Where should I focus on if I would like to switch to quantitative finance

[dadabear]

Hello everyone,

This is my first post, and I feel sorry that it is a post asking for advice instead of providing.

My situation:
I am an electrical engineer at the moment (27 years old). I got Phd from Materials Science and Engineering (University of Maryland), and now working in a semiconductor company (for less than 2 years). My Phd research involves physical modeling (Matlab), but more than half of the work was experimental work. My daily work now involves developing C/C++ based electrical test library, using Python and R to process data and generating modeling report. I am familiar with Monte-Carlo simulation and regression, and will refresh my knowledge on stochastic process and statistics. I passed CFA(I) last winter and will participate CFA(II) this June. I know this is probably not that useful for quantitative finance related job, but at least as a start of exposing me to basic finance concepts.

My question:
1. In order to switch to quantitative finance, is an MFE degree a must? I am not geographically near good programs, the most possible one would be Rensselaer Polytechnic Institute.
2. If I do not get a MFE degree, where should I focus on? Spending time with self-created projects, contributing to some open source libraries, or put more attention on deepening my understanding of the math required, or any other field that I am not mentioning here.

Thanks in advance for any suggestions, critiques, ideas and instructions.

 

[Yike Lu]

My question:
1. In order to switch to quantitative finance, is an MFE degree a must? I am not geographically near good programs, the most possible one would be Rensselaer Polytechnic Institute.

Not necessary. You should try getting a few interviews and see how you fare, as a first step. No harm, as any "wait X time before re-applying" is going to be less than the time for MFE.

2. If I do not get a MFE degree, where should I focus on? Spending time with self-created projects, contributing to some open source libraries, or put more attention on deepening my understanding of the math required, or any other field that I am not mentioning here.

Thanks in advance for any suggestions, critiques, ideas and instructions.

Depends on what kind of QF job you're looking for. I'd do some research on the landscape of roles if I were you, and proceed from that. Personal projects are probably the best thing to do, as a general rule though, especially if you can put a bit of your own money on the line.

 

[dadabear]

Not necessary. You should try getting a few interviews and see how you fare, as a first step. No harm, as any "wait X time before re-applying" is going to be less than the time for MFE.


Depends on what kind of QF job you're looking for. I'd do some research on the landscape of roles if I were you, and proceed from that. Personal projects are probably the best thing to do, as a general rule though, especially if you can put a bit of your own money on the line.

About the job I would like to start with. I am thinking about algorithm trading. I will need to advance my programming skills, since now most I know is what is needed for my current job. And I would like to shift to jobs requiring more knowledge about reading the market and economy later, more like a strategic. Do you think this is a viable path, or based on my background, do you think I have better choice?

 

[Yike Lu]

Reading the market and economy -- as in a traditional analyst? That's not a match for your skills, but as it with anything it can be done. More likely would be something statistics and machine learning based.

 

[dadabear]

Reading the market and economy -- as in a traditional analyst? That's not a match for your skills, but as it with anything it can be done. More likely would be something statistics and machine learning based.

OK. In terms of machine learning, where I never had experience with, I am planning to take a couple of online courses and conduct one or two personal projects. Those inputs from you are really helpful. I will prepare for about 6 months and start looking for interviews. Thanks.

 

[yetanotherquant]

I am an electrical engineer at the moment (27 years old)
...
In order to switch to quantitative finance

You'd better move to Germany, here the electrical engineers earn [much] better than quants.
I know a guy of your age, who is an engineer for electromechanics and he earns €100K+, (ok, this is all-in but he is working 35 hours per week).

 

[dadabear]

You'd better move to Germany, here the electrical engineers earn [much] better than quants.
I know a guy of your age, who is an engineer for electromechanics and he earns €100K+, (ok, this is all-in but he is working 35 hours per week).

don't tell me that is month salary @_@. I actually do not mind if the starting salary is lower than what I earn now, cause I do not feel much growth space in my current job. In my own little imaginary world, I see a quantitative finance job as a challenging position and deal with math and statistics, let one learn everyday, and also have high growth potential, be it pay related or career related... am I wrong?

 

[yetanotherquant]

don't tell me that is month salary @_@.

Schön wäre es.
It is per annum and it is brutto(before taxes) , still it is really not bad, esp. for 35 h/week.

I see a quantitative finance job as a challenging position and deal with math and statistics, let one learn everyday, and also have high growth potential, be it pay related or career related... am I wrong?

Yes, you are. I would not skeak for the whole world but in Germany very few quants [primarily] deal with math and statistics. Most of them do reporting and regulatory things and crunch legacy code.
Generally, quant is neither as sexy anymore as it was 10 years ago, nor superbly paid.

Current hype is bigdata, and FinTech (esp. Blockchain and RoboAdvisors). So if you want to get your fingers dirty in "cool" stuff, try this domains. Moreovert, it is somewhat easier to get in.
As far as I can estimate your expectation, a disappointment will in either case come (most likely). But at least these domains are currently hot, and becoming quant is a matter of yesterday.

 

[bigbadwolf]

Schön wäre es.
It is per annum and it is brutto(before taxes) , still it is really not bad, esp. for 35 h/week.

Deutschland uber alles. Ich liebe Deutschland.