What do the math majors / quant people in IB actually do? Are

>>1881232
which ivy (I want to know if its the one im at)
and from what i can gather they just do the same bitch work (models, pitch books, etc) as the history majors, at least in the junior positions. if youre lthinking algos and shit youre probably lookin at quant/S&T jobs

>>1881232
>Implementing variations on some binomial tree algorithm
>Refactoring said algorithm to make it marginally faster
>Occasionally being trotted out by Chad the VP in front of investors to make it seem like they can predict the future
>Getting fired for taking more than a 30 minute lunch.

>>1881232
instead of joining a bulge bank, join a prop trading firm

>>1881232
he looks like he would be a good accountant to hire to count your eth gainz at the end of the year.

praise kek long live ethereum

>>1881245
>which ivy (I want to know if its the one im at)
Columbia

>>1881291
god damnit why is it always columbia on this board

>>1881291
>>1881311
oh that's funny I go here too and study math

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>>1881318
Different Id because I posted from my phone

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>>1881321
damn you got some nice views at Columbia
>meanwhile in providence

>>1881232
IB quant are in 3 buckets.
Backoffice Quant: mainly involved mostly in programming and making execution better
> Shit job, not much math involved, but demand increasing as everything is being automated
Desk Quant: Mainly involved in developing pricing libraries (on the markets side)
> OK job. Heavy mathematics involved, salaries are ok, but the job is somewhat repetitive. You don't have any PnL target so are safe from usual trader culls. This is the average job a quant major gets at an IB
Quant Trader / PM: This is where you aim for. You manage your own book, you eat what you kill.
> Hard to get here, even harder to survive, but if you do you will be compensated handsomely after you have built yourself a track record.
>You need to have a Sharpe of 1.5+, scalable product with 3 year track record to make the big bucks. Can easily be upward of 7 figures.
> Few people satisfy the above criteria, competition is light at the top, and all firms are constantly on the lookout for top talent. Good chance to go solo and establish your own fund too, though that has decreased quite a lot the last few years

>>1881321
cool

i'm pretty excited desu

Have you done any internships yet? You have an idea of what you want to do after undergrad?

>>1881421
Thanks for the info

Do Quant Traders usually hold PhDs? Or is it entirely based on a good track record?

>>1881444
These days a PhD or a highly quantitative masters works. 5 years ago they took shits like me with no PhD.
Quant traders are also in 3 broad buckets:
Banks: These are under the radar, but don't have too much risk budget now as prop trading has been dismantled largely. Banks still have stealth operations though. Look out for Central Risk Desks. They sound unsexy but are essentially prop. USually operate on investment horizons of hours to weeks.
Quant traders at Hedge funds: They are paid big bucks. PhD / qualification doesnt matter if you have a track record, but you pretty much need to be a star quant & programmer. Either join some grad programme at a large HF, or join here from a bank / Asset manager after you have a strategy that works.
Quant Asset Managers: These are long term quant investors. Pay not as sexy HFs but still pretty good, with far more stability than a Hedge Fund.

Qualification matters only as a door opener. After that it is completely on how much you know and how well you know it.
All entry levels need strong programming skills though, so just math is not sufficient. PhDs are hired because they have typically spent a large part of their PhD on programming and moving data around. If you already do that, no need for a PhD.

>>1881458
>strong programming skills though
I'm going to do the math - cs joint major, so I should be getting enough experience there.

Thanks again for all the info.