Need help with decision on pursuing career in Quant Fi

[NumeroUno]

Hi,

I am a software developer for an insurance company. I have an MS degree in bioinformatics and another MS degree in biosciences. My skills with statistics, data analysis, and hypothesis testing are all very good.

Unfortunately, I haven't been able to find a decent paying job in bioinformatics. Many of the skills I learned in school are now outdated. Thus, I am stuck working as a general software developer, doing mostly back-end database programming with Oracle SQL and PL/SQL, as well as some C#/ASP.net web programming.

About a year ago, I pulled myself out of student loan debt and finally had some money to save for retirement. I started researching my various investing options and pretty soon I became fascinated with financial markets and trading strategies.

I studied a great deal about technical analysis, but am not happy with most of it, because much of the patterns people study in charts are subjective and cannot be tested easily with a computer. Recently, I developed a few moving-average crossover-based trading models in R, using the quantmod and TTR packages, and I really enjoyed the process and the results.

Now, I am finding myself bored with software development for health insurance, and more and more fascinated with financial markets as each day passes. I am also not happy with my compensation as a software developer, or my status within my organization. It seems that software development has become something of a blue-collar profession nowadays.

I am 36 and single. I am at a point in life where I want to figure out what I am doing with my career as well as my personal life.

If I want to become involved in quantitative finance, how do I determine if it is right for me and how should I proceed to move into it as a career? Because of my age and employment status, I don't want to go back to school full time.

I have considered applying to UW's online program in Computational Finance and Risk Management, because it offers a flexible pace of study, and I plan to continue working at my current job full-time.

On the other hand, I feel like I may be able to get a job at a trading firm with some self-study, if I really dedicate myself. Then, I can decide whether I like working in the field, without committing to earning a degree. All I really need, probably, is to brush up on my C++ and to learn a few things about different markets, to get a foot into the door.

Does anyone have any advice on how I should proceed? Should I go with the online degree route or the self-study route?

Oh... one final unrelated question... What sort of hours does one work at a typical quantitative finance position? Another reason I don't want to stay within general software development is the demand that many shops have for 50-60 hour work weeks. Is work-life balance good within the field of quantitative finance?

 

[mhy]

What specifically about quantitative finance do you find fascinating?

 

[Ken Abbott]

Another reason I don't want to stay within general software development is the demand that many shops have for 50-60 hour work weeks. Is work-life balance good within the field of quantitative finance?

If you're not willing to put in this kind of time, this business isn't for you.

 

[Varun Dubey]

< 50-60hrs? Look somewhere else buddy cuz you might just have to work double of that at times

 

[Daniel Duffy]

I don't want to stay within general software development is the demand that many shops have for 50-60 hour work weeks.

Do you want to work 38 hours per week, for example?

What is the attraction to finance? the money?

 

[NumeroUno]

Hi,

I would be lying if I said money played no role in my attraction to finance, however there are other reasons I am drawn to it. Plenty of schemes to make money exist, however none have held my attention for very long. That I have been studying markets consistently for a year now tells me something about where my heart is. If all I was interested in was money, I would probably be better off spending all of my time studying real estate.

To me, it seems that financial markets are a suitable domain to usefully apply the background in statistics I obtained from doing bioinformatics, and to apply my decades-old programming experience. I learned a great deal about statistics and R, during my graduate coursework and research. And, again, I am well-versed as a programmer, in general.

The analysis of financial data, using programming and statistics, seems more intellectually rewarding to me than bioinformatics. Drawing conclusions from biological data takes years and years, and much of the work that is done in the process is discarded. I like the idea of being able to test ideas more quickly.

Working in biology often means becoming bogged down in theoretical arguments. When this happens, these arguments are resolved using subjective reasoning and personal politics. My impression is that, in quantitative finance, a person's abilities have an opportunity to shine, as long as the person is able to develop ideas that can be put to profitable use. Finance, as an academic discipline, seems closer to a meritocracy than biology.

I have also noticed that there seems to be a culture of knowledge sharing within finance and trading. Obviously there are secrets, but most of the people I have encountered have been very willing to help me learn from them. In contrast, folks within bioscience are hesitant to even share PowerPoint slides from a lecture they have given in public.

What I find fascinating about finance is similar to what I find fascinating about biology. I am interested in the dynamics of complex systems. I enjoy thinking about systems that involve several interacting components, and trying to determine how these components will interact to produce an outcome within a larger system. This is also why I enjoyed studying artificial intelligence in my academic studies.

In biology, the system is a cell, and the components are DNA, RNA and proteins. Or, at a broader scope, the system is an organism, and the components are individual cells. In finance, the system can be defined as broadly as the global economy or, more specifically, as individual economies, or individual markets, or even a specific securities or derivatives, and the components are factors which impact behavior of this system.

So, we could say the bond market is a complex system, like a cell or an organism. We could say that components of this system are credit ratings, interest rates, Fed announcements, perceived safety vs. the performance of other markets, etc. Obviously I know very little about the bond market, but I think you understand the analogy.... Does this make any sense at all?

