What does a prospect in quant trading do after undergrad?
I'm aware that it's very tough to get a quant position straight out of undergrad. As a high school senior in Canada deciding between a target quant program (Waterloo Math) and IB targets with the goal of working in HF, not at a quant fund per se, but a "semi-systematic" fund, I was wondering what types of roles grads from target quant programs get before getting an MFE, which I've read is useful even for non-systematic positions. Thank you in advance.
You either have to build finance skills, math skills, or computer skills. Math and especially computer skills are likely the most useful. If you want to be a true quant, you can't be successful if you can't make the computer work. Akuna has entry level Quant Trader and Quant Developer roles that would likely be good for you pre MFE. Akuna is also based in the US, so I don't know what you'd do.
If you're in Canada, go for Waterloo and don't look back. Try going for their CS program, or if you go math, try majoring in Statistics. I've seen plenty of Waterloo quants who've majored in Stats.
Thanks for the info! How's Mathematical Finance, and do you by any chance know what the transfer process is like from FARM? I regret not applying for just Math, but FARM is my only bet if I want to go to Waterloo for something remotely math-related. And also, how's the Laurier-based BBA/BMath for quant gigs? I know there aren't that many quant gigs on Laurier's co-op board, but it's the only other math program I applied to, and there is a mathematical finance specialization
Mathematical Finance and FARM are different programs, I'm 99% sure. FARM is one of your best bets for something quantitative, it's especially great for sell-side trading, from the placements I've seen. I'd take FARM over most other programs.
Can't speak for Laurier based DD, but the DD is also very solid for quant finance roles.
The people I've talked to indicate that HF is getting more and more quantitative - not sure how much longer being from an IB background will get you into the type of HF you're looking for. I'd go for a FARM-style program to future proof myself, if I was in your shoes. Then again, you can go from FARM into banking or PE too - several have done so.
Thanks for the insights! But I've heard that FARM generally doesn't cover the same depth as Mathematical Finance, and it has one of the lowest co-op employment rates
Can't speak to much to that, but if you've got the ability to clutch something like IB, you'll get something good from FARM. If you can't get a coop from FARM, chances are that you wouldn't be getting a high finance coop even from programs like Ivey or Queens.
To be honest, I'm ambivalent between FARM and MF. Both of them are quantitative enough to get you more "quant" trading interviews, after that, its about your own skills. Go for whichever you feel you'd be a better fit for, they're both solid programs. At the very least, you've got the Waterloo brand behind you - it's like the Ivey of the quant world in Canada.
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