Silicon Valley Vs. Wall Street: The Battle For Quantitative Talent Is On

Silicon Valley Vs. Wall Street: The Battle For Quantitative Talent Is On

August 30, 2018

Data is everywhere – and that means data scientists need to be everywhere. According to the US Bureau of Labor Statistics, the job outlook for computer and informational research scientists is expected to grow 19 percent from 2016 to 2026, which is much faster than the average of all other occupations. While these professionals are sought after in a variety of industries, the booming technology space and highly-regarded financial sector are at war for quant talent.

Wall Street was always the ideal home for quantitative analysts – since the early 2000s. The brightest financial minds became more interested in joining quant firms than investment banks. These professionals boasted backgrounds in mathematics, physics (or another natural science), computer science, engineering or statistics, and were responsible for developing trading strategies, optimizing and managing portfolios, managing risk and asset liability and pricing derivatives and assets.

These logisticians are still highly valued on Wall Street because they typically are better-informed investors, and also because they are able to leverage large amounts of data to do so. They have the knowledge of how to use technology to analyze data and apply mathematical equations and programming algorithms to gain a clearer understanding of what the data means. This process then becomes automated, where previously this type of analysis was more manual.

Conversely, because technology firms innately collect so much data and can leverage it in an infinite number of ways, quantitative analysts are also highly sought after in Silicon Valley. Moreover, tech firms may be winning the battle on the salary front. According to PayScale, quantitative analysts in New York earn an average of $98,869. In San Francisco, it is $108,306. Seeing as how the cost of living, according to Bankrate, is about 30 percent higher in New York than it is in San Francisco, that is a significant salary difference.

When it comes to quantitative talent in Silicon Valley, they are analyzing data sets with a variety of information, for example, eCommerce statistics, social profile demographics, location and GPS data and user web and mobile traffic. Additionally, the consensus from tech companies is that they are looking for research-minded scientists over MBAs, which is different from the traditional Wall Street role.

From series A-C tech start-ups to electronic trading hedge funds, high-performing computer scientists are in need. Business is now data-driven; therefore you can find quant talent in most industries. Opportunities are abundant; it is your decision to make based on your interests. For additional comparisons of working on Wall Street v. Silicon Valley, check out, “Silicon Valley V. Wall Street: What Tech Talent Should Know.”

 

Connect With Our Technology Team!

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Wynden Stark Group Acquires NYC Venture-backed Tech Startup, untapt

Learn More!