How do you go about developing the skills and tools needed to solve these problems on your own and develop the "quant mindset"? Do I just shove textbooks, videos and similar resources down my brain until I recognize every scenario? Is it possible to do so without attending school for a master's program? I am an aspiring quant however I only just graduated with my undergrad degree in data science and I am trying to break into the quant industry but I realize that I simply am not prepared and do not have the requirements/resume to do so. I am torn between going to grad school vs. trying to study/teach myself enough to the point where I am prepared but I don't know if it is a feasible option. What would you recommend? Also, I would appreciate it if you could share any resources that you used to study and learn about the quant field.
I truly understand your dilemma, and I'll try and give my insight into this. I also only have a bachelor's degree and have pondered getting a Master's for quite some time. Regardless of this, I was able to secure a quant job. That is not to say that a Master's is useless. Most people in the industry have (significantly) more education, with almost all of them having at least one more degree and a significant proportion of them having a Ph.D. It is your choice to make, but I think it boils down to: 1. without being recommended, without job experinece, and with only a Bachelor's, you will not be taken into consideration for a lot of postions vs 2. after your first job, your experience will weight a lot more than your education Good interview performance comes from having an arsenal of tools to tackle the problems. First of all, the interviewers are interested in your way of thinking. A disadvantage would be solving it mechanically while not being able to generalize or extract particular cases. With that said, I think that you should try and solve example questions, and I mean to TRY it. Read the solution only after you spent a significant amount of time trying to solve it(a lot more than the allotted time). Try and ask yourself questions. "How can this new knowledge be useful in a different scenario?" "How can this question be rephrased?" As for resources, I do have some book recommendations in the description box of every video.
your channel is literally a gold mine. So many fun problems to solve. so in this problem what you did was look at the best and worst case scenario for the strongest pirate and how that evolves over time (here with the death of the strongest pirate). and then we need to think how to tweak it so that maximization of profit happens for each pirate. After that we need to extend the model a bit and see how it works. Nice approach.
I have a question on your solution. If the strongest pirate proposed 99-0-1, then I think the other pirates are likely to be against the proposal. Why do the other pirates accept 99-0-1 strategy of the strongest pirate?
Hi! Let's again use the notations for the video, P1 weak, P2 medium, P3 strong. If P3 proposes 99-0-1, P2 will refuse as he gets nothing. If P1 refuses as well, by the rules P1 and P2 kill P3. P2 then proposes 100-0; even if P1 refuses, the vote passes (by the rules, tie is a pass). So P1 will get 0. This is a worse outcome for P1. So P1 won't refuse 99-0-1.
If pirates 2 and 3 vote no then they kill pirate 1. At that point pirate 2 will propose he keep all coins give pirate 3 none. He has half the votes so it will pass and pirate 3 gets nothing. Therefore offering pirate 3 one coin will get his vote.
How do you go about developing the skills and tools needed to solve these problems on your own and develop the "quant mindset"? Do I just shove textbooks, videos and similar resources down my brain until I recognize every scenario? Is it possible to do so without attending school for a master's program? I am an aspiring quant however I only just graduated with my undergrad degree in data science and I am trying to break into the quant industry but I realize that I simply am not prepared and do not have the requirements/resume to do so. I am torn between going to grad school vs. trying to study/teach myself enough to the point where I am prepared but I don't know if it is a feasible option. What would you recommend? Also, I would appreciate it if you could share any resources that you used to study and learn about the quant field.
I truly understand your dilemma, and I'll try and give my insight into this. I also only have a bachelor's degree and have pondered getting a Master's for quite some time. Regardless of this, I was able to secure a quant job. That is not to say that a Master's is useless. Most people in the industry have (significantly) more education, with almost all of them having at least one more degree and a significant proportion of them having a Ph.D. It is your choice to make, but I think it boils down to:
1. without being recommended, without job experinece, and with only a Bachelor's, you will not be taken into consideration for a lot of postions
vs
2. after your first job, your experience will weight a lot more than your education
Good interview performance comes from having an arsenal of tools to tackle the problems. First of all, the interviewers are interested in your way of thinking. A disadvantage would be solving it mechanically while not being able to generalize or extract particular cases. With that said, I think that you should try and solve example questions, and I mean to TRY it. Read the solution only after you spent a significant amount of time trying to solve it(a lot more than the allotted time). Try and ask yourself questions. "How can this new knowledge be useful in a different scenario?" "How can this question be rephrased?"
As for resources, I do have some book recommendations in the description box of every video.
your channel is literally a gold mine. So many fun problems to solve.
so in this problem what you did was look at the best and worst case scenario for the strongest pirate and how that evolves over time (here with the death of the strongest pirate). and then we need to think how to tweak it so that maximization of profit happens for each pirate.
After that we need to extend the model a bit and see how it works. Nice approach.
Thank you! Also happy to hear that you are enjoying the channel and problems!
Nice video and great explanation as always!
Thank you!
I have a question on your solution. If the strongest pirate proposed 99-0-1, then I think the other pirates are likely to be against the proposal. Why do the other pirates accept 99-0-1 strategy of the strongest pirate?
Hi!
Let's again use the notations for the video, P1 weak, P2 medium, P3 strong.
If P3 proposes 99-0-1, P2 will refuse as he gets nothing. If P1 refuses as well, by the rules P1 and P2 kill P3.
P2 then proposes 100-0; even if P1 refuses, the vote passes (by the rules, tie is a pass). So P1 will get 0.
This is a worse outcome for P1. So P1 won't refuse 99-0-1.
If pirates 2 and 3 vote no then they kill pirate 1. At that point pirate 2 will propose he keep all coins give pirate 3 none. He has half the votes so it will pass and pirate 3 gets nothing. Therefore offering pirate 3 one coin will get his vote.