Why would banks hire physicsts?

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In summary, physics graduates are highly sought after by banks due to their strong mathematical and analytical skills, as well as their ability to quickly learn new concepts. Banks value the different perspectives that physics and mathematics graduates bring, and also prefer those with programming skills. While there may be more MBA graduates in the industry, banks prefer those with a strong mathematical background for certain positions.
  • #1
Lavabug
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Sort of echoing the oil companies thread here. It gets mentioned a lot that physics graduates have a good shot at working at a bank. What would make a physics graduate attractive to a bank? Is it purely the quantitative science/math background? Are programming skills seen as the main selling point?
 
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  • #2
Lavabug said:
Sort of echoing the oil companies thread here. It gets mentioned a lot that physics graduates have a good shot at working at a bank. What would make a physics graduate attractive to a bank?

For physics Ph.D.'s a lot of the math that people use to run the world financial system happens to be the same as the stuff that people end up using in graduate school. Even where the math is different, physics geeks tend to learn new math very, very quickly.

The other thing is that physics Ph.D.'s have a tendency to try to figure stuff out even when the textbook is either missing or wrong. For a lot of the more interesting problems in finance, there is no textbook, and people are making stuff up as they go along.

Is it purely the quantitative science/math background? Are programming skills seen as the main selling point?

It depends on the type of job.
 
  • #3
twofish, would you say bank would more prefer to hire a Math PhD or Physics PhD? On that note, do you think it's easier for a Mathematician to learn Physics or for a Physicist to learn Math?
 
  • #4
They like applied mathematicians, physicists, and engineers. Financial problems bear a striking resemblance to physical problems. The Black-Scholes equation is diffusion, etc. You can't teach this stuff to business majors.
 
  • #5
rydel said:
twofish, would you say bank would more prefer to hire a Math PhD or Physics PhD? On that note, do you think it's easier for a Mathematician to learn Physics or for a Physicist to learn Math?

Both. Physicists and mathematicians approach things from different points of view, and you need both perspectives. There are also lots of CS, EE, and statistics Ph.d.'s
 
  • #6
alan2 said:
They like applied mathematicians, physicists, and engineers. Financial problems bear a striking resemblance to physical problems. The Black-Scholes equation is diffusion, etc. You can't teach this stuff to business majors.

Actually you can. The trouble is that most business majors don't enjoy doing math.

It's not hard to teach Black-Scholes to business and finance majors. The time in which you need a physics geek is that when it turns out that Black-Scholes is *wrong* (and Black-Scholes has been wrong since 1987) and the business and finance people need some idea what formulas to put into their spreadsheets.

Another common situation is when you have a trader with a ton of experience in a market so that he knows in his gut how the market works. The trouble is that you can't put "gut feeling" into a spreadsheet, so at that point the physics people try to craft formulas that match people's gut feelings about how the markets work.

One problem with the universe as far as jobs for physicists go is that the laws of physics don't change very much. You figure out the theory of everything, and you are done. The laws of finance change every few months. (Sometimes literally. Someone passes a new law like the Volcker rule, and people need to adjust their equations.)

There are probably twenty times as many MBA as physics Ph.D.'s in a bank. However, there are are a 100 times more MBA's graduated each year.
 
  • #7
Either your experience has been very different than mine or we are talking about different things. My experience has been that the average undergrad business major has had, at most, a year of what is usually called "Business Calculus". MBA programs do not normally include mathematics. With the exception of very few, I would not expect a business major to be able to create an accurate model and then solve it. You can certainly teach them what the BS equation means and how to use it but they generally do not have the mathematical background necessary to go beyond that. That's why the financial industry snaps up people with those skills from other fields.
 
  • #8
alan2 said:
Either your experience has been very different than mine or we are talking about different things.

Maybe it is. Wall Street firms require people that are highly mathematically literate. On the other hand, most business majors don't end up on Wall Street. Also, I went to school at MIT, where the business and economics departments are *heavily* numerical.

With the exception of very few, I would not expect a business major to be able to create an accurate model and then solve it.

