Which Degree Should I get to be a Quant or Data Scientist?
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- เผยแพร่เมื่อ 5 มิ.ย. 2024
- As society is advancing quickly, skills required to be a quant or data scientist are needed more than ever. The real issue with being trained to do one of these roles comes down to trying to be an expert at 3 different skill sets which are math, statistics, and computer science. If you know a little of all three you aren't educated enough to make a real impact. However if you are too focused on one area you can't build unique solutions. Masters and PhDs are required in quantitative finance and definitely help in data science because the depth of education required to do the jobs. So the short answer to which degree should I get...it depends on what area inside of these industries you want to work in. Some jobs are more statistics focused while others require more math or computer science. There is also no perfect degree to work in either of these fields. I encourage people to start with one of the three areas, typically the one you enjoy the most. Get an undergraduate degree in that field with the plan to get a graduate degree afterwards. Along the way I would try and pick up the other two skill sets on the side by self learning or adding a minor or dual degree. The end goal should be to build a skill set that focuses on all three skills. So if you have a statistics bachelors, you would want to find a Masters or PhD that would continue to build those statistics skills while also adding in more math and computer science.
There is no clear path to these jobs. Focus on building these three skill sets and you should be prepared for a job in quantitative finance or data science.
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"Nothing in life is going to be linear"
Very well said
I appreciate that this person replying to everyone's questions.
I think this is your best videos when it comes to this topic
Love the objectivity and dept of information in the comparison. Other channels either look at them individual or try to make the case on why one is better than the other, which always sounds true in the way they talk about it. One isn't objectively better than the other. It's subjective to what you want to do for the rest of you life
Very well said. The end goal of the individual will always determine which route is best for them.
Awesome content one of the best videos I watched so far❤
Econometrics and mathetical economics... Good luck on that
I love this video. Thanks Dimitri!
This video is good and it touches a complex question. There is no one degree that is better than others but certainly math, statistic and computer science degrees should be the best choices. However, you should have an 'eye' on your final objectives (what do you want to do) because each one of those degree have a lot of materials or requirements that are not connected with finance. So you must select an school with a degree with enough flexibility in order to direct your degree toward finance. Nice video
Thanks!
My biggest pet peeve I get is college kids contacting me for networking and the first thing out of their mouth is:
“do you make a lot of money?”
“How can I be a trader and make a ton of money?”
Just the sheer ignorance of those questions honestly kills the networking call before it even begins
Thank You!!! I actually shot a video a few days ago on "why professionals don't respond to emails and calls" (it will be posted in a month or two). I cover this very idea in the video as I get the same questions constantly. Do you ever get the, yeah I have a strong background in "fill in the skill here" because I took an online course or an intro college course? I had a business student telling me he was good at math because he took calculus and was ready for stochastic calculus next lol.
Dimitri Bianco oh yeah, the back of the envelope experts. They’ve sat down for 10 minutes in front of python or SAS program and think they can run a bank risk management division. I get a lot of that when I interview people for different level positions.
A lot of the times, and I’m sorry to say this because I value education, the masters degree holders are more prone to being these sorts of people than bachelors. Some of the best model devs I’ve ever hired have been bachelors degree holders who were extremely motivated. I love candidates who tell me “yeah I kinda know python, R, SAS and some programming - but I know nothing about quant risk management, I really want to learn.” That candidate will always get an offer from me, regardless of pedigree. They come into the company, we help them through their masters degree, and they feel a degree of loyalty to the firm. A lot of my peers feel the same way at my company (large regional bank in the US).
I think a lot of that arrogance comes from the desire to get into a field that people are completely delusional of. No, I don’t make millions a year as a quant - and neither will you. Somehow they think being a “quant” at a bank puts you on another level of prestige in the job market, which I think is completely ridiculous.
I'm a credit analyst moving from Lebanon to the UK with years of experience in the field. I come from an economics background but I'm now switching to a more mathematically rigorous course as I see this as an opportunity to get valuable skills that I can leverage in credit risk management. You're videos has been very helpful, thank you.
