Honestly, 1styearbanker is not too far off with his intention. The level of education (ex. Financial Mathematics) does not mean you are going to be a better options market maker than someone with a BA/BS.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

What kind of question is this? Are you this quant finance program person didn't attend undergraduate, why must they be mutually exclusive?

========================================= We are excited to formally extend to you an offer to join Bank of Ameria
 
Best Response
bearcats:
it depends on the person and group's need dont you think? Who do you think the exotic desk would rather have? The quant, the undergrad or the stripper?

If you are Nomos Capital. the answer is None of the Above... hire the hooker (http://dealbreaker.com/2009/11/hedge-fund-may-have-hired-pros.php)

Anyway, to comment on the rephrasing, I think perhaps the speaker's point may have been that some Quant's over-rely on the theory and models they create, which can lead to trouble. It's the trader's job to use the models as a guide, but not the be-all-end-all. In my opinion, it still doesn't matter. You don't need to know stochastic processes to trade options, though perhaps the complexity of the studies gives further evidence to a person's ability to think analytically. There really is no answer to this question haha.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

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