Engineering PhD student seeking a Quant career

[Ajey Venkataraman]

Hi QuantNet,
I am currently an Aerospace Engineering PhD student with about a year left to graduate. I am strongly considering a career as a quant analyst/researcher. My main area of research in PhD involves implementing computational models to study mechanical behavior. I have a good programming and math background (algebra and calculus), although my statistics skills could be better. I have decent machine learning skills. My Masters and PhD is from a top 5 school for this engineering. I would like to prepare in the next few months to be a better candidate. Could you please help me find out what skills I should focus most on? Should I get into Stochastic Calculus? How much finance should I know upfront?
Thanks!

 

[KillingField]

Quant is a catchall term covering several careers, all with different entry requirements. What did you have in mind?

 

[Ajey Venkataraman]

I am mainly interested in building computational models based on time series data. Also, coming up with new models based on past data, which probably comes under Quant Research.

 

[KillingField]

Why then, pray tell, do you think spending most of your time on stochastic calculus would be of benefit? I think you need to read up what quants do and what the different career paths are before picking random things to study. In the broadest of terms, you seem to want to study methods of pricing in P, but for some reason you suggest studying the one thing that is basically only good for pricing in Q. I truly am puzzled.

 

[Andy Nguyen]

Here is a good place to start. It takes time but the quant field is large and there is lot of specific roles with its own specific skillsets.
Master reading list for Quants, MFE (Financial Engineering) students

 

[Mathchismo]

Hi QuantNet,
I am currently an Aerospace Engineering PhD student with about a year left to graduate. I am strongly considering a career as a quant analyst/researcher. My main area of research in PhD involves implementing computational models to study mechanical behavior. I have a good programming and math background (algebra and calculus), although my statistics skills could be better. I have decent machine learning skills. My Masters and PhD is from a top 5 school for this engineering. I would like to prepare in the next few months to be a better candidate. Could you please help me find out what skills I should focus most on? Should I get into Stochastic Calculus? How much finance should I know upfront?
Thanks!

Lol another PhD who thinks they can somehow walk into a Quant finance job.

Questions:
1. Do you actually like finance?
2. Where can your research be applied in finance?
3. Why do you want to work in finance?
4. Do you intend to stay in finance for 10-20 years?
5. How many modules did you take related to finance in the last 5-6 years during your academic career.
6. Are there any specific areas of finance that you wish to work in (asset management, trading, insurance, private equity, data analytics? consultancy).

Practical questions to ask yourself:
1. What do different types of financial institutions do? [understand the sector]
2. What type of roles are there for people with my skill-set? [understand which roles you could get]
3. What does a typical person in this role do day to day [understand if you will enjoy the role]
4. What is the salary distribution for XYZ role and possible progression level [get a realistic understanding of how much you will get paid. In Europe - spoiler alert - not that much for the most part, most PhDs I know working in banks don't exactly live glamorous lives]
5. Will I be willing to do this for 10-20 years or continously re-invent myself and my skill-set because I just love this particular area of finance i.e. insurance or quant trading or analytics.

No one can do this research for you.

 

[Mathchismo]

Quant is a catchall term covering several careers, all with different entry requirements. What did you have in mind?

Exactly saying I want to be a Quant Analyst/Quant Researcher is like saying I want to be a Sports Athlete when I grow up. OK but what sport?

Do research. You can tell the person literally has no interest in finance when they say or ask questions like this. All of these PhD's ask the exact same questions. "I just got a PhD, now I want to be a Quant Researcher and make big bucks. I don't know anything but finance but please can someone evaluate my chances of working for Goldman Sachs. I don't know what Goldman Sachs do but I know a friend who also did a PhD from my school and now works at Goldmans and seems to be making big bucks".

 

[Daniel Duffy]

Hi QuantNet,
I am currently an Aerospace Engineering PhD student with about a year left to graduate. I am strongly considering a career as a quant analyst/researcher. My main area of research in PhD involves implementing computational models to study mechanical behavior. I have a good programming and math background (algebra and calculus), although my statistics skills could be better. I have decent machine learning skills. My Masters and PhD is from a top 5 school for this engineering. I would like to prepare in the next few months to be a better candidate. Could you please help me find out what skills I should focus most on? Should I get into Stochastic Calculus? How much finance should I know upfront?
Thanks!