Thanks for being a part of the channel!
Hi! This is the most helpful quant career introduction video I've seen on youtube so far. For an outsider who is still exploring this filed, I want to say very thank you for this :) I am a bioinformatics master (which is data science/cs + biol) with biomedical plus cs minor undergraduate degree, and might do a second cs master to solidify my cs background. I very wish to transfer to this field, as I find myself more attracted to finance with comp application, but wonder if my biology background would look bad for them? Do you have any advice on people like me who wants to transfer to the quant field and how helpful you think CQF is? Thank you!
The CQF is one of the most common questions I get but I have not made a video on it because I don't have enough data on it and want to avoid a lot of conflict. That being said, companies prefer a strong academic background and in my opinion the CQF is not comparable to a top quantitative degree from the US. It's possible to make the jump into quantitative finance as long as you can show employers you have the skills at a rigorous enough level to do the work. This is one reason why PhDs are preferred to masters (they usually have more rigor and research experience). Anyways, I encourage people to add a "relevant courses" or "relevant topics" section inside their education section on their resume. This allows you to highlight the skills/education that aligns with quant finance.
@@DimitriBianco Thank you for the advice and help :)
Hey Dimitri, do you think you can cover other roles in hedge funds and prop trading firms, such as hardware engineering for HFT and FPGA engineer or even network engineers. Just wanted to learn about your thoughts on their roles in firms.
These are a bit outside of my specialty however take a look at Andreas Kretz's channel. He doesn't work in the finance world however he can give you a good view on what data engineers do.
th-cam.com/channels/Y8mzqqGwl5_bTpBY9qLMAA.html
Hey Dmitri, thanks for the great content I find it really useful. I live in Ireland and I'm studying Data science at my university. This is the first data science course in the country but many other universities are starting these courses also. The entire syllabus is very robust and tries to combine computer science statistics and mathematics. I have been talking with my dad about whether a masters is necessary or not. I know my case is quite specific but i'd like to get your opinion?
The one in UCD? Do the masters in trinity or a PhD in UCD. Even dcu has a decent course. But every single one of those courses don’t teach sql which you will need for extracting data as a data scientist so you better learn it yourself.
@@liqritrs8391 I study Ds at DCU. I just finished first year and we were taught quite a lot of SQL and database theory in semester 1.
One thing about the syllabus in DCU is that you can't get detailed information online on each module unfortunately
Joseph sorry, I meant the masters don’t teach any sql. It’s essential for data science, you did NoSQL or SQL? I thought it was nosql
@@liqritrs8391 We were taught relational SQL so far
Hey Dimitri, I am a big fan of your videos. I am a currently getting a bachelors in chemical engineering with minors in compsci and math. I intend to pursue a PhD in process systems engineering, which is basically just the intersection of computer science, mathematics, data science and chemical engineering. Do you believe that with these qualifications I possibly could land a quant job after I graduate.
Yes you should be able to land a quant job with that background. The key is just writing a resume to highlight the same skills the employers are listing.
Hi Dimitri! I will finish my high school next year and I am to choose my undergrad. I live in Poland and I was considering studying in the UK taget/semi target in terms of quant jobs schools(warwick/imperial etc) as I am enrolled in IB program. Unfortunately due to brexit It became too expensive. I won some competition on national level and I have offers for generous scholarships in Poland. However, my end goal/dream is to work in US/UK. From what I read on forums, hedge funds and other institutions does not really make that much of a difference when it comes to continental europe schools. So I have this plan (end goal is to work as a quant or datascience-backup in Uk/US) go for a double degree in maths and computer science in best polish stem university (80th in the world), then use the money saved to get the master in financial engineering/data science in uk/us. I know it is complex issue, especially now, when it comes to immigration to us/uk. But I would be very glad to hear your opinion!
