Being a former Wall Street Trader, I know how hard it is to make a decent buck on Wall Street. The Problem: Everyone wants to work on Wall Street. The competition is as fierce as ever, partially fueled by the painfully accurate depiction of American Capitalism in movies, and other forms of media. Whatever the reasons, the truth is, when you apply for a job on Wall Street, you will be competing directly with the best of the best. And although I'm of the belief that, it doesn't really matter what college/university you go to, a degree from a well respected University; preferably an Ivy League School, does go a long way when it comes to getting a job on Wall Street.
All that aside, what I really want to talk about in this blog post is, The Path of Least Resistance. Your easiest way to get a job on Wall Street. Quantitative Finance. Casually referred to as "Quants" on Wall Street, they are the heart and soul of our Financial Markets. They are the mad scientists who hold the lives of Millions of mortals in the palm of their hands; more specifically, their Fingertips. These are the guys that write complex mathematical equations and thousands of lines of code, to ensure their employer ALWAYS makes money. High-Frequency Trading/Algorithmic Trading is the brainchild of Quants. And today, more than 70% of the volume traded in the markets is traded by Algorithms/Machines. Humans are slowly but surely becoming obsolete on Wall Street.
Quants on average earn anywhere between $115K to $500K per. The really good ones make over a Million. Now, before you start drooling all over your keyboard, let me remind you, Quantitative Finance is the study of Mathematics in Finance. So if you're someone who hates Mathematics and think Calculus is the name of the guy that died in that Greek movie, I suggest you stop reading right about now, and look for other great articles on this site. Quantitative Finance is for people whose entire lives revolve around Mathematics. They even dream about Mathematical Models and Algorithms.
So, if you're someone who eats, breaths, drinks, and sleeps Mathematics, here's how you can make a lot of $$$$ on Wall Street:
- A Bachelors Degree in Quantitative Finance, with a minor in Computer Programming.
- A Masters Degree in Quantitative Finance, with a minor in Economics or Computer Programming
- A PhD in Quantitative Finance or Mathematics
And even though it sounds a bit intimidating at first, trust me, the amount of money you can make with a Degree in Quantitative Finance on Wall Street, is, for the lack of a better word, INSANE! The investment of time and effort at university would seem to be worth it then. So if you have the mathematical skills and the urge to make ridiculous amounts of money Quantitative Finance may be your true calling.