A Quant Guide for Financial Careers

Amine Boukardagha, '24

Quant refers to many careers in the financial industry. It is usually hard to break into quantitative finance with just a bachelors although not impossible. In this guide, I explain how you could build a solid foundation in core liberal arts subjects to prepare yourself for a career in quantitative finance.

I: Coursework

It is non-negotiable to major in mathematics. To put yourself on par with other people from technical undergrad programs you need to take the following math courses:

  • Linear algebra

  • Multivariable calculus

  • Probability

  • Stochastic process and numerical methods

  • Real Analysis

  • Differential Equations

  • Statistical Methods I

  • Statistical Methods II

Computer skills are primordial in quantitative finance. You need a solid foundation in Python and object oriented coding in C++. You should take at least:

  • Introduction to computer science

  • Data structures and algorithms

  • Machine Learning (optional)

Technical courses in economics are a must to be able to ace the quant interviews. Here are the economics courses that I believe are essential:

  • Introduction to Economics

  • Financial economics (by the end of your sophomore year to prepare for internships)

  • Intermediate Macroeconomics (by the end of your sophomore year to prepare for internships)

  • Introduction to Econometrics

  • Econometrics

  • Advanced Econometrics (Optional)

As part of your Swarthmore experience, I also recommend taking classes in the engineering department where you could improve your coding skills in Matlab and Python through the labs.

As a Swarthmore student, you have the opportunity to cross register at the University of Pennsylvania. Here are some UPenn courses that I believe could give you an edge:

  • Macro-Econometric Techniques and Applications

  • Data Science for Finance

  • Corporate Finance

Bryn Mawr also offers a financial mathematics course that I believe could be a great addition to your resume!

II:  Summer Jobs (RAs and Internships)

When it comes to landing a quantitative finance job, there are two types of activities you need to do and only two: internships and research assistant positions.

Research Assistant:

  • You usually need to start as an RA to be able to land an internship in the finance industry. And by RA positions I mean a quantitative RA position where you can prove your data science skills. Usually, you can find these RA positions in the economics department, engineering department, physics department, or department of mathematics and statistics. It is highly unlikely to land a quant internship in your freshman summer or sophomore summer since they usually target rising juniors for their programs. Therefore, I would recommend focusing on research during your first two years at Swarthmore, whether on campus or through REUs (Research Experiences for Undergraduates). Please reach out to Ellen and Tao to discuss research assistant positions in the social sciences and economics.

Quant Internships:

  • Note that most interviews and applications are due in the summer of your sophomore year, so build your coursework plan appropriately. You would ideally have gained coding skills and completed some statistical coursework, financial economics, and intermediate macroeconomics.

  • These internships are very competitive to get. As undergraduates, you are not eligible for Quantitative Finance Associate internships at investment banks or quantitative research internships at hedge funds. But you are eligible for sales & trading (global markets) summer analyst programs as well as quantitative trading internships at trading companies/ hedge funds like Jane Street or Citadel. Networking is key to landing these internships, so reach out to career services to connect with alumni, work on your resumes, and manage your LinkedIn profile. In terms of preparation for interviews, I recommend preparing using the “green book” (A Practical Guide to Quantitative Finance Interviews), Leetcode (a programming interview platform), and practice brain-teasers (such as at Brainstellar).  

III: Pursuing a full-time job during your senior year

Now that you took all the required courses and been a research assistant and/or had an internship, you are facing 3 options.

  • Option 1: Receive a return offer from your internship company

    • If you like the company and see yourself working there full time after graduation, just accept and you are all set!

  • Option 2: Apply for grad school

    • You are in great shape! You have a math major in addition to another major or minors in a quantitative discipline and you have completed RAships and maybe a quantitative internship. Grad school will be fighting for you. You need to decide if you want to pursue a PhD or a Master's. A shortcut for quant is pursuing either a Master of Financial Engineering or computational finance or mathematics of finance. Some good programs are at Columbia, Princeton, CMU, Berkeley, NYU, UCLA.

  • Option 3: Apply for full-time positions that start after graduation

    • Contact career services.