A Rant on breaking into the industry

[fgdpk]

For context, I am a soon to be senior at a third rate d100 college. I have been struggling to find and make myself opportunities to become a quant trader. Let’s start with my university, I have been working in independent research wrt to quantitative psychometrics, specifically with regards to social behavior, using game theory to determine strategies in equity derivative markets. I also used pattern recognition in linguistics which extends to the linguistics behind music and math. Now, this may not be impressive right but it still something. When I approached professors in my university regarding my research, 1 of them only talks to me to amuse himself, the other one I found out doesn’t even publish reputable papers. BUT THIS ISN’T EVEN THE WORST PART, these guys don’t want anything to do with me whatsoever and it feels like they are engaging in conversation for the sake of it.


Here is another problem, our university doesn’t even get invited to competitions like Putnam or IMC or any equivalent competitions that I could possibly perform to demonstrate my skills. So let’s assume I wanted to start an avenue where I can create hedging profiles for specific sets of strategies, I can’t do that because I’m from a university where I am not in a position to get any sort of credibility to pursue this avenue.

TLDR: My university sucks and I’m probably not going to break into the industry and I am desperate for any kind of help/advice

 

[MikeLawrence]

My university seems better than yours, but we aren't invited to anything either. We just started placing people into IB's and top 3 consulting gigs (6 total top 3 in our schools history- 3 this year, we're quite proud of this trend).

First, stop feeling sorry for yourself.

Second, stop speaking in buzzwords and targeting quant trading. It sounds like you aren't close, and it won't be for lack of trying now but for a lack of trying eight years ago. You put yourself in this college, and in whatever degree you are earning, and now you must work within these circumstances.

Now, start studying so you may be useful to somebody someday. Quantitative psychometrics and linguistics will not get you a job in quantitative finance. Let's start with an overview. What math topics are you familiar with and in what languages can you code?

*Edit:
I have not had any focused help from anyone at my university either. But, my professors are mostly fantastic and there are plenty of people who care about me here; I'm sorry you haven't found the same, but you seem emotional and probably aren't unbiassed. We've never had someone go into QF before. My advisors think there are two people from my honors program who attended CMU's program a decade ago, but we can't track down any trace of them. Our top finance prep club told me they had no way of helping me and not a single graduate to direct me to. They ended up giving me the number of a guy at Point72 because he knew people who did quant work- no one else even knew anybody. I'm attending Baruch's MFE in the fall, and I expect to end up just fine. Everything you need is online, but it'll be much harder for you since you are starting late. But, I started in earnest a year before you, at the end of my sophomore year, so know that you aren't screwed by 'the system.'

 

[fgdpk]

My university seems better than yours, but we aren't invited to anything either. We just started placing people into IB's and top 3 consulting gigs (6 total top 3 in our schools history- 3 this year, we're quite proud of this trend).

First, stop feeling sorry for yourself.

Second, stop speaking in buzzwords and targeting quant trading. It sounds like you aren't close, and it won't be for lack of trying now but for a lack of trying eight years ago. You put yourself in this college, and in whatever degree you are earning, and now you must work within these circumstances.

Now, start studying so you may be useful to somebody someday. Quantitative psychometrics and linguistics will not get you a job in quantitative finance. Let's start with an overview. What math topics are you familiar with and in what languages can you code?

I’m sorry about how I came across and the lack of any relevant background. I was just very frustrated. I primarily do mathematical modelling in python. The linguistics project is primarily a machine learning project that tries to break music and math into phonemes and morphemes. The quantitative psychometry project I was talking about involves a mathematical model based off of population modeling and information theory (with respect to relevance with quant.). And yes, quant trader is a buzzword that I used. And also yes, I have put myself in this position. But I still want to break into the industry and I feel like how much ever I try to reach out for opportunities, things don’t go my way. I am pursuing a math major (shifted from electrical engineering because of the course load stress) and I am particularly good with differential equations and combinatorics. I am also very well versed in physics of that is of any use (specifically electromagnetic theory ). I have started exploring game theory and econo-physics as of recent. I primarily program in python and go and I am proficient in both.

 

[MikeLawrence]

OK so...

Good through Multivariable calculs. How about linear algebra?
How much discrete and calculus based probability have you done?

DiffEq and combinatorics aren't terribly helpful, but it is good to have them down and it speaks to mathematical maturity.

Have you done any focused interview prep? Leetcode, brainteasers?

 

[fgdpk]

OK so...

Good through Multivariable calculs
How much discrete and calculus based probability have you done?

DiffEq and combinatorics aren't terribly helpful, but it is good to have them down and it speaks to mathematical maturity.

Have you done any focused interview prep? Leetcode, brainteasers?

I have done discrete probability during engineering but I have not done much calculus based probability, I have worked with continuous distributions but that’s it. I spend my time on project Euler and deepML. I do leetcode from time to time but not as often as the former two. I have not done any focused interview prep. I started getting into Jane street puzzles. I did manage to pick up a copy of the green book and I plan on starting it over the summer.

 

[MikeLawrence]

I have done discrete probability during engineering but I have not done much calculus based probability, I have worked with continuous distributions but that’s it. I spend my time on project Euler and deepML. I do leetcode from time to time but not as often as the former two. I have not done any focused interview prep. I started getting into Jane street puzzles. I did manage to pick up a copy of the green book and I plan on starting it over the summer.

How about linear algebra?

Look into the Baruch pre-mfe courses- if the textbook material looks like stuff you can do, then do it. Focus on one at a time and really master the material. Try to enroll in the courses for this fall and then spring, if you can.

The Greenbook is fine- it's stuff you need to have seen, but it's not much on its own. Stop doing Euler and deepML, do leetcode. These are the problems companies draw from for interviews.

Either descend deep into interview prep, via brainteasers and leetcode, or do the C++ course from here this summer, it's a good baseline. I started with the summer after I began this path with the cpp course. Your sole focus is to get some job in, or related to, quant finance when you graduate; don't aim for trading, aim for whatever you can get. Then, keep skilling up, get into a good grad program, and try to pivot to trading if you want and are able.

 

[Andy Nguyen]

You found QuantNet and asked for help. It's step 1 in the right direction.
Not to brag but we have helped tens of thousands of members break into quant finance for the last 20 years. Many of them back then started out like you and they are now executives, QR, QT at many top tier firms. I know because I tracked down many of them via LinkedIn this year.
This can be done but it won't be easy. Quant Finance is flooded with many people, unlike decades ago where it's a niche and many people discovered this degree by accident, your truly included.
This is just meant to be an encouragement. @MikeLawrence can give you better advice since he was in your shoes very recently.
You need to put in the hours, the efforts and take any opportunities come your way.
By the way, broaden your scope and lower your expectation. Focus on the unique skills you can bring to the table. Don't focus on the title or the household names. There are many well-paying jobs in this industry that are not called quant traders at many little known firms.