Non MFE to Quant Finance
ฝัง
- เผยแพร่เมื่อ 27 ก.ย. 2024
- I'll address 2 questions here:
1) How do I get from a finance/business undergrad to a quantitative finance job?
2) How do I go from a quantitative PhD (Theoretical Physics, Pure Mathematics, Applied Mathematics, and etc.) to a quantitative job?
Quantitative finance has been popular since the 2007-2008 financial crisis. Data science has been moving quantitative finance out of the limelight but it still remains fairly popular. High salaries, interesting problems, and complex solutions draws in all types of people.
I discuss my background of coming from finance to quantitative finance and the possible routes of getting a solid job. PhDs are desired by every firm in quantitative finance. Learning to market your skills and excitement towards quantitative finance is the real hurdle.
LinkedIn:
/ dimitri-bianco
AWESOME QUANT mugs, shirts, and hoodies:
streamlabs.com...
The fact that you went from a general finance undergrad, taught yourself the quant subjects, and secured a job in the quant industry is truly amazing and inspirational. Keep up the great work!
I was looking for someone to tell me what to do and here we are thanks Dimitri
Love it. I literally realized mine much later as well. Ive done bootcamps and will have 7 coursera courses (pde, ode, linear algebra, stats python, C++ intro, algorithms, data structures) and I’m still probably the “weakest” quantitative person in my incoming class. Studying all of this work is a blast but its a lot. Study as much as you can and if you love it keep going! Good luck everyone
and how is it going now ?
Thank you Dimitri!
I felt this video was very helpful because I did a Masters in Finance and only then I realized I wanted to do Financial Engineering.
When I took the WQU MFE, it was too rigorous for me, so hearing that you did a lot of self study motivates me to continue reading books to prepare for the FRM (While having a full-time job) and just other academic texts to improve my grounding for any FE program.
I would probably take 2 years to study on my own and apply for a scholarship to an actual MFE program!
This is your hairstyle Dimitri, keep it up!
dude is super sexy. But he would go next-level sexy with a mustache
Another awesome video! Could you make a video that covers specifically your MS Applied Econ? What you learn in there vs in MFE, what career possibilities, etc? You've talked about why you switched from MFE to MSAE program, but if you could make a dedicated video on MSAE that would be awesome. Thanks!
That's a good idea! I'll add it to my list.
I have math bachelor's with focus in QF, and also engineering BS and MS. I want to get into quant finance (it was after all my 1st undergrad). I think getting a PhD would be too much of a time commitment which I don't have. I was thinking to get a CS or Data Sc or Stat degree (masters or bs) - would that be a good route?
What exactly should I study? Would you please name a specific list of subjects? I want to prepare for quant and I am coming from an electronic Engineering background
Take a look at the video below. It will give you a general overview of topics.
th-cam.com/video/qvFYzJ8-zbQ/w-d-xo.html
Why would anyone with the qualifications needed for Quantitative research take that job instead of a job in say Google deepmind or data science (research not analyst)
They might work in quant research in finance because the topics are different (a lot of statitsics, time-series, and stochastic processes research with some data science) whereas Google is mainly AI driven. Different company cultures fit different people. Living location is a big deal to some people. There are a variety of reasons.
Is it true that most firms hire from MFEs and getting in the industry with a masters in statistics is hard to do?
It depends on the position you are apply to. On the banking side I actually prefer stats masters. I can teach the financial parts fairly quickly.
@@DimitriBianco I see, could you speak to hedge funds or prop trading firms? Role would be in research
Hey Dimitri, can you talk about the differences between an MFE by a business school and by an engineering school?
Thank you, great videos.
There should be a video on this coming out in the next few months. I shot the video a few months back but it's in the editing process now.
Thank you for the video Dmitri, what do you think about doing the FRM and CQF instead of the MFE degree? (I am a MBA, 3 years asset management background, interested in Risk Management and Quantitative research)
The FRM doesn't add a lot of value academically (speaking as someone who has it). The CQF might be an option but it depends on the country you want to work in. In the US it's very competitive for jobs so I don't think the CQF would be a substitute. If you are already in NYC for example, a lot of the programs there take part-time students who are already working. If you are working in a country where it is not as competitive the CQF might give you the edge needed to land a quant finance job.
yo Dimitri, i know styles change from season to season, so what do quants wear to work these days? are custom company-branded Patagonia vests still a thing?
Lol, you're thinking the investment bankers. I'm not sure if you are asking because of the article but I'll link it below anyways.
On a more serious note, it depends on the type of company and the company culture. Prop trading firms/hedge funds are usually really relaxed. I sat on a trading floor at a derivative company and guys were just slouched in office chairs with shorts, jeans, and t-shirts. The owner had nicer jeans and a button up shirt.
