quant roles on wall street
As of recently, ive become more and more interested in the use of mathematics in finance. (not quant trading, but financial risk management). My professor keeps yapping about Business analytics every time i ask this question, so would anyone at wso be kind enough to help me understand what are the fields in finance in which very strong quant knowledge would be required , just to have a general idea about their role in the firm etc
Any help would be very appreciated
thank you
www.quantnet.com
Define Quant (Originally Posted: 03/09/2010)
This is a skill/quality that has obviously become more valued over the years as trading has moved from the floor to algorithms/black box programs. My question is what are desirable quant skills? Is it just someone who is a PhD in physics or math? Or is someone who only took a few calc classes but is quick with probabilites and logic puzzles enough of a quant? What exactly does this term mean and what level of "quant" are different prop groups looking for?
What you expect, smart math/science people. And no, not people who took intro to stats and aced it.
They're looking for people who understand how to use and make a stochastic process, time series, how to program etc...
tell me about quants (Originally Posted: 10/06/2006)
I keep hearing the word thrown around here but without any clear delineations of what exactly a quant does, other than the vague description of them being involved in "mathematical modeling". So I hope someone can answer some questions of mine:
-How are the hours?
-How are the salaries?
-What's the "culture" like?
finally - As an undergraduate at a target school, should I have any interest at all in becoming one?
First things first..... you'll be surprised how applicable real analysis, measure theory, algebra, and group theory are to quantative finance.
Quant modelers use such things all the time. Statistics is usually quite helpful because it coincides directly with econometrics and it has more of a probability aspect to it.
Most of the quants that I know of are usually masters and phd's. They prefer people with quantative and computer science back ground.
Now, quants can go into several fields such as risk mgmt., quantative analysis, FI research, structuring..... which side are you talking about?
quants are usually phd's although it's possible to get junior quant work with a masters and in very unusual situations with an undergraduate degree. They like guys from physics and other applied mathematical sciences as well as the areas ziggy discusses. It's pretty much programming and trying to create a model that forecasts the future. Note: Quant models are not the same as the modeling done by Ib's, quants use really advanced math to come with really crazy shit. IB modeling uses a few standardized formulas and just the inputs are tweaked.
quanys get paid pretty well but if you consider the time/financial investment you need to get a phd you're better off financially by going into IB out of ugrad. consider how much you'll earn in those 5 years when you're paid 100k+. It's been my experience in any industry that the people who get paid the most and move to the top are the ones who take positions that have client contact. When you're a CEO it's all about selling.
Quant career (Originally Posted: 12/30/2010)
Hi, I needed some information from you.I am a BSc student majoring in math from Melbourne Uni.1.It took me 6 years for my BSc in Math/Finance ,which was actually 3years.I became mentally ill (I was bullied in University,so failed and withdew from subjects)and recoverd and getting good marks again soto enter Honours or MSc programme.Do you think that once I do MSc or get a 1st class degree will 6 year BSc be taken into account? 2.I want to work in the City .I was thinking of doing MSc or honours and then go to UK and start some job and later I can do Phd.Should I do Honours and go to UK and do MSc in Financial Math(MSc math in Melbourne only involves few quant Finance courses)?or should I do MSc from Melbourne and then go to UK .What is the best option for my case?
3.Is Melbourne uni 2.1 BSc or MSc(done with 70% average) enough to land me in City and then good enough for entry into top Phd programme from London Uni? After my 2.1 I can get entry into Phd here in Melbourne uni(guaranteed) ,should I go to UK after my Phd,which one would be safer?
I will appreciate your help.I am in need of a good advice.
You should probably take off your name and other personally revealing information. The internet is not exactly the nicest place.
First and DEFINITELY foremost, DO NOT reveal your illness in public like this. Not only is the information privileged, you can DEFINITELY count on people getting the wrong idea. That is not anybody's business. Period.
