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Best path to becoming a quantitative analyst for an investment bank?

Anonymous Mon 02 Nov 20:15:36 2020 No.12300116 View Reply Original Report

Quoted By: >>12300141 >>12300164 >>12300306 >>12300312 >>12300321 >>12300389

I am a freshman studying finance at a state school in the south. I am planning on getting a minor in statistics then getting a masters in data science after I graduate. Is this a "good" path to become a quant?

Anonymous

Anonymous Mon 02 Nov 2020 20:22:48 No.12300141 Report

Quoted By:

>>12300116
You don't. computers do that now. I'm not even sure you could write a program innovative enough to win at that.

Anonymous

Anonymous Mon 02 Nov 2020 20:28:52 No.12300164 Report

Quoted By:

>>12300116
Maybe...?

>masters in data science after I graduate
What I can tell you, from someone embarking in this path too, is that data science methods are not used in quant trading. Data science methods on financial data grossly overfit the data creating completely useless algorithms that would have traded amazingly 10 years ago but now will just do random shitty trades and lose money all day. What you actually do in quant trading is come up with a trading strategy first, one with as few parameters as possible, and then train that strategy against the data using traditional methods. In this sense, quant math is more similar to traditional statistics which anyone can do so the emphasis should be more on having creativity, a robust knowledge of market drivers and a wide knowledge of applied mathematics tools.

Anonymous

Anonymous Mon 02 Nov 2020 21:25:55 No.12300306 Report

Quoted By:

>>12300116

Are you american ? If yes, try to take as many maths and CS class as possible.

Anonymous

Anonymous Mon 02 Nov 2020 21:29:05 No.12300312 Report

Quoted By:

>>12300116
>studying finance
>wants to become a quant
another one bites the dust. change majors to math soon

Anonymous

Anonymous Mon 02 Nov 2020 21:34:46 No.12300321 Report

Quoted By:

>>12300116
No. Hedge funds mostly hire PhD mathematicians and physicists. Finance is such a simple topic its assumed to be trivial. Look up jobs for positions related to that if you don't believe me. You're going to have to teach yourself programming and data science on the side to supplement. Look into quantopian. You're going to need to build a portfolio of projects you've created that demonstrate profitability. The market is saturated with bots competing for alpha so good luck.

Anonymous

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Anonymous Mon 02 Nov 2020 21:41:15 No.12300344 Report

Quoted By: >>12300375

Anonymous

Anonymous Mon 02 Nov 2020 21:55:55 No.12300375 Report

Quoted By:

>>12300344
I can't believe this meme is still circulating.
Yes, Shreve is a fantastic author.
No, you're not going to make money with this knowledge.

PhD in Stats/CS/EECS + strong data background are the ticket for a quant fund.

Anonymous

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Anonymous Mon 02 Nov 2020 22:01:47 No.12300389 Report

Quoted By:

>>12300116
Yeah so hedge funds, market makers, and bulge bracket trading desks are looking for elite bros from target schools (this isn't you) or phd's in math, stat, or physics from any reputable university (this could be you). CS is also really involved but you would be working on data pipelines not actual trading strategies.

What you're studying now will lead you into consulting. This is also lucrative and can lead to many great paths down the road, like product management in a wide variety of industries.

Another route you could take is the actuarial one, which again is lucrative. This is more finance oriented than data science and can get you into prestigious large banks, consultancies, and insurance companies.

Wish I knew this shit when I was 20, I spent too long dicking around in undergrad, but not everyone learns at the same rate.

Anonymous

Anonymous Mon 02 Nov 2020 22:20:31 No.12300436 Report

Quoted By:

phd in mathematics + know how to code.

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