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Applied Math PhD -> Quant ??

larry jean

leijean
Joined
5/1/08
Messages
3
Points
11
Hi Everyone!

I recently found out about quants and was wondering how my background/training will fit in.

I am currently an Applied Math PhD candidate at University of Washington, Seattle, with a BS in bioengineering and MS in pure math. My research is based on stochastic modeling of CANCER BIOLOGY(that's right :D) and the prediction of cancer risk, which clearly does not have much connection to finance. However, I current work part-time at a retirement financial planning company as a computer operator.

Given that I still have a few years before I graduate, can you guys give me some advise as to what I should do in order to increase my chance at becoming a quant?

Thank you all so much!!!
 
Read our Guide ?

Here is a block of filler text, only here because the quantnet system won't let me type in short messages..
 
I would suggest getting all the free guides in this reading list.
Master reading list for MFE - QuantNetwork - Financial Engineering Forum

Here is a block of filler text, only here because the quantnet system won't let me type in short messages..
You are an unintended victim of the rule whose sole purpose is to keep out post boosters whose posts read "Ok. Thanks"
I probably should remove that rule even though I wouldn't worry about Dominic writing too short a message too often.
 
Thank you very much Andy and Dominic for the information. I probably shoud've said this earlier, but I'm Larry, new to the board, and just like to say "HI" to everyone here. At this stage I'm assessing whether becoming a quant is a realistic goal for me, here are my major concerns...

(1) I am looking to strengthen my computational finance skills and came across two options:
Computational Finance Graduate Certificate (CFGC) offered at U of Washington, and Dr. Wilmott's Certificate in Quantitative Finance (CQF).

The CFGC is clearly the economy choice as it requires 6~8 courses, all of which can be squeezed into my PhD curriculum if I so choose. The disadvantage is that it is probably not as well recognized as the CQF and other certificate at more prestigious universities thus might not be worth the effort.

The CQF, on the other hand, is costly and after reading some of the posts here, it seems like it is geared more toward someone who's already in the field. What is the impact of CQF for someone like me, who does not have any training in finance/financial engineering? Which of these options sounds like a better fit for me?

(2) As an Applied Mathematician doing research in cancer modeling, does that put me at a severe disadvantage? In other words, how likely is it for a PhD student in quant field, but not in a top tier FE program, whose research is not directly related to finance to be a competitive candidate for a quant position? Has anyone heard of any success stories? :)


Thanks!

Larry
 
I have to declare an interest here, since of course I teach on the CQF, and my partner Paul Wilmott runs it. (That's why we're called P&D)

I've not heard of the CFGC, but the very little info I've seen on their site indicates that it has at least the makings of a useful course.

My ignorance of the course is a bad thing, one HH not knowing it is no big blow, but I think I'm in the majority here.

I'm aware how much a CQF and MFE costs, to which of course one might add the lost earning time. Most CQF people are part time, and the distance learning option is cheaper, but I agree that cheaper does not equal cheap.

In writing the Guide, I became aware of the "Biology" problem. You're not a biologist, it would not surprise me if you hadn't cut up an animal since you were in high school, but the high availability of research money for applying maths, physics and CS to medical issues,, means that there are a decent number of people like you, who may be mistaken for a biologist by someone who does not read your CV.

Is the internal course essentially free ?
If so, I would have no alternative but to tell you to do it.

My logic is thus:
1: With all due respect, you may not be cut out for quant work, or may find you don't like it.
Best to find that out cheaply and with no risk of screwing with your current path.

2: It's not an MFE or CQF. Some employers actively dislike postgraduate finance courses, not a majority, but there exist people from whom the the extra piece of paper actually hurts their job prospects.

3: The stats and computing support both your current path and finance, indeed a good spread of careers. (the world is not just biology and banking :)

You may be able to set an optimum expectation in employers, who will see an AM PhD who has superior finance-specific skills. Always good to pleasantly surprise interviewers.

You will need to work on your CV for banking, I address that specifically in the Guide.
 
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