Getting into the field of computational finance

[compchemist]

Hi All -

I am in my final year of my doctorate in biophysical chemistry. I have a bachelor's degree in chemistry with minor degrees in mathematics and business. My PhD research is entirely based on computational modeling of biological systems to better understand drug-protein interaction.

I am in the process of looking for jobs and haven't found anything of significant interest in science. My entire extended family is located in the NY metropolitan area and, having been away for the past decade studying all over the country, I would like to settle close to the city. I have been considering a move to computational finance.

I can program in a half dozen languages, I understand computational architecture, and I am strong in mathematics. That being said, beyond a fewer business courses I took for a minor degree I do not have much of a business background.

My question is, would I need to go back to school for additional study or is it even remotely possible that I could find a job in computational finance with a closely-related skill set but no formal education on the topic? Any comments are welcome and thank you in advance.

 

[Connor]

If you have the skill set required and sounds like you do, then it should be possible find something. Job competition is high right now though.

I would say to try applying to some jobs with a back-up plan to get an MFE.

 

[compchemist]

Thanks Connor. I'm embarrassed to admit, I wasn't even familiar with the acronym MFE before last week. I'm a pretty fast learner, especially when handling computer algorithms, so I'd like to avoid another 1-2 years of schooling if at all possible.

I'm curious, in the field of science there is something called a post-doctoral fellowship (or post-doc for short) where a PhD spends 18-36 months working for about half of what he/she is worth, usually with the prospect of obtaining a position where they post-doc. Usually this isn't necessary for industrial scientists but usually IS necessary for tenure-track academic positions. There are, however, some industrial post-doc positions available. Are there post-docs in computational finance? Perhaps in the New York area? I have found some, mostly abroad, but I'm not sure how common place they are to the field.

 

[Connor]

I've never heard of any post-doc positions for finance or computational finance. You may want to look into CMU as I know they are big into computational finance.

From a time perspective, you would probably be better off doing a 1year MFE than a post-doc anyway because the MFE career services will help you get a job.

 

[alain]

Contact a recruiter and try to get a job. You should be able to succeed following this route.

 

[Joy Pathak]

Thanks Connor. I'm embarrassed to admit, I wasn't even familiar with the acronym MFE before last week. I'm a pretty fast learner, especially when handling computer algorithms, so I'd like to avoid another 1-2 years of schooling if at all possible.

I'm curious, in the field of science there is something called a post-doctoral fellowship (or post-doc for short) where a PhD spends 18-36 months working for about half of what he/she is worth, usually with the prospect of obtaining a position where they post-doc. Usually this isn't necessary for industrial scientists but usually IS necessary for tenure-track academic positions. There are, however, some industrial post-doc positions available. Are there post-docs in computational finance? Perhaps in the New York area? I have found some, mostly abroad, but I'm not sure how common place they are to the field.

Yes. You will find them in the OR and mathematics departments although I don't think you will qualify considering there are lots of PhD in Math and OR looking for these positions.

You should take Alain's advice and contact a recruiter and have him/her help you out. Given your background you will be able to get some job most likely in comp finance at a prop firm or a hedge fund.

 

[compchemist]

Contact a recruiter and try to get a job. You should be able to succeed following this route.

Yes. You will find them in the OR and mathematics departments although I don't think you will qualify considering there are lots of PhD in Math and OR looking for these positions.

You should take Alain's advice and contact a recruiter and have him/her help you out. Given your background you will be able to get some job most likely in comp finance at a prop firm or a hedge fund.

Thank you both for the information.

Alain, it is comforting to know I stand a chance in this field. I haven't completely abandoned the sciences but I definitely need to expand the type of jobs I consider. I will consider a headhunter.

Joy, sounds to me like you think I might have a tough time. I guess it is worth considering and I will see.

Thanks again everyone.

 

[Joy Pathak]

Thank you both for the information.

Alain, it is comforting to know I stand a chance in this field. I haven't completely abandoned the sciences but I definitely need to expand the type of jobs I consider. I will consider a headhunter.

Joy, sounds to me like you think I might have a tough time. I guess it is worth considering and I will see.

Thanks again everyone.

I said you will have a hard time getting POST DOC positions. I think you shouldn't have much trouble getting some computational related job in quant finance at a prop firm or hedge fund.

 

[Yike Lu]

I'm curious, in the field of science there is something called a post-doctoral fellowship (or post-doc for short) where a PhD spends 18-36 months working for about half of what he/she is worth, usually with the prospect of obtaining a position where they post-doc. Usually this isn't necessary for industrial scientists but usually IS necessary for tenure-track academic positions. There are, however, some industrial post-doc positions available. Are there post-docs in computational finance? Perhaps in the New York area? I have found some, mostly abroad, but I'm not sure how common place they are to the field.

Honestly, you are the first person I have ever seen in this field who actually seems to WANT to be a post-doc. I cannot fathom why. Go to the right firm and you'll be working on interesting problems (though hardly blue skies) and be paid far better than comparable post-doc.