Quant without a STEM degree?

[CG_Gallant]

Hey guys, so I'm a finance student at a high target school in the UK with very high grades (first class) and picked the most quantitative classes I could (eg: Financial Econometrics, Derivates, Risk Management, etc.) mostly because I have a really strong passion towards trading, particularly quant trading. I have been self learning Python to a pretty decent level for the last 2-3 years, with emphasis on quant trading skills and platforms.

I was wondering though, is it even possible for me to work at the top quant trading firms? As it stands, I have no idea how to get a Masters in a highly quantitative field as I don't have a bachelors in the same, and surely this puts me way down on the competition list and most of these top-tier firms hire straight out of college for STEM students.

Basically I just wanted a reality check, that despite all the hours of self studying math and programming I do, I'll never really reach the level of someone who has done the degree for 3-4 years and all the relevant experience, so I wanted to know, is there still a path to a quant firm for me? Or I was thinking a backup choice would be Sales and Trading in FICC and Equities of an investment bank or even a hedgefund but not on the quant side.

Also, I know it's theoretically possible to still succeed in this line, but I don't want to waste 5-6 years of my prime life after university just based on a theory or a low-probability chance. Even MFE is looking to be really hard for me to meet the requirements for, so I just wanted to know if I should just take my passion and skills more towards a trading desk or investment management firm rather than a quant hedgefund.

Sorry for the self-pitying ramble, any advice would be appreciated!

 

[jarryds]

Many students that go to MFE programs won't get the opportunity to really break into industry. If you don't think you are able to get into an MFE, I doubt you will have more luck finding a job. Why would you be denied from an MFE? Lack of formal academic background in math/stats/programming, lack of relevant internships and research. Employers will deny you for the same reason.

I was wondering though, is it even possible for me to work at the top quant trading firms?

Anything could happen, but the chance is probably near zero. Keep in mind, that is saying more about the competitive nature of the position than your background. Does it have to be a top tier shop? You wouldn't want to be a quant at a tier 2-3? Tiers are bad way to approach industry.

If you like programming/math so much, why don't you change your major? Seems like you are doing a ton of extra work that won't really help you in any tangible way. Sure, if you like to learn this stuff in your free time, go for it. No offense, but an employer isn't going to care about self taught skills without any real world application of them.

Or I was thinking a backup choice would be Sales and Trading in FICC and Equities of an investment bank or even a hedgefund but not on the quant side.

Keep in mind that this is not a backup. S&T/buy-side are completely different career paths from quant that are equally as competitive. Candidates who are likely to get full time offers will start interning sophomore/junior year.

and picked the most quantitative classes I could (eg: Financial Econometrics, Derivates, Risk Management, etc.)

These are finance classes and won't help your resume much. Quant Finance is the application of math/computer science in the Finance industry, not the other way around. Many candidates can break into industry without any sort of real financial knowledge.

If you want to take the leap, you will need to catch up on a ton of maths (at an accredited university) and then go for a hardcore quantitative MS program. It's also possible that you don't quite understand the career path and what it entails. The "grass is greener" is a super strong drug at times.

Don't let someone else make this decision for you. Just make sure you full understand the path and the effort/time it will take to get onto it if you decide to make a change.

 

[Andy Nguyen]

@jarryds provided some wise advice above.
Quant Finance is a highly cut throat industry at every stage of one's career. Getting into a top MFE program does not guarantee any high salary job, let alone one at a top trading firm.
The industry is huge with many different roles that allow one to have a long successful career with a relatively high paying job. Do not pigeonhole yourself into a specific role based on marketing blurb. It's good to have some realistic expectation.
I think it's important to think hard about what you want to do with a passion and not let the money be the driving factor. You will hate it when working long hours in a stressful environment when you pick the wrong industry or job.
If you are still interested in MFE programs, then do whatever you can to get accepted into one. They are basically just a first level filters for the industry. If you can't get in, then chance is slim (not impossible) to break in.
If you enjoy coding, broaden your scope for employers in tech, fintech, AI, etc. There are new and exciting opportunities in those industries as well.

Welcome to QuantNet, you have made the first wise decision to participate in this communities where ten of thousands of people have taken the same journey as you.