Quantitative analysts (AKA “quants”) are in high demand on Wall Street. But a new report suggests that the demand may be slowing.
According to Advanced Trading, Petter Kolm, the director of NYU Courant’s master program in mathematics in finance, said that in 2010 and 2011, the program successfully placed as many as 99% of its quant students within three months of graduation. As of April 2012, however, that number dropped to just over 85%. This is reportedly the first decline since the financial crisis attacked Wall Street and took it down a few notches during the painful years of 2008 and 2009. At that time, job placement had fallen to 75%.
What does this mean for the future of quantitative analysts? They’re still in demand. And thanks to a host of financial regulations requiring their attention, they’re still important. But since the job market is always changing, Advanced Trading says that NYU Courant hires adjunct professors who also work in quantitative finance at Wall Street firms.
“While the academic side is important, networking is absolutely critical in today’s market,” Kolm told Advanced Trading. “If you are going to be a successful quant today, it’s not just grades that count — it’s who you know that counts.”
New, aspiring, and experienced quants could continue to take their chances on the job market and see what happens. Or they could take advantage of the only career matchmaking site that’s dedicated to helping financial professionals find gainful employment — StreetID.
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