Why You Need Money to be a Quant
ฝัง
- เผยแพร่เมื่อ 23 ก.ย. 2024
- A common question I get is, "I have no money and live in a non-finance hub country (often third world country), how do I become a quant?" The reality is your chances are very low. Why? You need a STEM graduate degree (masters or PhD) in the country you would like to work in. If you don't have money to get there for the education, you really don't have any options. There are free or cheaper online quant degrees such as World Quant University (WQU) or Certificate in Quantitative Finance (CQF) however most finance hubs don't accept those degrees and still require you to be located in their country.
Now that being said, maybe the quant finance field interests you and you would like to use it to make your country better. A possible path to accomplish this would be to get the WQU or the CQF and then work in finance in your home country. I don't know and won't know if your county views these degrees as good or not, you would need to do the research.
The reason I am making this video is that many people have mislead people into spending the time and money (including opportunity cost) getting an online degree only to find our a year or two later that they can't find a job. They then have to figure out a new career which is frustrating.
Website:
www.FancyQuant...
Support the channel:
ko-fi.com/fanc...
Quant t-shirts, mugs, and hoodies:
www.teespring....
Connect with me:
/ dimitri-bianco
/ dimitribianco
This is even true for Americans. I am going for a grad degree here in the US and decoded to work and save up before getting my grad degree. You will need cash to attend conferences, travel and stay night(s) for those conferences and opportunities. Have coffee chats that will turn to meals or drinks with potential hiring managers. Tuiton, fees, housing. All this costs add up QUICK. This isn’t even including personal costs i.e. relationships, friends etc.
But on the flip side, the good news is, we could find something which is adjacent to quant or related to risk such as risk governance. I think the fallacy is to silo yourself into a certain path where there could be other good alternatives to consider. All the best all!
Masters in Financial Engineering from a non-Top Tier US university. I felt stupid when I did not get an internship due to needing to work while getting degree. The game is the same for everyone, but not everyone gets a rulebook.
Shit, that is me right now - in MFE program and not working.....uh oh
appreciate your decently bringing this onto the table.
visa is quite a hurdle for most of us mortals.
Thank you Dmitiri for your honesty,
I am really interested in the field and there are a lot of youtube videos which are just showing the bright side and easy pathways then pushing a course or some product which will 'help you',
but
you laying down these facts like this because of your background in the field and honesty really helped me to see the real world as it is,
I will try to apply the proposed pathways and actions.
I am an undergrad student studying computer science and AI in Egypt, if you gave me an advice based on these facts I will be really thankful to you forever.
you need money to make money, always has been true.
I’m curious what people think of this idea/concept i think it might be topical given the nature of this video.
In order to accomplish anything complex (i can provide a definition of complex if interested) one has to put in the work (time and effort). There are just no short cuts. Except If you get: 1. lucky 2. Take some risks 3. Exploit the “environment”
This is 100% very abstract I can expand on it but I’m curious if anyone has any comments or interested in understanding more.
Generally though, figure out what you want (the why of your action).
Best of luck.
Hi Dimitri! I'm a student from Italy and I'm in my last year of a beachelor in economics andi finance. Probablily I will do a master degree in economics and advaced econometrics. Consider that in Italy university costs are about 2000/2500 euro each year so is way cheaper than Usa and the job market is different. But what do you think about econometrics overall? Is useful in the quant area or if I want to continue with a PHD? Please can you do a video about it?
It’s a true shame that a lot of great minds will never be known because of economic inequality.
That’s nonsense. Great minds solve problems and don’t need to be quants.
Many great minds in the US will also never get a job and never be known, not due to inequality. And a great mind is not about getting rich, but about solving world’s biggest problems. Quants already solved big problems and there is less alpha and less and less sources of money for them. Even experienced US quants complain about not finding jobs. A great mind will understand this and find many bigger problems to solve than just trying to get rich and compete with thousands of experienced quants. All the hedge funds with greatest quants can’t even beat the market, so the job is mainly about improving efficiency, making markets, and generally improving things rather than discovering new great things. And great mind doesn’t need to rapidly buy and sell portions of companies with no purpose, but will create a great company that has great purpose, letting other quants trade it and imagine how great their minds are.
Economic inequality or economic lag / disadvantage?
Intelligence and talent held equal, an American is MUCH more preferable than Indian/Chinese etc talent due to the culture fit/communication gap etc. The extremely talented top % of India/China are able to breach those barriers and are already in America in high paying jobs if they want to be. The problem is, those are not usually MFE students.
Dimitri what do you think about Canada, I can legally work in US.
If I get a Msc. Math and stats from Mcgill
Hey Dmitri, in your opinion would it be worth the effort to pursue a "quant" path if you’re in Australia? I ask this because I am an undergrad in economics and finance. I am going to be starting my masters soon in math and statistics (I love econometrics and modelling). I have the options to load my study with mathematical finance subjects but also I am just interested in statistics in general (ML, modelling, etc..). So in your opinion, should I focus on the finance route or just a more general statistics route for my masters?
There are definitely a lot of quant jobs in Australia.
UTS has very good Quant Masters program
Sydney is a decent sized financial center , so you shouldn't be doomed if you're an Australian
How do you access the discord server?
@@kryptokid1024 here is the link:
discord.gg/qnybtCxu
" 5:53 Want to make Lots of Money", reminds me of Ethics.
I live in Stockholm, is that a good financial hub, I'm planning on becoming a quant
yes
Ja och nej, du har inte tillgång till lika mycket köpsida men annars har du allt
What shops should one look at in Stockholm?
You are close enough to London which definitely is
so basically, if you do your degree outside of the US/UK, you cannot be a quant in the US/UK?
doesn't work this way in other domains, such as SWE
@sheow1 tech is a lot more open than finance. We have swe in other countries but all quants are local. Some of the low level work is out sourced but it wouldn't be true quant work.
thanks for honesty. is it elitism/ patriotism? because Basel is just the same everywhere, so are the models (regression, ARIMA, etc.). rather no practical reason behind it.
So if i get a master/PhD in Paris-saclay i wont find a Quant job in the US ? Bcs its not a US degree ?
@chakermeraihi9661 partially because of the degree but mainly because you aren't physically located here. For example, if you found a job here, it would be easy to find another job here. However most firms don't look outside of their country for hires.
Thank you for the insight
No need for trading algorithms. The fed tells Goldman Sachs the rate before announcing it
It's interesting how people always say you need passion to make it, but then the discussion is all about compensation. You have to have passion for compensation, that's it. P.S. don't touch any online university or online courses in general. You might as well say you went to hustler's university.
Does anyone have a good idea of quant jobs in Stockholm or do you have to leave for London/Zurich? What employers should I be looking at? Any smaller shops?
Not everyone can be a F1 driver, not everyone can be a world class football player and not everyone can be a quant. It is what it is and I don't see why cry about it since:
1. There are other ways to explore your interest in math and finance and if you're among the best in your circle you can eventually go to US and Europe (if you still want it)
2. If you're only interested in the money there are MANY other legal and less risky ways to get money on so-called 3rd world countries beyond quant finance.
Acha que o Brasil tem mercado pra quant finance? Ou seria melhor fazer mestrado na europa etc?
@@brunoeilhart8516tem bastante. E a barreira de entrada é bem mais baixa.
France has the best quants
And you don’t need to be rich to access the best schools