Quote:
Originally Posted by QXP
Hate to break it to you, when I meant financial modeling, I’m not talking about stuff like Black Scholes, that’s just a simple calculator that any junior accountant can whack just by grabbing a few key assumptions from Bloomberg.
While I don’t have direct experience in modeling, the few I have examples I have seen constructed are very complicated and requires not only mathematical and programming skills, but also a deep understanding of the principles behind the bank’s assessment of VAR as well as compliance to the usual Basel stuff.
A lot of risk management guys are fully qualified actuaries and actuarial certification itself on average takes about 7 years to complete if you are studying while working. Deep stuff I wouldn’t want to go to. It is definitely not something you can smoke your way out with rudimentary Finance knowledge and throwing out a few sexy key words.
PS: All above refers to the "real" risk management job that pays the "real" money, normal BO jops under the risk department that are more tracking, reporting and compliance in nature is of course far easier to get.
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Yeah, i live in ivory tower, know nuts about finance until i read abt stochastic mathematics book. Do you know counterparty valuation adjustment desk a good place to start risk management career? Need to price and risk manage correlation trades against retained credits risk in the bank? I derive some numerical methods for some these contracts, which my friend says my price is off by 100bps, and will be arb by goldman sachs, haha, so need to fine-tune my modelling with further price-vol relationship or need to consider 3 factor model(with more stochastic variables added?) when i have chance to log into
nus shared bloomberg terminal. Hoping to get the role as heard some guys at vp level there getting 240k base, a jump from current digital signal processing job in lab.