Sorry if I've posted this in the wrong forum, I wasn't sure whether this should go under career or general (or maybe even student). While looking at the placement records of Econ and Finance PhD programs, I've noticed that it's not uncommon for these graduates to take jobs at hedge funds, i-banks, and similar financial institutions. My confusion is what these people actually do. Are they quants? And if not, what is their job and how does their background/skills contribute in different ways than MBAs, mathematicians, physicists, etc?

I would like to know it as well. What kind of industry jobs do finance PhDs take? Since I am at the early stage of the program, if i know the requirements of representative industry jobs, I could focus my research around that area. Any insight will be highly appreciated!

As an Econ PhD, your econometrics skills are probably what is going to make you interesting for many funds.Many Finance PhD programs want you to do some basic coursework in stochastic analysis and some continuous time modelling, but I dont think that will qualify you as a quant. You would really need to push your research into this area and train yourself in programming for a quant position.

QuoteOriginally posted by: CEexsAs an Econ PhD, your econometrics skills are probably what is going to make you interesting for many funds.Many Finance PhD programs want you to do some basic coursework in stochastic analysis and some continuous time modelling, but I dont think that will qualify you as a quant. You would really need to push your research into this area and train yourself in programming for a quant position.Are the many Finance PhDs on wall street actually quants? I was beginning to think recently that many of the Finance and Econ PhDs in the finance industry are doing something other than being a quant?

QuoteOriginally posted by: econQuoteOriginally posted by: CEexsAs an Econ PhD, your econometrics skills are probably what is going to make you interesting for many funds.Many Finance PhD programs want you to do some basic coursework in stochastic analysis and some continuous time modelling, but I dont think that will qualify you as a quant. You would really need to push your research into this area and train yourself in programming for a quant position.Are the many Finance PhDs on wall street actually quants? I was beginning to think recently that many of the Finance and Econ PhDs in the finance industry are doing something other than being a quant?I think a physics or (applied) math PhD will train one better for a quant position than a finance PhD. The course work and the research we do, for instance, involves very little stochastic analysis though it involves lots of econometrics and programming in SAS or R/Splus. (i am talking about a mid level finance phd program in the us).I know this forum is primarily for quants. But can someone please shade some light on typical finance phd wall street related jobs? Thanks

QuoteOriginally posted by: econWhile looking at the placement records of Econ and Finance PhD programs, I've noticed that it's not uncommon for these graduates to take jobs at hedge funds, i-banks, and similar financial institutions. My confusion is what these people actually do. Are they quants? And if not, what is their job and how does their background/skills contribute in different ways than MBAs, mathematicians, physicists, etc? the econ/finance phds do pretty much exactly what the other quants in hedge funds do. everyone learns how to do stat arb, write code to do simulations, and write code to optimize trade lists. The main thing that econ/finance phds offer is some knowledge of financial economics and accounting so they are less inclined to totally data snoop the data than the math/physics/stat guys. They also know what happens during a recession, when there's inflaiton, or when there is a credit crunch. In this sense, the finance/econ guys are much more valuable than the pure math guys.

QuoteOriginally posted by: econAre the many Finance PhDs on wall street actually quants? I was beginning to think recently that many of the Finance and Econ PhDs in the finance industry are doing something other than being a quant? they can be the boss of the quants.

There are certain jobs where you need to find numerical solutions to differential equations for which a math or physics or engineering phd is more useful. But there are many jobs which requires putting together a portfolio or strategy, for which finance phd is lot more useful. Many finance phds work as quants, work as analysts. In a place like (say) ITG , Barra and BGI which in my opinion is pretty diverse and pseudo-academic, there are people having finance, economics, physics, mathematics and probability phds. They get along well and do the same kind of job.