Quant Careers: Salaries, Industries, and Satisfaction

Рет қаралды 18,989

Жыл бұрын

Today's video covers quant careers based on some data from Carnegie Mellon University's (CMU) Masters of Science in Computational Finance. The data comes from survey responses of 181 CMU alumni and covers salaries, job satisfaction, and what industry quants start in compared to where they are now. The industries covered are hedge funds / prop trading, Asset Management, Investment Bank, Finance, and non-Finance. We also discuss locations and the percentage the leave the US as many are from abroad. We also talk about career transitions and buy-side vs sell-side.
I do get a small compensation for anyone who downloads the reports using my links however it is completely FREE for you. This sort of data is very hard to come by and I do believe CMU has provided quality and honest data, charts, and perspectives. There are two reports which can be downloaded which are:
"2020 Career Guide" (this video)
"2022 Alumni Career Report"
Both reports can be downloaded here:
bit.ly/3SXCxi5
Website:
www.FancyQuantNation.com
Quant t-shirts, mugs, and hoodies:
www.teespring.com/stores/fanc...
Connect with me:
/ dimitri-bianco
/ dimitribianco

Пікірлер: 40

@Andrew_Guerrand_ Жыл бұрын

Great video, as usual!

@Nionios_O_Speed Жыл бұрын

Hey Dimitri, can you please make a video providing cutting edge topics for master thesis in quant finance. It will be a great advice from a person inside the quant area. Keep up the great work. Thanks!

@footballchampions6273 Жыл бұрын

Keep up the great work.

@ABSTRACTSHNITZEL Жыл бұрын

I forgot to leave a comment on this video last week, but I just wanted to say I'm loving these in depth videos about the reality of being a quant. It's awesome that CMU makes this stuff publicly available and it really helps identify what's actually true about being a quant minus the overexaggerated pros I always hear about. One thing that I have been thinking about recently is the future requirements for quant finance. A while ago, if I'm not wrong, it used to be extremely difficult to become a data scientist without at least a Master's degree, but I am seeing more and more companies hire data scientists with just a bachelor's degree in something quantitative like math, stats, or CS. Perhaps some of these companies don't know what data science actually is, but I am definitely seeing job descriptions for data science that sound like real data science only requiring a bachelor's degree. Do you think that some day, quant finance will eventually do the same? I've definitely heard mixed ideas about masters degrees -- some people saying "a master's is the new bachelor's" and others saying a master's degree will provide a good return on investment. I am curious about what you think about master's degrees in general in today's world, as well as what you think the future will be like for master's degrees and whether they will still be a minimum requirement for quant finance in the future.

@DimitriBianco Жыл бұрын

I just created a video on this with a bit of a rant. It should come out in the next month or so.

@ABSTRACTSHNITZEL Жыл бұрын

@@DimitriBianco Awesome, I look forward to it!

@hubert6943 Жыл бұрын

Hey! Enjoyed your video as always. If you don't mind asking - it's somewhat off topic and pretty basic presumably: you have mentioned a couple of times how you enjoy working with time series models. Isn't it the case that most models are based on time-series analysis? It would be somewhat of profanity a to deprive the model of a notion of time. It might be that I misunderstood the methodology as a whole - but I'm curious to hear your response :) Cheers.

@ralphmelish2735 11 ай бұрын

Great video, thanks! Is there any information about actual bonuses and/or stock options? The report you are analysing only considers signing bonuses. It seems all salaries are similar in all industries, but I'm sure bonuses in HF are a lot higher than, say, stocks or bonuses for tech companies or banks. That would be a better comparison

@user-gr8fc3de9w Жыл бұрын

Hi, would you be able to do a video on quant finance in london ie how it compares to the US?

@armanmuslimov5988 Жыл бұрын

Thank for the video! Good compensation for the interesting work is a good bonus. Seem that the link to “Both reports …” doesn’t work. Tried from both smartphone and laptop

@DimitriBianco Жыл бұрын

Try this link: www.cmu.edu/mscf/careers/alumni-survey-report.html

@armanmuslimov5988 Жыл бұрын

@@DimitriBianco thanks! this works

@remusbuda4988 Жыл бұрын

Dimitri - I am an operations manager and want to change careers. I’m 32 years old and want to get an online masters in applied economics. What college should I go to? Thanks

@hoow_j Жыл бұрын

Its surprising that many of them start as a quant researcher. Since many research roles require higher education level and pay very well. How come they start as a researcher right away??

