Is MFE for me?

[sharadov]

Hello All,
I am a Database Administrator with an MS in Computer Engineering
and about 5 years of experience under by belt.
I have always been interested in the corporate side of things.
For the last couple of years I have been toying with the idea of an MBA.
But I have never been interested in part-time programs,cause I do not like
the idea of pursuing two things at once(work and study).
The full time MBA seems like a big commitment financially.

Thats when I chanced on the MFE program at UCLA, I had looked up the UCB MFE a
year back.
I attended the MFE session at UCLA and it seemed like a good fit for my background.
I have the math and programming experience,but not the finance.
My finance background being limited to managing my personal investments- stocks and mutual funds.

The hard part has been: Is this for me? What does a quant do?
What part of his time he spends programming ?
Is it just too math/programming heavy and a desk job without much interaction?
I know my background makes me a good fit, but is this something I would love to do
on a day-day basis.
What would you say should be the long term motivation for such a job?
Or what is the long term motivation for you?


Thanks a ton!

 

[DominiConnor]

I'd like to focus first on the maths part of your background. CS has a lot of discrete math, logic, etc which is not that useful for QF, but can be some indicator of your general math ability.

I always find it amusing that most quants are almost wholly ignorant of logic
Part of the CQf is actually called "logic for quants".

To answer your question about programming, the CQF has a decent % of IT people, and I will share with you the counsel I give them that the coding element of their work actually goes up when moving from straight IT in a quantish direction.
Also some of them are less than happy that quiche programming is not so common in quant finance, so look at doing C++, VBA or Matlab.

I mention this because although there is some SQL in quant work it is far from central.

So if you are looking to move to a less programming heavy position this line of work is not for you. The expectation is that 60% of your work time wil be in some form of programming.

We have this Guide which will answer some of your questions, and hopefully raise a few more.

 

[sharadov]

Thanks...just digging a little deeper

Dominic,

Thanks for the insightful answer.
Let me go a little deeper.
What do you think is a good reality check for a career as a quant.
What I mean is how do I get a real feel for what a quant job will
eventually entail.
In my life, more often than not, I have realized most jobs are not what they
were made out to be ? Talk about false hopes and crushing realities.

Can I read some books or take some finance courses,attend seminars.
Please advise?

 

[Andy Nguyen]

You can't start go on without first read this Master reading list for MFE - QuantNetwork - Financial Engineering Forum
It has answers to most of your pressing issues.

 

[sharadov]

Thanks Andy! I did go over your list earlier and started reading " Liar's Poker".
"Fooled by Randomness" is next on my list.

Also, are there any courses you suggest to get my finance knowledge to a level where I
could comfortably navigate an MFE program.

 

[DominiConnor]

NNT's book is a good idea for grokking the mindset of quants, but if you take up this line of work, arguing about whether it is genius or bollocks is a good way to start an argument at a bar around a quant conference.
My Life as a Quant by Derman has some insights to the work itself.


But I do commend you for researching whether you will enjoy this line of work, not just whether you can do it.
We have a reading list as well, and you could start with my colleague Paul Wilmott's introduction to quantitative finance.

Ultimately you need to meet some people in this line of work, to get an understanding of what suits you personally. A bit of googling will turn up public lectures and open days for MFEs and the CQF.

Although the banking job market is less than good, it is worth you looking at getting an job in your current specialisation at a bank. You'd learn thing useful for a later transition to a quant, and of course you would learn whether this sort of environment is where you want to be.