I currently work about 40 hours a week as a software developer, and spend 45 hours onsite each week, if you count lunch. I am pretty happy with these hours. It would be a different situation if I had help from a spouse or someone else in terms of housekeeping and other necessities for living, but I live alone. With the ability to forego housework, I may be inclined to work more hours. At this point, I need my free time and social life in order to 1) take care of myself and 2) find a mate.

It sounds like a 40 hour workweek may be completely out of the question, based on the responses I have received. If this is the case, I will probably stay away from the field as a profession, then. I will still pursue it as a hobby, though. Perhaps there is something to be said about the merits of working smart vs. working hard. I am very efficient and productive within the time I allot myself to work. At my current position, I am certainly as productive as people who work longer hours than I do.

Work hours notwithstanding, does anyone have any comments about my questions about education--whether to start out with self-study, or enroll in a school, if I can afford to? Like I said, I believe there are introductory-level quant jobs out there for people who are already experienced with programming and statistics, even if they lack an education within quantitative finance.

Finally, has anyone here had problems with this sites HTTPS certificate? For some reason I can't connect to this site from my Mac at home due to an error with the HTTPS certificate.

Thanks very much for your help! Is this message just too damn long?! Sorry

 

[Varun Dubey]

The SSL certificate is valid and working perfectly on windows.

 

[NumeroUno]

The SSL certificate is valid and working perfectly on windows.

Ha. Thanks. Any insight on the other stuff I wrote about?

 

[mhy]

You do realize that most quant positions now are about analytics, risk management, and regulation as opposed to money-making, right? Even 'front-office' quants have to do a substantial amount of regulatory/risk reporting-related work.

 

[Daniel Duffy]

Hi,

I would be lying if I said money played no role in my attraction to finance, however there are other reasons I am drawn to it. Plenty of schemes to make money exist, however none have held my attention for very long. That I have been studying markets consistently for a year now tells me something about where my heart is. If all I was interested in was money, I would probably be better off spending all of my time studying real estate.

To me, it seems that financial markets are a suitable domain to usefully apply the background in statistics I obtained from doing bioinformatics, and to apply my decades-old programming experience. I learned a great deal about statistics and R, during my graduate coursework and research. And, again, I am well-versed as a programmer, in general.

The analysis of financial data, using programming and statistics, seems more intellectually rewarding to me than bioinformatics. Drawing conclusions from biological data takes years and years, and much of the work that is done in the process is discarded. I like the idea of being able to test ideas more quickly.

Working in biology often means becoming bogged down in theoretical arguments. When this happens, these arguments are resolved using subjective reasoning and personal politics. My impression is that, in quantitative finance, a person's abilities have an opportunity to shine, as long as the person is able to develop ideas that can be put to profitable use. Finance, as an academic discipline, seems closer to a meritocracy than biology.

I have also noticed that there seems to be a culture of knowledge sharing within finance and trading. Obviously there are secrets, but most of the people I have encountered have been very willing to help me learn from them. In contrast, folks within bioscience are hesitant to even share PowerPoint slides from a lecture they have given in public.

What I find fascinating about finance is similar to what I find fascinating about biology. I am interested in the dynamics of complex systems. I enjoy thinking about systems that involve several interacting components, and trying to determine how these components will interact to produce an outcome within a larger system. This is also why I enjoyed studying artificial intelligence in my academic studies.

In biology, the system is a cell, and the components are DNA, RNA and proteins. Or, at a broader scope, the system is an organism, and the components are individual cells. In finance, the system can be defined as broadly as the global economy or, more specifically, as individual economies, or individual markets, or even a specific securities or derivatives, and the components are factors which impact behavior of this system.

So, we could say the bond market is a complex system, like a cell or an organism. We could say that components of this system are credit ratings, interest rates, Fed announcements, perceived safety vs. the performance of other markets, etc. Obviously I know very little about the bond market, but I think you understand the analogy.... Does this make any sense at all?

I currently work about 40 hours a week as a software developer, and spend 45 hours onsite each week, if you count lunch. I am pretty happy with these hours. It would be a different situation if I had help from a spouse or someone else in terms of housekeeping and other necessities for living, but I live alone. With the ability to forego housework, I may be inclined to work more hours. At this point, I need my free time and social life in order to 1) take care of myself and 2) find a mate.

It sounds like a 40 hour workweek may be completely out of the question, based on the responses I have received. If this is the case, I will probably stay away from the field as a profession, then. I will still pursue it as a hobby, though. Perhaps there is something to be said about the merits of working smart vs. working hard. I am very efficient and productive within the time I allot myself to work. At my current position, I am certainly as productive as people who work longer hours than I do.

Work hours notwithstanding, does anyone have any comments about my questions about education--whether to start out with self-study, or enroll in a school, if I can afford to? Like I said, I believe there are introductory-level quant jobs out there for people who are already experienced with programming and statistics, even if they lack an education within quantitative finance.