That is a feasible route and many international students get their undergrads in their home country and then come to the US for their graduate degree. Yes, the immigration process is messed up in the US (I would make a few changes to the process). As some advice, if you want to work in the US, get a degree from the US. US companies like to hire those who went to US universities and it can make the immigration process easier.
I would also encourage you to keep an open mind as your career and education develop. You might find good opportunities along the way that might not perfectly match your end goal. I've changed my goals a few times as opportunities became available that I never thought about.
Dimitri Bianco ok, I understand. Thank you for you answer!
Hi Dimitri,
I'm currently a first year studying Computer Science and Mathematics at the University of Manchester. I want to break into quant finance. I have two questions if that's fine:
1. We are given the option to switch to a straight Maths Degree at the end of the year. Should I? My current program allows me to study Probability and Stats, Pure Maths, AI, Algos and Data Structure, Functional Programming, and theoretical CS. I would have to study ODEs and PDEs on my own, but I plan on taking them in a summer semester at an American Uni.
2. What internships should I be targeting? I found that most quant finance ones require a masters.
a. Should I target finance ones (if so which areas) or CS ones?
b. How do I make my CV more tailored for such internships.
Thank You in Advance
I’m applying to transfer to a 4 year for an economics major. I’ve thoroughly enjoyed math and statistics but have no cs background. I’ve found quants mathematically interesting and have been able to follow along with the MIT stochastic and Itô lectures with just a calc II background. What would your recommend my path be for the best exposure to the field if I find it to be something I want to pursue. Thank you for your in depth videos they are helping me learn a lot about the field and the work required.
I would finish up the econ undergrad and then get a masters. Either stats or a quant masters would be a good path. CS is often picked up in both programs. Some self learning over the summers can help out a lot as well.
Hi Dimitri,
thank you very much for this fantastic channel, you bring some very interesting content. I have a question for you: I have just finished my bachelor degree in “management engineering” in Italy, at Politecnico of Milan. Now I have the opportunity to enroll in the master's degree in "quantitative finance", within the school of mathematical engineering. My doubt arises from the fact that I am 27 years old: I started university late, after having worked and after having sold my business. Starting the master's degree now would involve finishing it at 29: would I have any chance of being hired as a quant later? Or is it better to abandon this dream?
It actually common to be a bit older in the US. In the US quants who go straight for the masters will graduate at 23-24. Those who get a PhD (a PhD is preferred in most jobs) will graduate at 27-29. So I haven't seen age as an issue. A masters will do however the path is just a bit more challenging however if you can make it work the payoff is better than a PhD in most scenarios.
The course that I'm looking to do at my university is called "Statistics and stochastic processes". It seems to fall in that math/stats overlap you showed.
That sounds like a good class.
Hey Dimitri, I've been following your channel for almost two years now. Currently I'm doing my undergrad. I find your videos very insightful and helpful.
You mention in a lot of your videos that someone should first define what their end goal is, what they want to pursue. But I would like to point out that there are many students who are currently in their undergrad and can't seem to answer that question because they have had minimal experience. So are you suggesting that we should get a job first and some experience before applying for a masters or PhD? If yes, it again becomes difficult to get relevant experience as you pointed out that masters is the bar! I do agree on these points but still can't find a solution. I think I will try to go for a job in finance sector in general and will try to get a role in asset management of possible. What do you think?
I'm not a big fan of working in between the masters/phd and undergrad. I know finding a path is challenging. One solution to this is to do informational interviews. For example you might be thinking, should I go into data science, statistics, quant finance, technology, or computer science? I would find people on LinkedIn who already work in these areas and message them asking to do an informational interview. If they agree, then ask them what education was required, what are the most useful skills for their job, what do they like most about their job, what do they like least about their job, what is a typical day like for them, if they were to do life all over again would you choose the same career? Do not ask about compensation though. This can easily be found online on sites such as Glassdoor which will give you a general idea of what these roles pay.
@@DimitriBianco Dimitri, this is a fantastic reply. It never crossed my mind that I could ask people for informational interview through LinkedIn. Thank you so much, I will definitely try to ask a few people.
