Close alternatives to purely Quant positions for aspiring quants?

[young]

Hello everyone,

Although there is an army of aspiring quants out there armed with MFEs and MSMFs, I am sure that many do not always get the purely quant position that they seek. Not only do they compete amongst eachother, but the super quants like the PhDs in math and science, also add fuel to the intensity.

My question to you all is naturally... what is a close alternative for the rest? Im still growing my knowledge in the area, and with anything I do, I like to have a plan A, a plan B, C... so on. What are some specific positions that you can comfortably compete for, with the education that you receive in the MFE/MSMF programs?

For instance, there seems to be a sizable amount of MFE/MSMF grads who become traders. Is that considered a quant position? Or is trading a close alternative? I assume yes... or am I misunderstanding?

As I stated, Im fairly new to the industry and I have been using this site extensively as part of my research. Unfortunately, I have not yet found an adequate answer to this question and would like to know if any members can shed a light in the area. Anything to guide me in the right direction would be greatly appreciated! Thanks.

 

[winstontj]

The term "Quant" is really vague and few people actually understand what it means. A good “Quant” has a blend of programming skills, math skills and enough street smarts that they can carry on a conversation, tie their own shoes, talk to girls, etc. etc. I hate to be stereotypical but seriously – a large number of Quants get passed up due to a lack of social and interpersonal skills. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p>
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As I said, a good balance is math, programming and people skills. People who have a good blend of those skill sets can fall into analyst, programming, optimization/statistical optimization, research, trading, portfolio management, risk, etc. positions. Second to base qualifications (can you get the job done) I look for people/social skills and how trustworthy is the individual. Obviously trust is something that is earned so that is 100% subjective at an interview situation (and this is why things become an insider’s referral game) but social/people skills go a long, long way. Can you talk about what skills you have? Can you tell me what you want to do/like to do? Do you have an hobbies? <o:p></o:p>
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I think alternatives would be best ranked by Quants (I am not one) but as an outsider I see many people with strong quant skills falling into all types of various roles.

Obviously this is all my opinion based on my limited professional experience.

 

[young]

Winston, Thankyou for your response.
I had no idea that the ability to talk to girls was a prerequisite to a successful quant career lol. But youre absolutely right about the social skills piece... the ability to talk and work with collegues effectively usually stems from a person's social abilities which in the end makes the person productive.

Your answer more or less confirmed my suspicions... that the term "quant" is flexible and the skills can be used in many areas in wall street. I was just worried that an MFE/MSMF degree would pigeon-hole my career in a one-track direction.
Again thank you, and if others are reading, I welcome any additional input.

 

[winstontj]

LOL I knew that "talk to girls" thing would come out the wrong way. I didn't mean if you can't go to a bar and pick up hot girls you'll be written off - but, sadly some of the smartest people I know (quants) are too scared to take risks and lack self confidence even though most look up to them.

Many quants can be awkward at social situations and its tough to hire them into small companies/teams because of the inter-personal skills. I know it sounds bad but it does make a difference.