Career shift and no sense

[Quant physician]

I think there are just too many stories on hedge funds, high frequency algorithmic trading circulating around with the impression that " I will get filthy rich baby " .

This seem to be very common among physicists, mathematicians and engineers.

They need to realize that these stories happened to a very few people in certain times and situations. And these phenomenas do occur in their own specialities there are some filthy rich engineers and scientists.

And I really doubt that an average computer engineer or a failed physicist who couldn't make it to academia is going to be a genius quant !!

This career shift , It doesn't make sense to me anymore .

 

[vertigo]

you can educate a fool, but you can not make him think. i almost feel sorry for you. you need to realise some things for yourself. i don't agree with anyone that you have said.

what do you define as too much? why does a story influence your mind? you haven't tried to get filthy rich working in a hedge fund / algorithmic trading, maybe you haven't tried enough. maybe you aren't good enough. that means you haven't experienced the real thing and have no skin in the game. you are in no position to define what is possible or put some degree of belief on what it takes to be a genius quant, unless you have given it your maximum effort to be one. from your tone it is clear that you haven't and aren't ready to do so.

why do you believe that average engineers do not make genius quants? can you prove that? why is succeeding in academia a requirement to being a genius quant / genius trader who makes a lot of money? answers: academia is not a requirement to being a genius quant. i can play you at your own pathetic game: academia is bureaucratic, the money is awful, the only real rewards you get for proving a huge theorem or finding a new useful technique is a grant and a medal that no one cares about. do the same in a hedge fund and you put other people out of business and get paid for doing so.

it doesn't make sense to you because you're risk adverse, you have many biases and you aren't ready to try, let alone being ready to be successful. dont believe everything you hear and dont put criteria on what is possible without trying it yourself first.

 

[Pavlos Sakoglou]

you can educate a fool, but you can not make him think. i almost feel sorry for you. you need to realise some things for yourself. i don't agree with anyone that you have said.

what do you define as too much? why does a story influence your mind? you haven't tried to get filthy rich working in a hedge fund / algorithmic trading, maybe you haven't tried enough. maybe you aren't good enough. that means you haven't experienced the real thing and have no skin in the game. you are in no position to define what is possible or put some degree of belief on what it takes to be a genius quant, unless you have given it your maximum effort to be one. from your tone it is clear that you haven't and aren't ready to do so.

why do you believe that average engineers do not make genius quants? can you prove that? why is succeeding in academia a requirement to being a genius quant / genius trader who makes a lot of money? answers: academia is not a requirement to being a genius quant. i can play you at your own pathetic game: academia is bureaucratic, the money is awful, the only real rewards you get for proving a huge theorem or finding a new useful technique is a grant and a medal that no one cares about. do the same in a hedge fund and you put other people out of business and get paid for doing so.

it doesn't make sense to you because you're risk adverse, you have many biases and you aren't ready to try, let alone being ready to be successful. dont believe everything you hear and dont put criteria on what is possible without trying it yourself first.

Industry vs academia: what a silly comparison. The one depends on the other. And even though I see your point and I partially agree, my question to you is how much you valuate a significant contribution to the knowledge database of human civilization over making lots of money? This is a matter of philosophy and we could argue forever.

I can discriminate 4 expected cases for academicians who change career to finance:
1. Good academician, good entrepreneur == top money
2. Good academician, horrible entrepreneur == average-good money
3. Horrible academicians, good entrepreneurs == good-top money
4. Horrible academicians, horrible entrepreneurs == low money

The first 3 categories provide a comfortable living, but from what I see out there, many buy in the dream of easy money and apply to MFEs simply because they failed in their careers, and in case they get admitted, they end up doing risk afterwards, where there is a ceiling in their potential salary, and I think that's the case that is discussed here, so the guy above has a point.

