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mj


Total Posts: 1049
Joined: Jun 2004
 
Posted: 2005-09-20 17:54

Attached File: advice.pdf

 

I wrote this file quite a while ago, mainly aimed at pure mathematicians. a lot more people have read it than i ever anticipated. It's probably time for an update. Would anyone like to give their views on how to improve it?

 

 


EVT


Total Posts: 105
Joined: Feb 2005
 
Posted: 2005-09-20 19:27
Possibly write down a percentage of how many quant roles are in which catergory

e.g Front office 50% of roles...

and possibly what kind of qualities each role is looking for and how much of the day is spent doing what....

e.g. coding 10% reading maths formulas 70% giving advice on NP 20%

ok the last sentence was said in jest but you get the point??

You could also possibly add in a couple of more technical roles??




FDAXHunter
Founding Member

Total Posts: 8372
Joined: Mar 2004
 
Posted: 2005-09-20 19:29
Needs updating... says your book is to be published in 2003, etc.

The Figs Protocol.

doctorwes


Total Posts: 577
Joined: May 2005
 
Posted: 2005-09-20 20:19

I'd change the second sentence. On the buy side, we don't spend much time pricing derivatives. We spend a lot more time estimating risk premia, building relative value models, thinking about asset allocation, working out ways to measure risk, etc... I suppose that buy side quants who specialize in certain product areas like mortgages or convertible bonds are really pricing derivatives, but even in that case, the job involves many other things.

[I guess there are some folk who believe that all questions in finance are either reducible to questions about pricing and hedging contingent claims, or meaningless; but I'm not that dogmatic myself.]

It would be interesting to extend EVT's question: how many quant jobs are on the buy side? I'd guess a fairly low percentage, but growing.




DW


Total Posts: 508
Joined: Jun 2004
 
Posted: 2005-09-20 22:21

MJ - I have written something very similar extending on the doccuments I co-worte with a colleague when I was at my last employer. Maybe compare notes?

The doccuments I had written previoulsy are:

Attached File: Interview Prep for Junior Quants.pdf

Attached File: Interview Prep for Junior Structurers.pdf

These are full of spelling mistakes and bad grammar,

The updated and more extensive versions will be coming soon!


Veegan


Total Posts: 684
Joined: Jun 2004
 
Posted: 2005-09-21 08:59

MJ,

How about some day-in-the-life summaries from your contacts to contrast life and work at European vs. American banks, buy side vs sell side, hedge fund vs bank etc.

'...some prejudice towards applied maths and physics people.' - Do you mean preference?

Add the following UK sources for job adverts: www.efinancialcareers.co.uk, www.cityjobs.co.uk and NP (of course).

Regards,

V.


"The Stranger within my gates, He may be evil or good, But I cannot tell what powers control-- What reasons sway his mood; Nor when the Gods of his far-off land Shall repossess his blood." ~ Kipling

mj


Total Posts: 1049
Joined: Jun 2004
 
Posted: 2005-09-21 09:29
the best thing would be if people wrote a para on their favourite thing for me to include. I don't know much about certain roles so much better if someone doing them describes them.

mj


Total Posts: 1049
Joined: Jun 2004
 
Posted: 2005-09-21 09:45
i definitely meant "prejudice"

dc


Total Posts: 574
Joined: Aug 2004
 
Posted: 2005-09-21 10:28

Re: prejudice

I agree with Veegan...this is not clear...prejudice as a noun has a negative meaning...but prejudiced as an adjective is more ambiguous (i.e. inclined to favor one side over another). So, one can be biased or prejudiced towards (in favor of) or one can have a prejudice (negative opinions formed without sufficient knowledge)...so one is left not sure whether you mean to say that physics and applied math types are in favor or out...


tripitaka


Total Posts: 983
Joined: Jun 2004
 
Posted: 2005-09-21 10:52

i'm with mj, prejudice is good style, imnsho

One comment I would have about the sheet (and i recall reading it a few years ago, when i knew even less than the little i do now) is that one of it's best qualities in my book is its conciseness. It gets the broad picture over in 2 1/2 pages, provides references to hull, b&r etc  and generally doesn't mess around.

Too often people manage to get far less information across in far longer documents.

 


Happyas
Certified Headhunter

Total Posts: 410
Joined: Dec 2004
 
Posted: 2005-09-21 11:02

Yeah, I co-wrote one of those empty epics once, though it does get a nice headline billing at moneyscience.org.  Light on quant side, though my co-author did use the document to get himself into the foreign office evincing his analytical and summarial skills.

