I am in the fortunate position of having been offered a PhD in Numerical Analysis at one of the top two British unis. I have a little experience in finance and worked at one of the now non-existent BBs as an options trading intern over the summer. I have an interview coming up at the firm that has taken over part of this bank soon, for a junior trader role. Let's assume that I get the job. Given that I will be 27 when I start either option in September, what, given current market circumstances do people think is the best choice? I would like to go into quant work later on if I do go for the PhD, but I will be pushing 31 at this point. I can see a future for myself in academia also, and this PhD is something that I will absolutely enjoy doing for its own sake. If I was a little younger, I would do the PhD without hesitation. However, if a trading job offer comes along, would it be foolish to turn it down?Also, I read on some of the forums that signals processing/machine learning is what will be being looked for in quants in the future. In three years time, is an NA PhD going to pack the punch it once did?

QuoteOriginally posted by: skint101I am in the fortunate position of having been offered a PhD in Numerical Analysis at one of the top two British unis. I have a little experience in finance and worked at one of the now non-existent BBs as an options trading intern over the summer. I have an interview coming up at the firm that has taken over part of this bank soon, for a junior trader role. Let's assume that I get the job. Given that I will be 27 when I start either option in September, what, given current market circumstances do people think is the best choice? I would like to go into quant work later on if I do go for the PhD, but I will be pushing 31 at this point. I can see a future for myself in academia also, and this PhD is something that I will absolutely enjoy doing for its own sake. If I was a little younger, I would do the PhD without hesitation. However, if a trading job offer comes along, would it be foolish to turn it down?Also, I read on some of the forums that signals processing/machine learning is what will be being looked for in quants in the future. In three years time, is an NA PhD going to pack the punch it once did?Is this a trick question or something?If you have to seriously question whether or not you would like a trading job at a real company, then you are absolutely not qualified for it.I'm not being mean, I'm dead serious. You need to stand aside and let somebody have that job who lives, breathes eats and sleeps trading.

QuoteOriginally posted by: skint101I am in the fortunate position of having been offered a PhD in Numerical Analysis at one of the top two British unis. I have a little experience in finance and worked at one of the now non-existent BBs as an options trading intern over the summer. I have an interview coming up at the firm that has taken over part of this bank soon, for a junior trader role. Let's assume that I get the job. Given that I will be 27 when I start either option in September, what, given current market circumstances do people think is the best choice? I would like to go into quant work later on if I do go for the PhD, but I will be pushing 31 at this point. I can see a future for myself in academia also, and this PhD is something that I will absolutely enjoy doing for its own sake. If I was a little younger, I would do the PhD without hesitation. However, if a trading job offer comes along, would it be foolish to turn it down?Also, I read on some of the forums that signals processing/machine learning is what will be being looked for in quants in the future. In three years time, is an NA PhD going to pack the punch it once did?So you are on cross roads - trading or PhD? You like to make money which most traders are known for but you want to learn? When you turn 50, you might regret not having PhD. It seems far, but it not. Time flies. Unfortunately, life is not a markov process and so whatever you decide today shall have a serious impact on your life at 50.The bottom line is you need more information, which will happen only with time. Having said that you probably can try an internship as trader to see if it fits your personality. 3 months shall be reasonably enough. If you get accepted, you can take the job of trader and try for 3 months. If it works, stick there or else go do your phd.

Papercut - I think it's fairly narrow minded of you to assume that you understand my motivations from a single post I've written. I have in fact, devoted the past year and a half of my life to switching careers and getting into trading. Factors outside of my control took away the opportunity. I had a trading job offer from this bank and was about to jump feet first into it at the end of September, but then the shit went down and my job went bye byes. The point is: I don't want to be in the position of having turned down a great academic opportunity to take this trading job, only to be laid off in year's time.Cryptic - I know I would love trading, I spent three months on an options desk and though I was I wasn't actually trading, it was certainly enough of a taste for me to be confident I could get on well in that kind of environment. It's a good suggestion to try and see, but I really need to go one way or the other, as funding and other issues mean that if I'm going to do the PhD, I have to do it now.

skint: good luck with whatever decision you make. The thing about this web site is once in a while you are on the wrong side of some cynical comments. Over the years, I have learnt that most people who are on to this web site don't mean anything wrong. There are more plusses than minuses, you know what I mean.

QuoteIn three years time, is an NA PhD going to pack the punch it once did? Absolutely, imho. The big question is: in which areas... No one knows. And in unexpected areas at that.

Trading, no question - that´s where the action is at a bank. Regardless of what you might read in some newspaper articles, the vast majority of quants have support roles, i.e. are there to make some traders happy (that´s the best case - the worse case is ending up in risk and never getting close to the money at all). If you got an offer to get in as a junior trader, go for it - as advice from someone who´s been in the business for over 3 years (not that long, but enough to know what it looks like from the inside).

QuoteOriginally posted by: ZmeiGorynychTrading, no question - that´s where the action is at a bank. Regardless of what you might read in some newspaper articles, the vast majority of quants have support roles, i.e. are there to make some traders happy (that´s the best case - the worse case is ending up in risk and never getting close to the money at all). If you got an offer to get in as a junior trader, go for it - as advice from someone who´s been in the business for over 3 years (not that long, but enough to know what it looks like from the inside).Agree with the selection of trading, life is about bets, and trading enables you to bet with others' money, sounds quite exciting already, if there is the chance. On the ending up in risk and never close to the money at all, there are many live examples around me and those I heard from friends that risk people moved into trading, equity research, quant etc. Life is not a markov process and it is dynamic, I guess as long as the person is strong enough and able to demonstrate to other people, there will be many possibilities out there.

Dont listen to these people. If you have the background to get into trading now what makes you think that wont be a possibility when you get a PHD? Thats ridiculous, there are plenty of PHD's who are traders. There are countless unknowns in terms of job security when you are a trader, especially if you are working for a bb (as you already know). There are lots of traders out there, but there are not that many people with PHD's in NA from a top 2. Get the PHD then get into trading. When your 55 and your body cant take trading anymore, you can grab a job as a professor somewhere and enjoy the rest of your life.

I disagree. It is in fact rare to have a 27 year old be the head of a trading department at a bb. The reason why you dont think it is rare is because the very few twenty-something year olds who are get a lot of media coverage for that exact reason........the fact that it is rare.

Skint,You need to be honest with yourself.Do you think you have what it takes to sustain profitably a trading Job for 10 years or do you think you may be fired and may not be fired.Points against PhDDo you think you can become a manager or consultant if you don't get a PhD.I mean you can get an MBA and try being a manager/consultant incase you lose your trading Job.In the worst case you can get a descent PhD next year as well as PhDs are based on profile and if you have a profile now then you have after 1 year as well.However that PhD may not be a Top 2 UK PhD.Points in favour of PhDDo you consider being a quant or an academic for a greater portion of your life ?

Thanks for posting, all. Some interesting points of view.

go for the phd, nomura is shit

PhD