IAmEric
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| Phorgy PhynanceBanned |
| Total Posts: 2961 |
| Joined: Oct 2004 |
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No, I'm not drunk (for some reason part of me wishes I was  ). Maybe it is holiday cheer or something, but I'm feeling compelled to give a word of encouragement to all physicists, mathematicians, and engineers who have somehow or other stumbled onto the prospect of beginning a career in phynance.
When you do a PhD, you are expected to become an expert in your field. You go to all the major conferences. You hobnob with all the other leaders in your specialized field. You may even look at some of them as role models. Then, something happens and the idea of getting a job in finance dawns on you. Of course, you are the sheah and can do anything. Finance should be a piece of cake. They will roll out the red carpet for you on Wall Street.
Your first reaction is to google for jobs. There are so many of them! This is going to be easy! You spend an hour or two finding the one you like the most and pop off your resume in an email even though you're not exactly sure what company the position is for. Does it matter? The response is positive. The person who replies is super enthusiastic. This is going to be even easier than you thought!
You've studied enough by now to know that Black-Scholes has something to do with these derivative things and that you need to learn some more about stochastic calculus, but that should be easy. The person who responded to your email comes back with some great news. You've got your first interview scheduled! You read a little more from these notes by some super genius named Shreve.
The day comes and the person on the other line sounds like he wants to be your best friend. They are so friendly in the business world. He starts asking you about C++?!?!?!? You never bothered to learn C++. You tell the guy you are a fast learner and programming should not be an issue. He then asks how you would model a Default Arbitrage. A default what?!?!? You have no clue, but mumble something about Black-Scholes. He assures you he'll be back in touch. Yes!
Two days...
A week passes...
Maybe he isn't going to call back.
Don't fool yourself. Getting a job in phynance is not going to be easy. No, not even for YOU genius.
My story is probably harsher than most. I experienced the brutal job market of 2002 and came away scarred. I never gave up though and this year, finally made it. You will too if you want it bad enough.
Phynance is going to be totally humbling. You are going to go from being the top in your field to being a total disposal cog in a great machine. There are so many moving parts that you are going to be overwhelmed by this new world. You are going to feel lost and hopeless fearing that your manager is going to find out what a mistake it was to hire you.
Nevertheless, if you stick with it, eventually, little by little, the pieces will start coming together. Maybe you'll start to understand a small corner of the market where you can hide out and gain some expertise (for me it was risk management). Never stop watching, observing, and learning. This week was a noticeable milestone for me. Over a lunch or two, I noticed that I started actually having decent conversations about markets. Imagine that! I'm actually starting to understand some of these conversations some of our local NP gurus shoot around so nonchalantly everyday.
I still have tons to learn. Most people here have forgotten more phynance then I know now, but the feeling that things are not entirely hopeless is just impossible to describe. Never give up! It is worth being humbled, humiliated, etc. I'll never regret making the change to phynance and you won't either!
Happy Holidays and Best of Luck! 
Eric |
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tabris
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| Total Posts: 1010 |
| Joined: Feb 2005 |
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Dilbert: Why does it seem as though I am the only honest guy on earth?
Dogbert: Your type tends not to reproduce. |
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omd
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| Total Posts: 258 |
| Joined: Apr 2005 |
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Cheers to that Eric!!!
I can relate to every goddamned word! |
yo |
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Thanks for the post ! Actually being really down at the moment after getting slaughtered A LOT the last few weeks, I've had thoughts of compromising... but phuck it, it ain't over yet !
Merry Christmas and Happy New Year !
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A rock - me - a hard place |
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omd
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| Total Posts: 258 |
| Joined: Apr 2005 |
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niles
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| Phorum Phool |
| Total Posts: 67 |
| Joined: Nov 2005 |
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Dude,this is a zero-sum game. thanks for a well put forum post. one of the best I've read on NP |
Swap me |
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adas
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| Total Posts: 154 |
| Joined: Sep 2004 |
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Eric - your post is inspiring in that 'never give up, never surrender' kind of way. Best of all it doesn't have an iota of phoney attached to it.
 Cheers, mate.
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I don't think, therefore I ham. |
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