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il_vitorio


Total Posts: 103
Joined: Aug 2014
 
Posted: 2016-05-20 14:14
Good day phynanciers,

I would like to ask you something.
I am being put in the line with a decision that has made me pretty unconfortable, the decision is to leave a MV job in a Big Bank (Working as an offshore resource) that I actually have and job to a ML-Data Mining job in a regional .Com company.

The situation is the following as being an offshore resource my company have the means to get me to the States or the UK but the other company is offering me ~70% salary increase which my current company did not.

My last career goal is to get into a quant trading job and is being hard to see the whole picture, could I ask for a little bit of advice?

Thank you very much,
Il_vitorio

One of my most productive days was throwing away 1000 lines of code.

EspressoLover


Total Posts: 206
Joined: Jan 2015
 
Posted: 2016-05-20 21:53
Sorry, what does MV job mean? When you say regional internet company, that means non-US? Here's my two cents, take it with a grain of salt.

People do move from ML tech jobs to quant research, particularly on the prop side. (A lot of ad-tech work is basically quant trading by another name.) But they typically tend to be from brand-name top-tier tech companies. The main challenge is getting your resume past HR. You're going to get more mileage out of Google or Uber. Assuming you know your stuff, resume doesn't really matter as much as just crushing the white board. The resume's mostly just a filter to get seated for an interview.

So the real question would be are there quant firms that would recognize the new company? If not, you may have to first trade-up to a higher-tier tech firm before moving to quant. Once you're in one serious quant firm, jumping to any other is much much easier. On the flip-side the bank is probably a recognized name, but the work is less interesting and educational. Your whiteboard skills will probably lag. Also, rightly or wrongly, most buy-side quant firms tend to look down on banks.

Usually my recommendation for these types of questions is to troll LinkedIn for people who previously worked at similar roles at similar firms. Where are they today? That will give you a pretty decent idea of the distribution of career trajectories.

chiral3
Founding Member

Total Posts: 4979
Joined: Mar 2004
 
Posted: 2016-05-20 22:24
Model Validation = MV? Machine learning = ML?

Nonius is Satoshi Nakamoto. 物の哀れ

Nonius
Founding Member
Nonius Unbound
Total Posts: 12657
Joined: Mar 2004
 
Posted: 2016-05-22 16:37
if Model Validation, I'd say that's a dead-end role, and depressing, under-paid and which leads to internal self-hatred coupled with contempt/envy for/towards the guys who actually built the models.

so, ticket to the US or the UK or a 70% increase. Well, in some ways a ticket to the US is cool, in other ways it sucks. Same for UK. For one thing, the US is a jungle. don't expect much in the way of a safety net on things. I think it's a great place if you have huge ambitions to be the next Lex Luthor, but....

On the UK, I'm not sure I'd go, wow, I have an opportunity to move to the UK! Amazing! Depends on where you're coming from.

70% salary increase seems interesting.

btw, my assessment from your posts is you're Latin American. If I'm right and you want to come to the States, better do it before Trump is elected! Tongue out

Chiral is Tyler Durden

il_vitorio


Total Posts: 103
Joined: Aug 2014
 
Posted: 2016-05-22 18:17
As a genelar coment the company which is recruiting me is something similar to Amazon and Ebay but for Latin America (in the e-commerce space)

@EspressoLover

Yes MV would be Model Validation, I have done exactly what you suggest (troll linked in to see career paths) and none of them even leave the company and with similar companies (Amazon and ebay being similars) there was only one case of success that from Amazon he hit Optiver.

@chiral3

Exactly like that.

@Nonius
Yes it is Model Validation, one thing to keep in mind is that it is a 70% salary of a Latin American salary, so a "basic" salary of Model Validation in the US or UK will be 3 to 5 times bigger than the salary even with the increase.

And for the Trump thing I will have to learn how to climb walls if Trump hits the presidency!

Thanks all for your kind feedback,

Il_vitorio

One of my most productive days was throwing away 1000 lines of code.

Nonius
Founding Member
Nonius Unbound
Total Posts: 12657
Joined: Mar 2004
 
Posted: 2016-05-23 15:51
but is't the cost of living in almost every Latam country well below an expensive US city?

Chiral is Tyler Durden

il_vitorio


Total Posts: 103
Joined: Aug 2014
 
Posted: 2016-05-23 15:58
@Nonius

Kind of, the cost of living in Argentina, particularly in Buenos Aires is pretty high for a Latam City (It is only behind Caracas and venezuela is like hell).

See a comparison: We are talking about 40% lower than NY.

Cost of living BsAs vs NYC

One of my most productive days was throwing away 1000 lines of code.

Nonius
Founding Member
Nonius Unbound
Total Posts: 12657
Joined: Mar 2004
 
Posted: 2016-05-23 19:02
ah, yes, that was one of the exceptions. Brazil to an extent as well, but maybe less so nowadays.

what's up with that high risk Brazilian bank by the way? forgot the name. hated the credit risk.

Chiral is Tyler Durden

il_vitorio


Total Posts: 103
Joined: Aug 2014
 
Posted: 2016-05-23 20:04
@Nonius

I assume that you are talking about BTG Pactual, it has shrinked I think 30% due to the scandal of his CEO being involved in Petrobras corruption stuff.

This is article kind of explain good what happened after the CEO replacement.

They are playing with caution but I think that everything is going back to normal.

One of my most productive days was throwing away 1000 lines of code.

Nonius
Founding Member
Nonius Unbound
Total Posts: 12657
Joined: Mar 2004
 
Posted: 2016-05-23 22:30
I was always short the concept of BTG. Have they defaulted yet?

too much cowboy shit going on, too much leverage, too much machisimo.

Chiral is Tyler Durden

FDAXHunter
Founding Member

Total Posts: 8333
Joined: Mar 2004
 
Posted: 2016-05-24 08:13
We've seen a huge wave of CVs out of BTG Pactual in London coming our way. Basically everyone there seems to be looking for a new job.

The Figs Protocol.

HitmanH


Total Posts: 413
Joined: Apr 2005
 
Posted: 2016-05-24 10:10
I was actually surprised by what I saw.
Knew a couple of people there - and they were straight out of the door (although there was an incentive to wait a little for the redundancy pay-outs - poor as they were) - but what surprised me was how many people were looking - but not cutting the chord - waiting to see if they'd actually build something from the ashes...

Nonius
Founding Member
Nonius Unbound
Total Posts: 12657
Joined: Mar 2004
 
Posted: 2016-05-24 12:01
Long story short, when I was doing hedge fund risk, my deputy showed me a request to ramp up some lines to their funds. I looked at some of the returns and was a like, holy fucking shit! no way.....I got a lot of flack for that refusal...read up on the whole culture and the bank. confirmed my suspicions.

Chiral is Tyler Durden

il_vitorio


Total Posts: 103
Joined: Aug 2014
 
Posted: 2016-05-24 13:57
Jejeje, no they have not defaulted...yet.

But what people says is that the new CEOs are kind of conservative and the people that I know that were fired were from the risk functions of the Bank.

The thing with the cowboy style from what I knew, is that they have Goldman Sachs in their HQ as a rival and Esteves (the previous CEO) decided that he will create the "Latin America Goldman Sachs".

and a final comment about the leavings is that the divisions of wealth management have been hurt very bad (those were between the main bussiness of them) and the BTG reputation was very damage and that for a flowtrader imposes difficulties for making bussiness.

@FDAXHunter, @HitmanH in the original topic, what do you guys advice?

il_vitorio

One of my most productive days was throwing away 1000 lines of code.
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