I'm a buy side Quant Researcher at a top hedge fund (Jane Street/Two Sigma/AQR/etc). AMA

[qn_username]

Hi all,

In the spirit of sharing and helping prospective students (I'm a senior buy side quant researcher. AMA), it's my honor to use this platform to interact with students who might be interested in this career path.

Who Am I: I'm a quantitative researcher working in systematic trading. I develop alpha signals to forecast the future prices of various financial instruments. I first learned C++ nearly 20 years ago, so I used QuantNet to refresh my knowledge on recent language features. I do not hold an MFE degree, but I have a master's degree in statistics and a PhD in artificial intelligence. I have 5~10 years of work experience.

About My Company: a tier-1 hedge fund (like DE Shaw, HRT, Jane Street, Millennium, Tower, etc.)

Why Am I doing this: Andy initially reached out, and I thought this might be beneficial to students or anyone interested in quant trading.

Ground rule: Feel free to ask me anything related to my professional experience or the quant finance industry in general. However, due to privacy and anonymity concerns, I won't be able to answer personal or overly specific identifying questions. All views expressed here are my own and do not represent those of my employer or others in similar roles.

 

[Quantanamera]

Hi,

First of all, thank you for doing this.

My question is: have you always been a buy-side quant? And how feasible do you think it is to transition from the sell side to the buy side?

 

[Andy Nguyen]

Thank you for taking the time and share your experience with our audience. I believe these invaluable insights will help many, many members as they explore this highly competitive industry.
I can confirm and verify that the OP is a buy-side QR at a top 1 HF, one of the most competitive job profiles.
I can also confirm that OP has completed both the QuantNet C++ and Advanced C++ courses with distinction. It speaks to his technical ability.

My first question would be the feasibility of an MFE degree for the buy-side QR roles, let alone at the top HF.
How common do you see MFE grads break in for those roles? What are the typical profiles that get in there?
What qualifications do such buy-side employers look for in these roles?

 

[qn_username]

Hi,

First of all, thank you for doing this.

My question is: have you always been a buy-side quant? And how feasible do you think it is to transition from the sell side to the buy side?

Hi Quantanamera,

Yes, I've always worked as a buy-side quant. However, I have many colleagues who successfully transitioned from the sell side. From my observations, moving from a sell-side quant role to a buy-side position is definitely feasible and relatively common.

 

[qn_username]

Thank you for taking the time and share your experience with our audience. I believe these invaluable insights will help many, many members as they explore this highly competitive industry.
I can confirm and verify that the OP is a buy-side QR at a top 1 HF, one of the most competitive job profiles.
I can also confirm that OP has completed both the QuantNet C++ and Advanced C++ courses with distinction. It speaks to his technical ability.

My first question would be the feasibility of an MFE degree for the buy-side QR roles, let alone at the top HF.
How common do you see MFE grads break in for those roles? What are the typical profiles that get in there?
What qualifications do such buy-side employers look for in these roles?

Thanks Andy!

I can only speak from my personal observations. Different firms (or even teams within the same firm) have different preferences - some favor MFE graduates, while others may prefer PhDs or genius undergrads. Overall, I'd estimate that around 50% (or maybe fewer) of quant researchers in buy-side roles hold an MFE degree.

Common successful profiles include:
- Undergrads with achievements such as Olympiad medals or outstanding skills in mental math and puzzle-solving.
- Analytically strong MFE candidates who demonstrate persistence, intellectual curiosity, and strong problem-solving capabilities.
- PhDs in mathematics, physics, computer science, or related quantitative fields, who excel in their own domains, and passionate about real-world feedbacks, not just academic impact.

Qualifications that buy-side employers typically seek fall into two categories:
- Hard Skills: Strong analytical and quantitative problem-solving abilities, mastery of mathematical and statistical concepts, and proficiency in programming (often C++, Python, etc.). The key is to be able to think independently and creatively. Textbook knowledge is important, but its real value lies in enabling you to develop novel solutions to new problems, which is where your alpha comes from.
- Soft Skills: Communication skills, cultural fit, a mature / resilient / results-oriented mindset. These interpersonal qualities ensure you can work effectively within teams and won't be discouraged if things don't work out.