If they want a job as a Wall Street trader, I'd expect them to be very, very good with numbers. Any competent traders is going to have a very strong gut feeling for numbers, and can do very complicated calculations in their head under extreme stress. Most business majors don't end up on Wall Street, and I don't think that most business majors even end up working in finance.

That's why the financial industry snaps up people with those skills from other fields.

The "financial industry" is too general. Also most jobs in finance *don't* require particularly good math skills, but those that do, tend to pay extremely well.
 
  • #9
We probably were talking about different things, I agree with everything that you said. I was thinking of the "average business major" vs. the "average" something else. I would think that the business major with the required analytical skill set would be just as valuable as the math or physics major. I wonder what percentage of business majors have that skill set.
 
  • #10
twofish-quant said:
If they want a job as a Wall Street trader, I'd expect them to be very, very good with numbers. Any competent traders is going to have a very strong gut feeling for numbers, and can do very complicated calculations in their head under extreme stress. Most business majors don't end up on Wall Street, and I don't think that most business majors even end up working in finance.

Are there other ways to show that one can "do very complicated calculations in their head under extreme stress" than a technical B.S degree? Why do investment banks hire people with humanities/social science degrees from the top 20 colleges/universities, then?

Obviously, with the amount of jobs in that industry, there's probably more people outside of the top 20 than in, in which case, I suppose that these guys have "math-heavy" finance degrees or maths/science ones?

I've spend some time reading through Mergers & Inquisitions and a lot of the information (??) that I've read about hiring reminds me a lot of applying to the top 20 universities. Maybe that's why graduates of those specific schools end up there...
 
  • #11
Mépris said:
Are there other ways to show that one can "do very complicated calculations in their head under extreme stress" than a technical B.S degree?

In fact, most traders don't have technical BS degrees. Also trading is not something that you can learn in school. What happens when you get hired is that you start as a trading assistant, and then work up.

What a trader does is to look at a large number of LCD screens (eight). To you or me they just look like thousands of numbers, but to a trader, they form a matter, and they can quickly make decisions.

Why do investment banks hire people with humanities/social science degrees from the top 20 colleges/universities, then?

Same reason that you go to a department store to buy a television set rather than go to someone at the side of the road. If you go to any big name university, then you'll have a nice set of salesman and trained staff to help you with your staffing needs.

Obviously, with the amount of jobs in that industry, there's probably more people outside of the top 20 than in

But it doesn't matter. Yes there are smart people that don't go to Harvard. But if you hire someone from Harvard you can be reasonably sure that he isn't stupid and that if you put some training into him, it isn't a total waste. One reason that technical degrees tend to be less "brand name" centered, is that it's pretty easy to figure out someone's technical skills in an interview. It's harder to figure out cultural and personality skills.

In addition, if you've gone to the same department store for the last fifty years, you'll need a reason to switch.

The other thing is that describing the system doesn't mean liking it. One thing that I really hated in high school was how a small group of "cool kids" ran the entire place, and part of the reason I've tended toward technical things is to get away from that.
 
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  • #12
twofish-quant said:
In fact, most traders don't have technical BS degrees. Also trading is not something that you can learn in school. What happens when you get hired is that you start as a trading assistant, and then work up.

Great. If someone with an Art History degree gets hired, then so can someone with a Physics degree. So, why do physics undergraduates don't shoot for those jobs instead of complaining about a "lack of jobs" and moping about "being lost". Humanities majors do stuff outside of class and I think science majors should do likewise. Instead of learning real analysis in the library all day, maybe cut down the studying by 2 hours and do something else. What's the big difference between a 4.0 GPA and a 3.6, as far as getting a job goes?

Same reason that you go to a department store to buy a television set rather than go to someone at the side of the road. If you go to any big name university, then you'll have a nice set of salesman and trained staff to help you with your staffing needs.

But it doesn't matter. Yes there are smart people that don't go to Harvard. But if you hire someone from Harvard you can be reasonably sure that he isn't stupid and that if you put some training into him, it isn't a total waste. One reason that technical degrees tend to be less "brand name" centered, is that it's pretty easy to figure out someone's technical skills in an interview. It's harder to figure out cultural and personality skills.

In addition, if you've gone to the same department store for the last fifty years, you'll need a reason to switch.

