Data science in finance reddit Seems like a fast paced place to work at without excessive turnover. I've heard that a desired bachelor's would be in economics, cs, statistics, etc. 4. Imo it's much more difficult to break into "data science in finance" than it is to other data science fields. The titles may differ but the focus are similar. Accounting/Finance/Public Policy. The tech industry and data science has saturated in comparison to itself than it was 2 years ago. They like to brand themselves as a ‘tech company’ and I’m sure they have a lot of interesting data and systems to work with. Only within the last 3 years have I even worked with someone who held the title as data scientist. and hundreds of people working on it every day. Even though the quant finance stuff might be "data science", it is of another scale entirely, such that the terminology is completely different in another class. sql, python, and maybe r will get you much farther than working in excel and asking others for data. Also keep in mind, most quant finance and data science classes start as a 4th year class or as a 1st year masters class. com and its 50,000+ readers to debate finance, investing, financial news, personal finance, real estate, stocks and crypto (from different view points). In your situation, i think it makes sense to first pursue more data analysis roles, and see how you like it. Data science on paper may not necessarily land you a $150k role magically but that’s only because not many companies know what data science is, or the fact that it’s exactly what they need. Hello, I was recently admitted to UIUC in the Gies College of Business. The knowledge and capability you bring into any role is what will set you up for success in more lucrative roles either laterally or externally. May 4, 2022 · Working With Shorter Feedback Loops. I’ve heard that most quantitative finance roles today are essentially just data science-based but in the context of finance. A subreddit to discuss political science. In that view, you need a skill that is not accounting-adjacent, but still has value add in an accounting context. Or they don’t even have the right data to work on. , However, I can't change my bachelor's. 1. I am considering enrolling in Flatiron’s data science bootcamp while I study for level 2 concurrently. imho, the finance analyst will go away unless you are at an investment firm. At the end of the day the only thing that matters is how much you know and how well you interview, if you get past the initial resume screen, an MS in data science is viewed as a stat + CS guy and their interview questions will revolve around those topics (more so in ML). And again, nobody has good information on what the major will look like because the degree program is new. Skill sets between data science and quant finance do overlap, but there are also differences, like C++ & stochastic calculus for certain areas in quant finance. Economics is very good as bachelor’s degree, but it is not enough on the master’s level for data science. This is super encouraging! I was actually thinking Quant Finance would be a better industry destination for me given my domain knowledge but also have been considering Tech given the rigorous stats/econometrics I've received and comparative advantage in causal inference. or you pick up a niche in an area in finance like a MS Data Science or Analytics, MS Quant Finance/Financial Engineering, Ph. My background is 5+yrs as a research analyst at a large US pension asset manager, CFA designation, and Accounting/Finance degree. Furthermore, you can get a data science job at a tech company, which is really competing with FAANG for work/pay. I was hoping to begin a career as a Data Analyst in the finance industry afterwards, but my research online shows that finance companies rarely hire pure data analysts. It is also accepted by Harvard towards a masters in statistics and data science. I would rather go for statistics, econometrics or actuarian science, or data analytics / data science degrees, or vocational degrees such as financial data science, marketing data science etc. At least in my case, I have been receiving offers quite often from various organisations with attractive compensation. Looking to transition to data science / SWE in the finance space. A space for data science professionals to engage in discussions and debates on the subject of data science. Yes past data is useful I know and yes ofc you look at past metrics like variance and beta and whatever. The core point of ops post was about using past stock data to predict the future. Then what are some limitations? I've read a comment by a Data Scientist that, predicting stock prices through Data Science / Machine learning is a "pie in a sky problem" and hence is not realistic. g. Yes, you can pursue a data science career in finance. The rest is coding and engineering skills (write clear code and not screw up the system. Political science is the scientific study of politics. Predictive analytics: looking at healthcare data to see if certain subsets of people are more likely to . There are far more candidates than there are jobs. It deals with systems of governance and