Ph.D. in EE vs. MFE?

[rhapsody]

Hi all,

I'm currently a second year Ph.D. student in Electrical Engineering at a top 15 university (but non-target school) in the U.S.

I am interested in a career in quantitative finance, particularly, in working at a hedge fund since I believe it is more exciting cutting-edge work and less hours than working in a big investment bank.

In my Ph.D. research, I'm working on neural signal processing of brain signals and applying machine learning methods to predict human behavior. In terms of courses, I've taken classes in statistical learning, signal processing and data analytics. I also have good, but not excellent programming skills.

I feel that hedge funds might be interested in people with this kind of expertise, but since my school is a non-target school and not very well known in the financial industry, I'm worried about continuing with this Ph.D path.

Now, I also have an offer to pursuit a top 3 MFE program in NYC, which I feel will help me get a quant job on the Street. But according to the statistics, almost all graduates end up in either an investment bank or accounting firm, not a hedge fund. Furthermore, I don't know how easy it will be to get a quant position at a hedge fund without a Ph.D.?

To summarize my problem, I basically have to decide between two options: 1) Continue my Ph.D. (3-4 years left) and hope that a hedge fund would be interested in hiring me after graduation. Or 2) Quit the Ph.D. and complete a MFE (1 year), climb the ladder in the financial industry and try to make it into a hedge fund. Which one should I go for?

It is really a tough decision for me and I have been thinking about it for days! I appreciate if anyone could give me some thoughts and advice on this. Thanks!

 

[IntoDarkness]

purdue? well, gl with option 1)

 

[C S]

Hi all,
I am interested in a career in quantitative finance, particularly, in working at a hedge fund since I believe it is more exciting cutting-edge work and less hours than working in a big investment bank.

You can be right about the first (hedge funds can range from very traditional to extremely kooky in their approaches) but not likely to be correct about the second. If you don't want to work long hours, a big bank is precisely where you want to be. But the street isn't known to be a fun place. You're going to have to work a lot more than you would in another industry.

As for your question, it seems you want to do the kind of research you're interested in now but in finance. The places that hire PhDs generally want someone academically gifted and interested enough in the subject to get a PhD. In other words, the type of person they want is the type that got a PhD as a by-product of being intellectually curious. And they have plenty of ways of filtering out people who just struggled on to get the degree because they thought it'd bring them $$.

 

[IntoDarkness]

google maybe a better fit for op. they probably have a hf in house. their investment portfolio is pretty active too

 

[rhapsody]

You can be right about the first (hedge funds can range from very traditional to extremely kooky in their approaches) but not likely to be correct about the second. If you don't want to work long hours, a big bank is precisely where you want to be. But the street isn't known to be a fun place. You're going to have to work a lot more than you would in another industry.

Thank you sharing your thoughts on this. I'm curious, how long are working hours for quants in a hedge fund compared to a big bank? I would not mind working longer hours as long as I am excited about what I'm doing and have enough time to have a life outside of work. I think 50-70 hours per week would be good range for me. Is that realistic?

 

[mhy]

Thank you sharing your thoughts on this. I'm curious, how long are working hours for quants in a hedge fund compared to a big bank? I would not mind working longer hours as long as I am excited about what I'm doing and have enough time to have a life outside of work. I think 50-70 hours per week would be good range for me. Is that realistic?

Really depends on what type of "quant". One of my colleagues used to be a desk strat at Goldman and he probably worked 60-70 hours a week on a regular basis. The quant team I now work with seems to work 40-50 hours.

 

[C S]

Really depends on what type of "quant". One of my colleagues used to be a desk strat at Goldman and he probably worked 60-70 hours a week on a regular basis. The quant team I now work with seems to work 40-50 hours.

Pretty much anyone from any role at Goldman seems to work longer hours than anywhere else.

 

[mathemagician]

Hi all,

I'm currently a second year Ph.D. student in Electrical Engineering at a top 15 university (but non-target school) in the U.S.

I am interested in a career in quantitative finance, particularly, in working at a hedge fund since I believe it is more exciting cutting-edge work and less hours than working in a big investment bank.

In my Ph.D. research, I'm working on neural signal processing of brain signals and applying machine learning methods to predict human behavior. In terms of courses, I've taken classes in statistical learning, signal processing and data analytics. I also have good, but not excellent programming skills.

I feel that hedge funds might be interested in people with this kind of expertise, but since my school is a non-target school and not very well known in the financial industry, I'm worried about continuing with this Ph.D path.

Now, I also have an offer to pursuit a top 3 MFE program in NYC, which I feel will help me get a quant job on the Street. But according to the statistics, almost all graduates end up in either an investment bank or accounting firm, not a hedge fund. Furthermore, I don't know how easy it will be to get a quant position at a hedge fund without a Ph.D.?

To summarize my problem, I basically have to decide between two options: 1) Continue my Ph.D. (3-4 years left) and hope that a hedge fund would be interested in hiring me after graduation. Or 2) Quit the Ph.D. and complete a MFE (1 year), climb the ladder in the financial industry and try to make it into a hedge fund. Which one should I go for?

It is really a tough decision for me and I have been thinking about it for days! I appreciate if anyone could give me some thoughts and advice on this. Thanks!

I have no authority on this as an undergrad, but I would finish the EE PhD. There's more options with that than a MFE degree, I would presume, and you could very well get a foot in the door with the PhD just as much as you would with the MFE. If you find the quant life too demanding and pursued the MFE, its kind of like you put all your eggs in one basket - one very attractive basket, I might add.

 

[pingu]

Pretty much anyone from any role at Goldman seems to work longer hours than anywhere else.

This is by design. If you don't, you will fall on the bottom 5% that gets purged every year.