Great video. A lot of people go into finance (quantitative or not) because of the money. I would say most people. Very few people are just born passionate by finance honestly and grow up to be a portfolio manager... but again 9/10 software engineers will make more than bankers so it’s important to keep this in mind
Can you dive in a little more into the "higher end mathematics" used for derivative pricing?
i guess not
You give great points. The shitty thing is, as a 20 year old, I’ve no fucking idea what career I want to do so I can’t help but look at the money. I came to a realization if every job paid the same, what would I do? I decided I wouldn’t do corporate finance or coding regardless of how much it actually pays and in doing this I’ve eliminated those careers from something I’ll ever do. It’s tough to choose when you don’t have work experience but have one year to choose a masters.
Do informational interviews. Make a list of careers and find people on LinkedIn who will chat with you about their careers. They can tell you what they like and don't like. Then you can eliminate more careers or find something you might like. Work experience will only give you an idea of one very specific job at one very specific company.
@@DimitriBianco I asked you about a few masters hahaha and know I'm watching your other videos. I like the idea of imagining everything paid the same because that way I eliminated some careers I don't care for. I've also realised I'm not suited for a 1 year MSc in Data Science because even if I get accepted and pass with flying colours, there's no way I'll have the same experience as those who did a 4 years bachelors in CS and I'd be screwed in the job market. Not to mention the money is what's attracting me and not necessarily the work. At present I think I ought to get a job first before doing a Master's but I also don't want to come back to University in the future if I'm working so it's odd. I might just apply for summer interns, if I like my work stick to it, if not then do a Master's... but even then idk where I'd go from there. I'm making a list of careers at the moment, thanks. As yo can see it's a lot to consider when you're young, inexperienced and have a lot of options! You're a star as always.
Hi Dimitri,
I am a big fan of how you openly talk about all the market buzz that's around. and I guess you are the only one person who understands the superficiality in the Data Science buzz market. I would be very grateful I you can answer my question.
My Profile: Ian from India. Btech in Computer Science (2019 passed out). As part of Comsci I have quite good mathematical background in (Advanced Calculus, Ordinary Diff Eq's, Numerical Methods, Probality and Stats, Optimization techniques ). I am currently pursuing an Online Post Graduate Diploma in Artificial Intelligence and Machine Learning offered by UT Austin. I have a GRE Score of 324 (Q: 168, V:156). I am planning to apply for masters in us for fall 2021. I am good at Algo / DS and have working knowledge of ML and Neural Networks. I have a very bleak understanding of financial markets. I am currently learning and preparing the essentials in math and gathering insights in algorithmic trading.
Q's:
1) which course should I pursue MS in Data Science (with finance electives) or MS in Computational Finance(Don't know my chances of getting an admit)
2) Is it a good idea to pursue a double masters. (First in Stats and Data Science and then in part time Computational Finance while working in the US)
3) Is pursuing a MFE from World Quant gonna help me in any way?
4) Should I do a Level 1 CFA for domain knowledge in Financial Markets.
5) Or should I only focus on AI and CS and model building.
I would really appreciate an answer. But thanks for posting all these videos and helping people to choose what they really want,
1) The degree should be based on the goal. Quant finance is still very statistics and math heavy. Either degree (data science or computational finance) could lead to quant finance however I think computational finance would give you more options.
2) I don't find a lot of value in dual degrees. One reason I would recommend one would be due to visa issues as a second degree can buy you time in the US to find a job. I also don't think you get enough out of a masters while working full-time.
3) With any degree you'll at least learn something so it does have value however if you want to end up in quant finance in the US, it won't do you as much good as a degree from a top name university. The US is very competitive and most people will have Masters and PhDs from top name universities, published research in well known journals, and good academic scores on exams. If you want to work in another country where it is less competitive it could help and be a big cost saver. Just remember the US has the majority of quant finance jobs.