 

[Quant physician]

you can educate a fool, but you can not make him think. i almost feel sorry for you. you need to realise some things for yourself. i don't agree with anyone that you have said.

what do you define as too much? why does a story influence your mind? you haven't tried to get filthy rich working in a hedge fund / algorithmic trading, maybe you haven't tried enough. maybe you aren't good enough. that means you haven't experienced the real thing and have no skin in the game. you are in no position to define what is possible or put some degree of belief on what it takes to be a genius quant, unless you have given it your maximum effort to be one. from your tone it is clear that you haven't and aren't ready to do so.

why do you believe that average engineers do not make genius quants? can you prove that? why is succeeding in academia a requirement to being a genius quant / genius trader who makes a lot of money? answers: academia is not a requirement to being a genius quant. i can play you at your own pathetic game: academia is bureaucratic, the money is awful, the only real rewards you get for proving a huge theorem or finding a new useful technique is a grant and a medal that no one cares about. do the same in a hedge fund and you put other people out of business and get paid for doing so.

it doesn't make sense to you because you're risk adverse, you have many biases and you aren't ready to try, let alone being ready to be successful. dont believe everything you hear and dont put criteria on what is possible without trying it yourself first.

Mmmm, that is interesting but also premature. Lacking the drive for achievement in your own field can itself say a lot about you. I can stop here and make you argue forever.

And given your very emotional statement, how do you manage your risks I wonder ?!? Don't answer that I really don't care.

I have another definition for a fool,

" A fool is a failed person in his field who switches career for finance with the impression he will be filthy rich "

 

[vertigo]

making lots of money and providing valuable contribution to human civilisation is not black and white.. it is possible to do both.. rational human being prefer to earn more money, up to a certain point, where it does not make much difference to them anymore. maybe at this point it is worth favouring valuable contributions to human civilisation but first you have to take care of yourself.

nor is there anything wrong with changing your career, but you have to adapt and understand what is possible. if you complete a MFE then end up working in Risk and find that your salary is capped, then you have to plan to move out into front office. there is always a path. you cannot really complain about failing unless you have tried 100000000% and physically can do or try no more.

interesting how QP never mentioned (he doesn't know anyway) how hard the lucky individuals in these stories have worked before they got successful (luck of course), how much knowledge they have and more importantly, how often they had failed before they got successful. i think persistence is key.

Mr Franklin's definition of a fool is as follows: 'any fool can criticise, condemn and complain - and most fools do'. i dont consider someone a fool because they failed academic and moved into finance with the impression that they would become rich. they tried to change their life. trying your hardest, being open minded, not being biased or affected by bullshit stories, stop complaining, these are some key lessons you have to learn. the only person who can find out if this career switch is successful is yourself.

 

[Quant physician]

making lots of money and providing valuable contribution to human civilisation is not black and white.. it is possible to do both.. rational human being prefer to earn more money, up to a certain point, where it does not make much difference to them anymore. maybe at this point it is worth favouring valuable contributions to human civilisation but first you have to take care of yourself.

nor is there anything wrong with changing your career, but you have to adapt and understand what is possible. if you complete a MFE then end up working in Risk and find that your salary is capped, then you have to plan to move out into front office. there is always a path. you cannot really complain about failing unless you have tried 100000000% and physically can do or try no more.

interesting how QP never mentioned (he doesn't know anyway) how hard the lucky individuals in these stories have worked before they got successful (luck of course), how much knowledge they have and more importantly, how often they had failed before they got successful. i think persistence is key.

Mr Franklin's definition of a fool is as follows: 'any fool can criticise, condemn and complain - and most fools do'. i dont consider someone a fool because they failed academic and moved into finance with the impression that they would become rich. they tried to change their life. trying your hardest, being open minded, not being biased or affected by bullshit stories, stop complaining, these are some key lessons you have to learn. the only person who can find out if this career switch is successful is yourself.

Ahaaaa , I just realized what you are saying ! You are trying to tell us that you are that multibillionaire owner of that famous quant hedge fund .....what is called again ?!

Let's make a deal then and make everyone happy here, how about if you donate 1 million $ to this lovely forum ( quantnet ) . It won't hurt you at all. Then we will party all night how about that ! Not bad idea at all. Do it, do it now.