Quantitative Finance

[TabJockey]

Hey guys,

I'm in my 3rd year of a bachelor of Commerce at Deakin Uni majoring in Accounting and Finance. Deakin has a strong accounting reputation but not so strong on the finance. I don't actually want to be an accountant I just think its important to understand accounting in the business world, i am much more interested in finance.

Recently I have worked out that I could fit in a 3rd major in Quantitative Finance.

My question is, in the honest opinion of professionals and non-professionals alike that trawl these forums, would a 3rd major in Quantitative Finance improve my employability by a finance firm, and would it significantly improve my real life understanding of finance?

The answer is dependent on the quality of the education at Deakin, but I can say that its been very good so far and I have no reason to believe that Deakin's QF units would be rubbish.

 

[Gringotts Bank]

Perhaps ask the university for the names of some people who have graduated that course, so that you can ask them directly.

I did this myself when I wanted to know about a post grad diploma in my line of work (which is not finance related). What I found is that an employer will generally view you as someone who has a bit more dedication and application, but that it won't change your chances of getting the job. What I mean is, while getting a job requires having decent qualifications, it's much more important that you come across as likable and affable.

The other thing i found was that when I visited those people who had completed this graduate diploma, and actually observed them working, i found that they did things exactly the same as I did. Upon further questioning I found that these people prided themselves on the qualification, but that it added nothing to their skills, nor the outcomes they achieved for clients. All they got was more useless knowledge! So I decided not to pursue this very expensive and very time-consuming course and I'm very glad for this decision. There was quite a bit of pressure from various people to complete it too. I think they wanted me to do it as some sort of right of passage!

It won't be until you have worked in the workplace for a few years that you can look back and realise that most of what you have already learnt at uni is of no practical value. But all courses are like that - 60% padding, 40% useful in the real world.

 

[skyQuake]

imo get a maths degree or a computing science.

What quant you learn in uni is decades out of date.

 

[mazzatelli]

Hey guys,

I'm in my 3rd year of a bachelor of Commerce at Deakin Uni majoring in Accounting and Finance. Deakin has a strong accounting reputation but not so strong on the finance. I don't actually want to be an accountant I just think its important to understand accounting in the business world, i am much more interested in finance.

Recently I have worked out that I could fit in a 3rd major in Quantitative Finance.

My question is, in the honest opinion of professionals and non-professionals alike that trawl these forums, would a 3rd major in Quantitative Finance improve my employability by a finance firm, and would it significantly improve my real life understanding of finance?

The answer is dependent on the quality of the education at Deakin, but I can say that its been very good so far and I have no reason to believe that Deakin's QF units would be rubbish.

QF as part of an undergrad would not likely be cutting edge and watered down
Finance is a broad field so what exactly do you mean by "understanding of finance"?
I ask this question seriously, not in jest. It may enlighten you on whether this is a path you'd like to tread.

fwiw my background is in quant finance

 

[Dowdy]

Whats QF?

I hope it's not the same as the Quantitative Easing bulls*** that they're doing these days

 

[TabJockey]

Quantitative Analysis is basically where you use mathematical and statistical techniques to analyse data, Quantitative Finance is when you do that with Financial Data.

To answer your questions Mazzatelli, I reckon you are right about the dilution of the quant in an undergrad degree, after completing the 6 units and finishing the major I will only really be left with a broad understand of how Quantitative Analysis is done and a practical understanding of techniques that are probably mostly out dated and perhaps too simplistic for any useful application in the work place.

My career goal, which may change when I start to work in the industry (but its good to have a goal anyway) is to work in Securities Analysis with a fundamental approach. I will never be "a quant" because although competent I dont see myself as any sort of mathematical prodigy and programming has never come naturally to me.

So when I say "my understanding of finance" in my original question, im really talking about my ability to work with experts in QA perhaps more effectively than if I had no clue as to what they actually do all day.

Also, in my 3rd year, I am itching to get out into the work force. I would probably love to do a masters in a few years but I dont think it would be worthwhile doing one straight out of my bachelor. So I will be looking for a job with a vanilla commerce degree, majoring in Accounting and Finance alongside about 100,000 other young people out there. Would the QA major help to differentiate myself, even a small amount, in the job market?

 

[mazzatelli]

With the role you desire, its highly unlikely you would work with quant analysts.

There's areas of specialization: pricing derivatives, credit and interest rate risk models, developer of software etc so all far from what you intend to do.

If you intend to move into valuations and M&A type roles, it would be better to pick up legal subjects.
QA wouldn't hurt your chances, but if you're interested in fundamental themed research - subjects in economics/econometrics, imo would be better and differentiate you as well.

All the best with the job hunt.

 

[TabJockey]

With the role you desire, its highly unlikely you would work with quant analysts.

There's areas of specialization: pricing derivatives, credit and interest rate risk models, developer of software etc so all far from what you intend to do.

If you intend to move into valuations and M&A type roles, it would be better to pick up legal subjects.
QA wouldn't hurt your chances, but if you're interested in fundamental themed research - subjects in economics/econometrics, imo would be better and differentiate you as well.

All the best with the job hunt.

Yep more into the Fundamental type approach, but M/A is not something im going to aim for. All the best and brightest people out of the best uni's want to get into M/a