power, and the analysis of political activities, political thought, political behavior, and associated constitutions and laws. Used mostly SQL and python. If it is what you want to do, you know it. Which lead me to entertain the idea of Masters in Data Science. All of these options have paths too high paying jobs. Of course as MSFE can have quant components added on or you could do a whole MS in computational finance or financial engineering. Your degree will only get you the interview. But so do top data science roles in big tech. If you want to get an MBA and put a feather in your cap, take the 12 week MIT specialization course. Need career advice and a better understanding of the data science side before I make a decision. Of course, we all want to keep growing and improving, so I just keep doing so and from time to time trying to get more involved into Data Science, so hopefully one day I can make another post of "non-STEM background transitioned to Data Science". Now that money is not cheap anymore, data science will likely undergo another change. The Data Scientists I have known who are truly doing 'data science' in a business context are not doing finance / accounting with their skills. I have some question in mind and would really appreciate you insights on this matter, thanks. A financial and tech hybrid individual is generally rare. Again this has been my experience, and I do think in the future people the market will want more true data science, but I have no idea what the timeframe for wider adoption will be. Options for major: Finance, MIS, Economics (data analysis), Economics (mathematical economics). Yes, an MS in Data Science. Data science is a game-changer in the financial industry, offering a wealth of benefits that empower institutions and individuals alike. A lot of data science is a low-interest rate phenomenon. I have experience with SQL, Python, some big data, and visualisation tools. D. At least that's my opinion because I'm also looking at quant roles right now. CFO), whereas Data Science would peak at something like a chief of insights/analytics for a company. To learn data science for a finance career, I recommend enrolling in courses at TutorT Academy. The program trains you in Python, SQL, and R. ) What most finance roles require is financial thinking, soft skills, sales and influencing, and business development skills. EDIT: THANK YOU FOR THE ADVICE AND MOTIVATION, I completed Coursera's Intro to data science course since this post and am motivated, data science seems more fun than straight maths! I currently make 42k working in financial services and studying for Level 2 of the Chartered Financial Analyst program. They're talking about that magic formula, that ml system that can just look at historical data and predict the future P World - Using data science to uncover signals. For undergrad I think the most important electives for me was complex analysis (for learning about the intuition of higher-dimension modeling in machine learning) and non-linear dynamics (for understanding emergent complex behavior, which is very common in financial modeling). While the MS in DS covers a good amount of computational methods, statistics, and even some finance, it doesn’t really get into finance a lot. The best thing to do is to try to understand where in Finance you're interested. Top IB and quant jobs etc pay a shit ton. Related Science Data science Computer science Applied science Information & communications technology Formal science Science Technology forward back r/datascience A space for data science professionals to engage in discussions and debates on the subject of data science. Oct 16, 2012 · I currently work in data science/machine learning at a tech unicorn, so have tried both the tech data science and finance jobs. So keep that in mind. The same can be said for just about anything that's accounting-adjacent. I am thinking of doing a masters in something related to data science and computer science. Now for the main points. Is a finance background along with a master's in data science still good enough to land jobs? I know a guy at BCG gamma (BCG's data science consulting arm) and according to him, the interview process is like typical data science interview + typical consulting case interviews. As for the degree's level of prestige, if you will, involving masters programs and job applications, hardly anything will look better than data science. In many ways the jobs are more similar than I thought. I’m expecting to graduate with a data science masters around December 2023. So DIY algorithmic trading/data science in finance is basically restricted to hitting "forecast" in excel and eyeballing it from the graph. Jan 4, 2022 · Hello, I'm currently a freshman studying finance, and I have the opportunity to pursue a double major. 