4) If you want to work with investments then I would get the CFA. Many firms even in the quant world like to see it as it does provide a good foundation on financial markets, business structure, and accounting.
5) I view CS as it's own area and many companies call these roles, "implementation." You don't need a masters for this job but it does help. For data science in finance...I think it will be added to model development's job. For these developer and validator jobs you'll want a strong math and statistics background.
@@DimitriBianco Thanks a Lot Sir, It feels right and to grasp insights from a person who works as a quant. Thanks for the answers. Please keep making videos in your free time Sir , they are really helping people understand the actual truth behind the curtains.
If possible please make a video on impact of unstructured data being generated and is it being modelled or analysed for any insights to investment banks. If their is a general framework that you came across as such please let us know that. In the TV shows billions I came across a quant researcher who builds a model on 'Venture Capitalist's online behaviour to track their firm's investment portfolio. Just wanted to know if their are any such practices in the Industry. Thanks for your time.
Hey there Dimitri, I am currently a data scientist with a pure math undergrad. Currently, I'm thinking of switching over to the actuarial side because I want a job where I deal with risk, and I did an actuarial internship when I was in school so I know a little about what to expect. Nevertheless, long term I would like to move into a quant role. My question is: I was considering doing a data science masters and taking the actuarial exams in the short term, would either of these things be viewed negatively when applying for quant roles in the future? Or would a data science masters not be enough to be considered for quant roles at say hedge funds or prop shops? My idea would be to study part-time for the exams and the masters while I'm working, and my backup plan is just to stay as a data scientist focused on finance and insurance. Also, maybe I should mention this: during my undergrad I already had some courses in measure theory and stochastic calculus, I'm just not sure whether I can find a quant finance program I could do while working full time, at least where I am (outside the US).
From my US perspective I would not consider an actuary for a risk management hire in quant finance (this will upset many people but it's my perspective from the industry). I would either do the data science masters because the quant finance industry is slowly moving in that direction or apply for a quantitative finance masters. As for working while going to school, that's challenging. There are a few part-time quant programs in the US however I believe you have to physically be here. Another option would be to get a statistics masters. A lot of risk management professionals have statistics masters or PhDs.
@@DimitriBianco Thanks for the answer. That tells me what I wanted to know, as in whether that experience would be looked upon favorably/how far down that path I should go. My guess was either negative or indifference. By the way, just a suggestion: can you make a video about what one would like to gain from a data science masters vs a statistics masters? Like stuff one should look for? And also differences between both types of programs.
What would look better in the eyes of the hiring personnel manager (in the field of data science): A masters degree in physics at a top university plus a half year internship working on data science projects. OR a masters degree in statistics/data science from a less known university. The problem is, both universities are in the same city and I am planning to find a job in that city. So if I graduate from the lower ranked uni I will definitely have to compete with guys from the top university.
A more specific degree from a less know university will be better than a top rated degree in a field that isn't related. You might be surprised that local companies like to hire from local schools, even those that aren't as prestigious. I see quite a few people in the data science world with average stats school degrees.
Hi Dmitri, what is your opinion on the Operations Research masters program for entering the Quant developer/trader role?
My background is that I completed an Industrial engineering undergrad from India and am currently working for Deloitte as a developer.
But it will be difficult for me to get an admit with a prestigious university in either Financial engineering or Data science, but I have a high chance of an OR admit which I've heard can be a gateway into finance.
I'm also planning to clear the CFA level 1, 2 before starting my studies, what other courses would you recommend for a headstart?
Hi Dimitri,
After graduating, my goal is to become the portfolio manager of a respectable firm. I am fascinated by the markets and research. I like getting to dig into companies and understand what makes them tick. Also, I like to investigate Datas like a Detective to get the answer of the question and I like math/ cs. I am not sure yet, if I want to become a quant PM or fundamental PM. So, what degree should I pursue? Am I better off getting a BS in Math or in Finance? After bachelor in math I could target a stats or finance masters.