The MOST IMPORTANT thing to do is to get well. If you were having issues with being bullied you ought to be aware that finance is competitive and there will be a ton of pressure heaped on you as a quant. Make sure you are healthy and stable before making greater commitments.
As to quant work, getting a PhD first would be a better alternative, IMHO. For one, PhD's have become (and will continue to be) the norm for quant roles. Second, a rigorous academic program may be a good preparation, both from the experiential and educational perspectives for a guy with your profile.
But remember, it all starts with getting right with yourself. Until/unless you do that, all career points are moot.
Good luck to you.
Thanks for your reply.I hope I do get to my destination.Do you think that doing Phd from Melbourne uni in Financial Math will help me to get to Londo City or not?
Quants - Sophmore currently majoring in Finance (Originally Posted: 06/04/2007)
This fall I will be a sophmore, currently majoring in Finance. I am interested in pursuing a graduate degree such as M.S. in Finance, M.S. in Financial Mathematics, or M.S. in Financial Engineering after completing my undergraduate degree. In my research of these programs I have come to the conclusion that well respected graduate programs of these kind look favorably upon undergraduate studies in mathematics, mathematical economics, or any hard science related program when making their admission decisions. I have a few options as follows: 1. Major in Finance and Mathematics (Double Major) 2. Major in Fiance and Mathematical Economics (Double Major) 3. Major in Mathematics 4. Major in Mathematical Economics 5. Major in Fiance From your experience which option would be the best if I am interested in the programs I listed above, or any other options that you may know of that would provide me with the best chances of gaining admission into these kind of graduate programs. In addition, what are the differences in employment prospects between the graduate programs I have listed above, i.e. what type of jobs do the graduates of each of the respective programs usually end up in. I am more interested in a quantitatie role of a financial institution than anything else.
where do you go to school?
I go to PSU ranked around 30 in USNews. I didnt try in high school but am now and I know its not a target or widely respected.
if you want a quant role, major and then do a masters or phd in physics or math.
would mathematical econimcs/finance double major suffice
no...and if you want my 2cents, since PSU is not a "heavy-name" school you have to get excellent marks (i.e. 3.8+) with difficult coursework, and be lucky to get into a good PhD prgram or at least one of the 3-4 top MFin or MFEs.
I am a D-1 starting athlete with 3.8. Now going to major in mathematical economics and finance. I know its an uphill battle you can do anything you put your mind to given the motivation and ability.
Does being a D-I athlete really matter to grad programs? All they care about is whether your research is any good.
Pick a comp Sci minor as well, it should help.
they don't care about athletics at all...if you see the physical appearance of many grad students you'll understand what I mean..:P....
Dude apply to Susquehanna Trading and work on the floor - you need to be in shape and persistent to work on the floor, and athletes have that.
I recommend Susquehanna because they have a solid relationship with PSU (and recruit at other local PA Universities like Nova and Lehigh)
I guess it makes you feel better somehow to put down others. I'm pretty happy actually getting pussy on a daily basis unlike you pussies. I could transfer to any target school i wanted but I dont cuz of the girls. I'm hoping to be a pro athlete but we'll see don't hate cuz your a nerd. thanks. sorry for the ebonics.
Man, you have a lot of insecurities. It's so obvious....
And You want to be a "quant". Quants are the ultimate "nerds", if you haven't figured that out yet....
Becoming a "quant" is mainly done through graduate study, like a Master's in quant. finance. I suggest that you double major and do the finance/econ mathematics, get perfect grades, then transfer to a Master's in finance course.
lol ok dawg, keep it real
wait, what? did i miss something here?
this forum is worhtless with minimal good information because of ppl like yous
no one was "putting you down," what the fuck are you talking about? as far as i can see, you just started to go on some macho man tangent with no provocation at all
man, you asked something and we offered our opinions; nobody insulted you like YOU DID. Seriously, if you have like 1000$ and free time to spend in random grad school applications do it...but being pragmatic is something good.
