From academia to business: the paradigm shift

The most important change one needs to do comes from inside: it is crucial to understand the logic of the business world, which is rather simple: everything needs to increase revenue or reduce costs. Unlike academia, where one is free of cherry-picking problems, in the private sector we often find ourselves doing “menial” work for which we feel overqualified. The truth is that one needs to learn by doing, and if you haven’t done your fair amount of, say, SQL queries, you would not appreciate the job necessary, nor would be able to troubleshoot your algorithms yourself. In my first job as a data scientist, I was super disappointed because I needed to write long queries and I was expecting to just build some beautiful models on top of the cleansed and sanitized data. I clearly had the wrong attitude, but it took me some time to realize. Later while interviewing candidates for our team, I met a few PhDs that wanted to...
Read More

Getting a job in the private sector after your (quant) PhD

First of all, build marketable skills At least on the beginning, you need to be aware of what the market is looking for, and where you can fit. Coding in some way or another is essential for this. Depends on the level of specialization you want to achieve, this would be C++ (development of high-performance algorithms, for instance in finance), Python, R or SQL (data science and business analytics). Some data science jobs may ask you for Java and so on: do it at your own risk, since that might be a position a bit further from modeling. Another important skill is communication: you need to be able to understand other people's needs and communicate your needs and the solution to their problems. If you are coming straight from academia, chances are hight that you had to give some lectures to experts and teach some courses to non-experts. In many countries, PhD students have to teach to students beyond their field. This...
Read More