MS Quant Trading (IED) vs. GS Quantitative Investing (QIS)
Which role is better for a summer internship:
- Morgan Stanley Institution Equity, Derivatives Trading & Structuring
- Goldman Sachs Asset Management, Quantitative Investing Strategies
I am looking for a more quant focused role and ultimately hope to end up working at a quantitative position at a hedge fund like Citadel or BlackRock. From my understanding the MS role is essentially a quant trading role (think Jane Street, SIG, etc) whereas the GS role is a more project-oriented data analysis role where you're building portfolio strategies.
Which role is more prestigious? Which is more math-focused? Which has better exit opportunities?
Thank you so so much!
If your goal is to go work for a systematic HF take the GS position. I know a few people that were doing QIS at GS and moved to top HFs (one actually to Citadel). People I know that interned there did mostly data-oriented projects, which are relevant for HF jobs.
EQDs is quite interesting (in my opinion more than QIS if you like stochalc and derivatives pricing) and MS is top notch for EQs but it's less conductive to a HF job. Not sure about MS, but usually you have EQ QIS as a subdivision of EQD (like exotics) but overall EQD is a much broader area and unless you end up in EQ QIS structuring (as QIS trading is not that interesting imho), what you do won't be relevant for a quant researcher job at a HF.
Look up what autocallables are, etc -> very interesting stuff, perhaps more than qis if you are more into stochalc/options pricing than into data science, but qis is better to end up in a HF doing systematic strategies
BTW MS is called quant trading but it's not necessarily quant trading. They call it that way as it encompasses the most technical trading desks like exotics, etc but it's not systematic trading (although I am sure they also have the eq qis team under that umbrella, last time I checked they had 4 desks you could end up with if you got into that internship, including exotics structuring for instance)
Out of curiosity, is this for london?
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