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Are middle/back office quants at bulge brackets undesirable jobs?

I don't work in the industry so I don't claim to know this by experience but by asking around from those who work in the industry and looking at compensation reports of mfe graduates, I believe that being a middle and back office quant at a bulgebracket does not seem like a great career. I have heard common sentiments such as "sellside is dead" or "it's better to work at a midtier hedge fund as a quant than in Risk bulgebracket. If you look at Baruch's 5th year career development report which shows the outcomes of graduates 5-6 years after graduation, those working model validation and risk management only make around 200k in total compensation. Job satisfaction is also the lowest for those making money within this range.

If one's goal is to have an intellectually stimulating job, while making a lot of money and having a good work life balance, there are many jobs out there that one can pursue instead of being a quant. For instance, working in tech is the most obvious example. If you work at a big tech company as a developer, you can make just as much or more than risk and model validation quants with the same years of experience. There are more tech jobs to begin with than back/middle office jobs at bulge brackets, so I also think it's less competitive to work in Tech because of the number of available jobs. It is not like I'm comparing apples to oranges since the skills for being quant, developer or data scientist generally overlap.