Question by Bob G: Is the crisis really that bad?
So…I believe I have enough skills and some background in finance…but while recently looking for a job, I sent a resume to like 40 potentials employers and I got 2 replies – asking me to pay them $ 5000+ in order to get a job? On top of that i offered all these “firms” to work totally free in the beginning for they can test me and then their answer is like: “yeah…you can work for free…but why not pay me some cash – you have money right…with all these terms that you use” – these are the replies i am getting so far, losely translated.
Also…I am looking for a super low pay rate of like $ 15 hourly…I mean come on – even the slaves in the roman empire weren’t asked to pay for their work. Also, here are some of my skills (copy/pasted from a cover letter i’ve written):
+ I have developed about 30 programs/scripts in C#, Mathematica, PHP and C++ to model different risk and management problems, including but not limited to: Derivatives pricing (options, bonds, swaps, futures, accruals, CMS, CDO, forwards, repos, MBS, CFDs, ASX listed CFDs, CDS, warrants, turbos, FX – others), risk management (kelly criterion, hedging, diversification, var), econometrics (sharpe ratio, sortino ratio, treynor ratio, beta, omega, kurtosis, skewness, variance, standard deviation, moments, CAPM), trading (quantitative analysis, fundamental analysis, pure arbitrage, statistical arbitrage, neural networks, mispricings, high frequency trading, emerging markets).
+ I have devloped about 20 mathematical models, including – an extended version of Black-Scholes using the levy distribution instead of the normal one – which gives much better option pricing results and prediction, extending the kelly criterion from a one dimensional model to a
multidimensional which is of great use in the investing field, my own probability distribution designed for continous timing, my own PDEs.
+ I have an MBA from the university of Liverpool in international business + a few awards in mathematics and programming and finally -have worked a few months at the well known Swiss Bank: Julius Bar as well and in a top Hong Kong hedge fund.
it’s just weird..and I think it will get worse…
anyway – 10x!
Answer by Signora Banker
Over reliance on mathematical modelling has contributed to the financial crisis so the glory attached to rocket science in banking has diminished somewhat. Banking is as much of an art as it is a science.
Just google “financial crisis mathematical modelling” and you will get a whole host of articles about how over reliance on models was a major factor. It’s bloody obvious really – taking it at its simplest- e.g. in credit risk, default rates were calculated based on historical default rates and life doesn’t work like that. There’s no substitute for knowing who you are dealing with- and default rates were relied upon when assets were securitised and sold on to investors ill equiped to understand the true risks.
However, mathematical modelling has its uses- maybe you could try one of the ALM (Asset & Liability Management) firms such as Algorithmics
Know better? Leave your own answer in the comments!
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