Advice for a jr. quant risk analyst (drop-out)

[notabot]

Apologies for how long this is:

I've been working as a junior quantitative risk analyst at a small, less prestigious firm in Toronto for 2 years. While I've performed well and expect to be promoted to senior analyst soon, the compensation is low, and growth opportunities are limited. However, this job like most also required applicants to have a masters degree (which I do not). I joined this firm in my third year at the University of Toronto, where I was pursuing a theoretical mathematics specialist program. The program is rigorous, modeled after Harvard's undergrad math program, and includes graduate-level material. Unfortunately, U of T's tough grading and having 2/3 years of my classes online dropped my GPA from 3.5 to 2.7.

Outside of work, I've started an AI startup focused on financial research and reporting, which takes up most of my free time. Recently, I interviewed for a jr quant risk position at a quant prop trading firm but struggled with the timing of the online assessment, even though I found the content manageable. I haven't taken a test in two years, which affected my performance. However, I feel that I am an oppurtunity away from a dream job. I wouldn't mind staying in risk, but would prefer to do quantitative research in the long run.

I dislike my current company and its limited prospects, but I'm having trouble landing another quantitative risk job or similar roles (I would like to move out of risk, but it isn't the priority). I am debating finishing my undergrad and doing it in math/stats to try to get into a top graduate program; with a long run plan to land a job at a more prestigous firm. However, it feels a bit backwards as the oppurtunity cost is quite high, and a lot of the classes I would be taking stuff I already know. I am unsure if it would be better to try and transfer to an easier school (would take more time) and aim to get a high gpa.

Ultimately, I need help moving forward.

• Is going back to school worth it for the masters, and if so am I better off transferring? or,
• Should I continue working and applying?

Thank you so much.

 

[weab]

not sure if it is just me but i'm very confused. Did you drop out of undergrad? why don't you just finish your undergrad if you already have 3 years worth of credits or is that not possible.

 

[pinguito]

There are a couple things to consider:

and a lot of the classes I would be taking stuff I already know

- If you plan to go back to school, classes are not the way to develop deep knowledge in a subject. Consider doing research with a professor as an option. Your startup and work experience would appeal to many Professors. Most people I know that went the quant research route from undergrad had some publications from their undergraduate research. It would also help you when applying to good graduate school programs.

I dislike my current company and its limited prospects, but I'm having trouble landing another quantitative risk job or similar roles (I would like to move out of risk, but it isn't the priority).

- If your goal is to move to a bigger company with bigger prospects (in finance), pursuing further education would open more doors for you as you would be able to apply to more jobs. Most finance jobs require at least a bachelor's degree. If you're goal is to do meaningful work, how far can you go in your current company? If you enjoy the work, and just want more responsibilities and trying new things - staying at your current job may offer you this opportunity (which seems to be at odds with what you are saying). If opportunities are limited at your current job, you would be better off pursuing further education.

I am unsure if it would be better to try and transfer to an easier school (would take more time) and aim to get a high gpa.

- I am not an expert when it comes to admissions, but I would imagine that GPA is not the only factor. Your work experience may help offset a lower GPA, and since you mentioned you are familiar with the classes you would be taking, if you were to continue your education, raising your GPA should not be an issue.

• Is going back to school worth it for the masters, and if so am I better off transferring? or,
• Should I continue working and applying?

- First, before you resume applying, it would be helpful to continue working on interview prep regardless of the choice you make. Many discussions on this site have great recommendations about how to prepare. If you do go back to school, transferring would not change your past grades. Instead focus on improving your grades and doing research experience regardless of if you transfer or not. Do not do it just for the masters, extract value from your education and make the most of it.

- Finally, school and work are not necessarily mutually exclusive. How feasible is it for you to take classes part-time while working? From my experience, most classes publish class notes and have recordings for people with special needs, and if you are comfortable with the material, you should only need to be in person for exams and such. Is your job flexible with this option, and does UofT provide such accommodations for your classes? If yes, this could be a good tradeoff.

 

[achirikhin]

If you have BSc then just try other jobs. Experience matters incomparably more than MSc/PhD.