STEM and Wall Street
What does STEM have to do with Wall Street?
When you think about CAREERS on Wall Street, what usually comes to mind are Brokers, Traders, Investment Bankers, and other jobs typically filled by those with degrees in Finance and Economics. These are traditional Wall Street careers, but there are many essential jobs in the finance industry for those with STEM backgrounds.
STEM professionals have become increasingly important in the financial services industry because technology continues to innovate the way the industry operates.
(Quants) often have a science background and a degree in math or statistics. They must have knowledge of computer programming languages to build trading systems that automate the trading process. They input key financial ratios such as price to earnings and complex calculations such as discounted cash flow valuations. They understand the complicated math models that price securities and are able to enhance them to generate profit and minimize risk.
Have a background in math. They need to know algebra, statistics and calculus. They also must have knowledge of Java, Python and other programming languages. Data scientists solve issues related to cyber security breaches and identity theft. They can create algorithms to identify atypical behavior and alert necessary parties when security issues arise. Data Scientists are also employed in the areas of research and development. They create financial indicators for text mining. They gather text and analyze the content to produce market indicators. For some data science jobs, knowing about machine learning is necessary.
Machine Learning Engineers
have master’s degrees, and sometimes PhDs in computer science or related fields. They must also have advanced knowledge of math and data analytic skills. Machine Learning professionals are highly skilled programmers who develop artificial intelligence systems that use data to research, develop and generate algorithms that can learn and make predictions. They design machine learning systems that are used on the trading floor and in many other areas of Wall Street.