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FOBquant
Posts: 7
Joined: April 25th, 2011, 1:44 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 6th, 2011, 6:02 pm

QuoteOriginally posted by: tu160QuoteOriginally posted by: FOBquantI believe more interesting work done at the FED require top clearance...Without US citizenship, I think it would be somewhat difficult to engage in those.You are mistaken.Alright, I was wrong then. Just a few questions to broaden my knowledge.I am interested in learning What kind of interesting work can one do in FRBNY? Have you worked in FRBNY or FRBDC and what kind of interesting work have you done over there?Am I able to go in there to carry out FOMC decisions/open market operation, maiden lane projects...etc?Why is it highly regarded in the quant world? (Assume without an advanced degree) Why isn't CMU a better choice?Thank you for sharing
 
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FOBquant
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Joined: April 25th, 2011, 1:44 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 9th, 2011, 4:07 pm

No reply/No idea? How do I gain confidence in the suggestion.
 
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traderjoe1976
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Joined: May 19th, 2006, 9:50 am

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 9th, 2011, 9:20 pm

QuoteOriginally posted by: FOBquantNo reply/No idea? How do I gain confidence in the suggestion.Because tu160 is earning 10 times what you are earning? Is that a good enough reason to trust his judgment?
 
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nyasha
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Joined: November 29th, 2005, 10:49 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 10th, 2011, 12:24 am

Quote Yeah.. to be honest, initially I was thinking, because I am an international student from a US College, if I have some working experience in the US, I will differentiate myself from other students from China or India when I start looking for a job post-MFE.. At least, a year of working experience can prove my potential employer that I am able to communicate and work well in this country. But now, I think doing what I really like is much more important. I could always improve my communication skills more efficiently by writing and reading frequently, or talk often. Anyway, thank you so much! It really helps!I think you really hit the nail on the head with this: it's a very good reason to do the Fed role, as it's also got a lot of prestige outside the US, perhaps much more than any single investment bank experience. So you will stand out. The options leading on from the Fed are tremendous. For your particular circumstances, I think the Fed role has a lot less risk, which is better until you are more settled in the country: those signalling effects you allude to from working in the Fed are not to be underestimated, and their benefits will last your entire career. As for being patient, it's a virtue when starting out your career trajectory. At the Fed you won't build a stunning private sector CV overnight, but you will lay very solid foundations for a career wherever you end up. Also, with Fed experience under your belt you'll likely be able to parachute into top schools for postgrad, if you wish, even improving upon the CMU MSCF. ---------End distraction
Last edited by nyasha on May 9th, 2011, 10:00 pm, edited 1 time in total.
 
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FOBquant
Posts: 7
Joined: April 25th, 2011, 1:44 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 10th, 2011, 12:26 pm

QuoteOriginally posted by: traderjoe1976QuoteOriginally posted by: FOBquantNo reply/No idea? How do I gain confidence in the suggestion.Because tu160 is earning 10 times what you are earning? Is that a good enough reason to trust his judgment?1. What does that have to do with my question? There are tons of people earning 100 to 1000x more than I do. 2. No. By using the word "judgement" you are making a heavily subjective call.
 
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zhaopenglu
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Joined: January 14th, 2011, 1:16 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 13th, 2011, 5:34 pm

QuoteOriginally posted by: tu160QuoteOriginally posted by: FOBquantI believe more interesting work done at the FED require top clearance...Without US citizenship, I think it would be somewhat difficult to engage in those.You are mistaken.QuoteYeah.. to be honest, initially I was thinking, because I am an international student from a US College, if I have some working experience in the US, I will differentiate myself from other students from China or India when I start looking for a job post-MFE.. At least, a year of working experience can prove my potential employer that I am able to communicate and work well in this country. But now, I think doing what I really like is much more important. I could always improve my communication skills more efficiently by writing and reading frequently, or talk often. So do you need a green card sponsorship? If "yes" DC/NY fed would be no-brainer. But Chicago... The issue is that they probably will not start green card process until you spent 2 years with them. Banks have the same rules... But if you manage to publish papers and teach some student as Adjunct you could apply for EB1 with high probability of success. If "no" go to Fed, it looks good on resume, way much better than MFE. Job should be quite relaxed so you can read a lot. You will be a perfect match for high profile sales.Thank you tu160.. I have decided to go to school. I need green card sponsorship.Of course I would like to work in NY Fed, since they have a trading desk where they carry out their open market operations. Now because of the crisis, they also need to manage their balance sheet, which has a lot of mortgage assets acquired from banks. All these tasks are carried by the NY Fed. However, NY Fed does have working restrictions, because they have much close connection with the Board of Governors in DC(this is government agency, no foreigners are allowed to work there), such as the exposure to FOMC, NY Fed does not take in foreigners as well. Besides, CMU is just 1 and half year. I want to finish it as soon as possible. But thanks for your suggestion though!
 
