Quant Field -> Worthwhile?

[stryker]

I am a Cornell University undergraduate majoring in Statistics. I was potentially interested in applying for MEng in Finance in order to become a "quant" in the financial field. I would only consider this career path if I was accepted into one of the top 20 or 15 masters of financial engineering programs. I was wondering whether you'd answer a couple of questions about the field or point me in the direction of someone who could help me answer the following questions.

1. Is the quant field growing? (Are their jobs for entry level quants?)
2. Are the rumors of employees, mostly entry-level, in finance being laid off in great amounts (compared to other fields) valid? (For instance, the NY Times often writes about the hardships of those in the financial sector)
3. Is their upward mobility for talented individuals in the quant field? Would one having graduated from a top 20 or above finance program find greater opportunity?
4. I understand that the positions in "top" financial firms are stressful, often entailing 100+ hours per week. Do positions at other financial firms exist where one can enjoy more balance in life (50-70 hours day)? Obviously, these positions with lesser hours wouldn't pay as much.
5. Is a masters degree sufficient or is a PhD. required for firms?

Thank you for your time and help in advance,
Julian Hershowitz

 

[AlexandreB]

50-70 hours day

Is their upward mobility?

Yes 'their's upward mobility, especially for detail-oriented individuals.

The market is flooded by young bright graduates while most finance firms are shrinking, and apparently this shift is structural and here to stay. Do a lot of due diligence before picking this field of work.

 

[MRoss]

I will do my best to answer what I can.

1. Is the quant field growing? (Are their jobs for entry level quants?) YES; look at the placement rates of each of the top 10 MFE programs
2. Are the rumors of employees, mostly entry-level, in finance being laid off in great amounts (compared to other fields) valid? (For instance, the NY Times often writes about the hardships of those in the financial sector) Rumors, rumors. Every job market in the world is suffering, and each market thinks they are being hit the worst. Heck, over 10 public schools were just closed under Bloomberg's dominion. How is the teacher's market then?
3. Is their upward mobility for talented individuals in the quant field? Would one having graduated from a top 20 or above finance program find greater opportunity? Of course.
4. I understand that the positions in "top" financial firms are stressful, often entailing 100+ hours per week. Do positions at other financial firms exist where one can enjoy more balance in life (50-70 hours day)? Obviously, these positions with lesser hours wouldn't pay as much. It has nothing to do with being a "top" firm. It has everything to do with your position. Being a quant developer will be a 9-6 job nearly everywhere you go and pay approx $130K after 5 or so years of experience. Being an algo trader will kill you but will make big bucks if you are good.
5. Is a masters degree sufficient or is a PhD. required for firms? Again strongly depends on what position you are applying for.

Thank you for your time and help in advance, No problem.
Julian Hershowitz

Here is the deal Julian. If you have any work experience, graduate from Cornell with a high GPA and ace the GREs you should get into nearly every MFE program you apply to (so long as you are a good interviewee). Check out the schools, do research on different quant jobs, and you'll be good to go!