Quant Dev to Quant Trading/Research
Hello, it's my first post here and I'd very much appreciate your advice.
Some background: did undergrad in CS with a good amount of additional math courses at a respected uni in Europe. After undergrad worked as a dev at a BB then decided to do an ML/stats master's at the same uni (it's a 2 years program). Secured a quant dev internship at Optiver/DRW/SIG/IMC for this summer. Some previous non-finance experience as well: such as teaching assistant and a FAANG internship.
I have some good things going in research with prospects of publishing together with my advisor in a good journal before the next recruitment season. It's a more classical approach to modeling, mostly bayesian stats.
Last recruitment season I only did one QT intern interview, rest of the interviews were for QD intern positions.
Ideally, I'd like to secure a FT QT/QR position out of the grad school. What's my play here?
I'm asking mostly about securing the interviews as I'm heavy into the prep game and more or less know what to do there. Still, if you have any advice on this front I'd be thankful for your feedback.
Some questions:
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How hard will it be for me to get interviews without a prior QT/QR internship?
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Should I apply to both QT and QR at the same shop or should I focus only on one position per shop?
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Should I apply also for the internship positions for more visibility?
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Assuming I get a FT offer after my QD internship would it be possible to ask for interviews at the same shop but for QT/QR?
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I'm quite familiar with the QT interviewing format but could you tell me where is the focus in QR interviews?
Thanks a lot!
Ahoy there! Welcome to your first voyage on the grand sea of Wall Street Oasis. You've got quite the journey mapped out, and I'm here to help you navigate through the treacherous waters of transitioning from Quant Development (QD) to Quant Trading (QT) or Quant Research (QR). Let's dive into your questions with the wisdom of the WSO content and the spirit of adventure!
Transitioning without a prior QT/QR internship: Based on the highest ranked content on WSO, it's not uncommon for individuals with strong quantitative backgrounds and relevant experience, like yours, to transition into QT or QR roles. Your background in CS, additional math courses, and ML/stats master's, coupled with your internship at a top firm and research prospects, positions you well. The key will be to highlight your quantitative skills, research experience, and your ability to apply these skills in a trading/research context in your applications and interviews.
Applying to both QT and QR roles: Based on previous WSO threads, it's generally advisable to tailor your application to the role that aligns most closely with your skills and interests. However, if you have a genuine interest in both QT and QR, and your skill set is relevant to both, applying to both positions can be a strategic move. Just ensure your applications are customized to reflect how your background and interests align with each specific role.
Applying for internships for visibility: Given your current position in a grad program, applying for internships in addition to full-time roles can indeed increase your visibility and provide additional pathways into a firm. Internships can serve as extended interviews and offer valuable networking opportunities, potentially leading to full-time offers.
Transitioning within the same firm post-internship: Based on the most helpful WSO content, it's definitely possible to transition or express interest in QT/QR roles within the same firm post-internship. The key is to perform exceptionally well during your QD internship, build strong relationships, and express your interest in QT/QR roles to your mentors and managers early on. Firms value internal talent and may be more willing to consider you for different roles if you've already proven your capabilities.
Focus in QR interviews: QR interviews tend to focus on your research skills, statistical knowledge, and your ability to apply these in a financial context. Expect questions on statistical modeling, data analysis, and possibly coding challenges related to data manipulation and analysis. Demonstrating your ability to think critically about problems, apply statistical methods, and communicate complex ideas clearly will be key.
Remember, matey, the journey might be fraught with challenges, but with your skills and the treasure map of knowledge from WSO, you're well-equipped for the adventure. Best of luck, and may the winds be ever in your favor!
Sources: How hard will it be to find an internship/job without internship experience?, Most interviews in a row without receiving an offer?
Try posting this also at Quantnet forums. It’s their version of WSO.
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