How is the market for entry level Quant?

[Dullu]

Hi ,

I have a PhD in Statistics and Probability. I have done a internship at Bloomberg under Dupire last semester. I am actively looking for a job, but have not been able to get one single interview in last 2 months. Does anybody have a suggestion about how to approach this job application? Because I am on OPT for last one and half month and I will have to move back home in case nothing works out in the grace period which OPT allows.

 

[purplyboy]

I'm curious where are you located at? Where did you get your PhD?

 

[Dullu]

I am presently located in NYC and I got my PhD from Michigan State University.

 

[purplyboy]

Maybe I shouldn't go for a Masters in Quantitative Methods or Statistics if the job market is this bad
http://en.wikipedia.org/wiki/Bruno_Dupire
Dupire is the recipient of the Risk magazine "Lifetime Achievement Award", and has been voted in 2006 as the most important derivatives practitioner of the previous 5 years in the ICBI Global Derivatives industry survey. He has also been included in Dec' 02 in the Risk magazine "Hall of Fame" of the 50 most influential people in the history of derivatives.[4] In 2006 he was awarded the Cutting Edge research award by Wilmott Magazine [5]

 

[martingaletrader]

market is bad

 

[TBeas]

Have you had your resume checked out? If you can't even get an interview then I would guess your resume might have some problems.

 

[purplyboy]

Maybe some companies don't want to sponsor a visa?

 

[Dullu]

Have you had your resume checked out? If you can't even get an interview then I would guess your resume might have some problems.

I have my Resume checked by one of my friends who is a quant in London. But do you know any place where I can get my Resume checked?

purplyboy: There are companies who don't want to sponsor a visa, but most of the hedgefunds and IB's wouldn't care about that.

 

[TBeas]

Career services where you are now?

 

[Dullu]

Career services where you are now?

I am at present in NYC. Can you suggest any good Career Services?

 

[TBeas]

Oh sorry I thought you were still in school. Try the career services at your previous schools.

 

[Dullu]

I heard that there will be some positions after the bonus. Does anybody know the exact time span of Bonus announcement?

 

[Joy Pathak]

Bonus announcements have already gone out a long time ago at most firms.

 

[Wowbagger]

Joy Pathak - your views on the job scene?

 

[Dullu]

Then, I hope the market opens up, after people have done whatever moving they would like to do after the bonus announcements. I am just keeping my fingers crossed.

 

[robopool]

Joy Pathak: I heard from some headhunters that the bonuses get announced in December, like "you're getting $XX K for your bonus in a few months" and then the actual bonus comes out around mid-February, and then there is a lot of movement bc a lot of employees leave after their bonus. At least that's what happens in trading, said this headhunter

Dullu: It's not you. The market is pretty bad. I have a MFE and I'm looking too, in the past 3 months I have had a total of five interviews, in January alone I had three. It's picking up. Just keep trying. It's nice if you have friends who can apply WITH you, and tell you the questions on the technical tests...I have the one for Gloucester Research in London if anyone is going for that.

 

[Dullu]

robopool : I am trying. But the problem with PhD is that, in most cases you won't have friends who will be applying to similar jobs. I should be fine if I can get a call for interview.

 

[robopool]

Dullu: Good. Keep trying, you'll get one eventually. And also don't bother too much with headhunters, spend like 1 day max sending out your CV to those guys, but majority of the time just apply by yourself to the actual company websites. I find that often they propose me jobs that I've already applied to on my own...in which case, headhunters are useless. There is already enough competition in getting the job, and if I'm equally as good as another candidate, I don't want to get passed over just because I come with a giant headhunter fee bc the headhunter who introduced me needs to be paid. The very fact that the company has to pay thousands extra if they pick you is a huge reason for them to choose someone else. If you apply by yourself directly, there will never be this problem.

 

[Andy Nguyen]

At the level-entry job category, headhunters are of little use. Some firms even have a policy of not paying referral fee for entry-level jobs so most credible HH won't bother with trying to get you a first job. Those who are still interested in you, maybe they are just collecting resume

 

[Dullu]

robopool : I have been applying on companies websites, but haven't heard from anyone yet! I have sent my resume to a few places via contacts. But it seems like tough time for entry level quants.

Andy : I totally agree with you.

I have a independent question : Is it a good idea to go to Brazil for entry level job? Does anybody know about packages they offer?