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zhaopenglu
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Posts: 6
Joined: January 14th, 2011, 1:16 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 13th, 2011, 5:46 pm

QuoteOriginally posted by: nyashaQuote Yeah.. to be honest, initially I was thinking, because I am an international student from a US College, if I have some working experience in the US, I will differentiate myself from other students from China or India when I start looking for a job post-MFE.. At least, a year of working experience can prove my potential employer that I am able to communicate and work well in this country. But now, I think doing what I really like is much more important. I could always improve my communication skills more efficiently by writing and reading frequently, or talk often. Anyway, thank you so much! It really helps!I think you really hit the nail on the head with this: it's a very good reason to do the Fed role, as it's also got a lot of prestige outside the US, perhaps much more than any single investment bank experience. So you will stand out. The options leading on from the Fed are tremendous. For your particular circumstances, I think the Fed role has a lot less risk, which is better until you are more settled in the country: those signalling effects you allude to from working in the Fed are not to be underestimated, and their benefits will last your entire career. As for being patient, it's a virtue when starting out your career trajectory. At the Fed you won't build a stunning private sector CV overnight, but you will lay very solid foundations for a career wherever you end up. Also, with Fed experience under your belt you'll likely be able to parachute into top schools for postgrad, if you wish, even improving upon the CMU MSCF. ---------End distractionThank you so much.. I have thought everything just as you have thought about. However, I have noticed that almost everyone worked in the Federal Reserve system stayed in the system. I used linkedin and try to see how those people doing in Chicago Fed, and most of them (90%) stayed working for the government. I understand it is a safe job with a lot of good benefits, but it is really not what I want to do. I still want to gain some detailed insights and practical skills on financial derivatives trading. To do this, especially in structuring, from what I know, stochastic calculus and some financial computing is a must. Since I come from a Liberal Arts College, I could not take some advanced maths classes. Our school simply does not offer them. Nor financial related classes. Ionly peaked into the financial market through our economics class, which did not provide me with any solid training. Since I want to get ready for the Chinese market as soon as possible. There is already some signs that the government is gradually opening up the derivative market in China. So in order to do this, I need some experience from a top Investment Bank. Even though I am not sure if I could realize my goal, I still want to work towards that direction. Thank you so much for your suggestion. I really appreciated!
 
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zhaopenglu
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Posts: 6
Joined: January 14th, 2011, 1:16 pm

Hey Guys, seriously need your advice!! Fed job vs CMU MSCF

May 13th, 2011, 5:52 pm

QuoteOriginally posted by: traderjoe1976Fed job is very relaxed and very secure. They never fire anybody. Also many of the Economics and Finance PhDs are able to move from Fed job to IMF and World Bank where the pay is quite good. Also, if you get good contacts at Fed, then you can get these contract jobs in modeling and statistical analysis for the rest of your career. There are some very smart people working at Fed and you can learn a lot from them.But, CMU is very prestigious, and I think that it is the correct choice for you. You can make good career and good money later on.Thank you traderjoe! I struggle on this for the simple reason that both are good choices. Maybe there is just no "The Best" choice. Who knows how the future will turn out to be. Since I really do not like economic policy analysis ( some basic theories and concepts are very interesting..but for most empirical studies, not so interested to me), I guess it could be better for me to learn what I want to learn and do.Anyway, thank you so much for your insights!
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