LSE: Accounting & Finance vs. Mathematics & Economics

Hi, I've got an offer from LSE for their a&f degree and I'm looking at IB/trading as possible job options. I picked the course based mostly on my interest in finance, but the general impression I've gotten from this forum is that recruiters look more favourably upon students with M+Econ degrees as it's supposedly more difficult and quantitative. What are your views on whether A+F graduates are significantly disadvantaged in terms of FO job opportunities and preparation for the job, as compared to M+Econ graduates? And if they are, should I consider switching course (I have the grades and I think the mathematical aptitude for M+Econ)? Thanks in advance for any advice you guys can offer

Hi, I've got an offer from LSE for their a&f degree and I'm looking at IB/trading as possible job options. I picked the course based mostly on my interest in finance, but the general impression I've gotten from this forum is that recruiters look more favourably upon students with M+Econ degrees as it's supposedly more difficult and quantitative. What are your views on whether A+F graduates are significantly disadvantaged in terms of FO job opportunities and preparation for the job, as compared to M+Econ graduates? And if they are, should I consider switching course (I have the grades and I think the mathematical aptitude for M+Econ)? Thanks in advance for any advice you guys can offer

If you consider trading as a career option, definitely choose M&E over A&F. Even if you make it to the interview, you'll face some interviewers who will have a negative connotation of the A&F course and doubt your mathematical aptitude due to the lack of quantitative modules in the course. For trading, the constant need to prove your numerical aptitude from an A&F degree is not worth it when you could just point to strong module scores in a Maths/Econ/Physics/Engineering degree.

If you're interested in any other area of IB though (Sales, Research, IBD etc), then either course is fine.

If you consider trading as a career option, definitely choose M&E over A&F. Even if you make it to the interview, you'll face some interviewers who will have a negative connotation of the A&F course and doubt your mathematical aptitude due to the lack of quantitative modules in the course. For trading, the constant need to prove your numerical aptitude from an A&F degree is not worth it when you could just point to strong module scores in a Maths/Econ/Physics/Engineering degree.

If you're interested in any other area of IB though (Sales, Research, IBD etc), then either course is fine.

I was just speaking from experience and my experience showed me that there's a significant upside to studying a more mathematical degree when it comes to trading regardless of your level of numerical aptitude. It's less noticeable when interviewing for S&T rotational programs, but when applying/interviewing for desk specific trading summer programs, I think it makes a significant difference.

I was never talking about the contents of the degree itself. Just the perception of it.

Well I'm not going to argue with you, but from my experience, it can make a difference especially when interviewing with the more exotic trading desks. The closer a desk is to the exotic space, the more significant your mathematical background is. I'm not saying its impossible to get into trading with A&F, far from it. My point however was that M&E will give you a leg up over A&F when competing for trading roles. It's a telling sign that BarCap trading ACs are filled in the majority by Engineering/Maths/Physics/Econ people whereas their Sales ACs are filled by people from all sorts of degrees.

Even if you get onto an S&T rotational program, your university degree will be taken into account when HR decide which desks to put you on. At the intern rotation level, you'll see the same sort of split as the obvious one in the Barcap trading and Sales ACs.

The only difference between the likes of Barcap and JPM (where desks bid for interns for desk specific programs), and other banks which do S&T rotationals, is that in the later, the bidding occurs AFTER the interns have received an offer. I find it unlikely though that the trend of interns preferred by the trading desks in Barcap/JPM (at the interview stage) will be different to that of trading desks at other banks during the post-offer bidding process.

My point is that if a trading desk only had headcount for one intern during the summer, and had a choice between two identical candidates except one was studying A&F and the other was studying M&E, I bet 9/10 times it would go to the M&E guy whereas in any other FO division (Sales, Research, IBD etc), it could come down to a coin toss. The strong correlation towards a preference for quant degrees in trading is too large to deem it as statistically insignificant as you're suggesting.

If you look at your A&F friends with S&T summer offers, I bet you'll find that the majority of them got it at banks which do S&T rotational programs rather than those which do desk specific ones.

Firstly:
"I bet 9/10 times it would go to the M&E guy whereas in any other FO division (Sales, Research, IBD etc), it could come down to a coin toss"
I lift your bet. Speaking from experience for firms like JPM I could have interviewed with 3 different desks (all trading, and one of those quant, another options)-for internship, but choose not too. I dont think your opinion holds.

And if they had the choice between two interns then degree choice is near irrelevant. ('identical candidates' do not exist).

Wrt to comparing my M&E friends against A&F, it is too small a sample to compare and draw significant conclusions.

I started my degree doing a more mathematical subject, and I changed to A&F at the start of my second year. It hasn't hindered me getting offers, (or wasn't the cause of my rejections).

As an lse student could u please tell me if a switch from a&f to econ is possible or not?

As an LSE student, I would strongly advise you to look at the difference in the courses and how they would suit you, rather than the job your degree may lead to. As already mentioned, a degree in a economics/finance area from LSE would be good enough to land you interviews, provided your CV is in order. The maths/econ course doesn’t provide much scope for outside options and some of the maths courses are very challenging if you’re not mathematically inclined. I have always enjoyed maths, got 90+ in all A-Level modules, but find the maths modules v.challenging in comparison to other options (finance/econ...). That said, A+F can be very boring if you’re not interested in the subject, although you can choose an outside module each year, allowing you to study other things which interest you such as law, history, geography (or dare I say more maths lol).

Best thing to do is speak to your academic advisor and other 2nd and 3rd year students once you get here.