Featured Threads Archive
Dear prospective students,
I recently signed a contract with a top Investment Bank for an Associate C++ Developer position in the Securities Technology Division in New York. Three years ago I had very little programming and math knowledge, and non-relevant work experience. I was just another business admin graduate with ambition to make it in Wall Street one day. Sounds familiar?
Here's what happened:
I came across the C++ Programming certificate in one of my searches for MFE programs in New York, and decided to enroll.
The intro certificate covers a lot of useful stuff, like implementing important data structures such as vectors (dynamic arrays) and stacks (adaptor containers), Object-Oriented hierarchies for polymorphic behavior, and of course several algorithms for file processing, string manipulations, and more. Additionally, it introduces templates and generic programming concepts, libraries such as STL and Boost, and hands-on...
QuantNet has been compiling the annual list of best-selling quant books our members purchase every year since 2010 (see the best-selling book lists of 2016, 2015, 2014, 2013, 2012, 2011, 2010). The following list is 20 best-selling quant books of 2017 (both hard-copy and ebooks). The first ever non finance related book that made...
The 2018 QuantNet ranking of Financial Engineering, Quantitative Finance masters programs in North America provides detailed information on placement and admission statistics from top programs the region, making it uniquely valuable to the quant finance community at large.
The 2018 QuantNet rankings are best positioned to help prospective applicants decide where to apply and enroll in those master quantitative programs.
Want to know the average starting base salary of graduates from the top Financial Engineering, Quantitative Finance, etc (MFE ) programs in North America?
QuantNet has been compiling the annual list of best-selling quant books our members purchase every year since 2010 (see the best-selling book lists of 2015, 2014, 2013, 2012, 2011, 2010). The following list is 20 best-selling quant books of 2016 (both hard-copy and ebooks), compiled from aggregate, anonymously collected data, provided by Amazon with QuantNet tags.
NEW YORK, October 27th, 2016 – QuantNet today released its 5th rankings, selecting the Best Master Programs in Financial Engineering, Mathematical Finance, Quantitative Finance in North America. The 2017 rankings also provide much greater statistics on each program, making it easier for prospective applicants to decide on where to apply and enroll.
QuantNet surveyed programs administrators, hiring managers, corporate recruiters, and finance professionals to get the information used in the 2017 rankings.
In additional to the top 30 rankings, this year we rank the top 10 programs with the best employment outcomes and the 5 most improved programs.
Lays Out Plans to Attract Additional Stellar Practitioners to One of the Oldest and Largest Financial Engineering Educational Programs
BROOKLYN, New York – One of Morgan Stanley’s top quants is returning to his academic roots full time, as chair of one of the world’s oldest and largest financial engineering programs. The NYU Tandon School of Engineering announced it appointed Peter P. Carr – managing director and head of market modeling at Morgan Stanley since 2010 – chair of its Department of Finance and Risk Engineering.
Carr, a recognized expert on derivatives who has produced seminal work on volatility, remained a prolific researcher and adjunct professor throughout his professional career at Morgan Stanley, Bloomberg LP, and Banc of America Securities.
He was honored as Quant of the Year by Risk Magazine, shared the ISA Medal for Science from the University of Bologna, and was named Financial Engineer of the Year by the International Association of Financial...
QuantNet has been compiling the annual list of best-selling quant books our members purchase every year since 2010 (see the best-selling book lists of 2014, 2013, 2012, 2011, 2010). The following list is 20 best-selling quant books of 2015 (both hard-copy and ebooks), compiled from aggregate, anonymously collected data, provided by Amazon with QuantNet tags.
NEW YORK, October 6th, 2015 – QuantNet today released its 4th rankings, selecting the Best 30 Master Programs in Financial Engineering, Mathematical Finance, Quantitative Finance in North America.
QuantNet surveyed programs administrators, hiring managers, corporate recruiters, and finance professionals to get the information used in the 2016 rankings.
In additional to the top 30 rankings, this year we rank the top 10 programs with the best employment outcomes and the 3 most improved programs.
An Interesting Development of an Offshore Strategy
I was talking to the head of fixed income Strategy at a major investment bank last week. He described their current hiring pattern as follows:
- Junior quants – campus recruiting
- Mid-level quants – imported from offshore locations
CDS Market is Dead
I wasn’t paying attention, but the CDS market has died. Once the synthetic CDO market disappeared, it turned out there was little demand for CDS....
