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"What does a quant career look like?" The simple answer...they are all different. The long answer has to do with understanding goals and deciding whether or not you want to stay an individual contributor or become a manager. The higher up the corporate ladder you go, the less quant work you'll do. I'm trying to do both but at times I feel like I am being torn in half.

Not to mention quants have been going into new areas like data science, crypto currency, and defi. Careers for quants aren't a simple steps 1-10.

In this video I give you some points to think about and how I wish the industry would change.

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As Christmas is just around the corner and we passed Thanksgiving a few weeks ago, I figured I would talk about my struggle with gratitude. For me gratitude is a very hard thing. I want to be more grateful as it would make me a better person and I would be much happier however it is hard. I have really been thinking and working on being more grateful especially since my grandma passed away last year. She was always very grateful and was also a very big fan of Christmas. I think one reason I think a lot about my grandma during the holiday season comes down to the fact that she was always so grateful even when life wasn't easy.

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Academics and industry professionals alike  seem to think their field of study is correct while others are outdated or wrong. I completely get where the frustration comes from as there has been a lot of hype in many fields which is being pushed by people who aren't really apart of any field. Kaggle and towards data science come to mind however there are a long list of textbooks as well. The frustrating part though is the lack of understanding in what unifies all of us which is the scientific method. The scientific method is designed to challenge ideas and come up with better ones while adhering to a rigorous set of logic and testing.

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"What does a quant career look like?" The simple answer...they are all different. The long answer has to do with understanding goals and deciding whether or not you want to stay an individual contributor or become a manager. The higher up the corporate ladder you go, the less quant work you'll do. I'm trying to do both but at times I feel like I am being torn in half.

Not to mention quants have been going into new areas like data science, crypto currency, and defi. Careers for quants aren't a simple steps 1-10.

In this video I give you some points to think about and how I wish the industry would change.

Quant t-shirts, mugs, and hoodies:
teespring.com/stores/fancy-quant

Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco

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Often we focus on models so much that we forget they aren't perfect. There is a strong need for a validation team to check the work of model development. However this leads to disagreements between teams. There are many factors that play into this which include technical limitations, limitations of employee education and experience, usage limitations, and ego. Quants make their money based on their intelligence. It is hard to admit you either made a mistake or do have the knowledge required to model a specific problem. Add on the requirement to do additional work and potential negative impacts to your promotions and bonuses and we end up in a hostile environment. These limitations are risks in themselves and should be viewed as part of model risk management's analysis.

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I'm excited to have a long-time subscriber and friend, Andres Rossi on the podcast! I have watched him mature and grow from an undergrad student into starting his first job as an actuary after his masters degree in quant finance and actuarial sciences. In our discussion we talk about actuaries vs quants, actuaries in Italy, education, quant finance, data science, and risk management.

I was very impressed with Andres' English as he took a few classes in school but really taught himself by watch videos on YouTube. This is also the first time I have ever had a conversation with him and his first English conversation. We have been in contact over the years through messaging apps but it was great catching up with him on video.

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Quantitative finance has a marketing problem in almost all areas. The academic institutions have spent very little time and money and defining what they truly offer students. To be honest I don't think many of them know what they are offering besides a piece of paper saying you graduated. Programs should be designed for a specific type of incoming student and train them for a specific job afterward graduation.

This problem is also seen in the industry. Companies either don't care about their quants or they have no idea how to create a positive quant culture. When we think about the "dream" companies to work at as a quant I often hear the big hedge fund names. When you dig a bit deeper online though many of those names have bad reputations for long hours and hostile work environments. Banking wise most quants don't know risk management at a bank exists and those who have do not know what bank is better than others. And the sad truth is that it really depends on who you manager or team head is more than the company. Once these people jump firm to firm which is fairly common, the positive quant culture goes with them.

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I quit my job at Santander working in model risk management. It was 6 fun years where I learned a lot however due to some corporate restructuring and a better opportunity where I would have more responsibility, I am moving on.

In this episode I talk about interviewing at other firms as well as how to view different offers. How much money you are being paid is usually a main driver but don't forget to think about responsibilities. Building a resume with new skills can help you later down the road.

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Time is ticking and when you turn 30 years old it seems life changes. More realistically, sometime around the age of 30 as we are all unique. The biological clock is ticking away for having kids and finding a spouse. This life change can have a large impact on one's career, especially in quantitative finance. I am currently struggling with this as I am very career driven and am the personality type that needs to be busy and productive constantly. About a year ago I had a daughter and she turned my world upside down. A younger me always though you had kids and there were a few adjustments but that my career would stay on track. To my surprise learning to juggle a family and a career as well as my previous life has been very challenging. I now want to be a great father and spend a lot of time with my wife and daughter however I also need to be putting in extra time at work if I want a career and not just a job.

This life change impacts both men and women. Finding a spouse has a clock ticking on it as well because many people find mates by 30. This means the number of people you can marry gets smaller every year if you want to marry someone around your age who doesn't have kids. Marriage is also time consuming as you now have to share your time with someone else. Having someone there to support you can also help propel your career however the focus from career to family seems to naturally shift around 30 years old. There is no right decision here. I'm not saying you need to be married or have kids however if these are things you do want in life, there is a biological clock ticking and you need to make a decision. Having a career (not just a job) and balancing a family is challenging and not very likely for most.

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The decision to work in the industry vs academia is a hard one to make. Years into a career in the quant finance industry and I still wonder if I should go back to academia. My passion for education, training, and research is still strong and often the industry seems to be against these three ideas. Making money and focusing on the business takes precedence over education and learning even when the long-term profits would be lower. Making money in this very moment seems to consume businesses and especially banks.

So is the grass really greener on the academic side? In this episode I discuss the pros and cons of academia in contrast to the industry.

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