This is what I've been told as well. The wilmott guy went so far as to say that nothing quant at a bank was even related to what he did with the two; he couldn't just walk out of the bank and say, "yep, time to print some money daytrading with my quant skills i used at the bank". In the end, he did not encourage going into a msc if trading was what you really wanted to do. He basically said, "if you want to trade, then trade. If you want to do something else...well go into a msc fin math". But he made it his own. Not to mention, trading jobs are hard to come by. I hear a lot about FNYS. And yeah, its hard to get in. But you could rifle off 20 more trading-related firms (maybe not equities or strictly prop) that are just as competitive, if not more so. A degree in "mathematical trading"(yep, they actually call it that) from Cass (although cass isn't an upper tier UK institution) won't hurt when applying to places like optiver/mako. Some even prefer a msc for whatever reason. You got a lot of options, so if you know you want to trade, then trade. If you don't know, then maybe heading into a msc isn't such a bad idea. (this is the advice i received, and i'm going to follow it myself).