If you like math and CS I would get an undergraduate degree in either of those and then get either a statistics or financial engineering masters. Those who enjoy the STEM route usually struggle to do traditional finance because there are a lot of opinions and not a lot of technical decision making. I also see the quant side growing more meaning there should be more quant PM roles in the future.
Hey Dimitri, I’m a Chemistry BS/ Math Minor/ Physics Minor and I’m learning about system engineering and computer programming on the side. Im thinking about getting a Masters in OR or Industrial Engineering to get into MBB Consulting. What’s your opinion on this?
If you want to break into one of the MBB firms, I recommend getting an MBA from a top ranked program. They care more about pedigree than academics.
Dimitri, do you do your math problems in pen? As a math person, do you ever need to double check your work?
I use pencil and yes I make mistakes. For daily work most of our modeling is done on computers however for checking issues we use pencil and paper or a whiteboard when discussing in groups.
Hey dimitri, I started off as a Physics major, I’ve picked up and I am working on three minors: Math, Economics, and Data Science. How is that for a start?
That's a great start!
@@davidbang9625 lol okay...
Hi Dimitri,I’m pursuing a degree in Economics and Econometrics, planning to do honors in Econometrics.Any chances to become a Quant? Also is it possible to follow the Actuary career after my honors degree?
I won't comment on actuaries but yes you can be a quant if you have studied the right materials in economics. I have an Applied Economics masters.
Hello, I am going into my senior year and starting to apply to colleges. I eould like to go into quantative finance as a career. Should i apply to schools with high ranked math school. And would majoring in pure msth eith a minor in computer science make sense. I am a liitke lost on what pathway to take.
Hey Dimitri, if I’m working on a BA in Stats and want to go into risk management, am I better off getting a MS in Stats or in Data Science?
Also, do minors during undergrad help at all?:
A statistics masters would be better. Banks heavily rely on statistics and that won't change. Data science will be a great tool to help solve new problems though. A minor in data science could help make you more well rounded for a risk management job.
What's the best degree for 'Quantitative Finance Portfolio Manage'? MFE?
Hi Dimitri, Love the videos. Can you please do a video on writing a Personal Statement/Essay for quant related degrees (Financial mathematics).
I'm UK based so I will be targeting Oxford, Imperial, UCL, Kings. I want to send apps for first thing September. I have a BSc. Mathematics, First (I think this is equivalent to a GPA 4.0 in the US)
I'll consider it however it will be at least a few months. The best advice I can give you is to really think deeply about why you want the degree. A lot of people talk about money and their dream job however to be honest these aren't enough. The personal statement should cover how you got to where you are and why you need the degree. If you are motivated by money, ask yourself, why? Is it to buy things, is it for financial security, is it for a reputation, is it for freedom? Wanting money is not a bad thing however people who do quant finance from the money fail the majority of the time. Those who enjoy the topics and solving problems usually perform far better over a career. Academic programs want to admit students who will succeed and make their program look good.
I am truly thinking about getting a masters in Stats from the University of South Florida.
I think Stats has lots of different areas. What do you think?
Watch the video coming out tomorrow called, "Statistics Career Paths." A stats degree will open a lot of opportunities.
@@DimitriBianco Awesome, you are the best.
Hi Dimitri, I have a Bsc in Computer Science and in September i'm starting my Master's Degree. But I can't decide between a master's degree in "Artificial Intelligence" or in "Quantitative Finance". I would like to work in Finance, but I don't know which role I would like yet. Can you give me an advice, please?
I would take a look at the courses provided in each. You really need a strong statistics background for either role. Also, banks might be hiring data scientists but keep in mind that the majority of the quant roles still require and hire those with a strong math and statistics background. Many of the data science roles are also being filled by current team members who have more traditional quant backgrounds. For example, I work with data science models even though I don't have an official data science education.
So basically you need to be like Taylor Mason lol
I’m majoring in Physics and Economics in undergrad, how would this pairing set me up for a possible quant/similar career? I feel like I might be missing out some stats or CS.
