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    Guys, thanks for reading this thread and please excuse my ignorance or lack of knowledge about IB.

    A bit about my background

    I’m a first year research student (aged 22) undertaking a research (PhD) project in the field of Computational Economics (more specifically Macroeconomic Modelling and Forecasting) from the University of Sheffield (I know it’s not a top 5 uni, but I couldn’t financially afford to go elsewhere like LSE). Prior to that, I completed BSc Mathematics and Computer Science from the same uni. I was awarded a very high 2.1 dual hons (border first) degree and came top of my cohort degree class.

    I would be extremely grateful if you enlighten me on the following questions:

    • What’s the demand for PhD candidates in the City especially in IB, what role do they play, how much do they get (in monetary terms) in comparison to other posts within IB? What is a typical City career path for someone like me?
    • My supervisor is a Mathematician; he wants me to solely focus on my theoretical research and frowns upon the idea of seeking for an City internship etc. What shall I do in regards to that? How important is it to seek an internship? When do I actively seek for an internship? After completion of my PhD, do I bother taking an MSc in Financial Economics from a top 5 uni like LSE or Oxford?


    Many thanks guys!
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    You'll already be holding a PhD and intend to take a MSc? Wouldn't that be like taking a step backwards?

    AFAIK IB jobs have no special demand for PhD holders (who are obviously academia/research focused), but that definitely cannot hurt your application. It might give it that added boost as a matter of fact.
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    IB jobs have no special demand for PhD holders
    Thats not true, look on any IB's career website and theres a special section for PhD/postgrad students. In corporate finance you'll still start as an analyst so your PhD won't have much advantage but as a quant/structurer (making financial products to trade that require high mathematical ability and generally only PhD students in mathematical areas are taken) you'll be in high demand.

    I don't know about Sheffield at graduate level, but at undergrad level you'd certainly not find it easy getting in, and doing an MSc wouldn't be a step back if its not related to your research field. Lots of academics go on MSc courses after getting their PhDs when they decide to change career directions.

    As a quant/structurer you won't earn as much as the front office jobs but you'll still be earning lots more compared to your friends on post-docs. Internships are almost a prequisite to getting into IB, so you will need to get yourself onto one. Does your supervisor need to know you're on an internship in the City? An extend volunteer holiday sounds like a good enough excuse to me. Anyway, apply for internships online, most deadlines are around Dec/Jan time.

    Best thing to do is talk to IB HRs and your unis careers service.
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    (Original post by Ibrahim)
    • What’s the demand for PhD candidates in the City especially in IB, what role do they play, how much do they get (in monetary terms) in comparison to other posts within IB? What is a typical City career path for someone like me?
    • My supervisor is a Mathematician; he wants me to solely focus on my theoretical research and frowns upon the idea of seeking for an City internship etc. What shall I do in regards to that? How important is it to seek an internship? When do I actively seek for an internship? After completion of my PhD, do I bother taking an MSc in Financial Economics from a top 5 uni like LSE or Oxford?
    1. Demand is high. They do a lot of modelling. As you do macro modelling, I guess you know a fair bit about taylor rules (or similar). There's a lot of money to be made by forecasting and modelling economic data that is forward looking. Money? Depends on how good your models are. If it so happens you develop some stunning model that only you are able to use or teach people about, you'll earn a healthy 6 figure packet in no time. You'll be near or around halfway there when you start if not higher. In a sense, you don't progress for a while. You keep on doing modelling, more modelling and more modelling where you pour over data.

    2. Internships are important. At least in helping you realise if a City career is what you want. You should apply around late November/early December to maximise your chances. Don't think the MSc is necessary.

    Those with a PhD tend to become 'quants'. You might find 'My Life as a Quant' (Emanual Derman) a useful read.
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    Guys, many thanks for your advice, cheers!

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    I stand corrected.

    *subscribes to thread*
 
 
 
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