I can do all the of the things mentioned in the "Requirements" section but if i sent in my resume today, i'd get dinged.
how does a quant get to this kind of level?
http://www.hrg.net/index.php/job_post/view/416
not all of them say PhD required.
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bubble.
so, like, are you saying quant finance is a bubble or are you just being a fuckass?
no quant finance is here to stay but earning that kind of money isn't bc of regs inc
Experience, hard work with a sprinkle of luck.
Supply and demand - market clearing
Not sure it's a bubble; more like a lack of supply. Do you have the insight to put together a cache that retrieves stuff in O(n) time while coming up with a solid, consistent model while catching the error in somebody else's assumptions? Can you come up with new ideas for trading models that the guys at Goldman Sachs can't think of? Can you do it all overnight while building a clean, maintainable system?
People want their numbers yesterday, need them to be right, and need them to be delivered faster than the competiition. That offers about as much value as a mid-level trader. The two-three years of experience in an appropriate area is really the signal they're looking for; not the coding ability, algorithms ability, or statistical or product knowledge. It's the "Can you build this at 3 AM and still account for all of the weird traps and features of the product?"
It's something your born with. I don't think you can learn it; it's like trading- you either have it or you don't, and you have to spend a couple years proving you have it before the offers really start coming in.
They don't say PhD is required, but they hire PhDs almost exclusively. And if you think you can be a quant, start with Citi Quant trading or Morgan Stanley Strats & Modeling, they hire more masters and undergrads... if both of them reject your application and don't invite you to the exam/first interview, I guess they believe you are no good.
Quant research is the hardest of all type of quant jobs and these are PhDs only!
"PhDs only": More or less true. Its aimed at those PhDs that have been crushing exams all their lives coming top of their year that belatedly realise that kids who worked half as hard as them are earning four times as much, or even more if academia is where you've been in. So instead you crush a few more exams and start applying your quant. knowledge to finance so that you may be getting a paycheck you (maybe) deserve.
But I've also seen some seriously retarded PhDs. So I'd say a PhD is possibly a necessary but not sufficient condition. Simply put, if 1 firm hires a PhD that can do something very specific that s/he's been working on for 5 years, to beat that, you gotta get a better one. Let the Markov chain evolve...
Only Proles use Markvo chains
I don't see what the big deal is, anyways. A bunch of people who come on here and start fights and use ad-hominems against folks claim they're going to be making $1 mil in two years. What is so bad about quiet unassuming unpretentious programmers making a fraction of that two years out of undergrad? A lot of folks do- 3/4 of them are in Chicago or maybe Connecticut.
phds understand PDEs, stochastic calculus, advanced monte carlo, etc
hard to pick that up on the fly. takes years to be good at it.
and being good at C and being fucking good is a big jump.
What about being fucking good at being good at C?
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PhD is to quantitative analysis/trading roles as MBA is to IBD roles.
If you have a proven record of being shit hot, then you can get by without one. But, you may find the lack of one puts a glass ceiling over your head though when it comes to promotions or lateral moves.
They are also a very useful way to solve the classic "relevant experience catch-22," i.e. firms will only hire candidates with relevant experience to these roles, but the only way to get relevant experience is to work in those roles, which you can't get hired for because you don't have experience.
one guy from pton went to a quant shop as a researcher straight out of ug but he is the exception and not the rule. he had what a lot of ABD grad students would have: skills and a few research papers out.
You need " to have worked on an equities or FX EMM desk previously".
Actually i know someone who got into quantitative research with only his MFIN from MIT.
MIT mfin is a quant masters, its not surprising.
Know a guy who basically did this stuff as an undergrad intern at a BB office. Great programmer even better pure math sort of person. Then went on to do a masters at one of stanford/berkeley/columbia. Landed a job basically doing this stuff right out of there.
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