3 ms·

It may be unfocused, but it makes a valid point that is applicable to the masses of young Silicon Valley entrepreneurs who attempt to create the next unicorn an

It may be unfocused, but it makes a valid point that is applicable to the masses of young Silicon Valley entrepreneurs who attempt to create the next unicorn and fail on a yearly basis. If all you want to do is make money and you're a smart quantitative graduate from a good school, go into finance, because the expected value there is higher and less volatile than building the next unicorn. The value systems of these young graduates in New York and SV are one in the same -- they are both people who primarily value money. But, the Silicon Valley kid is the one who's wrong about the best solution. Now, if you're a fresh college grad who values things other than money, like contribution, autonomy, creativity, innovation, etc., then startups are a better fit. We can sit here and make value judgments, but in my experience, it's impossible to change someone's value framework when they don't want to. So, might as well point them in the right direction.

icedchai 8y ago
There’s no reason to “go into finance.” Just get a decent paying job, save, and invest. In some industries this is difficult... but anyone in tech can do this and become a millionaire in 10 to 15 years.
- smallgovt 8y ago
  The reason to "go into finance" is you can expect on average to become a millionaire in 4-6 years instead of 10-15 years. So, do that, if you can and all you care about is money. Note: this only applies to smart, quantitative graduates from good schools.
  - icedchai 8y ago
    Yes, except if you don’t care about just money... (and most people still won’t have the discipline, regardless of career choice.)
  - WilliamEdward 8y ago
    The irony is you've deviated so far from the average population that it's worthless to tell people to just "do this" because virtually no one is listening. Yeah, if you come from a good school, got a job with no experience and a degree with no loans, and you are 'smart', you can easily become a millionaire. I'm sure all 3 people with these qualities are thanking you right now. Actually, you will not become a millionaire within 4-6 years of graduation. That's ridiculous. Graduates do not get paid 250k p/year. Not even in finance positions. And reliable stocks are too long term of an investment to expect a payout in 4 years with no risk. You live in a fantasy world, sir.
    - smallgovt 8y ago
      >> Graduates do not get paid 250k p/year. Not even in finance positions. You’re right. They make more when you factor in bonuses — in some cases double that. I’m guessing you aren’t in the industry or have an outdated perspective. In recent years, the competition for ML talent at hedge funds has become fierce and compensation has skyrocketed.
      - WilliamEdward 8y ago
        https://www.indeed.com/salaries/Data-Scientist-Hedge-Fund-Salaries,-New-York-NY https://www.indeed.com/salaries/Data-Scientist-Hedge-Fund-Sa... (quantitative analysts do not differ much from this in salary, but youre being to vague with your job titles so im not sure what you mean) Either way, you are ridiculous. Unless this magical position requires more advanced knowledge in which case your claim about it being a simple "finance" position is wrong. Not even true in machine learning either. At this point it's no longer a straightforward and safe career path like you said it would be. Maybe you misunderstood and thought we were talking about PhD graduates. My point still stands. Please, please, do not mislead people down career paths.
        smallgovt 8y ago
        Even if we work with averages, it takes on average 2 years [0] to make it from entry level quant at a hedge fund to senior analyst. Senior analysts make on average $750k/yr [1] in total compensation (primarily bonus based) at a mediocre hedge fund. The expected value after 6 years even at a less than mediocre hedge fund puts you north of a million post-tax. The typical track is 2 years as an analyst @ $200K/year and then 4 years as a senior analyst @ $750k/year. Do the math. [0]: http://www.streetofwalls.com/finance-training-courses/hedge-fund-training/hedge-fund-analyst/ http://www.streetofwalls.com/finance-training-courses/hedge-... [1]: https://news.efinancialcareers.com/us-en/266401/the-salaries-and-bonuses-of-investment-professionals-at-large-hedge-fund-compensation https://news.efinancialcareers.com/us-en/266401/the-salaries...

icedchai 8y ago

There’s no reason to “go into finance.” Just get a decent paying job, save, and invest. In some industries this is difficult... but anyone in tech can do this and become a millionaire in 10 to 15 years.

smallgovt 8y ago
The reason to "go into finance" is you can expect on average to become a millionaire in 4-6 years instead of 10-15 years. So, do that, if you can and all you care about is money. Note: this only applies to smart, quantitative graduates from good schools.
- icedchai 8y ago
  Yes, except if you don’t care about just money... (and most people still won’t have the discipline, regardless of career choice.)
- WilliamEdward 8y ago
  The irony is you've deviated so far from the average population that it's worthless to tell people to just "do this" because virtually no one is listening. Yeah, if you come from a good school, got a job with no experience and a degree with no loans, and you are 'smart', you can easily become a millionaire. I'm sure all 3 people with these qualities are thanking you right now. Actually, you will not become a millionaire within 4-6 years of graduation. That's ridiculous. Graduates do not get paid 250k p/year. Not even in finance positions. And reliable stocks are too long term of an investment to expect a payout in 4 years with no risk. You live in a fantasy world, sir.
  - smallgovt 8y ago
    >> Graduates do not get paid 250k p/year. Not even in finance positions. You’re right. They make more when you factor in bonuses — in some cases double that. I’m guessing you aren’t in the industry or have an outdated perspective. In recent years, the competition for ML talent at hedge funds has become fierce and compensation has skyrocketed.
    - WilliamEdward 8y ago
      https://www.indeed.com/salaries/Data-Scientist-Hedge-Fund-Salaries,-New-York-NY https://www.indeed.com/salaries/Data-Scientist-Hedge-Fund-Sa... (quantitative analysts do not differ much from this in salary, but youre being to vague with your job titles so im not sure what you mean) Either way, you are ridiculous. Unless this magical position requires more advanced knowledge in which case your claim about it being a simple "finance" position is wrong. Not even true in machine learning either. At this point it's no longer a straightforward and safe career path like you said it would be. Maybe you misunderstood and thought we were talking about PhD graduates. My point still stands. Please, please, do not mislead people down career paths.
      - smallgovt 8y ago
        Even if we work with averages, it takes on average 2 years [0] to make it from entry level quant at a hedge fund to senior analyst. Senior analysts make on average $750k/yr [1] in total compensation (primarily bonus based) at a mediocre hedge fund. The expected value after 6 years even at a less than mediocre hedge fund puts you north of a million post-tax. The typical track is 2 years as an analyst @ $200K/year and then 4 years as a senior analyst @ $750k/year. Do the math. [0]: http://www.streetofwalls.com/finance-training-courses/hedge-fund-training/hedge-fund-analyst/ http://www.streetofwalls.com/finance-training-courses/hedge-... [1]: https://news.efinancialcareers.com/us-en/266401/the-salaries-and-bonuses-of-investment-professionals-at-large-hedge-fund-compensation https://news.efinancialcareers.com/us-en/266401/the-salaries...