Since graduate school, I've been interested in pursuing one of these roles and decided to apply for an open position I stumbled upon. Luckily I got a callback and after a difficult technical interview a few weeks ago, I finally received an offer today. This would be a front office quantitative analyst position at a large bank and the position would primarily focus on credit risk and interest rate modeling.
However, since I've been in the actuarial field for a few years and feel quite invested in the exam process, I'm trying to decide if moving into one of these roles is the right thing to do. I've been working on creating a pros/cons list so I can try to evaluate this decision and just wanted to welcome any commentary or advice that others might have.
Pros:
Higher use of skillset (less Excel, more Python/R/MATLAB)
Higher pay, higher bonuses (with more incentive to perform)
Will provide study time to finish actuarial credentials (This seems weird, but they have another former actuary on staff who suggested this be in the offer. I don't know if this is a pro as I'd more than likely be taking the CFA exams.)
Neutral:
More responsibility for the pay. Not sure where this should lie. In the actuarial world, the level of responsibility seems low, but I haven't been exposed to higher end roles yet.
Don't have to take actuarial exams.
Cons:
Average 45 hour work weeks (usually 40 hours, with a busy season)
Less stable field
Higher pressure to perform
Very location restricted (much more than actuarial)
There is also a slight concern that if I wanted to return to the actuarial field it would be difficult, even if I was able to finish my credentials.
Any advice? I'm about 50/50 on this decision.
However, since I've been in the actuarial field for a few years and feel quite invested in the exam process, I'm trying to decide if moving into one of these roles is the right thing to do. I've been working on creating a pros/cons list so I can try to evaluate this decision and just wanted to welcome any commentary or advice that others might have.
Pros:
Higher use of skillset (less Excel, more Python/R/MATLAB)
Higher pay, higher bonuses (with more incentive to perform)
Will provide study time to finish actuarial credentials (This seems weird, but they have another former actuary on staff who suggested this be in the offer. I don't know if this is a pro as I'd more than likely be taking the CFA exams.)
Neutral:
More responsibility for the pay. Not sure where this should lie. In the actuarial world, the level of responsibility seems low, but I haven't been exposed to higher end roles yet.
Don't have to take actuarial exams.
Cons:
Average 45 hour work weeks (usually 40 hours, with a busy season)
Less stable field
Higher pressure to perform
Very location restricted (much more than actuarial)
There is also a slight concern that if I wanted to return to the actuarial field it would be difficult, even if I was able to finish my credentials.
Any advice? I'm about 50/50 on this decision.
Should I become a Quant?