AsslamuAlaykum,
Is working as a “Quant” or Quantitative Analyst permissable? If not, what elements deem it to be impermissable?
Job Description:
Responsibilities will differ according to the employer (e.g., sell-side vs. buy-side), product focus (e.g., asset-backed securities vs. commodities).
A quant may be required to:
- Research and analyze market trends and statistics to make modeling decisions
- Develop and implement complex quantitative models (e.g., models for trading equities) and analytical software/tools
- Perform daily statistical analyses (e.g., risk analytics, loan pricing and default risk modeling) and coding tasks (e.g., pattern recognition or machine learning)
- Detail model specifications and methods of data collection
- Test new models, products and analytics programs
- Maintain and modify financial models while in use
- Apply or invent independent tools to verify results
- Collaborate with teams of mathematicians, computer engineers and physicists to develop optimal strategies
- Consult with financial industry personnel on trading strategies, market dynamics, trading system performance, etc.
- Generate requirement documentation for software developers
- Present and interpret data results to senior management and clients
- Use complex quantitative models to price derivatives, options, and other securities
There are quants who are experts in a specific area – statistical arbitrage, derivative pricing, quantitative investment management, algorithmic trading or electronic market-making.
JazakAllah.