Those degrees should prepare you for a masters which would be needed for quant finance. With the right program you should be able to learn the statistics and CS.
Everyone is different and entitled to have their own opinions but telling you from my experience. Stick with Computer Science. I have a Bachelors and Masters in CS and I work as a Big Data Engineer at a global trust bank in Chicago. My area of expertise is in Big Data (Hadoop, Spark) and along with Python and SAS. We have a team full of DBA, Data Engineers & Data Scientists and we work with application teams (like Wealth Management, AML, OTC Derivatives, and Credit Risk). The funniest thing is....I don't have a Quantitative Finance background so how did I get this job then? Computer Science.
If anyone has been studying the job market very closely, data Engineering is getting more popular than Data Science. IMHO.....the buzz for data science is starting to wear off... If you look at Citadel as an example, they desperately need more data engineers than data scientists. BMO and Morningstar are looking to hire more data engineers. That's where the trend is going right now. Bank of America is hiring Quantitative Finance Analyst but they are looking for candidates who have Hadoop and Spark experience and who knows how to do ETL process.
I'd agree with this. I have also seen a big demand for data engineering. Have you watched Andreas Kretz's channel? He's a data engineer out of Germany but makes helpful videos as well.
@@DimitriBianco No I have not! I will check out his videos! Thanks for sharing!
Hi Dimitri, at 5:30-6:30 you talked about either getting a Masters OR a PhD. Here in Germany(and Europe too), people always get their Masters Degree before getting their PhD. How is the system different in the US?
Yes, Europe and the US differ in this regard. In the US you can go straight from an undergraduate degree to a PhD. However the number of years for a PhD in the US is much longer. Sometime a PhD program will also give you a Masters for the first few years. Most PhDs in the US range from 5-7 years. In Europe you would have a similar number due to a 2 year Masters and then a 3-4 year PhD.
@@DimitriBianco Thanks for the reply! Very interesting!
@@derhenri2002 in UK you can get PhD without masters
I'm currently going for Computer Engineering and then probably doing a Masters in CS with a Machine Learning focus. Are these competitive degrees for Quants?
Yes if you want to end up in quant dev which is implementing and optimizing models. If you want to build models to solve problems you are better off getting a quantitative finance type of masters after your undergrad.
@@DimitriBianco Was not expecting such a quick response on such an old video. Thanks!
What's the best undervrad for cs focused on data science for hedge funds?
I already have a undergrad in accounting and finance but I really enjoy coding. How can I become a quant? What master do I need?
I would look for a quant masters that is based in a business school. They often accept business undergrads and can help you get some of the basic skills as well as a degree on the resume.
So should I get a masters in statistics or quantitative finance? It seems that quantitative finance programs are more selective and sparse while there are a lot of statistics programs... any thoughts
It depends what you want to do. A statistics degree has more opportunities while a quant finance degree is more focused. There are actually a long list of quant finance programs and many of them are not so good. I would consider the school and program's reputation when apply for schools. Better known and better ranked schools make finding a job easier.
Dimitri Bianco im not sure what exactly what career I’d end up wanting to do. Given that do you think a statistics degree is better given my indecisiveness? I’m looking into actuarial science and data science but am not heavily leaning towards one or the other..
Hey Dimitri,
first of all thanks for the video. How much finance knowledge a person with maths BS and stats
MS should have to start working in risk management/modeling? Could 1 or 2 courses in financial engineering be enough to land a job and learn more there? Or maybe u don't need any at all?
Also, how important are PDEs and stochastic calculus (from what i read those are crucial in derivative
pricing but I'm not sure how much in risk management/modeling)?
Lastly (only if that's not too much already! :)), what are a few the most important things that those financial
courses should cover?
Financial engineering courses should be math courses applied to finance not actual finance courses. I do encourage people to take a few traditional finance courses though, so they get a better idea at what they are trying to solve and how finance works from the inside out. Risk management is a very broad area. If you work in market risk it can include derivative products however statistics is used across all areas of risk management. If you don't want to go the heavy math route there are a lot of jobs that mainly rely on statistics. Stochastic calculus is not required however I do think it is beneficial in changing the way you think about finance.
