Yes, Booth does offer a part-time MBA, but part-time is not good for career transitions. They are designed for those who are being sponsored and wish to move up within their company. I'm looking for a clean break from prop trading and into investment management.
Don't mean this to come across offensive, but it seems a bit weird to me that coming from one of these prop shops you'd be inclined to go down the MBA route? It's certainly not unheard of, but assuming you come from the sciences (CS/maths/physics/engineering) this seems like an odd choice. In terms of transferrable skills, hence associated salary levels, and seniority wouldnt it be better to move to a tech firm? Big data analysis and management is a well sought-after skillset at the moment and a more logical, lateral move.
Its definitely possible. I know a few traders from bulge bracket banks who left to get their MBA's. Now they do very different things. Contrary to the belief on many trading floors, there are wonderful and more fulfilling careers than scalping sub pennies a million times over.
AMEN. The hubris of traders is pretty incredible. The usual reaction of "why would you EVER want to go from trading to b-schools!" totally misses the point. It's not just the money; it's about finding a career that is a better fit for me and which I will find fulfilling. Trading doesn't do it for me. Furthermore, top b-schools are a very fun dynamic environment where I will be around very interesting smart people. As much as I love Chicago, I'm bored with the city and need new challenges.
fun and interests....huh...corporate life isnt fun. it is all about the bucks. make it and do whatever hell fun you want in your life, like getting layered by italian girls
Why not asset management? You get front office/client responsbility, and you are responsible for performance, which you will be able to use your trading background as demonstrable experience. CFA is a good idea for any client-facing role, MBA may not be necessary. As far as research: the sell side research is vastly different from buy side research. Most of the sell side research is thinly veiled promotional for a product (of course). It is closer to writing copy than it is researching and creating good investment portfolios. You don't need an MBA to work on sell side research. Sure the guy who is the official author may have one, but the guys actually doing the writing have a copy writing background. If you really want to do research, you need to stay on the buy side. DRW, if you are there would be especially good. Talk to your bosses about transferring departments. Again, MBA may not be necessary if you have the write recommendations within your company. Really, all the MBA is doing is stopping your career. You'll take two years off and incur some debt for the chance of a fresh start. My advice would be to take less risk. Either go part-time on tuition assistance from your employer, find a new job within the company, or start applying for asset management positions.
Even if we were strictly speaking about money, the opportunity for big bucks in prop trading has largely vanished.
You will see how big the business world actually is. There's a lot of cool stuff that is fulfilling. And you will be financially fine anyway. The consultants that come out of those MBA programs are making 300k after a few years. Not bad as an annuity with lots of exit opportunities.
Absolutely. I have a lot of friends who did top MBA and then went to work at top consulting firms (mckinsey/bcg/bain) and they are doing interesting work, making great money, and have their pick of top jobs since unlike traders they actually have useful transferable business skillsets.
yes you should choose a career that you find fulfilling. So, if you don't find trading interesting and want to make a career switch, go for an MBA. But your other assumptions are plain wrong. You have not seen hubris of corporate honchos. Go and read about Cisco CEO's speech and his tone before Cisco started its massive plunge. At least, when traders get hubris, markets bring them down to earth immediately, whereas in corporate world, its easy to fool people around and kill the whole damn company and its culture due to an individual's hubris. I have been to the country's best b-school and no doubt you will meet very interesting and smart people there. But if you think the top guys at drw or jump or getco are any less smart than an average b-school MBA, you are sadly mistaken. It is actually the other way around.