Banks are usually a bit more dressy but it has changed a lot. Most banks for quants require business casual (slacks and a button up shirt but no tie or jacket). My current job has a super relaxed dress code but I still wear a suit daily (I'm the only one). If you work in more traditional finance that is client facing then suit and tie is a lot more common. A lot of banks including the likes of Goldman Sachs have been lowering the dress code.
www.bloomberg.com/news/articles/2019-04-03/sorry-wall-streeters-you-now-need-to-earn-your-patagonia-vests
Hey Dimitri! I'm in my senior year in a Computer Science degree and I'm really interested in HFT and algorithmic trading in general and I want to work in hedge funds and trading firms. Should I pursuit a MSc in Data Science/AI/Machine Learning or should I go for a Financial Mathematics degree? Thank you!
It depends on what you want to do within a hedge fund. I have worked with a handful of people with CS undergrads who have worked at hedge funds (they made around $200k starting). These people specialize in optimizing run time in C++ code. They are programmers who work for hedge funds. Quants on the other hand are doing the math and strategy (there are some firms where you can code a lot and do strategy but they are usually smaller firms). There are also traders who don't do the strategy or the programming...they just trade based on the models and monitor the algorithms. If you want to get a masters and work in this area I would encourage you to look at MFEs that have a lot of programming built in. Baruch is a good example of this. Most programs now have added a data science class or two which should be enough to get you going. For using data science in a quant hedge fund you really need to know the math which is why I wouldn't recommend a data science masters if you want to get into a quant hedge fund.
hey dimtri, so I know you said if we wanna be a quant that for electives we should take more staats and maths related classes. But since the objective is to also get into a good masters program would you say it's worth risking getting a lower GPA due t undertaking more technical electives?
sorry i meant econometrics courses not maths
Yes it is worth getting a slightly lower gpa to take more technical classes. Real analysis is a good example of a more challenging course that would benefit you.
Hi Dimitri, nice video. Can somebody make the change from finance to quantitive finance by getting the certificate of financial risk management? Will this fill the gap of no MFE at the resume?
Unfortunately no. I actually have a video on this.
th-cam.com/video/KmIQQtdiTik/w-d-xo.html
Hi Dimitri, I am seriously considering taking a MFE in the US or Canada in 2020. There are some questions regarding the math needed for it I would like to ask you. Could you please reply and indicate me how to contact you? Many thanks in advance!
The easiest way is to message me through LinkedIn.
www.linkedin.com/in/dimitri-bianco/
@@DimitriBianco Hi Dimitri, just sent you an invitation on LinkedIn. Looking forward to speaking with you. Thanks!
The thing that I did not understand from your story is that you claim self study, coursera courses will not help you in admission to grad school. I concur with you on that. But after your undergrad you applied 5 schools and got rejected from all of that expectedly. How about how could you get accepted after that year? I know you did the self study for your personal enrichment but if all of those things had not helped you to get admitted, what did?
There were two things I changed.
1) I applied to a wider grouping of schools. The top programs like Columbia can be very picky because of their reputation. The schools that might be great but aren't ranked or or lower ranked will have less applicants. (I'm actually working on a few videos where I expose some of the better programs that aren't ranked properly).
2) I wrote a much better statement of purpose. Schools want people they think will graduate and get a good job. This is usually determined by your personality not your test scores. Alumni in high places will help your program with ranking and future job placement.
@@DimitriBianco thank you for your response. I'll be waiting for your low ranked / underrated MFE programmes video.
I disagree that Coursera courses will not help you with admission. I obtained my Bachelor's in Physics, and I think that taking Financial Analysis, Data Science with R, and Data Science with Python helped display my interest in an MFE program. I was accepted to a top MFE program out of a non-target university.
They can also give you a great understanding of different topics that you might be lacking in, and often the classes are designed by the schools you are applying to.
Hey can u do a review on quantcademy at quantstart.com
I'll dig deeper into this one. From a quick look, I'd avoid trading focused sites due to the large number of companies promising the world but not delivering quality education and advise.
If you already have a master degree in quantitative disciple, you just need to
1. Read Stochastic Calculus for Finance chapter 1-6
2. Read the practical guide to quant interview
3. Leetcode the hell out of it.
Then go apply for a job as FO desk quant. Easy.
If you want to go more data driven quant, replace 1 by EOS. Done.
What is EOS?
Very informative content, keep it up!
What do you think is the best way to transition into quantitative finance coming from a physics background currently? Also, being European, will it be easier to look for jobs in the US or in Europe?
The best way to transition is to write a resume that highlights your education and skills from physics that can be used in quantitative finance. If you start researching quantitative finance you'll see a lot of math and equations that are from physics (Feynman-Kac???) Remember you will still need a graduate degree if you don't already have one.
The job question is a bit tough. It should be easier to get a job in Europe due to your school's name recognition however there are a lot more quantitative finance jobs in the US. Overall I suspect that it would be easier to go the European route. This way avoids immigration headaches and highlights your education which is what employers look at for hiring students.
@@DimitriBianco Thank you so much for your answer!
You mention that it is necessary to get a graduate degree. I'm planning to, but would it be possible to get a summer internship for instance at a hedge fund?
Yes it is possible to get an internship at a hedge fund. If you can get one, it is a great way to see how the industry works and what different jobs are like inside of a firm.