| A quantitative analyst, or “quant,” is a job that is getting quite popular around the globe. Solely in the USA, there are around 48,644 active job openings and over 5,250 quantitative analysts currently employed, according to Zippia.com. And, with a 9% salary increase in this field, jobs as a quantitative analyst are in high demand. So, let us examine the career path of a quantitative analyst. Who is a quantitative analyst?A quant is someone who uses analytical, mathematical, and statistical skills to help companies make decisions, financial or otherwise. Someone who uses quantitative analysis in the finance domain is also called a financial analyst. What does a quantitative analyst do?As mentioned above, quantitative analysts help companies make informed decisions. These can be at the organizational level or at the team level. Quants use different tools to ensure proper analysis. The day-to-day duties of a quant include; - Staying updated on current market trends
- Assessing and managing risks
- Constructing visual data
- Communicating with senior management
- Making investment recommendations
- Assessing management teams
- Developing alternate approaches for standard processes
- Creating reports and managing presentations
How to become a quantitative analyst?A career as a quantitative analyst is very promising, but it is quite demanding as well. To ensure you do justice to the job, it is important to take the right steps before you even start the career. Here is how you can prepare yourself to become a quantitative analyst. - Get the right education: Education becomes the building block of any career. In this job, it is especially necessary as it needs expertise in both soft and hard skills. Many people who pursue this job role start by getting a relevant bachelor’s and master’s degree. A course such as the Global Master of Science in Business Analytics (Global MS in Business Analytics) from the Richard DeVos Graduate School of Management at Northwood University will be very useful to give your career a strong start. You can do this course even without a background in business analytics as this course covers data mining, modeling, and analytics, aiming to resolve complex problems, and ensure improved business decisions through proficiency with tools such as SAS, Python, Bitbucket, GitHub, and R. The curriculum is designed in such a way that it also develops soft skills such as problem-solving and decision-making skills, ending with a capstone project to help you understand the applicability of your learnings. The program is a STEM (Science, Technology, Engineering, and Mathematics) certified program for Optional Practical Training (OPT) purposes. This allows graduates of the program to apply for an additional 24 months of extension of OPT.
- Intern at a known company: After completing your education, it is advisable to do an internship at a company known for this domain. It gives you the necessary exposure to the industry and company you would want to work in.
- Gain experience: As you want to move up the ladder, the only way to do it is to gain the right experience. Getting a job that gives you exposure to these responsibilities will help you get ahead in your career. These responsibilities are;
- Doing fundamental statistical and probability analyses
- Foreseeing outcomes and understanding the possible obstacles
- Communicating with clients
- Understanding stakeholder needs
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