Realistic chances for landing a role in Quant Finance?

[randomuserok]

Hello, I'm currently entering undergraduate university next year in the UK to study a maths related subject. I am waiting on offers, but I was wondering if Warwick/UCL as universities would provide a realistic chance for entering Quant Finance, for trading. Scouting LinkedIN has shown that at most prop shops in the UK, almost all people came from Oxbridge/Imperial. I was wondering if people who work in the industry, could comment on the chances of entering quant finance coming from either Warwick or UCL. Another question I had is if I were to go to one of these universities, would a masters at a target like Oxbridge and Imperial improve my chances? I'm waiting on offers so I am unsure if I will get Imperial, but still wish to keep my options open and have a realistic view.

 

[Andy Nguyen]

There is a non zero chance to get into top tier firm from a middle tier program but as it's clear to you, it's extremely rare. When there are 1000 applicants for a job opening, firms are not going to look at every resumes. They will just filter by Oxbridge, Imperial or whatever they use.
My personal thought is that if someone can't get into a top program, it's unlikely they will get into a competitive job. In this industry, getting into the top program is the easiest part of the journey.
If you are realistic and target other roles instead of gunning for the same small set of jobs that everyone is applying, you increase your chance.

 

[tronaitor]

There is a non zero chance to get into top tier firm from a middle tier program but as it's clear to you, it's extremely rare. When there are 1000 applicants for a job opening, firms are not going to look at every resumes. They will just filter by Oxbridge, Imperial or whatever they use.
My personal thought is that if someone can't get into a top program, it's unlikely they will get into a competitive job. In this industry, getting into the top program is the easiest part of the journey.
If you are realistic and target other roles instead of gunning for the same small set of jobs that everyone is applying, you increase your chance.

What would you consider to be more "realistic" roles? I am currently doing an MSc in Financial Mathematics in London and it is true that it is frustrating to see how most of the firms only have people from Oxford Cambridge or Imperial. Would you also consider that it is maybe "easier" applying outside the UK (e.g., Amsterdam, Switzerland, etc)?

 

[Andy Nguyen]

Risk management, regulation are a big segment where jobs are more plentiful.
Look more broadly to employers outside of the big name trading firms. Insurance, credit rating, govt agencies all hire MFE grads.
Once you are outside of the major financial center (NYC, London, Chicago, etc), the job market is much, much smaller and more niche.

 

[tronaitor]

Risk management, regulation are a big segment where jobs are more plentiful.
Look more broadly to employers outside of the big name trading firms. Insurance, credit rating, govt agencies all hire MFE grads.
Once you are outside of the major financial center (NYC, London, Chicago, etc), the job market is much, much smaller and more niche.

I see, and do you think it is viable transitioning from a role like (say) risk managament to then a bigger firm as a researcher or trader?

 

[Andy Nguyen]

It has been done. With experience and right skills, people can make the transfer.
It is much harder to get those QT/QR roles right out of graduate school without proper experience.

 

[tronaitor]

It has been done. With experience and right skills, people can make the transfer.
It is much harder to get those QT/QR roles right out of graduate school without proper experience.

It's good to hear that the transition is possible. Regarding PhDs, I imagine that having one would likely enhance your prospects for a Quantitative Research role. However, does the reputation of the university where you earn your PhD matter? Similar to how breaking into top firms without being an Oxbridge/Imperial student can be challenging. Do you think a PhD faces similar a situation?

 

[erood]

Warwick seems to have been understated but hiring managers start to appreciate the pool of talents from there for graduate analysts in these days.
However, yes most of incoming quants have Oxbridge/Imperial educational background unless they have other exclusive backgrounds in france or russia.

People in quant community are mostly and incredibly smart and getting into the major league is increbily competitive and needs some luck.
The educational background is relatively an easy one because you can improve with your next stage of education, then why would you not cover with this?

Quant job is a continuous struggle of finding/studying/practing things that I don't know or arising new.
This means some more study with better institution name tag is never a bad choice.

 

[AcademicVictim]

Was wondering the same thing, being in a similar position. I'm worried that a lack of offers will be a complete barrier to the industry, as my only current offer is my safety KCL, Math with Stats (chose over Warwick because wanted to stay in London) which I don't think is anywhere near competitive enough. Can anyone answer the question the post asks specifically of, would a Masters at Oxbridge/Imperial offset a lower unis undergrad prestige?