Physics/comp sci at big 10
Hey guys -
I'm a physics major with a minor in computer science at a big 10 school. I'm interested in potentially transitioning into finance because I'm less interested in smashing protons together and more interested in making some money.
I've done a bit of research on people with phd's in physics moving toward modeling and HFT in hedge funds and whatnot, but I'm more interested with where I can go from obtaining my bachelor's and getting placed onto a team into Chicago or NY.
What do you suggest? Thanks.
Realized I didn't make something clear - if graduate school is necessary, I can absolutely attend. What (quantitative) graduate school subjects are best at getting people into jobs at these banks?
Anyone have any advice for me? I realize it's a bit of an odd transition but I feel like the skills I've developed in physics and computer science have to have some kind of application somewhere in finance. Yes/no?
Getting a master's in finance can be helpful as well. The program at Columbia is pretty good for quant funds as well as the one in Princeton. This not only gives you recruiting access and credibility but access to alumni that also when to these programs.
Thanks a lot! I'll look into that.
One thing I'm concerned about is most positions seem to be geared at people with physics doctorates and less at people with BS's. Have you found this to be the case? Do you ever interface with these people?
Yes at the top shops, they need people with PhDs in physics, mathematics, etc. but make no mistake, you shouldn't get a PhD for this reason. These people got them because they wanted to and most likely transitioned into finance because they wanted to make money and/or realized academia was way too competitive or not for them.
I've heard of some kids from MIT and Stanford going to HFs after they were strats at BBs. Some firms recruiting quant analysts and traders from BS with physics degrees, but usually at HYPSM. Unless you can transfer, the masters of financial engineering at Columbia or mfin at Princeton/MIT would be your best bet. Something that would be impressive is dual CS and Finance master's at MIT.
I wouldn't get a PhD for that reason, although I do love physics and math.
I'll look at the CS/Finance master's. Can CS guys get close to the money, or do most of them end up on the development side of quant stuff? Also, is CS generally considered more competitive for finance than physics or applied math?
Thanks again for all of your answers!
Shoot I forgot - does name brand matter when it comes to the PhD? Or with a PhD is your alma mater less important than undergrad?
just adding myself in so I get a notification when you get an answer to this.
@"illiniprogrammer"
From what I've seen, kids who came from state schools and non targets got PhDs are renown universities (mathematics/CS/physics at MIT, physics/econ at Harvard, EE at Stanford). These programs are usually the best in research and are well recognized and appreciated by recruiters, which helps you as they will have info sessions on campus and you have more access to these quant jobs, especially at MIT. My friends who went to MIT actually complain that companies view the students as all quants and fundamental shops usually don't actively recruit as much compared to Harvard.
Getting into these programs also show that you're a top notch candidate. Therefore for graduate school, you really need to get into the best program possible, for your career's sake and for your own (more interesting research, greater likelihood of funding, access to great faculty and students).
Some play that justification game along the lines of "in PhD rankings in low energy anti matter trapping, South Harmon Institute of Technology is in the top 10!" "Im working on ground breaking research at University of Baja Tech!" The recruiters at HFs and firms could care less about academia. If it's not a brand name school that is well known in research and quantitative fields, you won't get looks.
Cool, good to know.
Is there anything I can work on in the meantime that will make me more competitive? Right now I'm just focused on learning more C++.
Go sign up for CFA Level I in December, and join your school's Investment Club if you haven't already. Story consistency is going to be important, but I think it's a very doable transition. Are you considering banking as a starting point? Usually the analyst programs have a bit more formal training so they can get you up to speed pretty quickly.
Sounds good! I'll look into the CFA, and join the Investment Club immediately.
I'm considering banking as a starting point, yeah. Although my school isn't an Ivy it has reputable physics and comp sci. The only issue is OCR is very limited here, so that makes me nervous.
My buddy (who is studying finance but minoring in math and computer science) just came back from New York and told me that a lot of the desks didn't have anyone who studied finance on them and shared with me what you said above - that analyst programs come with formal training for otherwise quantitative people. This made me a bit more confident.
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