worth getting a PhD to become a quant?

Milhouse · Oct 15, 2009

I'm kind of unhappy with my current career. I was thinking of maybe going back to school for a PhD in applied mathematics and becoming a quant.

But, I wonder how much regulation and stuff is going to come down the pipe in the 4 to 5 years it would take to get a PhD. . . thus changing the potential ROI on such a degree.

Thoughts?

JSC437 · Oct 15, 2009

I think there are other ways to become a quant...

maybe something like this

http://www.math.nyu.edu/financial_mathematics/

I dont know what part of the country you live in.... but i notice a few schools having MS in Finance Mathematics. While a PH.D is appealing... my company has hired a few guys with the Quant Math Masters Degree and then a CFA. And a lot of my friends who work at hedge funds around town... a lot of their quants are not specifically PH.Ds. They often have Masters in Engineering or some other math related field (and then a CFA).

Masters Degree in Quant Math Finace and a CFA will be suitable.

The CFA you study for in your free time.... so you have 2 years of grad school as opposed to 5 or so.

hws · Oct 15, 2009

EL72 · Oct 15, 2009

If you're thinking about ROI in deciding to pursue a PhD, you should forget about it and look at other degrees or means of advancing/changing your career.

Milhouse · Oct 15, 2009

Originally Posted by EL72

If you're thinking about ROI in deciding to pursue a PhD, you should forget about it.

That's cute but hardly relevant in the real world.

EL72 · Oct 15, 2009

Originally Posted by Milhouse

That's cute but hardly relevant in the real world.

Milhouse · Oct 15, 2009

Originally Posted by EL72

Not all PhD programs are about the pursuit of knowledge these days. Academics are all well and good, but I'm hardly interested in pure math.

Applied math is exactly what it sounds like. I have no desire to be an academic. I'm entirely interested in the training prerequisite for a specific job.

But, if that specific job is not going to exist, or is only going to exist in a very limited or different manner that would mean my PhD has no value, because I do not attribute a value to it intrinsically.

I have other degrees. They too have no value intrinsically to me. At one time I gave a ****, but the real world crushed that idea out of me.

Huntsman · Oct 15, 2009

Meh. What's a quant? Confused.

Milhouse · Oct 15, 2009

Originally Posted by Huntsman

Meh. What's a quant? Confused.

A quant is a mathematician that attempts to find ways to exploit the market. Think hedge funds and investment banks. Basically they try to create models that make a lot of money.

If you're a math type, check out stochastic calculus. The most famous use:

http://mathworld.wolfram.com/Black-ScholesTheory.html

EL72 · Oct 15, 2009

Originally Posted by Milhouse

Not all PhD programs are about the pursuit of knowledge these days. Academics are all well and good, but I'm hardly interested in pure math.

Applied math is exactly what it sounds like. I have no desire to be an academic. I'm entirely interested in the training prerequisite for a specific job.

But, if that specific job is not going to exist, or is only going to exist in a very limited or different manner that would mean my PhD has no value, because I do not attribute a value to it intrinsically.

I have other degrees. They too have no value intrinsically to me. At one time I gave a ****, but the real world crushed that idea out of me.

That was my point. You should forget about doing a PhD. It has the worst ROI ever (trust me; my biggest regret is enrolling in a PhD pgm) - especially if you are instrumental about the process and seeking specific training for a job. You will waste your time in a doctoral program.

Milhouse · Oct 15, 2009

Originally Posted by EL72

That was my point. You should forget about doing a PhD. It has the worst ROI ever (trust me; my biggest regret is enrolling in a PhD pgm) - especially if you are instrumental about the process and seeking specific training for a job. You will waste your time in a doctoral program.

From everyone I've talked to, the only way to become a quant is with a PhD. So it is like telling someone not to get an MD when they want to become a physician.

Helix · Oct 15, 2009

Originally Posted by Milhouse

A quant is a mathematician that attempts to find ways to exploit the market. Think hedge funds and investment banks. Basically they try to create models that make a lot of money. If you're a math type, check out stochastic calculus. The most famous use: http://mathworld.wolfram.com/Black-ScholesTheory.html
I always though a quant referred to a person who is primarily attracted towards professions that stress the quantifiable such as math, physics, or engineering. As opposed to a qual who leans towards intangibles and human interaction.

Huntsman · Oct 15, 2009

Originally Posted by Milhouse

A quant is a mathematician that attempts to find ways to exploit the market. Think hedge funds and investment banks. Basically they try to create models that make a lot of money. If you're a math type, check out stochastic calculus. The most famous use: http://mathworld.wolfram.com/Black-ScholesTheory.html
Engineer here. So applied math type at least. I knew people did that which you describe, didn't know that's what it was colloquially called. Thanks. ~ H

EL72 · Oct 15, 2009

Originally Posted by Milhouse

From everyone I've talked to, the only way to become a quant is with a PhD. So it is like telling someone not to get an MD when they want to become a physician.

So if you know this, why the f*ck are you starting a thread asking whether it's worth it to pursue the degree when you are going to dismiss the advice of people who respond?

I went to a PhD pgm (and teach) in a B-school (not in finance or quant methods but know lots of people in those areas) and am telling you that the skills you need to become a hedge fund quant can be learned in one tenth of the time you will waste in PhD seminars and writing a dissertation. But don't take my word for it, go do a PhD and come back in five years when you're done to see if it was worth it.

Milhouse · Oct 15, 2009

Originally Posted by Huntsman

Engineer here. So applied math type at least. I knew people did that which you describe, didn't know that's what it was colloquially called. Thanks.

~ H

Its not glamorous like being a trader, but it provides intellectual stimulation with the potential to be rewarded well for such work. From what I've read and those I've talked to, the hours are better too.

worth getting a PhD to become a quant?

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