在美国金融行业的职业发展选择
其次,分卖方(sell-side)和买方(buy-side)。实际上,两者都是中间人(financial intermediary),代理人(agent),真正的主人是:(a)需要资金的企业,(b)需要投资回报的人,这里卖方离企业近一点,买方离个人投资人近一点。
- 卖方主要是投资银行(investment bank)和银行(bank)。以前Glass Stegall还在的时候,投资银行是眼睛长在头顶上,看银行是下里巴人,现在变了。
- 买方主要是机构投资人(Institutional Investor),也有个人(High networth individual, family office)。
传统上,大学毕业生如果要入金融行业,去卖方是首选?为什么呢?第一,其实未必是好事,需求固定:因为它们的Financial Analyst是两年Program,两年之后一般是你要走人去读MBA的,所以这是一个每年都必须吸收新鲜血液的职位;第二,相对来说,收入较高,但如果算上你投入的时间,也就未必那么诱人;实际上,去卖方做Financial Analyst一般都是看重经历,而非收入的。
一. 投资银行,传统从找钱的客户(企业),到给钱的客户(买方),分两部分,Corporate Finance (or Investment Banking Division) 到 Sales & Trading (or Markets Division),一般当中还有介于两者之间的Capital Markets Division。一般“华尔街”指传统投资银行,但这也变了。
1. IBD - 本科毕业2-4年Analyst,MBA毕业2-4年Associate,然后VP,Some kinds of Director, Managing Director,etc.
优点:企业的Financial Modelling学得不错,企业融资,资本运作也能学到一点。
缺点:工时长,Analyst晋升机会少,所以其实本科毕业的两年Analyst program就是找低端苦力来用的,八十小时一周,但被用完也有出路。
出路:MBA,转到买方,有限机会去公司corporate development,有限机会去VC。
2. Sales, Trading & Research: 职位与上同
优点:喜欢金融市场的人,这个工种是非常具有刺激性的,每天盯市,工作时间比较合理,一周六十小时左右;在市场部门,被强迫回去读MBA的概率低于IBD。
缺点:只适于喜欢此类工作的人士,一般职业转型很难。
出路:转到买方,MBA转行等。
3. 新出来的Wealth Management:这里面又分PWM(Private Wealth Management)和Asset Management,后者就是买方,前者么,等于有钱人的金融顾问。
二. 银行,传统银行就是借贷业务,包括企业债;相对投资银行来说,属于利润率相对较低的业务。但这二十年形势完全转变了。
第一:Glass Stegall下来之后,资本市场完全改变了。企业客户需要的,不仅仅是投资银行的专业能力,而且需要中介人的资本运作,balance sheet。而有了自己的资本,又花钱把能人从投资银行请来,银行不但能够干所有投资银行能够干的事情,而且能干出很多投资银行都干不了的事情,所以有了Universal Bank,和One-stop Shop的说法。
第二,从1982年开始的利率下降30年,造成了前所未见的美国债务牛市,从而让Sales & Trading在整个行业的利润,超过了IBD多年。银行相对于投资银行,在这方面的资金、流量、和能力方面,都可能有优势,除了高盛以外,银行在这方面相对是更强大的。
但是,反过来说,银行有时候会出问题。第一,专业能力不行,take risk的时候造成巨额亏损。第二,银行系统直接吸收储蓄,如果破产,对金融系统的影响更甚于投行破产。
从职业类型来讲,提供的机会跟以上投资银行一样,还有一些投资银行没有的职位,不烦细说。
2020 QuantNet 最佳金融工程硕士项目排名
|
大学和项目 |
毕业前 就业率 |
毕业后三个月 内就业率 |
平均起薪 |
录取人GRE 数学单项平均成绩 |
1 |
Princeton University |
100% |
100% |
$155,571 |
168 |
Master in Finance |
|||||
Princeton, NJ |
|||||
2 |
Baruch College, City University of New York |
87% |
95% |
$127,883 |
169.5 |
Financial Engineering |
|||||
New York, NY |
|||||
3 |
Carnegie Mellon University |
78% |
93% |
$117,775 |
169 |
Computational Finance |
|||||
Pittsburgh, PA |
|||||
3 |
Columbia University |
93% |
100% |
$119,082 |
169.5 |
Financial Engineering |
|||||
New York, NY |
|||||
5 |
University of California, Berkeley |
82% |
88% |
$131,526 |
168.6 |
Financial Engineering |
|||||
Berkeley, CA |
|||||
6 |
New York University |
60% |
91% |
$115,000 |
169 |
Mathematics in Finance |
|||||
New York, NY |
|||||
7 |
Cornell University |
76% |
89% |
$127,773 |
168 |
MEng, FE concentration |
|||||
Ithaca, NY |
|||||
8 |
Columbia University |
67% |
94% |
$118,869 |
169.1 |
Mathematics of Finance |
|||||
New York, NY |
|||||
9 |
NYU Tandon School of Engineering |
73% |
86% |
$96,961 |
169.2 |
Financial Engineering |
|||||
Brooklyn, NY |
|||||
10 |
Massachusetts Institute of Technology |
73% |
94% |
$88,537 |
168 |
Master of Finance |
|||||
Cambridge, MA |
|||||
11 |
Georgia Institute of Technology |
62% |
100% |
$98,821 |
168.7 |
Quantitative and Computational Finance |
|||||
Atlanta, GA |
|||||
12 |
University of Chicago |
74% |
93% |
$99,345 |
168 |
Financial Mathematics |
|||||
Chicago, IL |
|||||
13 |
North Carolina State University |
72% |
100% |
$97,663 |
168.2 |
Financial Mathematics |
|||||
Raleigh, NC |
|||||
13 |
University of California, Los Angeles |
54% |
69% |
$100,964 |
168 |
Financial Engineering |
|||||
Los Angeles, CA |
|||||
15 |
Rutgers University |
48% |
96% |
$93,139 |
168 |
Quantitative Finance |
|||||
Newark, NJ |
|||||
15 |
University of Washington |
76% |
92% |
$83,071 |
167 |
Computational Finance & Risk Management |
|||||
Seattle, WA |
|||||
17 |
Johns Hopkins University |
13% |
100% |
$96,855 |
168.9 |
Financial Mathematics |
|||||
Baltimore, MD |
|||||
18 |
Boston University |
28% |
82% |
$85,777 |
168.5 |
Mathematical Finance |
|||||
Boston, MA |
|||||
19 |
Fordham University |
27% |
90% |
$90,583 |
167.4 |
Quantitative Finance |
|||||
New York, NY |
|||||
20 |
Stony Brook University |
0% |
82% |
$87,500 |
160 |
Quantitative Finance |
|||||
Stony Brook, NY |
|||||
21 |
University of Minnesota |
41% |
52% |
$73,500 |
166.5 |
Financial Mathematics |
|||||
Minneapolis, MN |
|||||
22 |
Stevens Institute of Technology |
24% |
62% |
$66,192 |
164 |
Financial Engineering |
|||||
Hoboken, NJ |
|||||
23 |
Rensselaer Polytechnic Institute |
34% |
55% |
$78,630 |
165 |
Quantitative Finance and Risk Analytics |
|||||
Troy, NY |
|||||
24 |
Claremont Graduate University |
40% |
70% |
$62,109 |
157 |
Financial Engineering |
|||||
Claremont, CA |
|||||
25 |
Illinois Institute of Technology |
7% |
33% |
$85,000 |
162 |
Mathematical Finance |
|||||
Chicago, IL |