Masters in Statistics for Quant Trading Role?
Some background, I am a data science student at a T-7 CS school and one that is well regarded for Math and Statistics, although the school as a whole would be considered a non-target for most high-level positions. I want to break into Quant Trading and I know for a fact that my school has great placement in Trading firms (Specifically ones with large Chicago presence) despite being a school most wouldn't think would have great placement. I don't have an insane math background or statistics background; however, I am competent in both. I am wondering if pursuing an extra year after undergrad to get a Statistics master would give me a real shot at breaking into Quant Trading. Right now, it seems that QT firms only really hire Stats, CS, or Math majors and even though I feel like Data Science would be applicable to Trading, I've only gotten past resume stages at a couple trading firms. So, I guess I'm just wondering if it would significantly improve my chances at QT if I boosted my Math and Stats profile with an extra year masters or if it's too late to really break into QT. Any help is appreciated. Lastly, if a MS in Stats would help, does it particularly matter what university I go to or will I have a good shot going to any T-20 Grad program.
Hey there! Based on the most helpful WSO content, it seems like your background in data science already gives you a solid foundation for a career in Quant Trading. However, pursuing a master's degree in Statistics could indeed enhance your profile and increase your chances of breaking into the field.
Here's why:
Advanced Knowledge: A master's degree in Statistics would provide you with advanced knowledge of statistical theories and methodologies, which are crucial in Quant Trading.
Skill Enhancement: This degree would also allow you to further develop your skills in areas such as probability, time-series analysis, and machine learning, which are highly valued in the Quant Trading industry.
Credibility: Having a master's degree in a highly quantitative field like Statistics could make your profile more attractive to potential employers and give you an edge over other candidates.
As for the university, while the reputation of the institution can play a role, what's more important is the knowledge and skills you acquire. So, whether it's a T-20 or not, as long as the program is rigorous and provides you with the necessary skills, you should be in a good position.
Remember, the key is to be comfortable reading and understanding research papers, and to be proficient in programming languages like Python, R, and C++.
So, go ahead and swing from those trees, buddy! The world of Quant Trading awaits you.
Sources: RE: Prop/Quant Trading - Why is it not as big a target as Investment Banking?, Best internships for Quant Trading?, For those who landed as a quant with only undergrad degree
do quant trading firms like the ones above look favourably upon MFEs or are masters/PhDs in Stats/CS preferred? i know MFEs are p common for derivatives groups at BBs
MFE's are for international students who want to work in the US, or for undergraduate students who quite frankly weren't smart enough/prepared enough to land a QT role out of undergrad.
Nobody gets an MFE or MS degree to get into trading if they got an offer out of undergrad.
MFE's are popular for sell-side quant roles, otherwise any MS/MFE at any top school good enough to get OA's will be fine for MM/Prop.
QR is a different story in which an MS in CS/Stats/Math could be cool, but the same MFE person will probably also get the interview and at that point you could've learned and prepped everything on your own instead of getting an MS in it.
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