What do MsF / MFE grads actually do?

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Kolya

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I'm an undergrad with reasonable chances at any top finance program; but I find it hard to get good information on what my eventual career would be like. These questions are primarily directed at people who have started their professional careers.

What sort of things do you do every day on the job?

How many hours a week do you typically work? How long is your commute?

How much do you get paid? (starting, 5 yrs in, 10 yrs in, 20 yrs in...) In retrospect, is it worth it?

What is the best thing about your work, and what is the worst?

Do you have to live in NYC?

If you were to leave your present position; what other areas could you work in?
 
Kolya said:
I'm an undergrad with reasonable chances at any top finance program; but I find it hard to get good information on what my eventual career would be like. These questions are primarily directed at people who have started their professional careers.

What sort of things do you do every day on the job?

How many hours a week do you typically work? How long is your commute?

How much do you get paid? (starting, 5 yrs in, 10 yrs in, 20 yrs in...) In retrospect, is it worth it?

What is the best thing about your work, and what is the worst?

Do you have to live in NYC?

If you were to leave your present position; what other areas could you work in?
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They do entry-level finance. Some do model review, some review pricing and parameter inputs, some run reports, some make sure positions are correct, some code.

Hours vary. If you're not willing to work 10-12 (sometimes more) hours per day, you want to avoid this field.

Commutes vary. Most young people live fairly close to their office, with no more than a half-hour commute.

Entry-level pay is about the same as for a BA or MBA, depending on experience. Don't worry about 5 years from now. You won't starve.

The best thing is doing intellectually stimulating work with really smart people. The worst things are tight deadlines, long hours, and the occasional jerk. If one comes into the business only looking for the money, everything about it is the worst. Those people hate their jobs and generally top out early.

Most MFE-type grads live in or near financial centers. There are funds and money managers all over, but most positions are in NYC, London, Tokyo, Hong Kong, etc.
 
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