Let’s start by defining what a Quant does. When I started working on the buy-side, most Quants working in investment banking were concerned with pricing or risk management. They were usually from maths or physics backgrounds, and their core knowledge was an understanding of theoretical asset pricing models.
When I started working in finance, nearly two decades ago, the trading floor was full of ‘Quants’. Usually with Phds, these erudite employees were extremely clever but for some reason somewhat undervalued and underpaid. Since then things have changed, and if you come across a clever person with a Phd in an investment bank or hedge fund it’s most likely their job title is ‘Data Scientist’, though you will still find a few Quants. Is there any difference, or are these just fancy job titles for what is essentially the same job?