It has been a long known secret that Wall Street will hire from
fields like rocket science trying to find skills in modeling, advanced mathematics,
and analysis. But did you know that there is now a job field that Wall Street
uses to describe these data and mathematics driven analysts and that it is
directly related to big data. Their called Quants. That's short for qualitative
analyst.
I thought that since we are getting close to the end of the
semester, that I would share about this field as it uses big data in a very finically rewarding career. It turns out that most
large Wall Street investment firm will employ Quants as analyst who build models
for understand markets, securities and instruments based on large data sets of
past market performance. And these analysts have become so integral to Wall
Street that graduate degree programs have been created specializing in training
Quan's. here are the links to two of these programs: the first is at South New
Hampshire University (http://www.snhu.edu/online-degrees/graduate-degrees/MBA-online/quantitative-analysis.asp)
and the second is at UC Berkeley (http://extension.berkeley.edu/spos/quantitative.html).
If you were to read the Wikipedia page that describes
Quants, it has a marked similarities to many of the things that describe
Industrial Engineers only it focuses solely on the uses of the techniques to build
predicative and descriptive models involving different types of finances. Quants
uses tools like Monte Carlo simulations, stochastic modeling, and time series
analysis to inform investors and portfolio managers on different areas of
finance.
Gavin posted last week about High Frequency Trading. The
foundation of High Frequency Trading is models and algorithms made by Quants.
I know that there are undergraduates in the class that are considering an MBA
and taking their IE knowledge to the business world, so I thought that I would
share this in case anybody was interested in a career using data mining in
business.
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