0 GPA. What most data science roles demand is the ability to communicate with the investment business, ie something akin to a L1. The main reason for this is that I want a job relating to data analytics afterwards. Will a dual degree in data science and finance be more beneficial than a double major in two business-related subjects? Dec 30, 2024 · I may be an outlier case, but never once have I had to learn R or Python to do my job. While specific data science applications are almost never completely unique to a specific industry, different industries do tend to have a different combination of or focus on specific use cases, like the financial industry’s investment in natural language processing for customer sentiment applications or for gauging market confidence based on the Currently majoring in Computer science and am looking at masters programs in my state that lead me towards careers in tech or trading. VC-funded startups and big tech in the good times saw money sloshing around everywhere and data science was the new trend that promised to deliver value and introduce 'data-driven' and 'AI' buzzwords. Look at prop trading, market makers, quant shops. Anything fancier simply can't be done without massive infrastructure, manual tweaking, data collection, model fine tuning etc. I don’t work for them but I know a few data people at Cap one and they have a big presence where I live. I'm interested in working in investment banking or private equity after college. Caught between data science and finance (trading). These offers would generally be data science role in financial sector or financial "analyst". Upvotes & Downvotes moderate this community! The graduate-level MITx Micromasters in statistics and data science coursework is accepted by MIT for qualification for a Ph. All I see on hiring platforms are 'Financial Analyst' positions, whose roles are significantly different than that of a 'financial data analyst'. Graduating from a Finance/Econ PhD program soon, now based in NYC. Also any advice on what math I should be taking in college? Any help would be I am interested in (mathematical) finance and/or machine learning for finance. We can guess what a data science degree looks like at peer institutions, but those guesses would be no better than yours. Navigating Risk. A finance double major won't help you get that competitive edge. Computer science provides an avenue for that, because: Nobody here has completed a data science major. What are the best applications of Data Science in Finance? Particularly in Investment Banks, Trading, and Investing in the markets in general. The pay is good. I would like to know the following. Finance is a broad set of fields. You can also learn a lot independently via platforms such as pluralsight and coursera. A lot of financially related functions are going to be tied to accounting functions, and for major banks to risk functions, however, Financial Planning & Analysis is adopting some more data analytics focus over time. One university in my state, Stony Brook, has two masters programs Statistics and Quantitative Finance, both in the Applied Mathematics and Statistics School. As you know we are in a data driven world and it's no different in finance/banking. Studying statistics with a data science emphasis. . Likewise, if you want to do research based work (quant researcher and quant software engineer are the two primary roles you'll probably be interested in) then a phd is specializing in research and learning all of that, so Data Science is it's own calling. Jul 22, 2024 · Benefits of Using Data Science in Finance. Northwestern University allows the coursework to be used in a masters in statistics and data science. (I will also have a second masters degree — masters in library and information science, not sure how relevant that is. I'm thinking a finance major and a minor in computer science will be probably the best option. BI at my place mostly covers data presentation and accessibility, the BI guy is the one that takes the gigantic spreadsheets and turns them into simple graphs to show the data to the board without them needing specific knowledge on how to read super detailed financial docs. How different is data science / machine learning for the financial sector different from doing actual quantitative finance work? How is the adoption of machine learning or deep learning in the finance sector? They've been doing data science in finance far longer than it's been popular. Don’t know about data science, but I’ve used MC in financial modeling for years. You will need to study finance on your own and try to choose as many finance-related electives as you can but learning finance on your own is a hell of a lot easier than data science would be. in the IDSS program. Recently I came across this post on data science in finance. I'm not a data scientist but I work with a lot of healthcare data in the health insurance industry and there are absolutely data science jobs out there in this industry, but not sure if it's a long the lines of what you are interested in. Though I can see Finance leading to very senior and executive positions in a company (e. Its going to come down to how much you are interested in the pure science with no relation to finance such as ms in CS, ms in data science, or MS in math / physics / stats. I am surprised at how often i see a high up Sr Financial Analyst roles and they want experience in coding and query languages such as Python/PANDAS, SQL, VBA, etc. It is My current plan is do a data science bootcamp (I know they are