Thanks everyone.I have since been offered two more interviews with quant hedge funds, and will probably have them next week.I have no data mining or statistics experience, will they ask me about it in the interviews? Are those interviewsjust focussed on brainteasers and coding?Also, if, as claimed, algo funds pay so much better and have better lifestyles, does that mean they have more andbetter applicants than banks? I hear their interviews are not as difficult as derivatives pricing ones...

QuoteOriginally posted by: finallytradingThanks everyone.I have since been offered two more interviews with quant hedge funds, and will probably have them next week.I have no data mining or statistics experience, will they ask me about it in the interviews? Are those interviewsjust focussed on brainteasers and coding?Also, if, as claimed, algo funds pay so much better and have better lifestyles, does that mean they have more andbetter applicants than banks? I hear their interviews are not as difficult as derivatives pricing ones...If a major relevant area of knowledge is not on your CV, they will assume you left it off your CV because you don't know about it. They will therefore not embarrass you by asking questions in areas you don't know about. The interviewers are very keen for you to do as well as you can -- they want to assess you at your best. They will assume basic statistics because they will think (wrongly) that all mathematicians know about that type of stuff. For example, they may ask you to give the pdf for a standard Gaussian. The interviews will contain more than just brainteasers and coding.A wild guess is that the stability of your employment is less with an algo fund than with most other quant postions. Since job stability is highly valued, it would make sense that those positions would be less competitive than more stable quant jobs which paid slightly less. So it makes sense that "their interviews are not as difficult."CommodityQuant

CommodityQuant, that makes sense, and I can definitely confirm that not all mathematicians (especially notthe pure kind) know about basic statistics and numerical analysis.I understand the lack of job security, but should one then choose a stable hedge fund? like DE Shaw, Citadel, Jump Trading etc.Surely job security is higher with them?Does it matter for your career whether you go to a small one, or is there also prestige in having workedfor one of the big ones?

QuoteI understand the lack of job security, but should one then choose a stable hedge fund? like DE Shaw, Citadel, Jump Trading etc.You don't choose to work for the likes of DE Shaw, they choose you.

I see, so the top ones are too hard, and it's ok to start with the small ones? Do many people start their career that way?Can you become a trader of similar level?

QuoteOriginally posted by: Marco72QuoteI understand the lack of job security, but should one then choose a stable hedge fund? like DE Shaw, Citadel, Jump Trading etc.You don't choose to work for the likes of DE Shaw, they choose you.Pull the other one! You simply apply online, as for many other entry level quant jobs:http://www.deshaw.com/JobOpp.shtml

QuotePull the other one! You simply apply online, as for many other entry level quant jobs:http://www.deshaw.com/JobOpp.shtmlIn your case, "apply" isn't the same as "choose".

Of course! I meant choose to apply and go for...As in: is it best to focus your time and energy on trying to find and get into smaller ones?Otherwise I would've thought to go for this quant job at a bank and try to switch later, but itseems everyone agrees that's not possible. I guess I'm starting to realise that, if you want to be a quant trader, you better do it asap.

QuoteOriginally posted by: finallytradingOf course! I meant choose to apply and go for...As in: is it best to focus your time and energy on trying to find and get into smaller ones?Otherwise I would've thought to go for this quant job at a bank and try to switch later, but itseems everyone agrees that's not possible. I guess I'm starting to realise that, if you want to be a quant trader, you better do it asap.It's the usual catch-22: it's hard to get a good job without relevant experience and it is hard to get relevant experience without a good job...

QuoteOriginally posted by: finallytradingOf course! I meant choose to apply and go for...As in: is it best to focus your time and energy on trying to find and get into smaller ones?Otherwise I would've thought to go for this quant job at a bank and try to switch later, but itseems everyone agrees that's not possible. I guess I'm starting to realise that, if you want to be a quant trader, you better do it asap.What exactly do you want to do? Trader, quant, statistical arbitrage, etc?

My original plan was to be a quant in a bank, and learn a lot bout finance, programming etc, and then go to a statistical arbitrage shop. That is what I wanted to have a career in,but I was under the impression they value front office quants from big banks.A friend told me you gain a greater understanding at banks, and see more models and asset classes. Quant funds were quite specialised, he mentioned.I'm starting to realise that the two seem much more disconnected than I previously thought...Is that true?

QuoteOriginally posted by: finallytradingMy original plan was to be a quant in a bank, and learn a lot bout finance, programming etc, and then go to a statistical arbitrage shop.People do change careers, but it's a bit strange to plan that in advance. I would advise you to decide what you want to do and then try to get a job in that area. Also, if you want to get an idea of what the work and salary look like at banks and HFs, you could speak to a headhunter who deals with both. I have no experience working for HFs, so I can't help you with that.