and you are very helpful.

Ok thanks. Just one more question: I don't have very good extracurriculars so far- I just do volunteering, fundraising and some other stuff like prefect. So do you think banks will still consider me if I take up a lot of extracurricular activities (there are some societies I'm interested in) at uni even though my extras at school aren't great? And do banks also care about things like student investor competitions and stuff like writing on the Market Mogul?

Also, are you working in banking? Or a uni student? Because you seem to have a very detailed knowledge of the industry. I've seen you give great responses on another thread as well and you are very helpful.

I wouldn't say 'a lot' is useful, quality over quantity is the go to phrase here. I'd focus on a few activities that you can achieve highly in or attain a set level of responsibility (i.e. leadership). Your ECs are fine, for spring weeks etc, it's a lot more about how you 'frame' them in your CV and via interviews. If you can recall stories or examples of times you've showed certain skills you'll be alright.

Not everything you do should be to please banks. I know several of my friends who write for market mogul, but they do it because they want to not because it ticks boxes. It's certainly a solid pass-time and shows keen interest in the industry.

Nah, I'll be going to uni this year but I have a very large network of friends/connections in various 'top' industries (consulting, PE, IB, trading, tech etc) which I've amassed over the past ~3-4 years, been reading around careers and fact checking with said friends on stuff for around the same time too.

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Banks care more about whether you are someone who can lead things and who can make a difference- fundraising and volunteering shows both if you do it right and can talk about it well in an interview. Do things that you are passionate about it and can talk on about for hours at an interview- stuff like running a society at university will look quite good on a CVa Dan you could probably talk about some of the events you organised in the society.

Also, yes, stuff like IFS student investor and other competitions, as well as writing about the markets and doing research on the markets really does help if you're applying to a markets role like FICC research. However, ifs student investor only really looks good if you actually get to the semi finals or finals with it- I did it this year with a few others from m school and we didn't do great- will be entering next year to hopefully win!

@Princepieman can you check if what I said is true, I'm not an expert on this stuff

Thanks this was also very helpful. Are you in banking or uni or in school?

Thanks.

Wow... I only even knew about banking like a year ago. So you're like a banking prodigy basically. What uni are you going to this year?

I'm in Year 12 at school.

Aha, I'm nothing special

Maybe Warwick or Bristol, or most likely some other RG uni through clearing the way exams have gone lol

That's pretty impressive- I know a few guys going to Warwick and Bristol. What course are applying for?

You know so much though...

Aha, I'm nothing special

Maybe Warwick or Bristol, or most likely some other RG uni through clearing the way exams have gone lol

1) Research cannot, by definition, be taken over by robots. It's a human, connections-based, intellectual job until AI can start thinking for itself and can start making relationships - you're pretty safe.

2) Economic consulting, FI at an asset managers, etc

3) You'd be right in the fact that FI research is more cerebral than ER, but you'll still need to maintain contact with important figures (i.e. BoE professionals, hedge funds, commod houses etc) so yes - a modicum level of social skills is required

4) No, they recruit at undergrad too. If you're wanting to do quant research, I'd try to smash your degree and take as many high level maths courses as poss. General FI research not so much

The phenomenon you're seeing is Europeans. Europeans tend to finish their education with a Masters degree after 5 years of uni vs the more common Bachelor's here.

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I thought one needs a maths/physics/compact PhD to do quant research? Or a Masters in financial engineering