40 Quants, 3 Recruiters, 1 Ticking Clock
August 3, 2009
Math and science whizzes on Wall Street with expertise in quantitative finance-better known as quants-are no strangers to high-speed trading. In fact, the algorithms and mathematical models they devise are the underpinning for such almost all automated activity in increasingly electronic markets.
Speed is an essential element in a quant's mindset at work. So why not inject it into a hiring and networking opportunity?
That was the thinking behind the search for the perfect quant at a place called The Perfect Pint, a bar in midtown Manhattan, on the last Tuesday in July.
The pursuit was billed as "A Speed Recruitment Event for Quants,'' with the clock ticking at an upstairs room of the multilevel bar on East 45th Street.
To speed things up, the quants submitted resumes in advance to recruiters Robin Isaacson of Isaacson Search Company along with Marty Hartmann and Brian Harvey, both of Starpoint Solutions.
Then, the three recruiters conducted brief five- to 10-minute roundtable interviews with the 40 quants. Beer, wine and a bit of casual networking amongst the quants was also part of the mix.
"I have a lot of dealings with the quant community, which is accustomed to working in a very fast-paced environment," and so, it made sense to take the format of a speed dating event and simply apply that format to a recruitment event for quants, explained Stacey Mankoff, founder of The Mankoff Company, a Wall Street marketing firm which organized the event.
"We also wanted to differentiate ourselves from all those pink slip parties or standard, Wall Street recruitment events," Mankoff said. Mankoff received approximately 80 resumes from potential attendees after sending word to her contacts on LinkedIn. She whittled the list of invitees to about 40.
Rajesh Kumar, a recent MBA graduate of the Fuqua School of Business at Duke University, was among those selected. According to him, the event "allowed me to meet with several recruiters, network with other candidates and size up the competition." As a result of his conversations with the recruiters, he is now considering obtaining CFA (chartered financial analyst) certification, applying for an internship and refreshing his C++ development skills. "I learned that you have to try to set yourself apart," he said.
The speed recruitment effort comes at a time when the number of available jobs for qualified quants over the past three to five years has dropped significantly in number - by 75% according to recruiter Isaacson Search Co. Salary levels are also said to have taken a hit, though recruiters say that in select areas, there are opportunities (See "Data Sweep," p. 23).
"Areas where we see opportunities include job openings at high-frequency trading firms, the risk management divisions of banks and firms that trade equity options and stat arb trading firms," said Robin Isaacson of Isaacson Search Co., who has been placing both junior and managing directors of late at firms such as Goldman Sachs as well as at startup, trading shops.
She said, however, that on average, salary levels are "a lot lower" for experienced quants--in some instances, a quarter of what they were making during pre-recession years. New hires "are lucky if they get anything in the way of a bonus these days," Isaacson said.
