All About Financial Quantitative Analysts
Job Description: Develop quantitative financial products used to inform individuals or financial institutions engaged in saving, lending, investing, borrowing, or managing risk. Investigate methods for financial analysis to create mathematical models used to develop improved analytical tools or advanced financial investment instruments.
Life As a Financial Quantitative Analyst
- Define or recommend model specifications or data collection methods.
- Consult traders or other financial industry personnel to determine the need for new or improved analytical applications.
- Devise or apply independent models or tools to help verify results of analytical systems.
- Assess the potential impact of climate change on business financial issues, such as damage repairs, insurance costs, or potential disruptions of daily activities.
- Prepare requirements documentation for use by software developers.
- Confer with other financial engineers or analysts on trading strategies, market dynamics, or trading system performance to inform development of quantitative techniques.
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Financial Quantitative Analyst Needed Skills
Financial Quantitative Analysts state the following job skills are important in their day-to-day work.
Mathematics: Using mathematics to solve problems.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Related Job Titles for this Occupation:
- Quantitative Model Validation Analyst
- Investment Strategist
- Global Credit Quantitative Analysis Head
- Quantitative Model Analyst
- Finance Analyst
Job Outlook for Financial Quantitative Analysts
In 2016, there was an estimated number of 135,900 jobs in the United States for Financial Quantitative Analyst. New jobs are being produced at a rate of 9.6% which is above the national average. The Bureau of Labor Statistics predicts 13,100 new jobs for Financial Quantitative Analyst by 2026. Due to new job openings and attrition, there will be an average of 13,100 job openings in this field each year.
The states with the most job growth for Financial Quantitative Analyst are Utah, Nevada, and Arizona. Watch out if you plan on working in South Dakota, Maryland, or Alaska. These states have the worst job growth for this type of profession.
Salary for a Financial Quantitative Analyst
The salary for Financial Quantitative Analysts ranges between about $38,030 and $123,360 a year.
Financial Quantitative Analysts who work in District of Columbia, Virginia, or Illinois, make the highest salaries.
How much do Financial Quantitative Analysts make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
| Alabama | $75,170 |
| Alaska | $68,040 |
| Arizona | $82,200 |
| Arkansas | $43,580 |
| California | $80,720 |
| Colorado | $83,800 |
| Connecticut | $77,690 |
| Delaware | $80,950 |
| District of Columbia | $107,760 |
| Florida | $67,520 |
| Georgia | $85,610 |
| Idaho | $56,440 |
| Illinois | $93,200 |
| Indiana | $66,590 |
| Iowa | $69,480 |
| Kansas | $55,300 |
| Kentucky | $57,030 |
| Louisiana | $61,170 |
| Maine | $65,430 |
| Maryland | $77,440 |
| Massachusetts | $88,370 |
| Michigan | $69,480 |
| Minnesota | $74,190 |
| Mississippi | $63,650 |
| Missouri | $74,050 |
| Montana | $67,820 |
| Nebraska | $79,250 |
| Nevada | $58,150 |
| New Hampshire | $77,670 |
| New Jersey | $81,660 |
| New Mexico | $61,940 |
| New York | $96,480 |
| North Carolina | $76,050 |
| North Dakota | $77,400 |
| Ohio | $78,960 |
| Oklahoma | $72,520 |
| Oregon | $71,980 |
| Pennsylvania | $74,880 |
| Rhode Island | $77,610 |
| South Carolina | $69,340 |
| South Dakota | $53,080 |
| Tennessee | $65,200 |
| Texas | $70,830 |
| Utah | $69,340 |
| Vermont | $72,600 |
| Virginia | $87,810 |
| Washington | $73,790 |
| West Virginia | $68,180 |
| Wisconsin | $60,120 |
| Wyoming | $59,190 |
What Tools & Technology do Financial Quantitative Analysts Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Financial Quantitative Analysts:
- Microsoft Excel
- Microsoft Office
- JavaScript
- Microsoft PowerPoint
- Web browser software
- Python
- Microsoft Access
- Microsoft Visio
- Structured query language SQL
- The MathWorks MATLAB
- Microsoft Dynamics
- SAS
- Linux
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft SQL Server
- UNIX
- R
- Oracle JD Edwards EnterpriseOne
- Practical extraction and reporting language Perl
How do I Become a Financial Quantitative Analyst?
Learn what Financial Quantitative Analyst education requirements there are.
How Long Does it Take to Become a Financial Quantitative Analyst?
Where Financial Quantitative Analysts Work
Financial Quantitative Analysts work in the following industries:
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
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