PhD is a must-have?

mscquant · 2/20/13

I'm in a statistics masters program, I've done CS in college, both from non-target schools

Looking at job postings, it looks like PhD is a must have in order to even have a shot at quant positions.

With so many MFE programs in the US, does everybody get offers?

What's my strategy then to compete with Engineering/Science PhDs and all these MFE graduates?

bigbadwolf · 2/20/13

mscquant said:
Looking at job postings, it looks like PhD is a must have in order to even have a shot at quant positions.

With so many MFE programs in the US, does everybody get offers?

No, of course not. It's a buyer's market -- and becoming ever more so. Since the buyers can stipulate a PhD and still attract lots of hungry and eager candidates, that's what they're doing. It will be scant consolation but it's occurring at all levels of the job market as the economy continues to shrink. See this, for example.

shivgan joshi · 2/21/13

bigbadwolf said:
No, of course not. It's a buyer's market -- and becoming ever more so. Since the buyers can stipulate a PhD and still attract lots of hungry and eager candidates, that's what they're doing. It will be scant consolation but it's occurring at all levels of the job market as the economy continues to shrink. See this, for example.

That is very true, the same banks hire expensive 3rd party international vendors (in India) who are smart but not having prestigious degree. So it all depends on what they can negotiate.

mscquant · 2/21/13

thanks for the input guys.

so... then I would need to spend 5+ years getting a phd in something that's remotely related to quant finance first to increase the chances?

I feel like my resume's being instantly thrown away because I'm missing that "phd" section...

meoww · 3/6/13

You can get in without PhD.

calbear · 3/25/13

mscquant said:
thanks for the input guys.

so... then I would need to spend 5+ years getting a phd in something that's remotely related to quant finance first to increase the chances?

I feel like my resume's being instantly thrown away because I'm missing that "phd" section...

It would certainly help. When I interviewed for undergrad positions this past fall, many of my interviewers held PhDs from top programs. Many of them wanted to go into academia but it was too competitive so they became quants as a BACKUP. It's remarkable what a phd can do for you.

I myself will be joining a top 10 Stats PhD program this fall (currently finishing my fourth year at UC Berkeley)...

steveshank · 3/25/13

How hard is it for a Ph. D. that's not from an Ivy league/top 20 school? Specifically, in applied mathematics with a focus on numerical analysis and lots of coding experience? If one is motivated enough to self study finance and learns to interview well, is it still going to be extremely difficult?

mscquant · 3/27/13

steveshank said:
How hard is it for a Ph. D. that's not from an Ivy league/top 20 school? Specifically, in applied mathematics with a focus on numerical analysis and lots of coding experience? If one is motivated enough to self study finance and learns to interview well, is it still going to be extremely difficult?

It depends on the role really, but it looks like if you have phd in hard science/engineering you're welcomed in most positions.

mscquant · 3/27/13

calbear said:
It would certainly help. When I interviewed for undergrad positions this past fall, many of my interviewers held PhDs from top programs. Many of them wanted to go into academia but it was too competitive so they became quants as a BACKUP. It's remarkable what a phd can do for you.

I myself will be joining a top 10 Stats PhD program this fall (currently finishing my fourth year at UC Berkeley)...

I think this is more true in sell side than buy side. I personally don't want to "use" phd and 5+ years of my life in something which is supposedly geared towards academic research. Declined CS phd programs from two of the #5-#10 places in the US for that reason.

Good luck in your phd studies!