Experienced quant looking for advice
hey guys - i have been in this industry for 13+ years now, I have had a somewhat chequered career. Started out as a quant in a tier 1 bank for the first 5 years in sell side cah equities (algos + program trading). Had an opportunity to move into quant trading for next 6 yrs. First 3 years in a tier 2 bank were great, unfortunately business was shut down as a result of restrictions on prop trading (volcker rule). Next 3 yrs in a mid size HF weren't as great. Last year at the HF was quite stressful and humbling especially if you are not making money and worrying when you'd be let go. After that I was not keen on moving to another high risk HF position, what if the strategies did not make money and I'm out looking for a job in 6 months. Right now I have been at a tier 1-2 bank building agency execution algos (VWAP, TWAP) for the last 2+ years. Money is decent ($350-$400k) work is less stressful and stable and quite easy vs the HF environment. I've made some decent contributions over my tenure here. Only issue is I don't see any upside here, I'd love to move to a leadership role and mentor junior quants, but the place is rife in politics and nepotism. Unless you are in that clique of people, its very hard to expect any upside here. I could likely stick around here for the next 5+ years, but its getting frustrating each day. Not too keen on making lateral moves to another bank either.
I've considered moving into data science or software engineering in Tech. I have friends in FAANG who are pulling $500K+ and the work is interesting and well defined. In fact I do get contacted from FAANG recruiters every few months, but so far have been stalling them. Also moving to tech, I believe I'd have to start at the bottom of the ladder.
I'm in my late thirties now and have 2 kids. Would appreciate any advice from this forum. What other roles would be great for my skillset ? How about some data analytics positions in other verticals ? I've also thought of joining early stage startups - but the thought of working for a low pay is not too appealing. Also I do get called out once in a while on why I have changed jobs so many times, would appreciate any advice on that front as well.
Pasting a summary of my resume - thank you all in advance for your advice.
• PhD, Applied Math, Ivy League 2006 • BS Engineering IIT, India 2002
Quantitative researcher, Tier 2 bank (2017 – present) – Working on execution algorithms for equities agency execution business.
Quantitative trader, Portfolio Manager, Medium size fund (2014 - 2017)
• Co-managed up to $1 billion in positions as part of the equities trading team. Strategies ranged from intraday holding to up to a month holding period. Worked on portfolio optimization and alpha research. Built all associated data, backtesting and technology stack.
• Negotiated contracts with data providers. Worked with executing brokers and prime brokers in setting up accounts, negotiating commissions, funding and clearing fees in US, Europe and Asia.
Director, Portfolio Manager, Tier 2 bank, New York, (2011 – 2014)
• Prop desk managing upto $150 million book, realized a gross sharpe ratio of 2.3 over 3 yrs. Built all associated data, backtesting and technology stack. Business was shut down as a result of Volcker rule.
Vice President, Quantitative researcher, Tier 1 bank, New York, (2007 – 2011) - Member of the equity quant group, worked on enhancing the algo execution platform. Portfolio optimization for program trading and projects around Central risk book client toxicity analysis, pricing and request for quote. Built and analyzed proprietary risk models.
Quantitative analyst, Tier 1 ban ( 2006-2007) - Responsible for developing stat arb strategies and managing the algo execution platform. Worked on a long horizon $350 MM aside fundamental equity portfolio. Developed balance sheet base alpha signals.Developed and managed a real-time portfolio optimization application for the $500 MM program trading book.
Technical skills Languages: Q/Kdb+, Python,R, Java, C++, SQL, MOSEK,ITG optimizer, Axioma optimizer. Datasets : TAQ, FactSet, Barra, Bloomberg, RavenPack S&P CapitalIQ, Compustat
I'm currently completing my undergraduate studies and had a call with a WSO mentor a few weeks ago to discuss data analyst jobs in finance. He has a similar CV to yours and worked at two hedge funds as a quant researcher. He recently switched industries to work in data analytics consulting. So a very similar situation to yours. If that's interesting to you, sent me a pm and I'll give you his name so you can book a call.
Take the 350-400k in the low stress environment and have dinner with your kids every night.
Nothing is worse than regret. If I were you, and if your personal situation allows, I would keep your expenses as low as possible and save as much as you can whilst you stall the FANG recruiters.
I honestly can't reccomend enough that you pursue something you're interested in. It sounds corny, but you get one life and your job takes up most of your waking hours at the minute so make sure it's something you enjoy, even if that brings about a pay cut. Hope your situation improves!
Thanks a lot @InvestingScientist" . To be honest I do like what I am doing, I love finance, I love data and I love programming. Just that I can't bear the shit with office politics and dealing with crazy egos. And as we all know the sell equities side pie is only shrinking over time, which does not help much.
I'd love to know why you are suggesting to not explore the FAANG firms. They are growing revenues at 25-30% a year, If the overall pie is growing, everyone grows with it. Its less stressful overall and work is more intellectual in nature (at least i'd like to believe). Of course there is the risk that some heavy tech regulation happens and the party is over.
Hey,
I think maybe I did not make my position clear, apologies for that. My advice was to pursue the FAANG role IF it interests you. The idea about keeping expenses as low as possible was just so you have a comfortable pot of money build up while you are looking for/recruiting elsewhere, in the event that the new role is below your current compensation.
FAANG does have an element of politics, as I have heard and this tends to come with greater seniority. If you are working 40-50 hours a week at FANG, it leaves you more time with your kids/family or to work on your own thing (if you so desire). I guess my question is, why are you stalling the FAANG recruiters?
thank you again. I was stalling mainly because I still believe I have a good shot at having a career in finance and wasn't ready to switch to tech..
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