Finally, has anyone here had problems with this sites HTTPS certificate? For some reason I can't connect to this site from my Mac at home due to an error with the HTTPS certificate.

Thanks very much for your help! Is this message just too damn long?! Sorry

yes, it is a monologue. It could be summarized into a sentence or two.

 

[NumeroUno]

You do realize that most quant positions now are about analytics, risk management, and regulation as opposed to money-making, right? Even 'front-office' quants have to do a substantial amount of regulatory/risk reporting-related work.

Yes. Has something to do with making sure a portfolio is hedged against risk, right, through diversification with uncorrelated assets, right? Where do you suggest I look to get a summary of what quantitative finance is about?

It may not be for me. I am mostly interested in algorithmic trading. Some quant programs have a portion devoted to algorithmic trading, though.

Where can I get a broad overview of what a quant does? Is there an intro you can suggest?

 

[tfors]

Hi,

I would be lying if I said money played no role in my attraction to finance, however there are other reasons I am drawn to it. Plenty of schemes to make money exist, however none have held my attention for very long. That I have been studying markets consistently for a year now tells me something about where my heart is. If all I was interested in was money, I would probably be better off spending all of my time studying real estate.

To me, it seems that financial markets are a suitable domain to usefully apply the background in statistics I obtained from doing bioinformatics, and to apply my decades-old programming experience. I learned a great deal about statistics and R, during my graduate coursework and research. And, again, I am well-versed as a programmer, in general.

The analysis of financial data, using programming and statistics, seems more intellectually rewarding to me than bioinformatics. Drawing conclusions from biological data takes years and years, and much of the work that is done in the process is discarded. I like the idea of being able to test ideas more quickly.

Working in biology often means becoming bogged down in theoretical arguments. When this happens, these arguments are resolved using subjective reasoning and personal politics. My impression is that, in quantitative finance, a person's abilities have an opportunity to shine, as long as the person is able to develop ideas that can be put to profitable use. Finance, as an academic discipline, seems closer to a meritocracy than biology.

I have also noticed that there seems to be a culture of knowledge sharing within finance and trading. Obviously there are secrets, but most of the people I have encountered have been very willing to help me learn from them. In contrast, folks within bioscience are hesitant to even share PowerPoint slides from a lecture they have given in public.

What I find fascinating about finance is similar to what I find fascinating about biology. I am interested in the dynamics of complex systems. I enjoy thinking about systems that involve several interacting components, and trying to determine how these components will interact to produce an outcome within a larger system. This is also why I enjoyed studying artificial intelligence in my academic studies.

In biology, the system is a cell, and the components are DNA, RNA and proteins. Or, at a broader scope, the system is an organism, and the components are individual cells. In finance, the system can be defined as broadly as the global economy or, more specifically, as individual economies, or individual markets, or even a specific securities or derivatives, and the components are factors which impact behavior of this system.

So, we could say the bond market is a complex system, like a cell or an organism. We could say that components of this system are credit ratings, interest rates, Fed announcements, perceived safety vs. the performance of other markets, etc. Obviously I know very little about the bond market, but I think you understand the analogy.... Does this make any sense at all?

I currently work about 40 hours a week as a software developer, and spend 45 hours onsite each week, if you count lunch. I am pretty happy with these hours. It would be a different situation if I had help from a spouse or someone else in terms of housekeeping and other necessities for living, but I live alone. With the ability to forego housework, I may be inclined to work more hours. At this point, I need my free time and social life in order to 1) take care of myself and 2) find a mate.

It sounds like a 40 hour workweek may be completely out of the question, based on the responses I have received. If this is the case, I will probably stay away from the field as a profession, then. I will still pursue it as a hobby, though. Perhaps there is something to be said about the merits of working smart vs. working hard. I am very efficient and productive within the time I allot myself to work. At my current position, I am certainly as productive as people who work longer hours than I do.

Work hours notwithstanding, does anyone have any comments about my questions about education--whether to start out with self-study, or enroll in a school, if I can afford to? Like I said, I believe there are introductory-level quant jobs out there for people who are already experienced with programming and statistics, even if they lack an education within quantitative finance.

Finally, has anyone here had problems with this sites HTTPS certificate? For some reason I can't connect to this site from my Mac at home due to an error with the HTTPS certificate.

Thanks very much for your help! Is this message just too damn long?! Sorry

Get a house keeper, cheaper than a spouse. My reply would be grass always seems greener on the other side. But sometimes a change can help, I don't know.

 

[Daniel Duffy]

Get a house keeper, cheaper than a spouse. My reply would be grass always seems greener on the other side. But sometimes a change can help, I don't know.

One-off investment

https://encrypted-tbn2.gstatic.com/...jghoAjv7rlBLfWlGCD3PmesQY-sQQEyuEhOSeUKsCEI1w