the thing that cracks me up in this forum is the false impression that tier two students get from "target-schools". Being from a "target school" does not guarantee at all a top banking job. The competition is still extremely fierce, and no one with a below 3.5 GPA stands much of a good chance unless they have three decent internships. And getting a 3.7 at a top school is extremely difficult due to the competition.
i don't see much good coming out of this discussion i guess its a math related major and the best possible gpa
your question has been answered...jeez..
im sorryyyyyyyyyyyyyyyyy please forgive meee and no it wasnt really answered only partially
fucking retard.
cvh is a moron
you aren't going to be a quant, stop wasting your time
ha you hurt my feelings anonymous people
Quant Career (Originally Posted: 11/18/2012)
Hello everybody I am just curious what would be the best undergrad degree for a Quant? Obviously I realize I would need more graduate degrees but what would be a good start? I was considering some type of engineering; perhaps somebody could give me some advice.
Math / Stat Soft Engineering (Industrial, Operations Research)
Applied Mathematics and Economics. Typically, but not in all cases, an econ major is a brief add-on to the more rigorous major you choose to pair it with. Your decision also depends on the degree of specialization your school offers. I haven't heard of any undergrad programs in financial engineering, yet, but if your school is larger and more research-oriented, you may be able to find something that fits, if you browse the catalog. In my opinion, a double-major in Applied Math & Economics is the most realistic/reasonable mix you will get. You could always go full-blown Math, and plan on getting a MSF or Ma. in Financial Engineering afterwards.
I thought about that but too but to play it safe if the quant thing doesnt work out I thought maybe go for Electrical Engineering so that I can have a career to fall back on. EE is a shit ton of math and physics.
CS, Math, Econ paired with a math/stats minor, chose anything you like and pair it with advanced math, maybe accounting or finance with a math minor.
Math, physics, engineering, statistics with solid coding skills in C++, R, MATLAB and perl/python should set you on track for almost any quant role (HFT, Sell-side, buy side, risk management etc). Also, when applying for graduate schools these majors are almost required for admissions. As an econ major, I had a really hard time.
As for courses definitely take linear algebra, probability theory, stochastic processes, analysis, ODE, PDE, some econometrics.
computer engineering. u get all the math, stats and programming u need. and they will be harder than if you go the econ route - which u need, cause u have to know the stuff cold if you want to be quant. on top of this you will need some grad training.
if you go the econ route. do a double major in physics and econ but you wont get programming in this option, which you need nowadays and will definitely in the future.
-signed monkey who considered a quant career
oh and btw, comp eng is good fall back...just in case...
I planned to do Electrical Engineering because I heard will more signal processing is more applicable. Do you think with this undergrad I would still be able to get an MFE? or masters in math or physics?
honestly, do what you like better. ECE and COMP and very similar for the first two years, so you'll have time to switch over if needed. with ECE you won't get as much programming. but do what you like more...because engineering is hard and if you like what you're doing, it makes it all the more easier. I started in nuclear and ended up in chem.
actually contrary to what others have said you don't need an MFE - depending on where you want to be quant e.g. developing structured products or S&T at HF. for the HF type role, you'll need a Phd in stats or physics, applied math but for struct products you can do the MFE no prob after the engineering degree.
heads up - its not as rewarding as its made out to be. especially the HF role - its painstaking work (basically the hardest engineering math you do - but you're doing it everyday! so please make sure you 1) love math and 2) love math!
I'm strongly considering transferring to a computational finance program. Just wondering, can you still reasonably get into IB or is it more difficult to do so than if you're majoring in finance? I'd like to keep my doors open and not sure I want to fully commit to a quantitatively oriented career in finance yet.
If you'd want to have both doors open, I'd suggest an Econ & Math double major, or even a finance and math double major. I've seen people with this combo work at top PE shops, top Hedge Funds, trading, IB, or non-phd quant roles. Computational Finance signals that you're just interested in quant - I can definitely see people not wanting to hire someone who's solely interested in a totally different part of the industry.
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