What does this PhD entail and its possible relationships with (computational? finance? I am asking its relevance and quantitative aspects. e.g. have you used Navier-Stokes, for example?

algebra and calculus
and what else?

I have a good programming
Can you elaborate please?

 

[Ken Abbott]

Lol another PhD who thinks they can somehow walk into a Quant finance job.

Questions:
1. Do you actually like finance?
2. Where can your research be applied in finance?
3. Why do you want to work in finance?
4. Do you intend to stay in finance for 10-20 years?
5. How many modules did you take related to finance in the last 5-6 years during your academic career.
6. Are there any specific areas of finance that you wish to work in (asset management, trading, insurance, private equity, data analytics? consultancy).

Practical questions to ask yourself:
1. What do different types of financial institutions do? [understand the sector]
2. What type of roles are there for people with my skill-set? [understand which roles you could get]
3. What does a typical person in this role do day to day [understand if you will enjoy the role]
4. What is the salary distribution for XYZ role and possible progression level [get a realistic understanding of how much you will get paid. In Europe - spoiler alert - not that much for the most part, most PhDs I know working in banks don't exactly live glamorous lives]
5. Will I be willing to do this for 10-20 years or continously re-invent myself and my skill-set because I just love this particular area of finance i.e. insurance or quant trading or analytics.

No one can do this research for you.

While I think @Mathchismo’s “lol” is perhaps a bit harsh, I must confess that his questions are spot on. You’d be wise to consider each one very, very carefully

 

[agoodquant]

Lol another PhD who thinks they can somehow walk into a Quant finance job. // Quant finance is not as prestigious as you describe Honestly the work is a fcking joke

Questions:
1. Do you actually like finance? // i don't think everyone actually likes it. And there is nothing wrong that OP is more interested in the number
2. Where can your research be applied in finance? // I don't think plus minus needs any research. everyone can spend time reading market convention
3. Why do you want to work in finance? // i don't think this is even a fair question. 99% of candidates don't know the shit they are going to deal with as a Quant
4. Do you intend to stay in finance for 10-20 years? // i am surprised that one can avoid shooting himself by working in this industry for more than 10 years
5. How many modules did you take related to finance in the last 5-6 years during your academic career. // sometimes i think a psychology degree is more useful as a Quant
6. Are there any specific areas of finance that you wish to work in (asset management, trading, insurance, private equity, data analytics? consultancy).

Practical questions to ask yourself:
1. What do different types of financial institutions do? [understand the sector] // actually how about you name one less shitty on the job aspect
2. What type of roles are there for people with my skill-set? [understand which roles you could get] // This is ridiculous... most of these roles claim necessity for specific knowledge but fxxx stupid/lie
3. What does a typical person in this role do day to day [understand if you will enjoy the role] // no one will tell you how shit the job is
4. What is the salary distribution for XYZ role and possible progression level [get a realistic understanding of how much you will get paid. In Europe - spoiler alert - not that much for the most part, most PhDs I know working in banks don't exactly live glamorous lives] // honestly, quants are cheap
5. Will I be willing to do this for 10-20 years or continously re-invent myself and my skill-set because I just love this particular area of finance i.e. insurance or quant trading or analytics. // check #4...seriously if you truly believe this you should go get your brain checked? too much kool aid?

No one can do this research for you.

Disclaimer: i am a professional quant.
As for OP, he wants a job with good pay. Nothing wrong with that. However, also to OP, don't do it if $ is your intention, as you will regret... The shit you will be dealing with doesn't worth $ (also it is not as much as you might think it is)

 

[Ken Abbott]

Disclaimer: i am a professional quant.
As for OP, he wants a job with good pay. Nothing wrong with that. However, also to OP, don't do it if $ is your intention, as you will regret... The s*** you will be dealing with doesn't worth $ (also it is not as much as you might think it is)

@agoodquant is right. If you do it only for the money, you will come to hate your life.

 

[alovya]

tough thread