 

[fabiantum]

Hi all,

In the spirit of sharing and helping prospective students (I'm a senior buy side quant researcher. AMA), it's my honor to use this platform to interact with students who might be interested in this career path.

Who Am I: I'm a quantitative researcher working in systematic trading. I develop alpha signals to forecast the future prices of various financial instruments. I first learned C++ nearly 20 years ago, so I used QuantNet to refresh my knowledge on recent language features. I do not hold an MFE degree, but I have a master's degree in statistics and a PhD in artificial intelligence. I have 5~10 years of work experience.

About My Company: a tier-1 hedge fund (like DE Shaw, HRT, Jane Street, Millennium, Tower, etc.)

Why Am I doing this: Andy initially reached out, and I thought this might be beneficial to students or anyone interested in quant trading.

Ground rule: Feel free to ask me anything related to my professional experience or the quant finance industry in general. However, due to privacy and anonymity concerns, I won't be able to answer personal or overly specific identifying questions. All views expressed here are my own and do not represent those of my employer or others in similar roles.

Hi, thanks for giving us this great opportunity. Do you have any specific book/university courses or mathematics suggestions for quant research?

 

[qn_username]

Hi, thanks for giving us this great opportunity. Do you have any specific book/university courses or mathematics suggestions for quant research?

It depends on your current stage. If you're an MFE student, your university curriculum is probably already well-structured, and resources like QuantNet are excellent supplementary materials. For those newer to the industry or just exploring quant finance, intro books (or storybooks) can offer great insights into what the field is like: for example, Inside the Black Box, Liar's Poker, My Life as a Quant, and The Man Who Solved the Market. After gaining a few years of work experience, you likely have a clearer idea of the specific topics or research areas your job needs, making it easier to identify academic papers to stimulate your thinking. Since quant trading is somewhat secretive by nature, in-depth & well-written technical books are rare, but there are still plenty of resources and knowledgeable people for brainstorming and learning.

 

[Michelle]

Thank you for sharing your advices.
Knowing what you know now, what would you have done differently?

 

[Leggoo MFE]

Hi all,

In the spirit of sharing and helping prospective students (I'm a senior buy side quant researcher. AMA), it's my honor to use this platform to interact with students who might be interested in this career path.

Who Am I: I'm a quantitative researcher working in systematic trading. I develop alpha signals to forecast the future prices of various financial instruments. I first learned C++ nearly 20 years ago, so I used QuantNet to refresh my knowledge on recent language features. I do not hold an MFE degree, but I have a master's degree in statistics and a PhD in artificial intelligence. I have 5~10 years of work experience.

About My Company: a tier-1 hedge fund (like DE Shaw, HRT, Jane Street, Millennium, Tower, etc.)

Why Am I doing this: Andy initially reached out, and I thought this might be beneficial to students or anyone interested in quant trading.

Ground rule: Feel free to ask me anything related to my professional experience or the quant finance industry in general. However, due to privacy and anonymity concerns, I won't be able to answer personal or overly specific identifying questions. All views expressed here are my own and do not represent those of my employer or others in similar roles.

Hello! Thanks a ton for interacting with us, it is truly an honor for us youngsters.
I myself have 2 years of workex at a top London IB as a quant structurer. I will be joining Columbias Mathematical Finance program this Fall. I was curious about the below

1. If I want to explore buy side, what skills or mindsets would differentiate buy-side quant researchers from those on the sell-side or structuring desks?
2. What specific areas of mathematics or statistics are most directly useful in your alpha research work?
3. How much weight does the prestige of the program vs. individual ability carry in your hiring process?
4. What’s the typical path of progression for a quant researcher at a hedge fund like yours? (From what I have researched, the path can be very obscure)

 

[qn_username]

Thank you for sharing your advices.
Knowing what you know now, what would you have done differently?

I really like your question.

1. Internship Experience: I didn't apply a quant internship during my studies. Looking back, having an industry experience would be hugely beneficial - especially considering how competitive the job market has become today.

2. Set career goals: It's crucial to set clear and very concrete career goals early on. Rather than passively waiting for guidance or instructions, actively figure out what you aspire to achieve, network strategically and proactively to gather information. People who take more risks and more initiatives are more successful over the years - maybe still so after survivorship bias been adjusted.

 

[jyunusov]

Thank you for taking the time.

