How important is it to have your PhD?

[koh]

I am currently a freshman in college who is thinking about going into finance, and being a quant is fascinating to me. I've always loved math, so I'm planning to change my major from Managerial Economics to Applied Mathematics. However, in order to become a quant, I heard it is highly recommended to earn a PhD before looking into MFE programs. I've even heard that quant employers only look for people with MFEs AND PhDs.

My question is, is it really that important to have your PhD in something like Math, Computer Science, Physics, or Economics? Will I be able to land a quant job with only a MFE and a bachelors degree? What kind of work experience should I have and how many years should I work before applying for a MFE? Finally, what's the difference between a MFE and a CQF? Are there pros/cons of each?

 

[Keith Tan]

it seems like u haven't read through any job listings at all. the answers can be found there.

 

[ygmwy]

You're just a freshman. Do well in your classes first. Soak up knowledge now. In junior year, start thinking about what to do with it.

 

[Canuck]

I've always loved math...

But what kind of math?
University level math is very different than calculus and pre cal. Before you switch your major pick up rudin or a basic analysis textbook, and spend a couple days reading that, then make your decision.

 

[euroazn]

But what kind of math?
University level math is very different than calculus and pre cal. Before you switch your major pick up rudin or a basic analysis textbook, and spend a couple days reading that, then make your decision.

so I'm planning to change my major from Managerial Economics to Applied Mathematics

Applied Mathematics

This usually is a tell-tale sign, but good luck anyway, OP
I was in similar shoes very recently so if you end up having specific questions, holler.

 

[Canuck]

Applied Mathematics

This usually is a tell-tale sign, but good luck anyway, OP
I was in similar shoes very recently so if you end up having specific questions, holler.

lol

 

[koh]

Thank you for your helpful responses... but I don't think my original questions were answered.

Is it wrong that I am thinking of possible career paths early on?

 

[Ken Abbott]

Thank you for your helpful responses... but I don't think my original questions were answered.

Is it wrong that I am thinking of possible career paths early on?

There is nothing wrong with giving it some thought, but many (if not most) of us changed our minds several times between ages 18 and 22. Concentrate on your classes.

Xiang @wayoung tongzhi xuexi.

 

[koh]

Yes, I understand that I can change my mind anytime in the future and I will focus on my classes nonetheless. However, I am still wondering whether or not it is necessary or recommended I complete a PhD before becoming a quant.

 

[euroazn]

Yes, I understand that I can change my mind anytime in the future and I will focus on my classes nonetheless. However, I am still wondering whether or not it is necessary or recommended I complete a PhD before becoming a quant.

"Quant" is a blanket term, not a job title. What do you want to be doing?

 

[ygmwy]

Yes, I understand that I can change my mind anytime in the future and I will focus on my classes nonetheless. However, I am still wondering whether or not it is necessary or recommended I complete a PhD before becoming a quant.

Short answer is no, but there's a lot more to be said on this topic which you shouldn't worry about right now.

 

[GoIllini]

It used to be that many people wound up in finance with PhDs by mistake. People wanted to be physicists, wanted to be economists, then realized they hated academia, so they became quants. It's sort of like becoming a nurse practitioner.

If you're a gambler, study applied math. But know that there aren't a lot of applied math jobs out there.

If you're less of a gambler, study engineering. This gives you the option to get a PhD in many quantitative fields, gives you the option to work in banking or trading, and gives you the option to just work as an engineer.

 

[JesseLevermore]

There aren't a lot of applied math jobs out there? What are you talking about....In relative terms that statement is completely wrong.

And this op is why you do your own research on these topics. No one is going to care as much about your life direction as you. One might make the argument that he would like to optimize decision making by taking information from many sources but this is pointless. You can find hard numbers on jobs for just about any PhD degree.

Take a look at this to start http://www.ams.org/notices/201303/rnoti-p316.pdf. In general I think asking these questions is pointless until you are knowledgeable. Where knowledgeable is a metric defined by the ability to spend 5-10 minutes having a detailed conversation with a professional about his subject. Not to mention almost every question you have asked is answered somewhere on this website (I would rate these worth a grain of salt again of course).

In short I am accusing you of passion without effort. Accept it and let that passion drive you to find FACTS about your debated routes to follow in life.

 

[pacman]

maybe complete all your gen eds before contemplating PhD?

 

[ygmwy]

There is nothing wrong with giving it some thought, but many (if not most) of us changed our minds several times between ages 18 and 22. Concentrate on your classes.

Xiang @wayoung tongzhi xuexi.

Lol is that Chinese? Pretty impressive. =)

 

[Ken Abbott]

Lol is that Chinese? Pretty impressive. =)

Wei renmin fu wu, baby.

 

[C S]

There aren't a lot of applied math jobs out there? What are you talking about....In relative terms that statement is completely wrong.

And this op is why you do your own research on these topics. No one is going to care as much about your life direction as you...

Take a look at this to start http://www.ams.org/notices/201303/rnoti-p316.pdf. ...

In short I am accusing you of passion without effort. Accept it and let that passion drive you to find FACTS about your debated routes to follow in life.

Nice post overall, but maybe you can highlight what your point is exactly from your link. The most relevant info I could find from it is:

"Applied Mathematics Group had the highest unemployment at 17.3%."

But that seems to support Gollini's point, not yours.

 

[C S]

I've even heard that quant employers only look for people with MFEs AND PhDs.

I assume you are talking about major "quant employers", not some random hedge fund guy somewhere who may use, for all we know, arbitrary criteria. Assuming that, what you heard is undeniably false. Obviously, you are getting a lot of bad advice.

I'd suggest following your intellectual interest(s) first and then narrowing down on what you need to achieve your career goals. Getting a PhD involves a combination of intelligence, intellectual curiosity, and drive. Focusing on getting a PhD because you heard it's a good way to get into finance is like someone wanting to qualify for an Olympic trial because they heard it's a good credential to have to get a job coaching at a university.