But does a Harvard degree make getting an interview alone easier or is the part of "getting the job" also taken care of, at least, partially? Another thing I've noted is that headhunters, in general, do *not* have Ivy League degrees. I've looked at 3 websites and yeah, that's a limited data set, but if the guys who recruit for the "top firms" don't have fancy degrees themselves (I've seen a mix of state schools and liberal arts colleges who are just outside of the top 20), who's to say they'll even consider liking an Ivy League grad before meeting them?

The other thing is that describing the system doesn't mean liking it. One thing that I really hated in high school was how a small group of "cool kids" ran the entire place, and part of the reason I've tended toward technical things is to get away from that.

Recently, you made a post about Marxism, power and money and I think that this applies here as well, except that there's usually less money involved. Is not how things work in general, be it at one's work place or school? It's quite easy to see a few "stock characters" in most situations, like the "jock" types (Harvey Specter in Suits or Gordon Gekko) or the "insecure and will do as I'm told" types, for example.
 
  • #13
Mépris said:
Great. If someone with an Art History degree gets hired, then so can someone with a Physics degree. So, why do physics undergraduates don't shoot for those jobs instead of complaining about a "lack of jobs" and moping about "being lost". Humanities majors do stuff outside of class and I think science majors should do likewise. Instead of learning real analysis in the library all day, maybe cut down the studying by 2 hours and do something else. What's the big difference between a 4.0 GPA and a 3.6, as far as getting a job goes?

One thing that's important is to see something from an employers perspective.

An employer wants the best person for the job and part of that means that if someone is trained specifically in some ways for a job and the employer can be choosy about who they pick, then they will pick the one that has specific experience.

But even this is not always true. Another facet to consider is what is involved in the job and if the particular job wants someone with the attitude to 'learn what they need to when they need to' vs 'we want a specialist in specific blah bla'.

But if I had to say one thing about getting a job, its basically to be flexible and not to constrain yourself by your bachelors degree.

The thing is that a lot of skills are transferrable in different ways and it helps to be aware of what is transferrable and how to sell that point to someone else.

Also realize that combing pure mathematics with something else can be good economically in the way that people design data mining algorithms or software tools or the like: again this comes down to how flexible someone is and how flexible their focus is.

In short, the more people that are directly affected by what you do, the better your chances at not only getting a job, but getting one with higher pay: it's not a universal rule and I don't want to generalize jobs here but the truth is that if more people know and understand what you do and how that 'benefits' them directly, then chances are you'll be more sought after than the person that doesn't have those attributes.

Also the fact that 'benefit' is really really subjective doesn't make matters any easier than they otherwise could be.
 
  • #14
Mépris said:
So, why do physics undergraduates don't shoot for those jobs instead of complaining about a "lack of jobs" and moping about "being lost".

Well if you want an honest answer...

There is a philosophy that physics is the most important science in the universe, and that anything that deviates from that is a "step down into the gutter." When you are in a public discussion, people tend to not say exactly what they feel because it looks arrogant, but when you start making decisions, then these sorts of deep beliefs start coming out.

Humanities majors do stuff outside of class and I think science majors should do likewise. Instead of learning real analysis in the library all day, maybe cut down the studying by 2 hours and do something else. What's the big difference between a 4.0 GPA and a 3.6, as far as getting a job goes?

Not much, but unless graduate admissions requirements have changed since the time I applied, then it *will* hurt your ability to get into the graduate school of your choice. It certainly hurt mine. If a large amount of your identity is based on getting into the right graduate schools, then that can be extremely traumatic (and it was for me).

But does a Harvard degree make getting an interview alone easier or is the part of "getting the job" also taken care of, at least, partially?

It makes getting an interview a lot easier since companies will do on campus recruiting at Harvard. Also, you tap into a lot of information networks that aren't easily available elsewhere.

For example, if you submit your resume to a major bank, and you don't include citizenship or work visa information, then that resume is dead, and no one will ever tell you why. If you have information networks, you'll know to always include work visa/citizenship information on a resume and never include a picture.

Another thing I've noted is that headhunters, in general, do *not* have Ivy League degrees.

