Job market in NYC for international students

[Alok]

Job market in NYC for international students

 

[Uncle Max]

If you have something interesting for an employer you will be hired no matter of what. However, if you come and say: "I'm CS PdD and interested in algo trading", nobody will bother. You should show some unique qualities which nobody else has. There plenty of average CS people on the market right now who don't need visa. Be competitive and good luck!

 

[Andy Nguyen]

This piece is attached to the end of a job advertisement from one of the TARP recipients.

Since we are receiving TARP money, we cannot support the H1B visa, including new petition and transfer.

Let's just hope that this whole limitation will be lifted in a few months.

 

[Subramaniam]

Agree with maxrum. First thing you should ask yourself is after doing a cs phd why do you want to get into algo trading? Just for money/getting a job or are you really interested in this field? Does your phd research delve into algo tradnig or its allied fields?

 

[Alok]

Job market in NYC for international students

 

[Uncle Max]

When you come to the interview, you have to have some new ideas. Maybe not the best, but fresh and interesting. You need to show your attempts to implement those ideas with preliminary results and then make a case that you didn't have enough resources (real time data, computing power, etc) to finish the project. After that you have a pretty good chance to be hired. Not necessary to work on your ideas, but you have shown subject knowledge, creative thinking and passion for the job.

From what you've said it can be inferred that you didn't read a single book on algo trading, didn't try to implement simple strategies and didn't back test them. You don't know financial products and their features. Why somebody will be interested hiring you? They will need at least two years of baby sitting before you can become productive member of a group.

 

[doug reich]

I am also currently
working on the Netflix problem.

I hope you stopped, since someone has won.

 

[Andy Nguyen]

Try to work on the Netflix problem. If you can crack it, you'll get a cool mil and don't have to worry about job prospect for the foreseeable future.
Edit: Doug beat me to it. So I guess you need to worry about job prospect in the foreseeable future.
Edit 2: You sure someone won it? The website does seem to be on going
Netflix Prize: Home

 

[alain]

Alok, I will put a single question to you that was put to me:

What is your edge?

in other words, what do you bring to the table that makes you better than some other candidate? This is just to prepare you for the interview. Make sure you have an edge.

 

[Alok]

Job market in NYC for international students

 

[Alok]

I hope you stopped, since someone has won.

In principle, the winner has been decided yet but for all practical purposes someone
has indeed "won". But I have a couple of insights into the problem and I want to complete
my implementation and write up what I have anyway. At the very least, it will give
me something to talk about at the interview.

 

[Alok]

Job market in NYC for international students

 

[Uncle Max]

Would you say this is adequate preparation?

First you need to know financial products. For example, what is the difference in your approach to create algo strategy would be when choosing what to trade: equities, oil futures, options etc.

Second, basis for many algorithmic system is technical analysis. There are plenty of good books on the market about that.

Third, let's say you came up with idea. How are you going to implement it? What computer tools are you going to use? What data on chosen product available etc.

You can start from there. Those are basics which won't guarantee you a job, but without that your chances are pretty small.

Then you need an "edge" as Alain put it. I gave you one example of an edge in my previous post (new interesting ideas). There are many other edges out there: experience, networking, uncle CEO of Goldman Sachs etc. Not everyone would like to share/discuss their "edge" here for many reasons. Unless it's an obvious one

 

[doug reich]

Try to work on the Netflix problem. If you can crack it, you'll get a cool mil and don't have to worry about job prospect for the foreseeable future.
Edit: Doug beat me to it. So I guess you need to worry about job prospect in the foreseeable future.
Edit 2: You sure someone won it? The website does seem to be on going
Netflix Prize: Home

Netflix Prize: View Leaderboard - I think you have 30 days from their first post of 10%+ to beat them, so it is still technically ongoing. But given the lifetime of this competition, it would be quite the upset to beat them with the days counting down.

EDIT: Wikipedia says there are 5 days left to beat the first place team.

 

[doug reich]

I also plan to read a bit of Mark joshi's book ("Concepts and practice of mathematical finance").
Of course, I will not be an "expert" on this material. I only intend to claim "familiarity" with
the usual math fin stuff like options, BS etc. Also, I don't have much of a background in stochastic
calc/PDE. But I hoping this won't be a big problem since I am aiming for algo trading.

Would you say this is adequate preparation? Is there anything more that one can/should do beyond
reading a couple of papers and testing some strategies to prepare for an algo trading role? Do I need to
be an "expert" in the usual (derivatives pricing) stuff as well?

There are two "algo trading" definitions. I recall one defined as the "Chicago style" and one the "New York style" (not to be confused with pizzas). Almgren studies New York -- trading client orders to minimize error from a benchmark. The big bucks are in Chicago style -- coming up with strategies that enterprising former tech guys will steal from Goldman. Good luck finding papers on that.

 

[Alok]

Job market in NYC for international students

 

[Uncle Max]

Start from Joh Hull's book to learn Finance. He has a little bit of everything there and it will give you starting point in conversation on almost any interview. Then you will have to bring your edge and explain how you will approach to solving a particular problem using your unique skill set.

 

[bullabulla]

Alok, As for as H1b , i would suggest you to get a H1b sponsored by a Desi company. Many of the small firms doesnt want to file the paper work required for H1b( as it involves filing a labor etc ) but would be happy to employ you as contractor. Since there are 20K h1b slots still left, i would suggest you to get one with a With out COS. So as and when you need, you can convert to H1b. In the mean while you can use the OPT.