In your experience have you seen people with non-math backgrounds transition into quant finance? For example, risk management at a bank to MFE to quant, are such paths possible?

 

[Bored_Physicist]

Hi all,

In the spirit of sharing and helping prospective students (I'm a senior buy side quant researcher. AMA), it's my honor to use this platform to interact with students who might be interested in this career path.

Who Am I: I'm a quantitative researcher working in systematic trading. I develop alpha signals to forecast the future prices of various financial instruments. I first learned C++ nearly 20 years ago, so I used QuantNet to refresh my knowledge on recent language features. I do not hold an MFE degree, but I have a master's degree in statistics and a PhD in artificial intelligence. I have 5~10 years of work experience.

About My Company: a tier-1 hedge fund (like DE Shaw, HRT, Jane Street, Millennium, Tower, etc.)

Why Am I doing this: Andy initially reached out, and I thought this might be beneficial to students or anyone interested in quant trading.

Ground rule: Feel free to ask me anything related to my professional experience or the quant finance industry in general. However, due to privacy and anonymity concerns, I won't be able to answer personal or overly specific identifying questions. All views expressed here are my own and do not represent those of my employer or others in similar roles.

hi, thanks a lot for your time.
I was wondering what did you study for non technical parts of the interviews. Particularly brain teasers, market making/behavioral games, and mental math. For the technical parts, probability/stochastic processes or ML there are plenty of resources but for the stuff I mentioned above I could not find a nice well rounded way to work on.
Thanks again and best of luck in your new role!

 

[sidvz]

Hey, thanks a lot for your incredible insights!

Have you ever considered launching your own fund, given your ability to develop profitable strategies? In your view, what are the key advantages and disadvantages of working as a quant researcher or quant trader at a leading hedge fund versus striking out independently in this field?

Also, would you be willing to share how quant researchers manage their own personal investment portfolio? Do you develop and trade your own independent strategies (‘alphas’) outside of your professional role, or does the firm permit you to co-invest alongside client capital?

 

[nyaa.nyaa]

Hello thanks for the AMA

q1. My aim is to transition to buy side from a few year stint in the sell side (actuarial roles), feasible?
q2. participated in IMC prosperity 2025, was in the top 100 in manual trading; will SOA exams actually prepare me well for the transition?

 

[qn_username]

Hello! Thanks a ton for interacting with us, it is truly an honor for us youngsters.
I myself have 2 years of workex at a top London IB as a quant structurer. I will be joining Columbias Mathematical Finance program this Fall. I was curious about the below

1. If I want to explore buy side, what skills or mindsets would differentiate buy-side quant researchers from those on the sell-side or structuring desks?
2. What specific areas of mathematics or statistics are most directly useful in your alpha research work?
3. How much weight does the prestige of the program vs. individual ability carry in your hiring process?
4. What’s the typical path of progression for a quant researcher at a hedge fund like yours? (From what I have researched, the path can be very obscure)

Congrats on your acceptance to Columbia's Mathematical Finance program!

1. While I haven't personally worked on the sell side, from what I've observed, the key differentiator for buy-side quant researchers is an entrepreneurial mindset. Both buy-side and sell-side roles ultimately reward results, but on the buy-side, there's a constant need to create and maintain a competitive edge. A successful buy-side strategy can decay or lose profitability more quickly, compared to a sell-side business model.

2. This heavily depends on your strategy or specialization:
- HFT: Low-latency computing, algorithm optimization, numerical methods
- StatArb: Statistical modeling, machine learning, time series analysis
- Options and derivatives: Stochastic calculus, PDE methods, and Greeks
- Quantamental / discretionary strategies: Corporate finance, valuation models, and macroeconomic indicators

Usually what are tested in interviews are the skills you need to demonstrate in order to work in that firm - that's the main point of interview process, although skills are often not aligned interview vs. real job.

3. A prestigious program (plus networking) increases your chance of landing an interview. Individual ability gives you higher chance of an offer.

4. You're right that the progression path at hedge funds can be obscure, mostly because career trajectories vary significantly based on individual performance, after a few years. Determining factor is how much PnL people attribute with.

 

[qn_username]

Thank you for taking the time.

In your experience have you seen people with non-math backgrounds transition into quant finance? For example, risk management at a bank to MFE to quant, are such paths possible?