@DimitriBianco Жыл бұрын

A masters is typically a minimum and usually a PhD is preferred. However it is a myth that you are required to have a PhD. In the old days a PhD was required by many firms however that has changed.

@dangkhoatrannguyen6734 Жыл бұрын

Here's my experience for this. A lot of what these quantitative researchers do is to read research papers and reimplement them to see if the companies can use them. And since the quant finance is booming, there are many papers published daily so there is a huge demand for these researchers with Master degree, who has enough math to understand and enough programming skills. Once you get into groundbreaking/original/proprietary research tho, these positions often require PhD.

@asssets Жыл бұрын

@@dangkhoatrannguyen6734 Thanks for the insight. I was actually thinking about taking research papers and testing their hypothesis for practicing everything I'm learning while in school.

@dangkhoatrannguyen6734 Жыл бұрын

@@asssets That's a great idea. Try picking something that's relevant to the position you are interested in. That should provide a good discussion during interview. I also find this is quite an effective strategy to dodge unpredictable math/brain teaser questions lol.

@kirksidwell4378 Жыл бұрын

@@DimitriBiancohey Dimitri - what type of PhD would firms require? Stats? Math? Finance?

@nickp7526 Жыл бұрын

Wait, so how easy is it to shift from sell side to buy side? Aren't careers in these vastly different?

@DimitriBianco Жыл бұрын

It depends on the job. For what I consider a quant (someone who builds models) there is a lot of overlap and your using all the same tools and techniques. Other jobs will vary but both sides have the same people. Quant Devs (what I consider non-quants) are software engineers. Many bounce between the buy side and tech companies.

@AHeroOfAzeroth Жыл бұрын

Hi Dimitri, I am currently enrolled in a MFE and a phd at the same time but my phd expectation is in 2027 where as my MFE is expected in 2025, no prior experience in finance. Would you recommend me to include the in progress phd on the resume ? Or will the interviewer sees that I will not graduate from the phd in a couple years and so they will not consider me for a full time position?

@DimitriBianco Жыл бұрын

If you are wanting a full time job and will to not finish your PhD, then I would leave the PhD off the resume though I would list the courses covered and any papers written. If you are intending on finishing the PhD then I wouldn't apply for jobs.

@AHeroOfAzeroth Жыл бұрын

@@DimitriBianco thanks for the suggestion!

@chymoney1 Жыл бұрын

Morning Dimitri

@DimitriBianco Жыл бұрын

Hey Chymoney1

@pualcduffy Жыл бұрын

Do you have any literature on pricing commodity basis swaps? Sorry not sure the best way to reach you.

@DimitriBianco Жыл бұрын

I do not. I haven't worked with swaps since grad school over 8 years ago.

@normalperson1130 Жыл бұрын

Are there any statistics for other financial centers - London, Singapore, Shanghai, Mumbai and Hongkong ? Really interested for this.

@Prathameshhh_ Жыл бұрын

@ram-it.damn-it Жыл бұрын

@dimitri Bianco could you plz make a video on CQF certification. Someone from accounting background who would like to get into Quant Finance- instead of masters if one plans to do CQF designation.TIA!

@DimitriBianco Жыл бұрын

I'm not a fan of it as it isn't the same as a grad degree however I will consider making a video on it.

@ram-it.damn-it Жыл бұрын

@@DimitriBianco thanks Dimitri. To me spending so much time in Masters, am not sure. You study so many topics which we don't use or has much application in the real world. So when I looked into CQF thought it might be more work applicable. An unbiased analysis of CQF by a quant professional will really help. Happy new year!

@Prathameshhh_ Жыл бұрын

Dimitri sir, please guide me to start exact study path and how to be more competitive in this field, Respect from India.!

@DimitriBianco 11 ай бұрын

You need a quantitative undergrad (math, stats, engineering, cs or etc.) in India and then come to the US for a quantitative masters.

@Prathameshhh_ 11 ай бұрын

@@DimitriBianco I'm a stats grad and currently pursuing MS Data science, now which area should I particularly focus on

@DimitriBianco 11 ай бұрын

@Prathameshhh_ in general statistics is used in more areas of quant finance than any other field. Make sure to take either time series or econometrics.