During my undergrad years, I landed an internship in a risk management department in NYC. Unfortunately due to massive layoffs and budget cuts, I was not offered a job. So as a backup, I decided to pursue a MACC degree and once again try to prepare for a Quant job on wallstreet.
Questions about education....
1. Would a PhD in Accountancy be a good choice or should I just opt for a PhD in Finance? The reason i'm interested in a PhD in Accountancy is because all the core classes are the same as finance majors, and there's good demand from academic for professorships.
2. What types of languages should I know how to code in; ex) C, C++, Java, Matlab etc.
3. My interests are in trading and risk, what should I do to better prepare for a career as a Quant?
A PHD in Accounting is really not going to help you land a trading job.
Even some of my accounting profs just had a MACC.
I think accounting is one of those fields where a CPA is the gold standard. Get a Macc and go back to work.
If you want go for the PhD, drop out with an MS as a consolation prize and you won't have to pay, plus you'll get a stipend
The only comment I understood was that "it was not gonna help me get into trading" What are the rest of you saying?
Well, here's my plan as an Accounting PHD student, I planned on minoring in Finance. So I would essentially, take classes such as Numerical PDEs, Time series analysis, Derivatives, and Stochastic Processes. Yes, its not a pure finance phd. But aren't those courses essentially required for a Quant position. In addition, I plan to take a few C++/Mathlab classes.
Learn to spell Matlab first.
A PhD in Accounting would not be very helpful for a Quant job. PhDs are preferred for Quant jobs not because they have PhDs, but because they did the rigorous quantitative research to earn that PhD. I highly doubt you would pursue the same quality of research in Accounting as you would in Math/Finance/CS.
An Accounting PhD will land you a solid prof gig. Absolutely not a quant gig. Econ (omics/ometrics), Fin, CompFin, Stats, etc are PhDs which well help land a quant gig. Get it out of your head that a Acct PhD is the way to go.
Now for your questions directly
1) NO. Finance good, but Stats, Econ better.
2) Coding and languages mean nothing without the rigorous math, you can lean C++ yourself but its useless without knowing the math. Download a program called "R" its free and will give you some basic skills you can use in regards to Matlab.
3) There is one thing above all else. TRADE TRADE TRADE. Trust me on this, as I have spent time alongside many people far smarter then you (no offense, but unles you are Top 1% of academia the assessment is accurate) who thought they could "prepare" for a career as a quant. If you are lucky enough to get one of these gigs you will eventually have to make money, not just sit in a room building models. This requires experience with the fears, tensions and anxieties of trading your own capital. I cannot tell you how many incredibly smart guys I have seen shit the bed and burn out because they thought they could become great fighters by only hitting the heavy bag and never actually getting socked in the face.
Hope this helps.
It's super lame is what it is.
Thanks for the replies.
I'm on this exact same path bro. Good luc.
Just get good at trading. If you have the goods (or can get them), then you will get hired. There are stories of people without undergrad degrees who are amazing (and successful) traders, and prop traders/BB S&T desks know this.
I just mean to say go for the actual learning you need, and not the prestige. Prestige is for Ivy league BS bankers (no offense ivy bankers).
PhD Accounting to Restructuring/Distressed Debt (Originally Posted: 03/21/2013)
I'm planning to get a PhD in Accounting. Wanted to focus on Corporate Restructuring & Distressed Debt Valuation as my thesis topic. I've read Moyer's book, and it is interesting. My academic career is far too dear to me to quit to make a move in this space permanently, but I'd love to do some work in this space (as a consultant, part time, whatever). Would it possible to join the right clubs, network with the right people to do that sort of a thing?
Oaktree, PIMCO, Avenue, Cerberus - Do any of these firms hire PhDs in any capacity?
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