Yes that's certainly possible. Risk management skills seem quite transferrable. I've seen both sell-side quants & exchange quants go to buy-side.

 

[quant_trader]

Hi all,

In the spirit of sharing and helping prospective students (I'm a senior buy side quant researcher. AMA), it's my honor to use this platform to interact with students who might be interested in this career path.

Who Am I: I'm a quantitative researcher working in systematic trading. I develop alpha signals to forecast the future prices of various financial instruments. I first learned C++ nearly 20 years ago, so I used QuantNet to refresh my knowledge on recent language features. I do not hold an MFE degree, but I have a master's degree in statistics and a PhD in artificial intelligence. I have 5~10 years of work experience.

About My Company: a tier-1 hedge fund (like DE Shaw, HRT, Jane Street, Millennium, Tower, etc.)

Why Am I doing this: Andy initially reached out, and I thought this might be beneficial to students or anyone interested in quant trading.

Ground rule: Feel free to ask me anything related to my professional experience or the quant finance industry in general. However, due to privacy and anonymity concerns, I won't be able to answer personal or overly specific identifying questions. All views expressed here are my own and do not represent those of my employer or others in similar roles.

Hi, I am currently working in a MFT firm, what kind of strategies does top tier quant firm deploy? do they only deal in HFT strategies or do they also go for MFT strategies with some statistical edges which hasn't been exploited it. If the answer is yes(for MFT strategies) then can you share some old, redundant ideas to just get a flavor of edges being exploited.

 

[qn_username]

hi, thanks a lot for your time.
I was wondering what did you study for non technical parts of the interviews. Particularly brain teasers, market making/behavioral games, and mental math. For the technical parts, probability/stochastic processes or ML there are plenty of resources but for the stuff I mentioned above I could not find a nice well rounded way to work on.

I enjoy games and brain teasers, though I wouldn't claim to be particularly good at them. I watch YouTube math videos during my leisure time - my personal favorite is 3blue1brown.

Some quant firms actively cultivate a game-solving culture; you might see puzzles everywhere when visiting their offices. My advice for preparing is to stay curious, approach brain teasers as problem-solving exercises rather than stressful tests, and perhaps find (or start one!) a university club with like-minded peers to practice and share ideas.

 

[qn_username]

Hey, thanks a lot for your incredible insights!

Have you ever considered launching your own fund, given your ability to develop profitable strategies? In your view, what are the key advantages and disadvantages of working as a quant researcher or quant trader at a leading hedge fund versus striking out independently in this field?

Also, would you be willing to share how quant researchers manage their own personal investment portfolio? Do you develop and trade your own independent strategies (‘alphas’) outside of your professional role, or does the firm permit you to co-invest alongside client capital?

Launching your own fund vs. working at a hedge fund: The most critical factor here is really to know yourself. This includes:
- You need to honestly evaluate your skillset versus your luck - many people tend to overestimate their skill and underestimate the role of luck.
- What motivates you? Is it solving challenging technical problems, building your own brand, or potentially earning a larger share of profits?
- What's your risk appetite? Newly launched funds can face substantial survival challenges. (You could research the survival years of new funds, as well as median compensation for independent portfolio managers.)
- How willing and able you are to manage day-to-day administrative tasks, operational responsibilities, and compliance requirements

Your thoughts can certainly change at different life stages. I've seen people want to take on bigger risk but decided to wait until they are ready.

Personal investment: Typically, active trading is restricted for finance professionals due to compliance policies. From my observations, people manage their personal investments through passive funds, private equity, real estate, or investing in small businesses. Most firms either allow or require their employees to co-invest in their funds.

 

[DesiDollars]

Hi, thank you for your help.

I have a question regarding career progression. I'm currently working as a credit quant on the investment banking desk of a bulge bracket bank. My work primarily involves modeling interest income, analyzing rates and spread risk, and pricing certain hedging instruments. However, it's not a role that involves developing alpha models or investment strategies.

I joined this desk about a year ago after completing a top MFE program. My long-term goal is to move to the buy side.

Given the nature of my current role, do you think this experience translates well to buy-side opportunities? Would you recommend that I start exploring external opportunities now, or should I first aim to transition internally to a systematic market making or trading team to strengthen my profile before making the switch?