Yes, but that makes them even more likely to take Harvard people. If you have someone that actually went to Harvard or MIT, you know the good and bad bits of the place, and so you aren't going to be in total awe of the place. If you haven't been there, then all you have is a brand name, and sometimes that matters.

Also just a bit about the hiring process at most companies. If you have a friend that you think is a good hire, then you forward the resume to the HR person responsible. At that point, you are hands off. You let someone that is unconnected to you do the technical evaluation. However, just *getting* your resume into the HR system is a challenge.

if the guys who recruit for the "top firms" don't have fancy degrees themselves (I've seen a mix of state schools and liberal arts colleges who are just outside of the top 20), who's to say they'll even consider liking an Ivy League grad before meeting them?

One thing that you must remember is that companies are not after the best candidate. They don't care about getting the best people. They *are* most concerned about "avoiding the worst." If you got a resume from some with a big name university, then you can be very confident that they aren't totally incompetent. If you have someone that isn't, then you are taking a larger risk. Maybe it's not a huge risk, but why take one at all.

Also the big name universities, make things easy for companies. If you go to the Harvard Business School and say "I'm a big company, and I want to hire corporate bureaucrats." then you'll have an entire staff there working with you to set up interviews, go through candidate resumes, etc. etc. It's like going to a department store.

The other thing is that Wall Street in NYC has got this weird clash of cultures that's reflective of the city itself. Historically, it's this weird mix of upper class East Coast WASP types with people that just got off the boat and did "low class" money lender stuff in street corners and boiler rooms. So there are parts of Wall Street with *extreme* dislike for school ties. You had white shoe firms with prep school types, and then people from Brooklyn working in boiler rooms that are going to scream at you with a string of F-words if you bring up your school connections.

Finally, if you want to see what things look like inside a bank. Check out the movie "Margin Call." I didn't see the events in the movie happen, but I can imagine people behaving in the way that they did in the movie if something like that happened. That's in contrast to Wall Street: Money Never Sleeps which as far as I can tell is just junk.
 
  • #15
twofish-quant said:
Well if you want an honest answer...

There is a philosophy that physics is the most important science in the universe, and that anything that deviates from that is a "step down into the gutter." When you are in a public discussion, people tend to not say exactly what they feel because it looks arrogant, but when you start making decisions, then these sorts of deep beliefs start coming out.

There are philosophers who hold that physics is an unimportant pursuit - something that "goes on in the gutter". So if you are feeling upset about being kicked out of physics then it might be worth exploring these philosophies. Epicurus is my favourite - study him properly and you might never get upset about anything - even about having to work in a bank :)


twofish-quant said:
If a large amount of your identity is based on getting into the right graduate schools, then that can be extremely traumatic (and it was for me).

Did you get over the trauma? If so, how?

twofish-quant said:
One thing that you must remember is that companies are not after the best candidate. They don't care about getting the best people. They *are* most concerned about "avoiding the worst." If you got a resume from some with a big name university, then you can be very confident that they aren't totally incompetent. If you have someone that isn't, then you are taking a larger risk. Maybe it's not a huge risk, but why take one at all.

In the UK they are more concerned with avoiding non-public school types. Comprehensive school oiks frighten their rich clients. Even Oxbridge will not be sufficient - you need to be "public school". I recommend hiding the nature of your school - i.e., don't call it "St. James Comprehensive" on the CV - just call it "St James" and act like a public school type in the interview... not easy (they have strange ways), but it might work...
 
  • #16
twofish-quant said:
Well if you want an honest answer...

Always do. I don't like having to clean things up (in my head or elsewhere) because I wasn't able to "take it in for what it is" there and then, if that makes any sense.

There is a philosophy that physics is the most important science in the universe, and that anything that deviates from that is a "step down into the gutter." When you are in a public discussion, people tend to not say exactly what they feel because it looks arrogant, but when you start making decisions, then these sorts of deep beliefs start coming out.

Yes and I can see how many persons studying or wanting to study physics feel that way about it. I (used to?) feel the same way about it too. The interesting thing, though, is that I've never read any pop science book in my life. At least, as far as I can remember and have, and continue, to be discouraged by anyone who asks what I'm doing, to study physics. So, how did I get that "philosophy" in my head? :D

It makes getting an interview a lot easier since companies will do on campus recruiting at Harvard. Also, you tap into a lot of information networks that aren't easily available elsewhere.

