Re: Careers in mathematics?

On Aug 15, 10:27 pm, Brian VanPelt <brvanp...@xxxxxxxxxxxxx> wrote:
On Thu, 16 Aug 2007 00:07:58 -0400, Brian VanPelt





<brvanp...@xxxxxxxxxxxxx> wrote:
On Thu, 16 Aug 2007 03:55:19 -0000, Protoman <Protoman2...@xxxxxxxxx>
wrote:

On Aug 15, 8:00 pm, Brian VanPelt <brvanp...@xxxxxxxxxxxxx> wrote:
On Thu, 16 Aug 2007 02:40:46 +0000 (UTC), magi...@xxxxxxxxxxxxxxxxx

(Arturo Magidin) wrote:
In article <1187225667.995155.23...@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
Protoman <Protoman2...@xxxxxxxxx> wrote:
What kind of careers exist in mathematics other then academia? I want
to become an equities options market maker for an investment bank.
Would a math degree be good for that?

Almost certainly; investment bankers and market analysts in particular
have been hiring a lot of math people in recent years. I know several,
and most did not even have any banking or economics background (though
such a background cannot hurt).

BTW, should I go on to get a PhD in mathematics and an MBA if I want
to be an options market maker for an investment bank?

For that, you would not need a Ph.D. in mathematics. A Masters would
be more than enough, especially coupled with an MBA.

For that matter, a major in math with some good economics courses,
followed by a single Master's program is likely enough.

In good, large universities, you're likely to see recruiters for
bankers and places like Goldman-Sachs or JP Morgan going to campus on
a regular basis, and they can guide you better.

There's also something called "financial engineering" now, and the pay
is rediculously high for veterans with PhD's.

Here's a link to get started

http://www.orie.cornell.edu/orie/academics/meng/programdescription/op...

Brian- Hide quoted text -

- Show quoted text -

Sounds interesting. What, exactly, do they do? Make new OTC
derivatives to hedge risk for a specific customer's needs? What kind
of pay are we talking about? $250K-$1MM/year?

What about cryptanalysis or signals analysis for the NSA? Maybe I
could manage a quantative hedge fund...

Right now, I need to retake and pass the math section of the CHSPE --I
got a 344 and I need a 350; the test was on the one part of math I
don't know very well, geometry--. Then I'll get my AS in Mathematics,
and my MA in mathematics --w/ the Certificate of Advanced Study in
Mathematics-- from King's College, Cambridge, and then get my PhD
in...something quantative. Then to a job on Wall Street!

There are people that routinely recruit for these jobs on this
newsgroup! I've seen the pay for as low as $80,000 per year for
beginners, and over $1 million per year for experience. Of course,
the places where the action occurs will be the most lucrative - Wall
Street, London, etc.

As for what they do, the Cornell page describes it, but do a search on
"financial engineering" and you'll get an idea. If I really
understood what they do, then I'd be very rich :) Anyways, it's a
combo of a lot things and the ability to analyze financial data.

If you are a smart person with a strong math aptitude then you can
make so much money, you'd never know how to spend it all.

I have seen actuary postings for $500,000 per year.

I have seen the same thing for people who create algorithms to grab
data from oodles of web sites.

I suppose it all comes down to the ability to "analyze", and it seems
that people well-versed in math have that capability.

If you can program and have math skills, then Vegas wants you and will
reward you fabulously - you can almost name your price.

Besides all of the money, and babes that accompany such, these studies
have to be tremendously fun and exciting! I know this from the
little, itty bitty math that I now know.

Super rich while loving your job. Is this enough motivation?

Brian

You know, when I think about it, that was a very careless post. You
might not know this now, but when you are established in whatever job
you choose, the need for money part is subtracted from life. It's
hard to explain, but at some time in my life, the absolute need, as in
I can't wait for the next paycheck, was no longer there. I am able to
focus on other things - and there are so many other things.

It's hard to explain to someone who is just starting out. I don't
know if you are young, but many young people just want to go out and
make a lot of money. That is possible, of course, and I've shown you
some avenues to do that.

Just ask anyone in this group who is well-established in their
careers. The financial part has taken care of itself. Every one of
them knows that if they really wanted, they could be rich.

Not having financial problems allows you to concentrate on other, more
important things. I am sure you won't understand now, but you will in
time.

I once had a professor who told me to only do what I want in life. I
replied that such a notion is nice if you had the money, and he
stopped me by saying "No! You should never, ever do what you don't
want to do."

Perhaps that's idealistic but I have since learned his point.

There is a line in the movie Citizen Cane that goes "It is really easy
to make a lot of money of you want to... If that's all you really
want". Anyone who knows, please correct me if I am wrong.

So, that's my perspective.

Brian

Then what do you do, if you want to do some groundbreaking
scientific research that costs $5,000,000 or more, but
nobody, or at least not enough, were convinced by your
proposal perhaps out of prejudice, even though your argument
was good and their critique was not. But you say that money
is never a problem if you really want something. So lets
say you have your little heart set on that research, then
what do you do?

.

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