Career Trajectory for Data Scientists in HF
I have an internship offer as a Data Scientist at T1 MM HF this summer( hope to get a full time offer) I am currently pursuing an MS in Computational Data Science at CMU. I have an electrical engineering degree and 2 years SWE experience behind me. I will be graduating this December and am wondering what the career trajectory looks like for someone starting out as a DS in T1 HF. I want to know what the next 10 years look like work/life and money wise. I see a lot of DS do quant research in 2-3 years. How does the bonus structure work at P72/Millennium for data scientists. Can a DS ever become a PM. If yes, how many years could it take. If no, what does a DS do after 10 odd years. You would surely want more control and a bigger share of the pie. How can a DS prove he’s good enough to become a PM.
Interested as well
DS can’t make PM in a discretionary role. Your job is to spam =correl in VisibleAlpha, macro, vendor inventory and Nielsen data among others and draw some decent ideas on the trajectories of things so you can convince PMs to spend $$ on your teams research.
Not an investing seat and it’s not even clear how you’d move into one tbh
It’s a more interesting role than coding in FAANG, but if you are looking for the best technical investing role you need to aim for quant roles at prop trading firms. It’s the best place from an earnings perspective and you should recruit when your still at CMU, because afterwards we wont take laterals without prior quant experience.
Thanks for the insight. I look at the people in QR and QT at places like HRT/JS/Citadel and they seem to be either usamo/imo/ioi/putnam kinda legends or PhDs. Now, I have a solid academic record and CMU helps, but I am certainly no genius. I’m a master on Codeforces, so most coding interviews are a breeze, but not sure about hft prop shops,but still more confident about it. But what is the math part of the interview like? Will under grad/ grad level probability/signal processing/Linear Algerba stuff suffice? Any source to practice prob/stats puzzles?
What kind of firms should I target, will talk to my career advisor at CMU about this as well, but would like your opinion on my chances if I had to apply online for a QR/QT role. Also, can’t a Data Scientist transfer to a QR role? I see this happen a lot at P72/MLP.
Hiring this year won't be as as good as 2020 / 2021 when these firms took a lot of people, but you don't need to be imo to get in. There's plenty of non-imo undergrad quants at these firms. I can't speak for JS, because their quant role is less automated than the other firms and their quant interviews are some weird poker chip expected value thing, but for the other firms deeply understanding the books in this guide below probably will allow you to ace it. CMU has a decent number of alumni at these firms so I would try to with getting a referral there.
Transfer between Data and QR would heavily depend on your specific role. If you are just supporting fundamental analysts then probably not, if you are supporting a more quantitative strategy potentially, but it will be a lot less straight forward then just grinding out stats and interviewing for a new grad role.
https://www.dropbox.com/scl/fi/da7zfjj2rplwzf2sfiriz/Buy-Side-Quant-Job…
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