First Job for Math Ph.d

[fismoll8]

Hello everyone. I have been offered a job at a Big Four Financial Consulting practice. While a great opportunity that would give me finance experience, my dream job coming out of academia is a position

as a quant at a hedge fund (say, D.E. Shaw) or as a strat at Goldman (who I had two phone interviews with, but haven't heard back from now for two weeks). Is it a good career move to take the Big Four position, with the hopes of eventually moving in the direction of a hedge fund?



I also have had interviews at smaller shops with employees that formerly worked at Goldman, Morgan Stanley, etc. What is your recommendation for taking a first job at these types of employers? Is it a good career move?

[buddyforall]

I am not an expert in Quant roles in Big 4 Consulting. However if by Big 4 you mean E&Y, Deloitte, PwC, KPMG, my suggestion would be to do more research into career progression at these firms. These firms are NOT typically known for doing research oriented stuff. So my suggestion would be to work for smaller shops by ex Goldman employees etc. I do not know the exact situation but would encourage you to keep this point in your mind.

[Tradenator]

If you really want to work at Goldmans then tell them you have an offer somewhere else, but don't tell them where. Ask them what their position is.

[chiral3]

Based on what you've stated your dream job is I'd say pass on any of the consultancies. I work for a publicly traded company and have to deal with a couple of the Big "whatever the number is this year" from time-to-time through the year for niche things that involve using the origination's quants. It usually involves some "quant" harassing someone on my team with inane questions clearly suggestive of vicarious "math envy" and then me calling their boss to solution what they need to sign off without having to deal with the lower level questions, that often aren't germane. It can be thankless and is disconnected from the real world. If you are a math PhD I'd suggest a fund or a small vendor (think Numerix, Fincad) or small franchise within a larger one (think Blackrock). The latter two might be a better cultural transition for you given your background. The sell-side is constantly contracting at the lower levels and everyone is holding on to their deck chairs at the upper levels. The niches that people straight out of school / post-doc always talk about are akin to being interested in physics and only wanting to do fundamental work or being interested in football and only wanting to play in the NFL: it's the exception and not the rule. If you are set on strat you should only aim for that; nothing else will excite you.