QuoteOriginally posted by: xploringHi Neuro, are quant traders and prop traders the same thing? I had the impression that most titles beginning with "quant" requires a phd to get hired. Looking through my college classmates who are quants on linkedin it seems like everyone who works at a well-known firm (eg, Citadel) has a phd in something...I'll go lurk around Trade2win forums for a while, thanks for the tip!I really dislike the term 'quant' for exactly this reason. Forget about 'quant', think about THE JOB.There are no solid, exact definitions. And in the end nearly all finance is quantitative anyway.Sometimes I guess when people say 'quant', what they mean is 'some PhD who does specialised stuff', but that is about it. 'Quant' can be used to obscure much and also as bait because of the perceived glamour of being a 'quant' (amongst geeks at least!). Hence the thinking is that by putting 'quant' in front of a title you make sound a bit sexier than 'VBA/Excel, library maintaining, numbers drone'. To be fair 'quant' did used to mean 'stoch. calculus expert who prices derivatives' but this is no longer exclusively the case. Now, prop. trader means anyone who is following a discretionary strategy of their choosing to earn a return on a pot of capital (either their own, that of a firm, or of a group of investors).Of course this can include 'quant' strategies. I guess quant strategies would imply that the points at which a position should be modified is determined by a mathematical/statistical model.Where strategies are completely automated however, such that the traders are only overseeing the strategy, these would not be prop. traders because they are not making strategic decisions. There is a whole spectrum between completely discretionary (i.e. gut feeling) trading and completely automated trading styles. Anyone who runs money can be placed on this spectrum.It is true that in many firms, to do 'quantitive analysis' (i.e. somewhat sophisticated mathematical analysis) of market data people will invariably have a PhD. So if you want to do that, then this helps. But these people are normally doing research on behalf of the traders or the trading system rather than actually trading themselves (at least in large firms). Its is not necessarily true that a PhD is needed, but it is a filter. They have enough people applying that they can choose the highest achievers, even if the knowledge of those people is not fully deployed.