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quant finance vs. economic consulting

While these are clearly two very different careers, what is the advantages each have over the other? Quant finance involves more "quant" than running regressions (which I assume what you're doing half the time in economic consulting?) so I'm guessing it probably pays better.
 

mfegrad

CMU MSCF Alum
umm...

the two careers are vastly different. you'll have to narrow things down a bit.

what area of quant finance do you want to go into? trading? developing? strat? model validation/construction? (these are only a few)

what area of economic consulting are you interested in? antitrust? energy? securities? intellectual property? damages (litigation) vs. white papers vs. regulatory/advisory?

there's a lot more to differentiate the two than pay, and even that isn't really a great way to distinguish between the two. you can do quite well at a top-tier economic consulting shop. senior employees can and do pull down a buck or more.
 
mfegrad can please elaborate a bit on economic consulting ?
And how an engineer graaduate have a chance to move into the field of economic consulting ?
 

mfegrad

CMU MSCF Alum
you're going to have to be more specific, as that's too open ended a question. what, specifically, do you want to know?

engineering isn't generally a standard background, but if you're still in school, take some economics courses. economics or statistics or related fields are usually pretty good for entry level positions. if you're looking to enter the field in a more senior role, a phd in economics is all but required. otherwise, do the usual...look up firms, see what they're doing, talk with people within the industry, etc.
 
Here's an example of a top economic consulting firm:

http://www.brattle.com/

As you can see from their website, typical engagements include expert testimony for lawsuits and other matters where they are often asked to formulate a measure of economic damages on behalf of their client, and defend that valuation against an adversary.

People affiliated with the firm have authored numerous publications, many of which can be downloaded from their website.
 
mfegrad Thanks a lot for your input .
I have completed my Engineering and working in a financial software making company for 2 years . I had no economics courses in my graduation , but in the mean time i have quite a sound knowledge of economics by personal learning .As you pointed out about PhD i am afraid if i have a chance for PhD in Economics .
Would colleges give me admit for PhD in Economics without any proper course ?
have already given my GRE .
 
mfegrad Thanks a lot for your input .
I have completed my Engineering and working in a financial software making company for 2 years . I had no economics courses in my graduation , but in the mean time i have quite a sound knowledge of economics by personal learning .As you pointed out about PhD i am afraid if i have a chance for PhD in Economics .
Would colleges give me admit for PhD in Economics without any proper course ?
have already given my GRE .

Competition for admission to PhD programs in Economics is quite keen, where there are many people with strong backgrounds in Economics and as well as Mathematics seeking admission. Someone with no such background would face formidable odds.

If you do seek to go this route, perhaps your best chance is to find a university with a strong Master's program in Economics, where you could enroll on that course and see how you like it. If you perform extremely well, then you might be able to leverage that into doctoral studies.

Note that the level of mathematics required at the Economics Ph.D. level is far higher than that used at the undergraduate level. You would need a very strong background in topics such as real analysis and statistics in order to get through the required first-year courses in any economics Ph.D. program.

Good luck.
 

mfegrad

CMU MSCF Alum
like myampol said, you'll have a tough time without any background. doing a master and then trying to roll that into a phd is most likely your best bet. that said, you need to ask yourself if this is what you want to do before you throw the next six years of your life into it.
 
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