And what kind of information can one find there? How are these "information networks" set up? Do they have a "I want to work in finance" club and everybody who makes the cut into their fancy association gets a free booklet, along with a free newsletter every week? (haha)

For example, if you submit your resume to a major bank, and you don't include citizenship or work visa information, then that resume is dead, and no one will ever tell you why. If you have information networks, you'll know to always include work visa/citizenship information on a resume and never include a picture.

This seems important but why? Work-visa information, I can guess, is because there'd be a lot of paperwork to do, money and time to spend, if any applicant is not legally allowed to work, yes?

Yes, but that makes them even more likely to take Harvard people. If you have someone that actually went to Harvard or MIT, you know the good and bad bits of the place, and so you aren't going to be in total awe of the place. If you haven't been there, then all you have is a brand name, and sometimes that matters.

So, does part of the screening process for employing headhunters involve the school they went to?

I can only see that mattering if their clients are specifically looking for people with "brand name degrees".

One thing that you must remember is that companies are not after the best candidate. They don't care about getting the best people. They *are* most concerned about "avoiding the worst." If you got a resume from some with a big name university, then you can be very confident that they aren't totally incompetent. If you have someone that isn't, then you are taking a larger risk. Maybe it's not a huge risk, but why take one at all.

A few good internships + reference letters (from where one interned) would not compensate (or even outweigh) that, then?

Also the big name universities, make things easy for companies. If you go to the Harvard Business School and say "I'm a big company, and I want to hire corporate bureaucrats." then you'll have an entire staff there working with you to set up interviews, go through candidate resumes, etc. etc. It's like going to a department store.

In Suits, the firm hires exclusively from Harvard Law School. The interviews were set up in a fancy hotel and all the interviewees sat next to each other in front of a secretary's office. Now, I know it's a just a TV show but what happened next was the guy doing the hiring was exasperated because of the sheer amount of suck-ups, idiots and other people he didn't want to work with kept showing up. He basically told his secretary to just give him a word the minute an interviewer even "sounds a little like him" and what happened was that the secretary did the screening herself. And that was at the pre-interview stage.

Do interviews in finance work like that? Sort of like playing an arcade video game, gradually clearing out the level until you get to the boss fight? That is, you have the interviewer asking a stock set of questions and if you can't make it past "area/level 3", there's no way in hell you're going to get a shot at taking out the boss?

The other thing is that Wall Street in NYC has got this weird clash of cultures that's reflective of the city itself. Historically, it's this weird mix of upper class East Coast WASP types with people that just got off the boat and did "low class" money lender stuff in street corners and boiler rooms. So there are parts of Wall Street with *extreme* dislike for school ties. You had white shoe firms with prep school types, and then people from Brooklyn working in boiler rooms that are going to scream at you with a string of F-words if you bring up your school connections.

Cool.
Finally, if you want to see what things look like inside a bank. Check out the movie "Margin Call." I didn't see the events in the movie happen, but I can imagine people behaving in the way that they did in the movie if something like that happened. That's in contrast to Wall Street: Money Never Sleeps which as far as I can tell is just junk.

Looks interesting. Thanks.
 
  • #17
mal4mac said:
Did you get over the trauma? If so, how?

I don't know about you guys but one part where I went wrong, throughout most of high school (and that was up until a few months ago), was that I thought that the only thing I had going for me was my smarts. That was "wrong" because it's so easy for everything to go wrong, the minute that there is only *one* thing that can make you happy with yourself.

With regards to schools, I've had my fair share of disappointment - once, just because the school was not accepting applications for my year and that had quite an impact on the rest of my secondary schooling and the other part is right now, with uni - and one thing that really eased the feeling is that I've talked to people who went to these schools numerous times. What I found was that none of them were necessarily smarter than I am, I didn't like their "culture" at all (but I also hated the one at my school, which in some ways, was trying to mimic theirs) and they were not necessarily the kind of people I'd have liked to grow up with. Ultimately, there'd be a few things I'd have benefited from but there's also a lot of crap I wouldn't have put up with.

