Path to Quantitative Trader at Hedge Fund

The only thing you should focus on is getting into a top target: near-perfect SAT/ACT, superb EC's, captivating story. Maybe in your free-time learn to code. But, seriously, focus on ensuring that your standardized test scores place you in the top 1-2% of all applicants. Since it is substantially easier placing into any of those firms from Harvard, Wharton than it is SUNY Albany

It's good that you have an idea of what you want to do but your main focus should be developing yourself intellectually and socially. This also includes finding out what you actually like doing. Life is a marathon and those who wake up every day enjoying what they do will get much further. Plenty of extremely talented people have had this fixed route inside their heads and ended up with a burnout after one year on the job. Many are so insecure they only care about what other people think and never consider that it is important to ask themselves the very fundamental question whether they actually enjoy what they're doing.

As per your questions;

1) Don't take advice for L/S "traditional" hedge funds (second quote) if you want to end up in a quantitative hedge funds
2) I agree that a "mixed" education, where you get strong mathematics and plenty of programming practice, is better since it probably gives you a better basis, but I'm an applied math guy myself. This would include applied math and the BEng one.

Good luck

As mentions above, firms appreciate great SAT scores (99% percentile), a top university, coding, and math skills. Many people achieve your desired role directly from university. I wouldn't worry about $100 or even the cost of a top school, given the high salaries in your desired field. 

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Coming from an L/S guy (I've talked with some quants about this)

Edit:   When I said that "you don't necessarily need to go to a formalized class" it doesn't mean a class won't help.  Especially for the advanced programming part it'll be much better with a mentor/support group.

 

You should definitely try to focus in math and programming.  Programming is one of those things where you don't necessarily need to go to a formalized class and u can teach yourself the basics and there are many resources for this.  Like the poster said above, getting into a top school (preferably those known for tech like Stanford or MIT) is very important.  While you're in high school also maybe try to experiment and make an algo? 

Also remember to be social, quants are usually thought of as shy and introverted.  Even for quants being good at presenting yourself can go long ways.

About your degree, imo finance concepts like options and futures aren't too hard to learn especially if you're able to digest quant-level math/programming so I would say you don't really need to do a degree in finance, still take some classes in finance tho, could be helpful later on.

Pure systematic funds like Rentec don't have 'quant traders'. Their traders are basically ops guys who monitor the screens tweaking parameters and interfacing with banks/brokers.

Realize that you could do everything correctly and still not break in. These places are tough, but there's nothing wrong with developing yourself, learning something everyday, and challenging yourself. I got a perfect SAT score and come from a good school and I'm still struggling to get a quant job, because I'm a dime-a-dozen in this industry. This stuff is hard, but its great that you are starting early. I agree with the other posters in that your main focus right now should be getting into a good university, and then think about the PhDs and stuff later.

Dont do PhD i think its a waste of time. By the time you finish the PhD the one who did a masters in computer science will be ahead of the game already. Study Math and Econ and masters in engineering computer science. Or study Computer Science and Math. Whichever gives you a 3.7+ GPA. 

MFE student from one of top programs as per QuantNet - figured I would offer perspective for you and anyone else interested in MFE/Quant work. Coming straight out of undergrad so I have limited work experience but I'll share what I have seen and what I have noticed from other students (with and without work experience).

First, regarding your major decision, I would highly recommend some sort of applied math and possibly a double major/minor with programming. Most of the students who do not come from this background have struggled a lot with the coursework, and it also seems as though relevant math research/experience also helps with getting buyside roles, even with limited experience. This isn't the end all be all, just having the name from an Ivy/ top tier MFE program would surely get you some looks/interviews, but it might help you convert these interviews/pass online hirevues etc.

Second, regarding whether or not you need a PhD/MFE to break in - no, of course not as much as it might pain me to say this for personal reasons (IE tuition). I know of at least one person to get a job in a buyside role straight out of undergrad, but he knew what he wanted to do, had relevant ECs and by all accounts was a superstar. Is it possible for you? Certainly. Somewhat related to your third and fourth question, if you aren't able to get a position right out of undergrad, a normal career path might be:

1. Undergrad Math/CS

2. 2 years work experience at investment bank doing QR or developer role

3. Top MFE program for 1.5-2 years

4. Buyside role

For reference, going to a top US school would give you a much better shot at this than a top UK one.

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I would advise against getting an mfe whether at top program or not if you want to break into the field. I've looked at the placement report of top mfe programs and most of the graduates get placed into banks like morgan stanley and goldman sachs but not prop trading firms and hedge funds which pay a substantially higher compensation. If you also check on linkedin, most of the quants at these firms don't have a mfe degrees. 

I am an incoming freshman going to a state school and was one year late to all of the information I learned recently regarding my field. I intend to find myself in Quant Finance, but have been careless and chose Finance as my current major. For anyone who has been through the whole college experience, my plan is to switch to a math major and eventually transfer to a target/semi-target school. I have an average SAT score with a 780 on math and a mid 600 English score which I intend to pull up to ~1520+. I would say that I have a strong math background and I am finding a passion in coding but besides the current grade situation and my major, is there anything else that I should do/start doing

Thanks

So I am currently an Imperial student (not in Math) and I would wholeheartedly advise studying for the MEng Math and Computer Science as your first choice (notice I said Masters level as most places do not consider undergrads and the extra year studying at the graduate level is VERY helpful). Also if you notice, a lot of the quant teams in the banks do not hire undergraduates - only Masters or PhDs. If this fails, the BSc in Maths and Statistics is the next best option because as a Quant Trader, the most valuable tools will be in statistics rather than courses in geometry, number theory etc. As mentioned by other people - definitely develop your programming skills be that in class or outside of it. 

If you are interested in the best work experience I would say firstly a summer internship at one of these quant hedge funds is the best route, however they're very difficult to get. The next best bet is working in a SWE role in tech to develop commercial programming experience. Keep an eye out for the (Undergraduate Research Opportunities Programme) UROP schemes at Imperial which allow undergraduates to conduct research internships with faculty over the summer. This research experience is very valuable and viewed favourably by the quant firms.