4 ms·
Here is the breakdown for the quants at the bank I worked for in 1995-1999 (I may have forgotten a few people): Cornell physics PhDs: 3 Harvard physics PhDs:
by Bill_Dimm 11y ago
Here is the breakdown for the quants at the bank I worked for in 1995-1999 (I may have forgotten a few people):
Cornell physics PhDs: 3
Harvard physics PhDs: 2
Princeton physics PhDs: 2
Univ of Penn physics PhD: 1
Other physics PhDs: 2
Cornell applied math PhD: 1
Other applied math PhD: 1
Cornell mechanical engineering PhD: 1
Univ of Chicago finance PhD: 1
So, if by "dropout" you mean that they didn't complete their PhDs, then no, that's wrong. If by "dropout" you mean people leaving physics, then yes, it's very common (especially for theorists -- all physicists on the list above where theorists except maybe one or two).
- lvs 11y agoOn the assumption that their dissertations were not on relevant topics, I can't help but feel this is such a terrible waste of highly specialized education resources.
- robotresearcher 11y agoAre there lots of unfilled physicist jobs where you are?
- lvs 11y agoYes, very snarky, but I can promise you that science faculty do not consider it a good use of their efforts and resources to train students for jobs moving money around in circles.
- infinite8s 11y agoDon't worry, they do. Who else will write their publications/advance their research agendas?
- 1812Overture 11y agoBeats training students to work at Starbucks. Not everyone can become a professor.
- robotresearcher 11y agoWe get to train them, not choose what they do afterwards.
- lvs 11y agoThat's not in dispute. I'm saying it's a waste, not that I know how to fix it. More relevant jobs is obviously a part-answer.
- scott_s 11y agoI hope the same faculty understand that here are not many science jobs available.
- digler999 11y agonot necessarily, I often feel the same way about people who are experts in literature. But just mastering SOME topics is still a contribution to humanity and can be applied in other areas.
- lvs 11y agoIt's a good point, but what part of ETF trading is a contribution to humanity? Seems like quite the opposite in fact.
- eggy 11y agoETFs are a broad topic. They still bring liquidity to market, but they are a trading vs. investment opportunity. Like any other financial vehicle, they are subject to abuse, but are not the cause of such actions. The FED purchases numerous bonds in some of these portfolios, and therefore some of the costs are hidden. These do not reveal themselves in the market, and as such are bad trades or investments.
- digler999 11y agoI wasn't saying that ETF's contribute to humanity, I meant the non-financial research that Ph.D's do prior to wall street. That research adds up and eventually people can apply it to do amazing things.