There's also another important thing, at least for me. Academics should only be *a* and not *the* part of my life. Maybe that's the kind of thing mummy would have said to me had I scored an own goal (and I have!) because I have little coordination and as such, run like a monkey on dope, when on the pitch, but I find that I might have given too much importance to some things that deserved it. And it wasn't not entirely my fault to begin with but I won't get into the "history" - something twofish got me thinking about when he mentioned the reasons of his getting a PhD - of that now.

Another thing, check http://www.cartalk.com/content/mit-letter out. Don't get me wrong, I'm not completely dismissing the top schools. I'm just saying some of us might have placed too much value on them for the wrong reasons.

In the UK they are more concerned with avoiding non-public school types. Comprehensive school oiks frighten their rich clients. Even Oxbridge will not be sufficient - you need to be "public school". I recommend hiding the nature of your school - i.e., don't call it "St. James Comprehensive" on the CV - just call it "St James" and act like a public school type in the interview... not easy (they have strange ways), but it might work...

If I've got this right, "comprehensive schools" are state schools that take in everyone as long as there are enough seats and "public schools" are state schools who are relatively more selective but not to the extent of "grammar schools"?
 
  • #18
chiro said:
In short, the more people that are directly affected by what you do, the better your chances at not only getting a job, but getting one with higher pay: it's not a universal rule and I don't want to generalize jobs here but the truth is that if more people know and understand what you do and how that 'benefits' them directly, then chances are you'll be more sought after than the person that doesn't have those attributes.

Combing pure mathematics with something else can be good economically in the way that people design data mining algorithms or software tools or the like: again this comes down to how flexible someone is and how flexible their focus is.

Understood.

The tricky part of this, I think, is the "how do you convince someone that this is what they need?", especially if people just don't know how one's skills could be useful, even if they actually are/can be?

Also the fact that 'benefit' is really really subjective doesn't make matters any easier than they otherwise could be.

:rofl:!
 
  • #19
mal4mac said:
There are philosophers who hold that physics is an unimportant pursuit - something that "goes on in the gutter". So if you are feeling upset about being kicked out of physics then it might be worth exploring these philosophies.

However, changing philosophies is akin to changing religions. It's not something that you can just do without major effort. Also, there's the question of whether or not I *should* feel miserable about myself.

Did you get over the trauma? If so, how?

You never "get over" an experience. It just becomes part of how you look at the world.

In the UK they are more concerned with avoiding non-public school types. Comprehensive school oiks frighten their rich clients.

The environment in the US is very different. There are lots of rich people that are college dropouts, and while economic power in the UK is centered in London whereas in the US, it's spread around a bit more. If you are in Texas, you will impress clients more with an MBA from UTexas Austin or Texas A&M than an MBA from Harvard.

Also, I've interviewed for positions in which it seemed pretty clear that the purpose of hiring the Ph.D. was to impress clients. I've tended to avoid those sorts of positions.

Don't call it "St. James Comprehensive" on the CV - just call it "St James" and act like a public school type in the interview... not easy (they have strange ways), but it might work...

There's also the "gay pride" strategy. I'm a Longhorn dammit, and I'm going to shout it out from the hill tops.

One thing about the US financial industry is that there are a lot of different cultures so it maybe is not such a great idea to act too much like someone you aren't, because you get
hired by the wrong people and spend the rest of your life being someone you won't want to
be. If it's a choice between pretending and unemployment, then pretend, but in the US, it isn't.

Also having something multinational helps a lot. Since I have a US background, I have very
little idea how an Oxbridge type is supposed to behave in an interview, and so if you try to act "public school" to impress me, I'll have no clue what you are doing.

Being in NYC also helps a lot, because you have so many different people, and the one thing that people have is the desire to make it big. There's also a lot less class structure in US
finance than in UK finance. In NYC, even the beggars and thieves are trying to make it big, and one of the most interest conversations I've had was with a homeless person that was explaining to me how he gets by, and the way that he "sells" isn't that different from what people in the tall buildings do.
 
  • #20
Mépris said:
The tricky part of this, I think, is the "how do you convince someone that this is what they need?", especially if people just don't know how one's skills could be useful, even if they actually are/can be?

