Which Bank is Best for Quants

Which bank is best for quants?
Well it depends as there are too many factors. Banks need to market more, create more stable cultures, and provide a wider range of benefits for quants. It is often a better question to ask, which person should I work for instead of which bank should I work for.
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[@daanialahmad1759]

Thank you so much Dimitri for constantly guiding us. In early years of careers it is preferable to work in office with team as we can learn a lot through it; it's my personal opinion

[@15jorada]

That's good insight. I hadn't considered that.

[@umiakalevinem]

Hey Dimitri. How about determining this choice from a career progression perspective in retail/investment banks and within different types of asset managers like prop/hedge funds etc? Not choosing which necessarily is the best, but how does the long term career differ in these different types of firms. And which kind you personally find more fulfilling?

[@npvlong]

Great video!

[@cescabhi]

Hello Dimitri, really really appreciate the content you're putting out!! Could you please cover what kind of projects could we do that banks would be interested in. I'm doing an MA in economics and the ML/econometrics/time series content is rigorous here but none of my seniors have taken up interest in quant finance before (small, academics based cohort) and your videos are like 90% of the reason I'm able to hang on to some hope of entering the field.

[@DimitriBianco]

I can't speak for the buy side however from the sell side (banks) projects on a resume aren't viewed as good experience...at least not from the majority of quants. Projects are good for self learning though and can help you answer questions in an interview or do better work once you are working in the industry. As for projects related to quant finance, try and build a model for a stock price or an economic variable. Don't just fit a model, really analyze the data and look for flaws in your model. Did you run the correct tests, did you select the correct model and model structure, and how does the model hold up to sensitivity testing? Really understanding your data and your model is a rare skill these days. Too many people get excited to just simple write a few lines of code without reviewing the actual math and theory.

[@cescabhi]

@@DimitriBianco Thank you dimitri !! since projects arent viewed as good experience then what kind of internships do you think one could start applying to? internships which not only help build experience but also where the resume doesnt rejected instantly? I've only worked as an RA for my professors so far

[@andresrossi9]

Looks like the perfect timing discussion since I'm on my way to graduate. I'll miss this room when you'll finish up your studio

[@simonribas4625]

Hey Dimitri do you believe it is possible to go from being quant at bank to quant at hedge fund? What type of skills make a quant excel in the banking industry vs hedge fund? Also what does the quant career look like at a bank? Is there some sort of progression/seniority and compensation bonuses etc?

[@DimitriBianco]

It is possible but not common. The difference in skills is really just experience with specific applications. The buy side is more concerned with making money from buying and selling assets where as on the sell side (banks) they are not allowed to buy and sell assets for their own personal gain. Both sides often have similar models such as those for interest rates, asset prices, and volatility however they have their own unique problems like pricing loans (banking) or asset position size (hedge fund). Career wise the sell side quants have similar paths to others at a bank. You start out as an individual contributor building models and doing analytics and can work your way up to a managing director or executive. Compensation follows a similar pattern for other bank roles however quants typically make more due to the additional educational and experience requirements.

[@kayamasha4685]

Hey Dimitri, not sure if I heard right, but did you work in consulting at BCG? If so, can you talk about the transition to Quants from consulting. Its a hard choice for many people

[@DimitriBianco]

I worked for 3 months on contract and hated it. While they had fancy benefits they didn't treat quants very well. The consulting world is really a business world trying to do quant finance and most consulting firms are failing at it. There are some okay people skill wise in consulting for quant finance however most talent in the quant finance world end up at bank or investing firms. Consulting firms are more focused on billable hours and quickly getting something done rather than generating quality work which may take months and is far cheaper to do in house. Most banks hire consultants as a way to patch a resource shortage (labor or specific task) however they aren't typically kept on long term. Consulting is really a business job and likes people with MBAs, just look at their management and employees hired. If you have a finance background it can be a good path however for quants I would not recommend it unless it is your only option.

[@kayamasha4685]

@@DimitriBianco Thank you!

[@theplaintiff5450]

Why not just work for several? Few years at a big 4, few years at a regional, few years at a smaller one, etc.

[@liqritrs8391]

For the same reason we don't just work for Google for a few years, then Goldman and then McKinsey. They won't hire us.

[@DimitriBianco]

Jumping between firms is inevitable however jumping between types of jobs is very unlikely. There is also a geography issue which may be a thing of the past with working from home. There are great jobs at a variety of firms however they range across the country. Most people aren't willing to move every 5-10 years especially once you get older and have a family.

[@ankitacharya5307]

dimtri make video on diff between masters ina applied economics and Quant

[@DimitriBianco]

I'll consider it.

[@nonduality1]

Would be nice if you had more visuals instead of straight talking

[@sentralorigin]

why did i think this was gonna be a video about which bank accounts a quant should open to keep their money in lol

[@DimitriBianco]

🤣 that didn't even cross my mind when making the title but now that I read it again, I see what you are saying.

[@user-ht7gw9ww1c]

Goldman Sach and JP Morgan♥

[@ameen2428]

Any advice on GS/JPMC intake procedures?

[@mojojojo2647]

banks use quants/analysts as scapegoats