Talking of which, DW, I never updated that doc or otherwise because I understood it to be the intellectual property of our esteemed former employer, no?

 


ho hum

gap1


Total Posts: 27
Joined: Dec 2004
 
Posted: 2005-09-21 12:01

Agreed....beauty of the sheet is its conciseness....At most any new additon should  be 6 pages at most..

Also what would be good is to give a braod intro at how different quants interact with the other divisons eg..front office quants talks to traders, risk managers, structures about 20 % of their time

research quants talk mainly to fellow quants...

I'm not saying this is true..just giving an example...

 

 


dc


Total Posts: 574
Joined: Aug 2004
 
Posted: 2005-09-21 13:33
Hi mj, Having read the advise sheet a few times and thought it through...I think it is well written and addresses the main topics...I am not sure if I would add/expand anything other than to update the salary/comp #'s...

pj


Total Posts: 3535
Joined: Jun 2004
 
Posted: 2005-09-21 14:57

Could be the quant's role explained (and expanded) in more layman's terms?

(I still have difficulties explaining to father-in-law what I'm doing )

 


Then there was, for example, the shameless witchhunting of Benveniste just a few years back by the science establishment mafia in France. And a closer inspection of Newton's so-called Laws of Motion reveals they are no more than a circular self-referential description posing as an explanation. (Anonymous)

hammerbacher


Total Posts: 189
Joined: Aug 2005
 
Posted: 2005-09-21 15:38

might want to throw in a reference to "numerical recipes in C" on the web.  that's something that, coming from the pure math world, was incredibly useful to me when first starting.  in a similar vein, a reference to glasserman's or jackel's MC books would be very useful to a new quant with little numerical methods background.  knowing MC inside and out was a fast and dirty way to get numbers during my first few weeks on the job.

otherwise, i must also say that i think it's a great, concise summary of the basics (especially the "what does a quant do?" sentence); any extra information will make the document more ambitious than it's meant to be, i think.


gap1


Total Posts: 27
Joined: Dec 2004
 
Posted: 2005-09-21 16:37
On a personal note I thought Glasserman's book was far better than PJ's

mj


Total Posts: 1049
Joined: Jun 2004
 
Posted: 2006-06-06 08:11

Attached File: advice2.pdf

 


vitieubaoldk


Total Posts: 104
Joined: Nov 2005
 
Posted: 2006-06-06 10:36
Thanks MJ

A rock - me - a hard place

NS
Certified Headhunter

Total Posts: 264
Joined: May 2006
 
Posted: 2006-06-06 12:41

As an introductory guide to give a brief overview of the quant world to an outsider I think it's very good. I can't suggest any significant improvements to the revised version that you posted today.

MJ - do you mind if I send it to some PhD candidates that I am working with? I think they would find it useful.

Incidentally if any phorum members can send me a copy of paulanddominic's guide I would be grateful - I am curious to see what they cover in there and how they present it.

 


mj


Total Posts: 1049
Joined: Jun 2004
 
Posted: 2006-06-06 13:05
once something is posted here it's public domain.

vitieubaoldk


Total Posts: 104
Joined: Nov 2005
 
Posted: 2006-06-06 13:20
Leave me your e-mail NS, I only have the very first version, got it through a W****tt member (and it has been updated several times ever since)

OK I admit I was weak, I couldn't resist :-). Seriously I think the guide is really well done (MJ's, DW's and PD's complete each other).

A rock - me - a hard place

NS
Certified Headhunter

Total Posts: 264
Joined: May 2006
 
Posted: 2006-06-06 13:32

nsgrscom

Thanks vitieubaoldk


bitofbully


Total Posts: 69
Joined: Jun 2005
 
Posted: 2006-06-06 13:56
Hey Vitieubaoldk,

I'd appreciate a copy aswell.Be interesting to see how it compares

email is

bitofbullygooglemailcom

Cheers

Mistyk


Total Posts: 92
Joined: Feb 2005
 
Posted: 2006-06-06 14:18
I have the latest version.

vitieubaoldk


Total Posts: 104
Joined: Nov 2005
 
Posted: 2006-06-06 14:42
Mistyk, would you mind sending it to vitieubaoldkyahoocom :-) ?

A rock - me - a hard place
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