a rip off), and am applying for quantitative finance masters for the following year. How does a data science career evolve over 5 years, 10 years and 30 years? Salary will be higher on the Data Science side for sure, especially starting out. I am currently studying Quantitative Economics at UIUC and preparing for MS Stats or Data Science-related programs with a focus on finance. Also data scientists in some companies who aren’t sure what goal they are hired to achieve. That's not really what op is asking. Personally for trading I prefer data science students over statistics. Options for minor: Computer science, Business analytics, Economics, MIS. He didn't tell me the exact tools but told me he uses typical data tools - Python, R, SQL, and big data tools like Spark and what not I'm assuming. My guess is that it is easier to start in quant finance and pivot into data science than the other way around. There’s a decent data science certification via Johns Hopkins that you can take thru coursera, for a lot less $$$ than a full masters. In both my quant group and DS group, I collect data, build models using statistics and machine learning, and write production software. Or their work never makes it to production because of some reason or another. This is where time series/GLM comes into play Sounds like the second choice is up your alley. Hello all, I am looking into both of these fields for potential career path. Data science is increasingly being used in the finance industry for tasks such as risk management, fraud detection, algorithmic trading, and customer analytics. The reason the math courses are valuable is they are the language needed to understand optimization and statistics at an advanced level, which is heavily used in academic finance Any reviews for this statistics and data science micro master? I've been working in analytics for 3 years since graduation with non STEM degree. High Finance pays a lot yet. If you want to do data science get our data science degree. Let’s say you can put together a spreadsheet for financial projections but you have several values that are not precisely known but can be paramaterized with well known distributions. As u/Cunning_Plan says, there are countless fascinating uses for data science all across the financial services industry, from banking to insurance to investment funds and having the additional knowledge and authority of a professional qualification like CFA behind you will be a real bonus when getting interviews. Junior at a university with decent credibility. Risk is inherent in finance, but data science provides a powerful compass to navigate this complex terrain. Additionally, as I want to become a data scientist, I'm not sure if the Data Science part is enough in the Finance + Data Science major. Members Online Help in building a roadmap for Data Science and entering data Just to clarify, by finance I mean I'm working in the Data Science department in a Financial services company rather than actually being involved in the finance side of things! It was just a grad scheme I found during my last year of uni and managed to get. And if you think the top fin jobs would be easier to get, you are quite mistaken. I'm finishing up my bachelor's in finance and would like to go into the data science field. Data science in finance vs data science in tech. Reddit community for TheFinanceNewsletter. I am planning to major in Finance + Data Science however I noticed that it does not include Calc 2 or 3. If I choose to do Quantitative Finance, would that look weird with my engineering degree? I am considering Quantitative Finance in order to get into a Quant role afterwards. Worked as a data consulting intern last summer at a large accounting firm doing a lot of data engineering-type work. And they get disillusioned. That person was hired to be more of a designer and data architect as the company was doing system migrations to ensure we could keep data usable and improvements. Totally open to tech, but I assume I'd be paid more in finance given my background. Please do tell us how quant finance stuff "is of another scale" to data science at tech companies with 100's of million to billions of users. data analyst and data science skills will likely be the future. ) Business Intelligence is the process of utilizing organizational data, technology, analytics, and the knowledge of subject matter experts to create data-driven decisions via dashboards, reports, alerts, and ad-hoc analysis. But I couldn't find reviews or people's thoughts on the program anywhere online. Long hours, high stress, little recognition, unengaging work, and then to top it off they could look over at a Software Engineer building things or a Data Scientist running studies and see them earning more than they were in finance. The curriculum is becoming increasingly more geared toward data science (regressions, neural networks, and machine learning). I an looking for dome structured learning to move more into data science specially ML, will that program help? Hi! I am thinking of applying for this program for spring admission. hxulul btyhei xwibd moddr zto fpnaorv lyenyyl jouwb xlg kimk ynqct wpt emmsarx rvjd pogvr