Find a Job in Quantitative Finance

The secretive world of quantitative finance has grown rapidly in recent years, and will continue to, among investment and commercial banks, hedge funds and asset management firms. Competition among employers is fierce for high-caliber candidates to fill positions in quantitative analytics, trading, financial engineering, and risk management. Quantitative analysts (known as "Quants" in the industry) work in a variety of roles. However, landing a quant job will require extensive education, training, and efforts.

Steps

Gaining the Required Education

  1. Attend a top-tier university. The first step on your path to becoming a quant is to attend a renowned and highly-ranked university. Most firms recruit out of these schools, and the education and networking opportunities provided there will give you a leg up over applicants from lower-ranked schools.
    • However, this is not the only route to success. High achievers from all schools have a chance to land a quant job if they can demonstrate the required skills.
    • In addition, even if your undergraduate university is not highly-ranked, you can still earn entrance into a highly-ranked graduate program.
  2. Focus on quantitative fields. Your undergraduate studies should prepare you for the challenges of graduate-level work. Accordingly, you'll need to build a base in quantitative fields, like math and science. Make sure to take classes in statistics, stochastic calculus, and computer science. Taking programming courses and financial accounting or analysis classes is also useful for building up required skills.
    • During this time, you should introduce yourself to quantitative finance by reading articles and books on the subject.
  3. Consider building up advanced computer skills. Quants are generally expected to have advanced computer skills. While it is not critical to have them at this stage, college may be a good time to get started. Start by seeing if your school has access to quantitative trading software. Learning how this software works will help you prepare for the future and can give you an idea of what working as a quant is like.
    • While many quants use existing software, those with programming knowledge can get ahead by creating their own systems.
    • In addition, many positions require that a quant candidate be at least familiar with a programming language like Perl, Python, or Java.[1]
  4. Attain a high grade point average. High achievement is a requirement for all high-level finance jobs. In addition, getting into a good graduate program will require outstanding grades and performance on the Graduate Record Examination (GRE). Shoot for at least a 3.7 out of 4.0 grade point average. Otherwise, it may be difficult to get into any master's programs.
  5. Enter a mathematical finance graduate program. Almost all quantitative analysts and traders have a master's degree, typically in financial engineering or finance. However, to reach the highest levels of the industry, you will need a doctorate (PhD) in mathematical finance. Current market trends favor PhD with expertise in the following subjects:
    • Network programming/optimization.
    • Artificial intelligence or machine learning.
    • Mathematical physics.
    • Statistics/probability theory.

Entering the Field

  1. Look for internships. The top firms offer the brightest prospects summer internships during college. Apply for internships by searching for them online. You can also speak to your school's career office to locate quantitative finance internships. If you can't get a quant internship, pursue other finance internships.
    • Many employers are more concerned with whether a potential candidates can conduct themselves in a corporate environment, so having any internship experience is useful.[2]
  2. Take advantage of networking opportunities. Use every opportunity you have to insert yourself into the quantitative finance industry. Networking is a very important tool for getting internships and eventually getting hired as a quant. Use your school's career office to find networking opportunities, meet up with alumni in the industry, and locate relevant conferences or events to attend.[3]
  3. Gain experience elsewhere. If you don't get an offer from a choice firm as a "fresh grad," there is typically an even greater demand for experienced hires with knowledge of financial products. Candidates with industry experience have a distinct advantage when submitting their resumes/CV's to "top-tier" investment banks (assuming that's your goal).[4]
  4. Make yourself stand out. Everyone applying to quant jobs will have great test scores and grades. To succeed, you'll need to stand out from the crowd. Focus on what skills or experience makes you unique and how that transfers to value for the firm. If necessary, develop extra skills like programming expertise to give yourself an advantage.[5]

Finding a Job

  1. Seek out quantitative finance jobs. Once you've finished your education and perhaps gotten some internship experience, it's time to start the job hunt. Craft a detailed and well-organized resume that shows off your qualifications and skills. However, be aware that interviewers may quiz you on anything you put on there, so don't stretch the truth. Then, you can locate openings using your network and by searching online for them.
    • Many jobs are filled by referral, so a strong network is crucial.
    • Take advantage of recruiter visits to your school.
    • A recruiter can also help you locate a position.[6]
  2. Polish your presentation. Your chances of landing a job will also depend on your professional presentation, including your communication skills and appearance. Your first interview will likely be over the phone, so clear and effective communication skills will help you out. When going in for an interview, remember that finance is still an old-fashioned industry. You should be properly groomed and dressed in business dress (a suit for men or something of equivalent formality for women).
  3. Over-prepare for the interview. Quant interviewers will challenge candidates with technical questions and tasks. Even candidates with excellent academic qualifications in math often have difficulty with the questions asked in the interview. Interview preparation should include a review of basic undergraduate-type subject areas such as: root Finding, coordinate geometry, probability, game theory, and Eigen values. If in doubt, prepare more than you think you need to.[7]
  4. Consider building your own trading program or strategy. You can also stand out in the interview by presenting some of your own work. For example, you might demonstrate trading algorithms or systems you've created. You can also show a record of having made money using quantitative techniques. Building or creating something can be a great way of showing off your skills to potential employers.[8]

Related Articles

References

  1. ↑ http://www.investopedia.com/articles/active-trading/112614/steps-becoming-quant-trader.asp
  2. ↑ https://www.quantnet.com/threads/how-to-get-a-quant-job-advice-from-wall-street-executives.4537/
  3. ↑ https://www.quantnet.com/threads/how-to-get-a-quant-job-advice-from-wall-street-executives.4537/
  4. ↑ https://www.quantnet.com/threads/how-to-get-a-quant-job-advice-from-wall-street-executives.4537/
  5. ↑ https://www.quantnet.com/threads/how-to-get-a-quant-job-advice-from-wall-street-executives.4537/
  6. ↑ https://www.quantnet.com/threads/how-to-get-a-quant-job-advice-from-wall-street-executives.4537/
  7. ↑ http://www.mastersindatascience.org/careers/quantitative-analyst/
  8. ↑ http://news.efinancialcareers.com/us-en/160595/how-to-break-into-a-quant-role-with-little-or-no-experience/
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