Am I capable of Quant place????

[neil]

Hello I am a UK student who is in the last year of uni, and I have nearly finished my degree at Heriot Watt edinburgh in Financial Maths! Yes I know, a Bsc in FM how uncommon, but the quality of lecturers and content is very good i.e. in my final year I am doing ( Stochastic processes, advanced derivative pricing, credit risk modelling, PDE and complex analysis)

I am now wanting to persue a PHD in stochastic analysis, at same uni, and my questions today are:-

Is the route im chosing fine? i.e. no MFE as i have done alot of FM
Is stochastic analysis a good area in which quants do alot of work revlolved around that?
I know Heriot watt is not t0p 10 but it is in top 15 in UK for maths/FM department! would this be a disadvantage???

cheers

 

[Tsotne]

Stochastic analysis is one of the main topics most frequently used by quants but it depends on the role. For example at financial institutions where PhD quants are needed for research teams, it is very common that stochastic analysis will be needed. If you have focused on mathematical finance over the last years I would pursue the PhD in stochastic analysis which would even strengthen your knowledge and academic level in that direction.

 

[neil]

Thanks for the reply,

but one of my conerns is the fact that I did a Bsc in FM as opposed to an MFE, which Im worried might be a downfall to me???
plus Heriot Watt doesnt have the reputation as say Oxbridge, imperial, LSE etc and im also worried that the reputation will ensure I have very little chance of getting into the profession,!!!???

 

[Tsotne]

I don't think your FM Bsc will be lower than MFE for admission purposes since you have covered very important part of mathematics which the stochastic courses need. Other aspects are very important for admission purposes like GPA, GRE, etc. As for reputation of the university you studied at, it is not the only determinant to get into profession.

I know Heriot watt is not t0p 10 but it is in top 15 in UK for maths/FM department! would this be a disadvantage???

It won't be a barrier for you step into your desired job, although the initial position may be depended on it.

 

[neil]

thank you Tsotne! Few final question is that, does VBA contribute or Java? I know fien rightly that C++ is very useful and still learning it, but will these two languages be of any use as well???

and strictly speaking are places for quants very competitive these days? say as much as FO S&T and IBD??? cheers cause worried about job climate at the minute?

 

[Tsotne]

thank you Tsotne! Few final question is that, does VBA contribute or Java? I know fien rightly that C++ is very useful and still learning it, but will these two languages be of any use as well???

and strictly speaking are places for quants very competitive these days? say as much as FO S&T and IBD??? cheers cause worried about job climate at the minute?

As for the first question, if you know VBA or JAVA that would be an advantage of no big value. C++ is most important when applying for mathematical science(especially for MFE programs). So if you know C++ that will be a big advantage. Other languages might be f good value also like C#, C, MATLAB but VBA or JAVA are not very useful for academic work. Some traders use VBA not HFTs.

As for the second question, I can say that competition is quite big for quants today since it involves a revolving disciplines and number of quantitative job applicants is increasing everyday.

I am advising this site to many people and it will be useful to review for you also and search for job criteria matching your skills and abilities. I cannot state the specific type of financial institution placing most demand for different kind of quants. Generally from Banks(IBs within mainly) to hedge funds and mutual funds all are announcing job requirements which are really talking about the cut throat competition in some areas. For example if you look properly on this site, you will see that randomly selected job applicant has to hold more degrees, skills, abilities, programming languages, experience, etc. than before, say 4-5 years. So the competition is really increasing and I would say, increasing at a higher speed than other disciplines.

Good Luck
Tsotne

 

[neil]

Thanks

so even though there is alot of competition, you would stil encourage people to go in???? reason being my dad whos in IB says Quant positions are very hard to get, and hes trying to persuade me otherwise, so Im still unsure as I dont want to be in a position where ill be stuck left with qualifications and no job!!!!?

 

[Andy Nguyen]

Dad is always right.
It seems you want a quick answer to such a big decision without spending time for proper research.
Let start here and get your hand on everything you can download, buy and read them.
http://www.quantnet.com/forum/threa...uants-mfe-financial-engineering-students.535/

 

[Tsotne]

I've been searching a recent thread when we were discussing a desire to get at quant career versus competition fear. And it will be very useful to read for you. I'll find it after completing this post and tag you here to see I have added it.

Now, as for your question:

Thanks

so even though there is alot of competition, you would stil encourage people to go in???? reason being my dad whos in IB says Quant positions are very hard to get, and hes trying to persuade me otherwise, so Im still unsure as I dont want to be in a position where ill be stuck left with qualifications and no job!!!!?

