I am starting the MFE program at Michigan in the fall and I am already starting to think about internships for next summer, as recruiting starts shortly after the program starts. However my problem is that I am going into the program straight from college and I have no work experience. What level positions should I be aiming for? Michigan MFE students get access to both the business school (MBA) recruiting (a big plus of the program!) and the engineering school recruiting. With no experience will I have to seek undergrad-level positions? Also, in general, do hedge funds take interns?I am interested in interest rate and currency derivatives and I would ultimately like to do trading/research (not sure which) for a hedge fund but I don't know the best way to get started. Any advice would be much appreciated. Thanks.

It is idealistic to think that you'll get a job in a hedge fund or similar through the business school. While not entirely impossible, these kinds of jobs don't usually make it to the business school and if they do, you are not permitted to 'bid' for an interview, which means you will not get one. I advise you to take a very active approach to this search process, even starting from now, or you might not get what you want.

Goldmember,Yes I know, that's why I'm asking for advice. Anyway I don't think that I can get any job through the b-school since I have no experience. And as far as hedge funds are concerned, that is a long term career goal. I wasn't very clear but what I was asking is...1) In more structured recruiting programs (e.g. I Banks) will I have to recruit with undergrads (i.e analyst hopefuls)?2) Is it possible/probable to start a career with a hedge fund? Or do people usually get experience elsewhere first? (For non-PhD's)If anyone has any info about hedge fund hiring processes I would be very grateful (although I know they probably vary alot from fund to fund).Thanks.

1)--since you don't have any experience you would naturally need to apply to analyst positions; you can of course try as associate, but will likely be disappointed. you are actually very likely to be disappointed in the first case either. I just feel you should realize how difficult it is to get a job right now, coming out of school with just a degree and no experience. you need to show real skills at the end of the year and also find people to show them to (i can't tell which would be more difficult).2)--as far as I know, most hedge funds need people with good (that is very good) programming skills. so you might want to work hard on those and also on getting an interview.hope that helps

I know how hard it is to get a job right now...that is why I am spending two years at Michigan! Right now I am just looking for an internship for next summer; I would be thrilled to run erands for traders all summer without getting paid a penny.

Quote know how hard it is to get a job right now...that is why I am spending two years at Michigan! Right now I am just looking for an internship for next summer; I would be thrilled to run erands for traders all summer without getting paid a penny. DoneActually, if you're that willing to work and that humble, you should have no problem. One of the biggest problems that banks (and trading floors especially) have with interns from masters programs (especially in Financial Engineering) is the unmitigated arrogance that interns show. A willingness to listen, be humble and do what's asked of you, even if it's not glamourous can go a long long way in getting you a job. Being able to solve problems, knowing all the math and modeling is great too, but no one goes to the intern to devise credit risk models or set positions. Feel free to private message me if you need anything else.

Hey, I just graduated with a Masters in Applied Statistics from Cornell. (BS also Cornell Stats) I took a couple finance courses, but no financial work experience, and I went straight through school, no jobs in between. I landed a job at Citigroup Asset Management as a Quantitative Analyst. I think this is a great position and providing me with lots of financial exposure and a solid beginning to a career as a quant. This is what you should be aiming for, a position that gives you a good education (not necessarily formal training) with a great company. Also, think about what you want to do in finance. Do you want to work in investment banking, or asset management? Do you want a quant type position or a analyst position? These are things you want to think about and talk to others about. Think of your first job as another degree, a place where you can build a solid finance foundation, possibly get a CFA, and then move to a hedge fund or the like.For quant type positions there probably wont be much on campus recruiting, this is a big problem if you want those type of positions. It will help to do a lot of networking and sending your resume to recruiting agencies, i.e. analytic recruiting, I can forward your resume to the headhunter that got me my job at citi if you like.Email me if you want to chat: cmr31@cornell.edu