Leon Sit writes over at Advanced Trading:
There are many reasons to blame quants, correctly or otherwise, for the subprime and credit crisis. I graduated at a time when the crisis had just started. Job-hunting in a traditional quant area was nearly impossible for a new graduate like me. Almost every investment bank had a hiring freeze and the market was flooded with talented and experienced quants.
Although employers on the buy side are still recruiting, quants with investment bank experience were more attractive hires than I was. Based on this experience, I think it will be very difficult for fresh graduates to enter the financial engineering industry in the near future.
However, one should not be discouraged by current market conditions. I expect that the financial industry will become more quantitative after the recovery. I advise new graduates to look at what kind of opportunities the firm can offer you in the future when you consider possible employment. In the end, an education in mathematical finance will still enhance your career even in the difficult current market environment...
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