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There's just way too many people looking for quant jobs in the banks and the banks themselves are spoilt for choice and are really looking for other qualities like network, some sort of business related achievement or prior experience. They aren't interested in a PhD guy like TS telling people how relevant his programming or academic PhD is. |
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Further more, I think by nature quantitative trading has reached a point where you'll have to be that 0.5 percentile guy to have an edge in the market, thereby be employable. A little specifics here. If we talk about algorithmic trading, the technology has matured to the point where in order for you to be relevant, you'll need to edge of your competitors by executing trades 100ms faster. In order for you to achieve that, you'll probably need years and years of testing different infrastructure (FPGA, GPU) or devising different algorithms (multithreading). I worked at a few companies where you could have a guy spend 6 months trying to gain this extra bit of speed but still not succeed. While the TS has a PhD, I believe in his ability to conduct research. I also believe that he'll have to start from ground zero to think of novel ways to add value to the fund or bank. Really, companies will bring him on board if they project that he'll be that right guy to eventually add value in the future, like 2 years. It's really betting on his ability to achieve something that is not yet defined. And that is a hard proposition to convince an employer to do. |
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So if anyone hires me, it has to be essentially based on evidence of mathematical knowledge (if they care about research publications etc.) and a promise of value in the future, not a proven track record in the domain of trading. That said, I had a few motivations behind this thread, no offence intended to anyone. Sorry for making my reasons so long winded, and thanks for reading if you do.
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here's how the deal works for niche and high paying positions: they have to look for u, not u look for them in some website application form. if u need to ask online chances are gone case liao. lets say i from barclays hiring for 1 fresh entry quant, i send out headhunters, send ppl to do campus roadshow, put job ads etc. i get 300 cv of various shapes and sizes all over the world. what will a normal hirer do? 1) go through the 300 see if anyone i know 2) filter out those with relevant exp 3) filer out those with relevant qualification 4) look for the best, preferably those with something beyond studies to show 5) take the short listed 10 cvs and ask ard the industry anyone got recommendations 6) cut down to 5 interviews 7) pick the 1 i like best. do u think ur cv is gonna make it to interview stage? but i tell u even above is optimistic scenario liao. many times the interviews are for show just to have proper documentation & governance. they already identify who they want before they even announce the opening. this happens in ib fo and trading jobs all the time. |
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You are right in some ways. But in line with what the TS is looking for, the job applicant applying method does work, provided your resume and interview meets 1 to 7. I'm speaking this for the entry level jobs at investment banks and funds, FO positions, quant or not. I believe you agree with me that the selection process is structured - applications opens through school recruitment pages or on website. And they hire in seasons, always like a mid-year intake. Those hired are the ones that has APPLIED THEMSELVES. Your view is correct for like a 15 years experience portfolio manager or manging director. Yes, headhunters does facilitate the process. But for high paying entry level or 3 years experience jobs in FO finance, the traditional application through website does work. Again, assuming your resume is up to the mark. But there isn't the need for head hunters. |
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of course big banks definitely must follow process. but a lot of times is many things are already discuss outside and then finally they just ask the candidate to apply officially so that they can proceed. yar for entry position sometimes cold applicants can also get in provided they meet the all the conditions. my comment just generalize, not meant to say all cases like that. can apply also no harm, but he needs luck beyond 3-sigma to get in. long story short, ts gone case liao. |
Why always got this kind of post claiming passion in investment banking but somehow no effort made to network in the industry or go get relevant exposure.
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To the TS, why don't you just apply all and see what you get?
I have friends in FO who have never attended networking sessions but yet get called up for interviews. Instead of day-dreaming or asking if you have a chance, just whack and see what you get? It's similar to applying to an ivy league school. If you're an average, and not genius level candidate, sometimes you get one school but not another. Say you get Brown but not Cornell and vice versa. Just apply all and prepare like mad for interviews. Of course, if you can network your way inside, that would be best. |
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