Worth it to get a unfunded Phd Program in computational finance

[yerikzheng]

Hello, guys.

I got a master degree(Financial Mathematics) with distinction in University of york, UK this year. Now, I have to choose to work or take a phd program in UCL.
Option one: Do phd program
Firstly, I want to do the research in Algorithm trading. Secondly, this phd program is very attractive because from the second year you have the chance to do research in some companies and the university will certainly help you to find some placement in companies. It's practical.
However, this program only fund UK/EU students while I am a Chinese. . It means that I have to fund myself.

Option two: Work
I will apply some jobs in Asia. However, I am afraid that I waste time if I can't get a good job (A good job means that I can learn something rather than good salary).

Would you please give me some suggestions about this? How's the future of Algorithm trading?

 

[Yike Lu]

How easily would you be able to get the money to stay in the PhD program?

I think overall, a job would be a better idea. You can't build algo trading without some knowledge of actual trading unless you want to be the technology guy of the operation. Market intuition and microstructure knowledge are both crucial to any type of trading, algo or not, and these two things are probably best learnt on the job.

 

[yerikzheng]

Thank you for your advice. very useful -> "You can't build algo trading without some knowledge of actual trading unless you want to be the technology guy of the operation. Market intuition and microstructure knowledge are both crucial to any type of trading, algo or not, and these two things are probably best learnt on the job. "

 

[Connor]

The usual advice I see on the forums is to not take unfunded PhDs.

But if you are interested in doing a PhD, I think it's important to ask yourself if you decided to work would you go back to get a PhD? For many people it is a now or nothing decision.

Have you looked into other PhD programs? Many in the US are funded if you get accepted.

 

[yerikzheng]

I haven't check phd programs in US as it takes more than 5 years to get a phd.... It's a big investment. For me, If I start to work, I think I won't go back to get a phd after 2 or 3 years work. It's really hard to find a quant job in China (only available in HongKong as there is no derivative market in mainland of China). I will try to apply some jobs in HongKong doing quantitative analysis. In mainland of China, I will apply for research analysts in some security companies. To be honest, I am interest in that phd program is because I can gain working experience and cutting-edge knowledge together. . So I am very hesitating about which one to choose.

 

[atreides]

I haven't check phd programs in US as it takes more than 5 years to get a phd.... It's a big investment. For me, If I start to work, I think I won't go back to get a phd after 2 or 3 years work. It's really hard to find a quant job in China (only available in HongKong as there is no derivative market in mainland of China). I will try to apply some jobs in HongKong doing quantitative analysis. In mainland of China, I will apply for research analysts in some security companies. To be honest, I am interest in that phd program is because I can gain working experience and cutting-edge knowledge together. . So I am very hesitating about which one to choose.

Here is a post from a few months ago about taking unfunded PhD Take unsupported PhD position?. The general consensus is not to go that route.

 

[Yike Lu]

Why not try to get some kind of trading or trading support position if your eventual goal is to do something trading related?

 

[ysmith]

Why not try and get a job in the UK? I am at York right now for a semester and their program seems very practically oriented. I don't know how it ranks compared to other programs in the UK or what the state of the job market in England is (although two of my friends have gotten jobs in trading in London without having financial maths backgrounds) but there are much more job opportunities in financial math in London than in Hong Kong. Also a Ph.D. in the US will not necessarily take 5 years. Given that you have a Masters you can do one in 3 max 4years. It all depends on how comfortable you feel about sitting down and taking the exams for the prerequisite courses. For example, you could sit the exams for all your prereqs in 1 year and do your dissertation in 2 years.

 

[AlgoCan]

Why not try and get a job in the UK?

I second the proposition.

 

[Andy D.]

I am at York right now for a semester and their program seems very practically oriented.

That is certainly a nice place to be studying, York is a fascinating city from a historical perspective I very much enjoyed my last visit there.

I agree with what you have suggested on the job front as well.

yerikzheng - I'm sorry to hear you aren't eligible for funding that's a shame. However you should consider a job, even if you have to take something short term. I'm sure one of the UK recruiters could fill you in, but you should consider moving to London and finding work there. Failing that I believe Leeds has something of a small financial centre although once again one of the UK recruiters should be able to let you know whether that is actually an option or not.

 

[yerikzheng]

Thank you for all your help. Now I have a new question about two career quant and banker. I might go to investment bank as an analyst(IBD analyst), if I decide not to take the phd. What's the different between quant and banker. Could you give some compare between this two career in aspects like salary, working hour, exit opportunities. Finally, if I want to do my own business, which career is more helpful. Anyway, Thank you guys for all your kind replies.