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Your view

kean

Mathematics Student
Hi Folks,

Have you read Associate Prof. Mark Joshi's article for quant wannabe? He mentioned that Phd is a must to be a quant. I have a friend recently graduated from a reputation university, majoring in quantitative finance in Australia. He couldn't find a job. The reason is banks and financial institutions are looking for Phds only.
Also, I visited Wilmott.com, most insider claimed that Phd is a must. What is your view? Do you have such problem in USA?
Thank you for your kind attention.:sos:

Best,
K
 

Dmytro

Well-Known Member
the problem is how you define 'quant'. the spectrum is so wide - from 'blue-sky' research to coding to portfolio mgt - that there should be enough jobs for both PhDs and MFEs.
As one quant headhunter told us recently, he hasn't had a single year in which he placed fewer quants than in the previous year.

hard to say why your friend didn't find a job, could be MANY different factors, i wouldn't generalize based solely on his example. at baruch we have 100% placement rate. most have job before graduation. go figure.
 

kean

Mathematics Student
his results are average distinction.

I was told by a bank head of quant that he only hires Phds for quant role. Masters only for support role.

That's the reason I really want to know where Baruch graduates end up in quant developer areas, strategist or etc....as you say quant has many different roles.
 

Yuriy

MFE Alum
It depends on who you talk to :) If people who visit Wilmott.com are mostly PhDs, they'll tell you that PhD is a must :)
Maybe it was the case few years ago, but not anymore. There as many Fin Math programs in the US, and many graduates, and most of them find "quant" jobs after graduation.
 

pardasani

Well-Known Member
Assuming that by quant (a problem clearly identified here!) we mean somebody who helps put complex pricing/ hedging models together in my opinion a Ph.D. is indeed necessary to be a quant. I interacted with at least 5 quants (as defined above) during my internship with goldman and all of them were ph.d. ... I also know people at other banks and most quants there are ph.d.'s as well..

At one level it is not surprising at all: the job profile requires a really high level of stochastic calculus (I feel C++ and finance are the easy components, specially finance -- and most ph.d's know some sort of programming anyways) and proficiency with only 2 courses is "iffy"... On the other hand for at least some CS/ Physics/ Math ph.d.'s the stuff is really inbuilt and the skill set can be easily transported.... For eg one of my colleagues was a phd in astrophysics who never had done either c++ or even the basic black scholes before his job and he used to assure me that is project on volatility modeling is an easy implementation of physics sde's !...
 

kean

Mathematics Student
Frankly speaking, my initial question was a bit stupid. However, this is the trend in Australia. They only hire Phd as a quant. Masters only start as quant assistant. Like you quant assistant has to help on programming and other ac-hoc duties.

I was told that if one can't score above 90% and above in their MFE, they do not even think about the job. I guess that was the case my friend has. Distinction average score is about 75%.

Cheers,
K
 

kean

Mathematics Student
How come

Buddy, I thought you are a quant already??

One thing, I always assume that people who get admitted to a MFE/MQF/MFM program are smart. Again, are there anyone really struggle. Pass with low scores.

Do you think finding job will be a problem for someone is not in the 90 percentile in a MFE program?

I raised this question earlier. If my hypothesis is true, then someone with a MFE degree will not get a quant job in the market? What are they doing? Andy claimed that graduates will normally work as a quant after the MFE.

Please, I am making a generalization comment. Nothing to do with Baruch MFE. I am sure Prof. Stafan admitted all the best students.

Yes, something like this :)
 

Yuriy

MFE Alum
No, I'm not a quant yet :) I'm trying to get a PhD after MFE (there was a discussion about it elsewhere in the forum).

As far as the statistics go for those who graduate and looking for jobs, it has been 100% or a little less in the past. So not only those in the 90th percentile find jobs, but those in the 1st percentile (i.e., almost everybody).

About "pass with low scores". I can't say for everybody. My grades are quite OK for me and hopefully for my future employer :) I don't know what percentile my GPA falls in.

Buddy, I thought you are a quant already??

One thing, I always assume that people who get admitted to a MFE/MQF/MFM program are smart. Again, are there anyone really struggle. Pass with low scores.

Do you think finding job will be a problem for someone is not in the 90 percentile in a MFE program?

I raised this question earlier. If my hypothesis is true, then someone with a MFE degree will not get a quant job in the market? What are they doing? Andy claimed that graduates will normally work as a quant after the MFE.

Please, I am making a generalization comment. Nothing to do with Baruch MFE. I am sure Prof. Stafan admitted all the best students.
 

kean

Mathematics Student
Baruch

In Baruch case is yes. I mean in general. There are so many MFEs are heading to Wall Street.

Ok, Baruch grads are smart anyway!:dance:I really like this banana man.

No, I'm not a quant yet :) I'm trying to get a PhD after MFE (there was a discussion about it elsewhere in the forum).

As far as the statistics go for those who graduate and looking for jobs, it has been 100% or a little less in the past. So not only those in the 90th percentile find jobs, but those in the 1st percentile (i.e., almost everybody).

About "pass with low scores". I can't say for everybody. My grades are quite OK for me and hopefully for my future employer :) I don't know what percentile my GPA falls in.
 

alain

Older and Wiser
One thing, I always assume that people who get admitted to a MFE/MQF/MFM program are smart. Again, are there anyone really struggle. Pass with low scores.

I haven't seen a single employer working directly in the trenches that cares about grades. The only people I know cared about grades are in HR.
 

kean

Mathematics Student
Smart

I will PM you one day this tip.

I dont have to worry at the moment. I am not up to this stage....wannabe now.

Some people try going through HR. Sometimes there is no other way but to go through HR. In my own experience, it is always better to bypass HR ;)
 
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