The best financial courses to take are those based on how markets work. Time value of money is really the main finance concept that everything else is built on and you should know how this works along with supply and demand.
I have just finished my high school and I have been called to do bachelor of science in financial engineering and I aspire becoming a quant,can you comment on your view
Ah shit looking for a masters is such a fucking headache
Hi , I will finish my degree bachelor of Finace (International) mix of economic & Finance, next year. What is the most popular program in the financial service industry that if I learn it increases my employability? Thanks
For traditional finance the main tools are Excel, VBA, and SQL.
Appreciate 💐
if I did do study electrical engineering and computer science can become in a quant finance? doing a master degree in data science and/or finance
It depends how you define quant. For someone who builds models for quant firms you could do an electrical engineering undergrad and a masters in data science however you would most likely be a data scientist. By this I just mean you would mainly focus on data science models. Many finance firms have realized quants can do the data science and these roles are being merged. A data science masters could help however a quant masters would be an easier fit and more specialized.
Should I go for phd in physics after masters in physics, or try to find work as a quant
I want to do something more application based, but still very much math based
I'm currently doing my masters in Astrophysical science. Dont know if i should continue or get a job. Im also conflicted bro.
This is a tough question. I would apply to see if you can find work however it is not very common to be a physicist in quant finance. When you apply for jobs, make sure to write a resume that highlights the skills that overlap between the job posting and your education. I would also consider a more applied PhD if you end up going that route.
@@DimitriBianco i did check out some vacancies, what exactly is a quantitative analyst
What would you say would make sense for someone who is very good at math, and likes both math and finance, but wants limited programming? Would quantitative finance be a good career path, risk management, or something different?
I don't mind programming, but I don't like doing it excessively and I don't want to have to learn anything beyond R, Python, SQL, and maybe Matlab.
If you work in risk management which are quants at banks, you will use SAS, R, or Python to build statistical models. I program a lot however it is from a stats perspective and not from a software engineering perceptive. Just stay away from jobs titled, "quant dev" or "implementation" as they will be more focused on Python, C++, and C# which is used to optimize model runs and is more software engineering focused.
@@DimitriBianco Thank you. And what kind of degree would I want to go for to go into risk management? Would a bachelor's in math be sufficient, or would I want to get a Mater's as well? If so, what would I want to get a Master's in? Applied Mathematics? And would risk management entail taking additional exams like Actuaries, or is it different than Actuarial work?
I would recommend a statistics masters. It will open up a lot of opportunities in risk management, tech, and other fields. It should also help you learn to program math and stats ideas better. There are no exams for quants like there are for actuaries.
@@DimitriBianco Awesome. Thanks for the reply. I'm going to look more into risk management. Is that what you do, by the way? Or do you do a different kind of quant work?
Yes, I have worked in risk management for 8 years now.
Dmitri what about those people making bank (bonuses > 500k) in the QTFs like in HRT , Jane Street , AQR etc . Choosing financial engineering might be more lucrative and more challenging than Software engineering at MAANG . What do you think ?
Those making that amount of money are as rare as those in tech. They exist but are the top performers.
Key takeaway: "RIGOR"
Where can I find a financial engineering undergraduate?
They have them in the US. Many of the big mfe schools are starting to do undergrads. CMY has a bachelors in Computational Finance for example.
Can I become a quant with a masters in applied maths
It's possible given you have taken the right mix of classes.
only some rich kid can pull this off because if your a young poor dude that has to work and study with a 12 hours a day shift from 6:00 am to 6:00 pm from monday to saturday, is fucking imposible but If my parent was rich I would have all the time in the world to study that because I would not need to work to afford to live. here is my quant : poor = . your fucked{real.bad}
U need a quant degree with artificial intelligence 😊
Why is stats separate from math?
Because they are taught as two different subjects at university.
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