Duff & Phelps

The third reason I hate your CV. Your religion.

Some people seem to think I care about their relationship with God. I don't, and nor do the people who might hire you.

Your CV is a list of things for someone to hire you, so the world can be divided into a few overlapping sets.
1: People of a different, hostile religion.
That is pretty much everyone, even if you belong to a relatively common sect.

2: People of a similar religion.
Those who care about religion often are quite specific in what they believe, and can have quite negative views about people who "aren't really like us".

3: The tiny set of people who share your exact views.
I've asked religious people about this, and they say they'd be quite offended if someone thought they would hire them because of a shared religion.

4: People who don't care.
You've just wasted space that could be used for something useful.

Not only do P&D not care about your religion, but our contracts with large firms actually forbid us from telling them because they don't want to be sued. The logic being that you can't claim discrimination if the employer doesn't know.

The second reason I hate your CV ...........The "L" Word

You are a leader.

I know this because your CV says so, and I know you would not lie to me. But do I believe you ? Do I care ?

If your current job involves telling people what to do then that is leadership, and of a rare and precious kind. Leading and managing quants is like herding cats, and if you an do that you have earned my respect.

But...

If you are at entry level, I get worried, and occasionally entertained by claims of "leadership". It is clear that some careers advisers push this concept, and perhaps in some industries it looks good, but not in banking and certainly not to me.

Some people have led men in battle, or at least in hazardous and unpleasant conditions. That's pretty rare in American and British quants, but in countries fuckwitted enough to still do conscription, it is a plausible way to have learned leadership.

Although I'm some dumb ass pimp, decades ago I got some sort of education, and remember what it was like to be a student and try to get my classmates to cooperate in any task.

But I have to say I apply a discount factor to "leadership" gained in university clubs. A bigger discount if the "L" word is actually used.

Leadership in a summer or part time job is extremely hard to express without looking like you are bullshitting on a grand scale, and sadly most people fail at least partly on this, wasting space that could be used for something useful (and believable).

Part of leadership is the ability to work without someone holding your hand, telling what to do and how to do it. This is a significant factor in why there is a premium for PhDs even when the stuff they study is entirely unrelated to investment banking.

Up to Masters level you are mostly a taught person, and so I and your hiring manager are uncertain whether you can work on your own, but at the same time not too much on your own.

Leadership in this context means being able to lead yourself, and maybe others will follow. If like me you've actually had leadership training, then you will know that you can take charge of a rabble sometimes merely by clearly expressing a reasonable course of action.

The other problem with the L word is that without care you look as if you are arrogant. The idea that you will be "difficult to manage", or worse "arrogant", can hurt your cances of getting a job, and is expressed to me by managers as a reason they are reluctant to hire an otherwise good candidate.

Should you be doing this kind of work ?

Quanting is not the only career option if you are good with maths and computers.

A good process outline is to change variables through a range and see how sensitive your conclusion is to them. If you haven't done at least half of these, of something like them, then the chances that you've made a bad decision are worryingly high.

Quant careers can be very lucrative and interesting, but not for everyone, and you need to evaluate your chances of actually enjoying it This is not an exhaustive list of course, you have personal preferences and you've made assumptions, and as we have seen for the last year assumptions can really go badly wrong.

Questions
For instance if quanting paid the same as teaching, would you prefer that ?

If you knew for a fact that at 40, you'd have to leave this line of work ?

If you believed you'd only ever work in small unknown firms ? That is I believe now a much more probable event.

If the ratio of maths to IT was 1:50 ? What value could you cope with as a long term position ?

You'd have to work in some shit place like Birmingham or Frankfurt ? Are you flexible on location ?

What if you maximum pay was known to you in advance, and was (say) 200K ?

Would you work for a year free to get into quant finance ?

The first thing I hate about your CV.

You did a PhD didn't you?

You spent 4 or 5 years solving unreasonably difficult mathematical conundrums, wrote your own operating system to control a particle accelerator of a fundamentally new and more powerful type using a household fridge to cool the new high temperature superconductor material you extracted from minerals they you won in single combat in a cage fight with an 8 feet high alien. Not only did you use it to discover the higgs Boson, but you keep one as a pet and you've not only house trained the Higgs Boson, but made it play dead and fetch your newspaper.

Did you? Did you really? Or did you work in Starbucks, and perform outstanding work in customer relations and hygiene management?

How would I know? A stupidly high % of the CVs waste stupidly large %'s of the space on dross like summer jobs. It is actually quite common for a description of something like the complexity of the local bar's stock control system to take up more space than your PhD. About 10% of the PhD CVs I get don't describe the PhD as far as bothering to tell me the title.

OK,I am just a fat ignorant old pimp, so my ability to evaluate just exactly how ground breaking your research might be is finite.

But I've got to sell you to some bank, hedge fund, software house, consultancy, prop shop or insurance outfit.

So imagine how the conversation is going to run:

Client: "Hey Dominic, got any good newbies?"

Dominic: "Yes, like this guy, he's got a PhD"

Client: "In what?"

Dominic: "Physics"

Client: "What sort of Physics?"

Dominic: "Really hard physics, you know tough ones, big physics, miles long, really hard, you know like physics"

Client: "Solid state?"

Dominic "Could be, this is a smart guy, I'd expect really solid work"

Client: "Can he program?"

Dominic: "Of course, all kids learn to program these days, don't they? Did I mention he has a PhD in physics?"

Guess how likely you are to get the job? Guess how much I am going to get paid for all this?

Mention your summer jobs if you must, but make sure that you describe your PhD enough that we can see how you would be useful in finance.