Common Mistake: No Hedging

Common Mistake #5: do not have a backup career plan

Wanting to start a quant finance career is a noble goal, and a goal worth working toward if that’s what attracts you.  However, you should always have a backup career plan just in case no satisfying quant job comes your way.  In finance, smart investors and traders always have a hedging program to insure against serious losses (whether the hedge works is another question!).  When you look for a quant job, regardless of how sure you are of your qualification, a "hedge" is also needed.

Chapter 1 (page 25) of my book gives a couple of examples of such backup career plans.

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