On my journey to becoming a Quantitative Analyst, I have done some research (actually a lot of research since the field of finance is too large and self-balancing to comprehend at this time in point) and I have found out that there is an array of skills and experience I need to gather before I can become a complete Quantitative Analyst.
Here are simplified steps and skills required to become a quantitative analyst:
Educational background: It is desirable but not mandatory to have at least a bachelor degree in quantitative field such as mathematics, statistics, economics, finance, computing, engineering, et cetera. Many Quants working in Wall Street tend to have an advanced degree. The reason to have a degree in quantitative field is to develop strong analytical skills.
Study Finance and Economics: An introductory book on Finance and Economics to gain a solid understanding of financial markets, instruments, and economic principles. Knowledge of financial theories and market dynamics is crucial for quantitative analysis in finance.
Master Statistical techniques and build mathematical competence: Develop expertise in statistical methods and techniques. Quantitative analysts heavily rely on statistical models to analyze data and make informed decisions. You need to strengthen mathematical skills, especially in areas such as calculus, linear algebra, probability theory, and differential equations. These are fundamental to developing quantitative models.
Learn coding: Acquire coding skills, particularly in languages like Python or R. Coding is essential for data analysis, model development, and implementing quantitative strategies. You will also need to familiarize yourself with library like Numpy, Scipy, Pandas, Scikit-Learn.
Stay informed: This just might be the most important skill in your arsenal. You need to stay updated on industry trends, financial news, and geopolitical affairs.
And this is just the beginning!
Next up, I will be posting resources to get started.
Geronimo!