PhD in Math - Made a huge mistake. BB -> HF
Hello Everyone.
Forgive me. English is to my first language.
I was super stupid. I ended up getting a "quant" role at a bank in the UK. It starts in the summer and I have some flexibility about which desk I'll be put on. I have a PhD in Math from a very good university in Paris. I wanted to move to London. So I thought I should become a quant as I spent some time in a bank in-between Masters and PhD and enjoyed it. I enjoy programming and math.
The reason I was stupid was I thought that all "quant" roles were essentially the same. Obviously, reading this forum has made me realise that was incorrect.
I want to discuss three options I am thinking about in the future.
选项1）是去对冲基金并尝试成为量子。这有多可行？什么是最好的事情BBto make this option as likely as possible?
Option 2) is to stay as a quant type role in a bank. Quant research is quite fun. What does a career look like in the option? From those who have experience inBBs, should I try and become a trader? Should I stay in a QR role?
Option 3) is to stay in aBBand become more "corporate". Essentially become a manager of people etc. How does one progress from a Quant type role to head of FX for example? I've realised a lot of the big bosses at banks tend to haveMBAsand such. Does this mean that quants typically don't progress much to these roles? Is it normally the folks inIBlike M&A?
Thank you for reading.
Comments (10)
Bump
我认为桌子头通常没有MBAs, Ik炎症性肠病it's more common. You could apply to other像简街这样的地方,Optiver如果您想在开放位置时，请访问量子研究/交易。只是涂作为侧面；BB交易前tremely limited due to Volcker. If you're wanting to make the most money then QR at prop shops likeJane street and CitadelSecurities is the way to go.
Hard for anyone to have any opinion. You need to do some homework on what these roles actually are, and then think about yourself and what you like and are good at- within the quant space.
I've looked a bit into the quant space. Generally speaking, it should be pretty feasible for you to get a quant research role at a trading firm like HRT, Two Sigma, Jane Street, or Citadel Securities since you have a PhD in Math. I also think it's the best option because sometimes you get treated like second class citizen as QR atBBbanks (experiences differ widely). A firm like Two Sigma was built by engineers for engineers; they have a techy culture. So if you enjoy that type of culture I would 100% go for that opportunity.
It's not uncommon for smart people with PhDs in STEM to be unaware of the different roles in finance as they are focused on their subject matter. This can be your "story" for later interviews. Again, these quant trading firms are looking for top talent in math/computer science, so your knowledge in that area would be much more important.
Also try networking with these people at academic conferences. The first time I heard about HRT was at the NeurIPS (Neural Information Processing Systems) 2020 conference, and they were doing a presentation on transfer learning in financial markets.
U need to decide if u prefer bank orHF. Quant research is different.
Bank : more chill, no pressure of performance as no one will trade ur strategies. Stability of job. Smooth career path. Your aim is to produce "nice" papers, show good results, innovate, it is not so far from academic research in fact.
HF: you develop strategies that are going to be traded. And your job is to develop profitable strategies. More pressure, more rewarding if u are succesful, very frustrating if not. Lots of practical stuff to consider between model/maths and reality. More attention to details. Be ready to work 6 months on a strategy and decide not to launch it.
With a phd you should be able to get a good spot at aHF. I would recommend that as quant research in bank is a bit different fromHF, and better learn from aHFdirectly if u want to have a career on the buy side.
在这样做之前，请确保了解交易者在银行中的工作。与量化研究完全不同。
I think in general banks roles are more focused on research, whereasHFwill be more applied: develop signals/strategies that can bring money to the fund
Hello fibaked842 - I think you are under-estimating the potential to lateral within yourBBto a risk-taking job. Your background in Maths PhD can certainly help you land a seat on a trading desk within yourBBif you "perform" well in your Quant job. I have seen IT guys join Algo FX trading desk, FX Structurers join the Structured Options Desk, etc. I think you should see first what your Quant role brings on a daily basis : which products are concerned, what is the direct application of your work (is the job directly linked to a specific trading desk), how close are you to the markets and to market data. Also, please disregard anyone mentioning that the Volcker Rule has bannedprop trading so thereis nothing left to do in aBBtrading seat. If people were actually working for aBB，他们知道所有人中有95％BBstrading desk prop somehow. And given your strong educational background, you can consider moving to cross-asset trading desk, exotic rates vol desk, etc. where it is not possible to flatten out your risk overnight so you necessarily carry your inventory and need to come up with strategies to be profitable. Of course, top-tierBBs将有一个强大的特许经营权带来总体流动，但并不忽略在查看策略的潜力 /提出策略的潜力BBs交易桌。如果需要，我可以给您一个特定的书桌。
RegardingHFs, the scope is broad in terms of role given your background (PhD in Maths). I would say litterally any type of systematic-drivenHF向您开放，角色可能看起来像是一种定量制定策略后测试，分析数据和研究模型。产品的范围很大，即可以是FXOHFwhere the math component is important to some macro podHFon a equity stat arb desk. Those guys can probably look at your profile without too much experience actually spent on a trading floor if your previous stint as a Quant and your current role lead you to build models/tools/systems directly applicable to a trading desk as this would show them your capacity to adapt directly to a specific product.
Coming back to market-making, the obvious place to check is electronic market makers such as Citadel Sec, Optiver, Jane Street, Flow Traders, Optiver, 2 Sigma who are big fan of PhD people in Maths.
有很多话要说和添加，但是您在Maths + Quant中的博士学位对我来说是一个很好的个人资料，可以探索各种各样的选择，无论是在银行中，HFs，或者MMs.
I have to say that managing inventory and/or deciding how to hedge your book (which is the result of clients flows) is different from developing a strategy inside aHF
No better or worse, but different
Agreed - it is different indeed though I do believe people shouldn't dismiss the ability to "prop" on trading desks.
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