It depends whether you are seeking a career happiness (this is my own terminology where I mean "doing what you like") or salary and are a bit afraid of competition(which is also normal). If the first option is the case then all the competitors are the human beings as we all. You have to compete them. I said that your background especially mathematical side gives you the ability to be a strong competitor. After completing your PhD you'll be in even a more powerful position to push forward. Weight the advices of the community members, take into consideration your dad's advice and after comparing see which is worth more. I personally would definitely go for PhD and choose quant career as I am actually going to do. Given your mathematical background plus you are learning C++ and after you can also add one two programming languages then-what else is quant?! As for the difficulty to get the quant job, as I said it really is. Since it has been becoming even more difficult when requirements are currently being added to get a job.

Best
Tsotne

 

[neil]

cheers andy and tsotne

I do realise that nothing in life comes easy, but if its a long wait the its worth it at the end, your words have enocuraged me very much thanks :D

thanks for all the help

 

[Tsotne]

I have found the following useful link where we are discussing the programming languages' appropriateness. To be honest the forum where we are discussing the career path to choose I couldn't find. That specific one. I don't even remember the members or keywords to search for it. I tried but seems there are many related threads and through the "quant career" section you can find many people with the same questions and you might find them interesting. Here is the old link

http://www.quantnet.com/forum/threads/career-choice-or-dilemma.5833/#post-48532

 

[neil]

thanks tsotne!

just out of curiosity are you a quant or a former quant??? If so how do you find your work?

 

[Tsotne]

thanks tsotne!

just out of curiosity are you a quant or a former quant??? If so how do you find your work?

Former quant?! hah when was that time? Im an undergrad student. I could say- future quant. Intending to get a quant position regardless of the difficulty I might encounter. (As you hopefully) "Does anyone think that victory is possible without facing danger?"
Actually I had some internships at IBs so I cannot call myself a quant yet. But it'll be soon I hope.

Regards
Tsotne

 

[neil]

oh nice! IB internships, very well played, I got two actuarial internships, I was considering this career for a while, but then mind totally changed last year and have been going over different career paths! :p

realised two TOTALLY TOTALLY different career options, but both with good rewards at end! what u studying atm?

 

[Tsotne]

oh nice! IB internships, very well played, I got two actuarial internships, I was considering this career for a while, but then mind totally changed last year and have been going over different career paths! :p

realised two TOTALLY TOTALLY different career options, but both with good rewards at end! what u studying atm?

Quantitative finance and programming. Different paths...mm.. In investment bank job I mean doing the risk management techniques-basically VAR calculations and modeling in programming languages(which mainly was not my responsibility but I am capable and have done them in C#, now intending to move to C++).

 

[neil]

Quantitative finance and programming. Different paths...mm.. In investment bank job I mean doing the risk management techniques-basically VAR calculations and modeling in programming languages(which mainly was not my responsibility but I am capable and have done them in C#, now intending to move to C++).

oh nice, yea we did some very basic VAR in financial risk management last year, was very good indeed! yea c++ as much as I like it can be a bit complicated at times certainly, c shift im sure certainly helps with C++ in ways. Do you think ull persue an MFE then later on?

 

[Tsotne]

oh nice, yea we did some very basic VAR in financial risk management last year, was very good indeed! yea c++ as much as I like it can be a bit complicated at times certainly, c shift im sure certainly helps with C++ in ways. Do you think ull persue an MFE then later on?

After graduating this year I am definitely passing MBA starting in September 2011. And after finishing it I have 2 options: I might go to PhD straight away or do MFE before. I am considering both but if I did PhD then I won't do MFE after it for sure.

 

[Huan Dao]

@Tsotne: just curious, why would you go straight to MBA after undergraduate and then Ph.D after that?

 

[Tsotne]

@Tsotne: just curious, why would you go straight to MBA after undergraduate and then Ph.D after that?

Hi Jacksc! I am graduating BBA this year and after that I don't wanna have a break in studies. MBA is a perfect choice for me now since I'll get more prepared for the researches I'm gonna do for PhD. I have some topics for dissertation and have already began working on it. With the improved mathematical and programming toolbox it'll be easier to shoot PhD which is definitely my ultimate academic goal in career.

Regards

 

[zyz]

Hi Tsotne,
Why do you think MBA prepares you better for your PhD researches? Why not MSc?