Quantitative Analysts, the Science Behind the Money

Jenni Kavanagh our consultant managing the role
Posting date: 6/28/2018 1:31 PM

Did you know New York’s Wall Street, a bastion of financial institutions, investment banks, brokerage firms and more was once an actual wall built by the Dutch to repel an English invasion? Though images of skyscrapers or movie scenes from Wall Street and The Wolf of Wall Street may flash in your mind when you think of it, the world of traditional finance has changed.

FinTech businesses– a merging of finance and technology – and Challenger banks are challenging the establishment – Tier 1 banking. In an industry in which traditional banking is facing a shakeup of epic proportions from Challenger banks, finance executives increasingly turn to quantitative analysts for help. Today’s analysts want to be more invested, to make a difference and take end-to-end ownership of Model Development/Credit Strategy projects.

What is a Quantitative Analyst?

Quantitative analysts help financial firms make decisions about risk, pricing, and invests. But, their ultimate goal is

 to maximize profits – whether that be by reducing risk or generating profits – using complex mathematical models to inform business decisions.

Much like the word “tech” has infiltrated other industries – advertising, marketing, retail, insurance, and so on – and the need to offer both technical (hard) and business (soft) skills remains. These analysts must be able to apply scientific methods to approach data from all angles. They must also be able to translate and interpret the information into actionable insights for their firms.

Get on the Fast Track

According to the Bureau of Labor Statistics (BLS), the financial analyst category (inclusive of quantitative analysts) is expected to  grow 16% from 2012 to 2022 making it the fastest occupation on average. Demand is high and rising which makes competition extreme for quantitative analyst roles. Below are a few ways, you can get a leg up on the competition.

  • Check out Michael Halls-Moore, the founder of QuantStart.com, and his Self-Study Plan for Becoming a Quantitative Analyst.#
  • Be able to think for yourself and question everything. Look for the not-so-obvious answers.
  • Don’t get stuck in conventional models and explore new paths. Get creative.
  • Leave your MBA at the door. Many firms are more interested in those with a scientific background – engineering, computer science, math, or physics (natural sciences).
  • Focus programming language studies on Python, R, and C++.
  • Attend an event at the Wall Street Technology Association (WSTA®) created to provide opportunities to learn from and connect with other finance professionals. This year they’re launching an Innovation Showcase at its annual Summer Social on June 13. This event will showcase leading-edge technology solutions and a chance to network with other colleagues in the industry. Tickets are sold out but heads up for next year.

Show Me the Money

If you’re a master mathematician, statistician, financier, or economist, Wall Street institutions will always need Quantitative Analysts to measure risk, to analyze, and to generate profits. After all, at nearly 30% above the national average, Wall Street is where the money is.

If you’re looking for a new challenge and want get your foot in the door at a FinTech start up looking to shake up the nonprime market, we have a role for you. We’re hiring for a Lead Data Scientist to take the reins to develop, deploy, and maintain a credit-based model from scratch to enable under-served and emerging markets around the world. Contact Edward Flynn, Recruitment Consultant +1 212 796 6070 edwardflynn@harnham.com

Credit Risk not your thing? No worries, check out our current vacancies or contact our East Coast team to learn more.

For the East Coast team please call 212-796-6070, or email newyorkinfo@harnham.com.

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