which is a more interesting/higher level job: being a modeller (doing pricing schemes mainly) or being a desk quant/risk analyst, where you would spend some of your time support a trading desk but most of your time doing mathematical research (e.g. [totally random example] putting liquidity risk into a model in the form of a proportional transaction cost). which one should i choose?

If you eventually want to become a trader, I'd definitely advise desk quant.Otherwise, it depends on your preferences, eg do you want to work on long term projects with high-level maths? (-> modeller)or do you prefer short term tasks, with most of your time spent programming on Excel/VBA ? (-> desk quant)

.... and if you want insights into predicting transaction costs we should talk.

QuoteOriginally posted by: GregWallace... and if you want insights into predicting transaction costs we should talk.GregWallace, are you in some kind of crisis today with this snowstorm of poorly-executed sales posts? What ever happened to this.QuoteOriginally posted by: GregWallaceFarmerWe are attempting to have a good discussion about modelling risk in lower dimensions and you are trying to hijack into something way different.Better to start your own discussion off-topic.What is to say that if I did start my own discussion off-topic, you wouldn't try to redirect that onto the subject of "transaction costs" as well?

touche