Quote:
Originally Posted by Unregistered
1. Get a PhD or masters in a quantitative subject (math, physics, CS)
2. No PhD? Then get work experience at sell-side financial markets.
3. No work experience? Then be extremely good at programming. Brush up on your C++ and Python programming skills.
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As someone has revived this thread, let me give an update on the industry in Singapore. I know certain things but wish to know more about those with MFE. I didn't come from the MFE route so wish to know more from those who did.
This is correct. However, I've know enough of the industry to summarize the link between title and work. The label "quant" gets thrown around quite often. The three main ones are quant analyst, quant researcher and quant developer. On one hand, you get quant analysts who do 90% programming and another quant developer who does 50% strategy. So for those who want to enter this industry, know this - "titles rarely matter, it's the work that does."
Most of us aspiring to be in a revenue generating position. In line with what I just said, the track I recommend for most is to FIRST get into the fund as a quant XXX, SECOND do a good job and show that your undepensible, THIRD now ask for responsibilities that show you can generate revenue.
As for the MFE's, how it coming along? Some say MFE is the masters you have to get to get into quant positions. I know my math and I know my industry. Knowing everything on stochastic calculus doesn't immediately give you the techniques to trade profitably. Don't fool me. Here are three examples how the MFE route doesn't work.
1) You know everything about stochastic calculus. You spend two years pricing an exotic option but soon realize the market doesn't trade it. No flow, no money.
2) Okay, so you did some project on machine learning. Either, your model has lost its edge once you push into the market. Or, it'll take another one year at least to iron out the naunces with you attempt to implement your model with prices from your fund's brokers. Your model is profitable with 10bps spread. Well, JPM is trading 20m EURs with 20bps spread. Doubt your model is gonna work.
3) All you learn in MFE is textbook industry established knowledge. Nothing new, no edge.
Am I wrong? The point is, you want the quickest route to work on a model that is market tested. You do that in an actual fund not in MFE.