How to Break into Quantitative Finance Coming from a Non-technical Background

[Quirky]

Hello to all. How do I get into QF with a non-technical degree? I'm at a disadvantage having the opposite problem of many wanna-be quants. I'm heavy on the finance and light on the math/programming. I have a BS in business/finance, currently work in structured finance - an analytic role that requires modeling/light coding. I have always been good in math but the last pure math I dealt with was calculus in college. Took VB in college (really liked that) and some modeling/VBA classes more recently that included Black-Scholes/Monte Carlo modeling etc. No C/C++. I want to get into a Master's in QF program, but not planning to go the PhD/academia route. I like structured finance since I already have the experience, just looking for a very quant-oriented role that requires a technical undergrad/grad degree.

I'm looking into community college classes in Manhattan for adv. algebra/calc, C/C++ classes, but hard to find evening classes especially if I'm thinking of applying to grad school for spring 2009. Had I known in college being a math/engineering/physics major would better prepare me for the "finance" job I want, I would have done that!

Read "Starting your Career as a Wall Street Quant" but it seems geared more towards current undergrads and/or those with a strong technical background already. Any other books/classes you can recommend? Any other advice you can give I'd appreciate. I'm willing to work hard to get what I want. Thanks to all in advance.

 

[Andy Nguyen]

You may want to read other similar threads on this forum.
As for books, I would recommend the list Master reading list for MFE - QuantNetwork - Financial Engineering Forum
In that list, I like "The Complete Guide to Capital markets for Quantitative Professionals". It tells you what technical skills useful for what product.

 

[owais]

Hi Andy

Thanks Andy

Same pro with me as well what would you advise for making ground ideas solid for Financial Engineering becoz if ur base is not strong the building will fall soon


Share more ideas start a thread for basics as well

Thanks

 

[Quirky]

Thanks Andy. Like owais, I think a thread would be great. I've read several already, but even those without quant work experience have at least have a hard science undergrad or grad degree. How competitive can I be as a prospective M in FE student competing with physics grads? Can the finance background give me some sort of advantage since most are going the other way? I feel almost like a liberal arts grad trying to break into finance.

 

[MikeK]

Thanks Andy. Like owais, I think a thread would be great. I've read several already, but even those without quant work experience have at least have a hard science undergrad or grad degree. How competitive can I be as a prospective M in FE student competing with physics grads? Can the finance background give me some sort of advantage since most are going the other way? I feel almost like a liberal arts grad trying to break into finance.

My background was just like yours--I was a finance/econ major and my only math classes were calculus, statistics, and a basic physics class--all taken freshman year. Before I applied to MS programs--both FE and applied math--I retook calc I, II and then took multivariable calc and linear algebra. All were done at a local community college. I should add, too, that I was applying almost 10 years after undergrad.

I don't think you need these to apply, but it certainly helps your candidacy. The admissions people are going to evaluate your application to see if you can compete with all of the engineering and math backgrounds. So if you don't take them, then be sure to do really well on the GRE math section, because that will be the only mathematical gauge they'll have of you.

Personally, I'm happy I took those classes first otherwise I'd be lost. For example, not having a good background in calculus makes it very difficult to grasp stochastic calculus.

 

[Andy Nguyen]

If I do not have a math or engineering degree what are my chances of being accepted to a financial mathematics program?
Your chances will mainly be determined by your overall background, not your major. A strong history major with appropriate course work (see below) in mathematics and an appropriate level of computer skills can be admitted to a financial mathematics program. While a majority of students in financial mathematics programs do have math and engineering degrees, students from all majors with the appropriate mathematical and computer science background are encouraged to apply. The main factor for success is the level of mathematical background and talent, the experience in computing, and an interest in finance.
What coursework is appropriate to be accepted to a mathematical finance program?
Standards vary from program to program. However, there seems to be a broad consensus that without course work in calculus, advanced calculus (including Taylor series), linear algebra and probability theory a student will find most financial mathematics programs difficult. Similarly, students with no experience programming computers in languages like C, C++, PERL or Java will also find such programs difficult. We do encourage students to take this as a general guideline and to contact specific programs for more details.
Source: International Association of Financial Engineers - Student FAQ

 

[Quirky]

Thanks Andy - just the info I was looking for!