How easy is it to move from sell-side BB to buy-side HF for a quant?
As per the title, I would like to know how feasible it is for a quant who starts his career on the sell-side (say at a BB) to subsequently move to the buy-side, either to a hedge fund as a quant researcher or to a prop shop as a quant trader.
My particular situation is the following: I am due to graduate from a top PhD program in math in the next few months and I am currently exploring my possible career paths. My general understanding of the industry is that it is better to be a quant on the buy-side than on the sell-side, but unfortunately my background is not very relevant to what buy-side quants do (ML, stats, coding) while it's pretty solid for the sell-side (pricing, Ito calculus, PDE). Hence it will be much easier for me to be hired on the sell-side, while I doubt that I can make it to the buy-side with my current knowledge. So my question is: would spending 1-2 years on the sell-side (while working on the skills required for the buy-side in my free time) and then apply to buy-side positions be a good idea? Will I still stand a chance at top quant HFs or do they favor younger fresh grads?
Thanks a lot.
Its hard to specify how 'easy' it is, it is certainly doable (I have seen several such transitions). In general I think the whole 'buy-side/sell-side' divide is mainly a prestige/selectivity divide, but skills matter more for career trajectory. If you want to go to the buyside as some kind of signal quant researcher, better to start on the sell-side as some kind of related role (generating signals if possible, else publishing quant research, etc). On the other hand, if you do rates/macro/stock research at a bank (non-trading), your most natural progression would be to a similar role at a hedge fund- if you are lucky, you may be able to turn that into at risk taking role at a hedge fund in the same product. If you are a desk quant (pricing derivatives, etc), your main looks at hedge funds will probably be in a pricing role. In line with the guidelines above, I'd say use the above to get in the right area on the sell side, and then do a good job. The next step may be an internal transfer to a more 'desirable' seat, or to the buy-side, but all is made a ton easier if you do a good job and develop real skills.
Error cum quam molestias blanditiis sed quo. Suscipit in et eum ducimus sapiente voluptas iure autem. Quaerat voluptas repellat quo et tempore pariatur aspernatur.
Sit hic sit sunt consequatur. Qui quasi aut est. Temporibus reprehenderit placeat explicabo velit maiores. Ea nisi voluptatem adipisci labore fuga veritatis porro.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...