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Crassus


Total Posts: 1194
Joined: May 2004
 
Posted: 2004-12-06 12:05
got a cv infront of me from a guy that's finishing his doctorate in economics and economic anlaysis.  where do these guys typically fit in banks?    i imagine that they're not on quant teams ...  perhaps in goverments and regulatory agencies.

What is best in life? To crush your enemies... to see them driven before you and to hear the lamentation of the women

margarita
NP High Priestess

Total Posts: 322
Joined: Oct 2004
 
Posted: 2004-12-06 12:09
Some places seem to have Central Strategy groups, Economic Research teams and other such variations on this theme...

Prada issues high-heeled bonds.

Crassus


Total Posts: 1194
Joined: May 2004
 
Posted: 2004-12-06 12:16

margarita,  what do these groups do, in broad terms, besides research?

 

 


What is best in life? To crush your enemies... to see them driven before you and to hear the lamentation of the women

margarita
NP High Priestess

Total Posts: 322
Joined: Oct 2004
 
Posted: 2004-12-06 12:36

I am not in such a group so I only have an outsider's view, but my impression is that they focus on research that is used as the "official" strategy/economic outlook of a bank, publishing economic reports about the fundamentals of the global economy. 

In addition, they can do ad hoc research as requested by, say, the front office (e.g. build some specific model that analyses/forecasts economic aspects etc). 

Essentially, they are happy to work on macro stuff, where they can use their econometric skills + economic theory.

Hope that helps.


Prada issues high-heeled bonds.

Anthis
It's all Greek to me

Total Posts: 1180
Joined: Jul 2004
 
Posted: 2004-12-06 12:45

You can go to the research section of some central banks (ECB or Bank of England) to get a taste.

Since he has a PhD probably his research interests can give you many hints as well as his career aspirations. Note that for an economist who has reached the PhD level advanced quantitative skills should be considered as a must have, but in anyway dont expect him to be a mathematician or computer scientist.

I hope this helps.


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Crassus


Total Posts: 1194
Joined: May 2004
 
Posted: 2004-12-06 12:58
yes.  i'm starting to get the picture.

What is best in life? To crush your enemies... to see them driven before you and to hear the lamentation of the women

jungle
Chief Rhythm Officer
CSD LLC
Total Posts: 3169
Joined: Jul 2004
 
Posted: 2004-12-06 13:06

generally "economics and strategy research" groups.  the economics side of things is publication / advisory / forecasting.  sometimes these guys (or gals) are attached to a specific product area e.g. FI or FX.   the strategy side of things is coming up with trade ideas, generally of a macro-ish nature.     that's my understanding. 


it's axiomatic, deal with it.

Anthis
It's all Greek to me

Total Posts: 1180
Joined: Jul 2004
 
Posted: 2004-12-06 13:08
One personal opinion, albeit i dont know your area of work. If the quant/coding minimum requirements are nt very high, i would rather hire a holder of PhD in economics than a PhD in physics. At least the former knows already what a P&L is and can model uncertainty. Smiley

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margarita
NP High Priestess

Total Posts: 322
Joined: Oct 2004
 
Posted: 2004-12-06 13:19

Agree with Anthis. 

If it's the macro-economic background that you are after, with relatively light coding requirements, then the economist already has that; whereas the physicist may be bored by both the prospect of dealing/learning economic theory and by the lack of rigorous programming.


Prada issues high-heeled bonds.

Anthis
It's all Greek to me

Total Posts: 1180
Joined: Jul 2004
 
Posted: 2004-12-06 13:31
Most things in finance, investments and trading are closer to microeconomics and game theory, than macroeconomics. Exception is interest and FX rates.

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Jurassic


Total Posts: 316
Joined: Mar 2018
 
Posted: 2020-03-06 12:23
Sorry for bringing up old threads but NP is a treasure trove of career information at times.

Why would a Physics Phd be a better fit for programming than Economics Phd if you are going to cast people purely by their degree? I mean neither explicitly did CS imo.

What makes you think economics phds couldnt/wouldnt want to be a quant? Being a quant is not that quantitative a role in truth.

deeds


Total Posts: 468
Joined: Dec 2008
 
Posted: 2020-03-09 12:13

May be good to consider the context closely...this job market has changed since YE 2004 in a number of ways.

E.g. (Not necessarily indicative) a little after that time I was in UK reading every six months in the financial times about the very high demand for PhD physicists in structured credit from hedge funds, credit rating agencies and regulators. Truly spectacular starting salaries out of school. My interpretation at the time was that some of it was the halo of prospectively hiring first class diffusion jockeys from the previous 20 years of risk neutral theory around rates and exotics and also the use of similar monte carlo models and copula approximations in originating, rating and pricing deals.

A lot has happened since then including specific regulation at banks following the recent crisis and then its dismantling more recently. Growth of PE and shadow banking. Huge real estate and alternative asset market growth. Recent indicators of economic convulsion.

Would propose a reasonable way to have discussion would be to toss out a few agreed factors and then consider recommendation in that context


deeds


Total Posts: 468
Joined: Dec 2008
 
Posted: 2020-03-09 13:33
EDIT: oops, double post

Jurassic


Total Posts: 316
Joined: Mar 2018
 
Posted: 2020-03-11 11:22
I think its just the excessive stereotyping I dont understand. The question was not meant to be related to whats hot or not in the job market at a point in time.

deeds


Total Posts: 468
Joined: Dec 2008
 
Posted: 2020-03-11 11:32

Apologies, misunderstood.

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