QuantNet has been compiling the annual list of best-selling quant books our members purchase every year since 2010 (see the best-selling book lists of 2010, 2011,2012, 2013. The following list is 20 best-selling quant books of 2014 (both hard-copy and ebooks), compiled from aggregate, anonymously collected data, provided by Amazon with QuantNet tags.
- A Primer For The Mathematics Of Financial Engineering, Second Edition - Dan Stefanica...
If you’re someone with a mathematical bent, for whom ‘challenging’ maths questions are elementary and differential equations are fun, there is – allegedly – one place where you’ll feel especially fulfilled in banking: Goldman Sachs’ ‘strats’ Group. All banks have mathematical wizards, but the warlocks in Goldman’s strats team are reportedly higher paid, happier, and more empowered than those elsewhere.
“The strats team here is broader in scope than quant teams at other banks,” one strats vice president at Goldman in London tells us, speaking off the record as he is not authorised to talk to the press. “As well as quants, we have quant developers, technologists, structurers and salespeople.” Goldman’s strats team is at the...
Since writing for this blog in January about the HFT/algo job market, I’ve received many inquiries from students asking about the “requirements” for quant jobs on Wall Street. “Do I need a PhD?” is a frequent question. Each time I receive one of these inquiries, I struggle with the answer. My instinct is no. But when I look at who is working in these jobs, I do see a predominance of PhD’s in the top positions. PhD’s in mathematics, physics, operations research, EE, etc. are common in the quant community. So it’s tempting to tell students that a PhD is helpful, but it feels like the wrong answer. In my gut I know that the people getting these jobs are not getting offers because they have extra letters after their name. The people in these positions are there because they have proved over their academic and professional lives that they are:
- Very smart
- Quantitative thinkers
- Good at...
At the end of last year I sent a State-of-the-Talent-Market email to colleagues. In that mail I wrote:
The simple answer is yes, there are jobs in Algo/HFT, and some of them are paying very well. However, that jaw dropping salary that you heard from a...
This article appears in QuantNet 2013-2014 International Guide to Programs in Financial Engineering.
The job market for quants has changed inexorably. The “particle finance” trend of the last 20 years is on the wane. While funds will still be able to trade on a prop basis, banks’ ability to do so has been severely restricted.
Some may see this as a pendulum, but most agree that the aggressive trading styles seen in regulated financial institutions will never be seen again.
Does that mean that there are no more jobs for quants? Certainly not. It does mean, however, that the nature of the job market will be different. The growing number of quant finance programs also suggests that there will be much more competition for these jobs.
The following suggestions may be helpful in the job hunt.
- Stop focusing upon HFT positions—there aren’t that many jobs out there, and many of...
This article appears in QuantNet 2013-2014 International Guide to Programs in Financial Engineering.
When applying to a master’s program, it is not possible to specify the exact requirements necessary to be accepted, because there is flexibility in the process. An application that is weaker in one area might be accepted because of strengths in other areas.
For the most part, the standard of the applicants is very high; however, in some cases, it is apparent that a capable applicant would have fared better with more careful preparation. There are things that candidates could do to improve their chances of admission, especially if they give some thought to this well before the application submission. The purpose of this article is to help prospective applicants to improve the principal components of their applications.
Your undergraduate and graduate course work is shown in your transcripts....
After conducting an exhaustive job-search campaign, you finally received an offer –congratulations! There are many factors to consider when examining this new offer. Evaluating a job offer is very subjective, but people often focus on the salary and disregard other key areas. Here is a five-step process that I developed to help my clients fully evaluate new job opportunities and determine if this is the right fit for them.
- Evaluate the Position: The actual position is the most important part of the offer. In this new economy, where jobs tend to have a shorter tenure, each position becomes the stepping-stone to the next position. So if you have a career path in mind, each job positions you for the next step in your career. Is this opportunity the right one for you at this time? Would this position align you with your intended career path? Do you have the necessary skills to do this job well, and at the same time does this job provide you with...
A recent NYT article sheds light on how the trading landscape has been changing on Wall Street, due to technological advances as well as regulatory reforms such as the Dodd-Frank financial legislation.
The article makes clear that technology has been and will play a HUGE part in the industry as an increasing volume of trading occurs over automated exchanges as required by laws or other factors.
"The increased use of automated platforms means that more programmers are needed, but fewer employees over all."
The trading desks at Credit Suisse are demonstrations of how changes have transformed the type of trading and traders needed for the job.
"The traders here are mostly educated in math or physics, often outside the United States, and their desks are piled high with textbooks like the “R Graphs...