You don't.

If someone doesn't think that you are going to be useful to you, thank them for their time, and move to the next sales lead. In order to market a new product, it takes months, often years of patient effort to convince people that the product is useful, and if someone isn't convinced or willing to be convinced, then as far as employment goes, it's a waste of time for you to even try.

Give up, and go to the next lead. One thing that I learned from good salesmen is that they very quickly figure out if someone is interested in buying, and if they aren't, they politely end the conversation and move on.

If you want to convince an industry to hire physics Ph.D.'s, you'll need the universities, professional societies to do that work. You want Nobel prize winners showing up in offices and doing "pre-sales." That's the level of effort that you need to change attitudes, and if you are the average job seeker, you are not in a position to changes people's views, so don't even try. And that's assuming that you get a chance to try. The entire system is designed to keep you from talking to anyone useful.

And they could be right. You could be totally useless for them.

One issue is that people in academia have a difficult time dealing with any rejection. If you send out 100 applications to colleges and 3 mention that they *might* be interested, that's really bad. If you take a test with 10 questions, and you get 1 right, that's also bad. But something that helps is to spend time around salesmen, and for them, getting rejected 95% of the time is normal and it's actually damn good.
 
  • #21
Mépris said:
Yes and I can see how many persons studying or wanting to study physics feel that way about it. I (used to?) feel the same way about it too. The interesting thing, though, is that I've never read any pop science book in my life. At least, as far as I can remember and have, and continue, to be discouraged by anyone who asks what I'm doing, to study physics. So, how did I get that "philosophy" in my head? :D

The "philosophy" that "physics is the best!" is propagated throughout our culture, you can't escape it, it's not just found in pop sci books. In the UK, Brian Cox is always on the TV looking at the stars and saying "aren't they wonderful", Melvyn Bragg (on his arts programme!) is always sucking up to physicists, news readers & politicians fawn over physicists... Your friends who argue against physics can easily be dismissed by you for not being very good at it... they are just kids! What are they compared to Carl Sagan?

Just as medieval culture bowed down to Christianity, our bows down to science. If any kid happens to be good at school science they get to feel they are potential leaders in the dominating philosophy of modern culture and start feeling, "I'm great at the greatest thing!" This make them feel very good... that's how it gets into their head. But when they go through the "physics mill" and end up working in a bank or a bar, that's when it all comes crashing down... "The high priests cast me into the gutter. I'm not really great... boo hoo!"
 
  • #22
Mépris said:
I don't know about you guys but one part where I went wrong, throughout most of high school (and that was up until a few months ago), was that I thought that the only thing I had going for me was my smarts. That was "wrong" because it's so easy for everything to go wrong, the minute that there is only *one* thing that can make you happy with yourself.

Some of the, supposedly, wisest philosophers hold that you don't need anything, even smarts! For instance, Epicurus says all that's needed is water, barley bread & cheese, basic warmth and shelter. If you can't work, modern society will give you these. If you can, the most basic job will get you these.

Mépris said:
With regards to schools, I've had my fair share of disappointment...

We've all been disappointed in this way. It's only a problem if you are made unhappy by your expectations being disappointed. This is easily solved - just expect the schools to be disappointing! Who ever said the schools were going to be great, or even adequate? The brochure said so? The brochure said so :)

Mépris said:
There's also another important thing, at least for me. Academics should only be *a* and not *the* part of my life.

Aristotle begged to differ...

Why do you think academics should only be "a" and not "the" part of life?
 
  • #23
mal4mac said:
Some of the, supposedly, wisest philosophers hold that you don't need anything, even smarts! For instance, Epicurus says all that's needed is water, barley bread & cheese, basic warmth and shelter. If you can't work, modern society will give you these. If you can, the most basic job will get you these.

I'll try that out one day (definitely)...when I get a paying job and my own place.

We've all been disappointed in this way. It's only a problem if you are made unhappy by your expectations being disappointed. This is easily solved - just expect the schools to be disappointing! Who ever said the schools were going to be great, or even adequate? The brochure said so? The brochure said so :)

:-)

Aristotle begged to differ...

Why do you think academics should only be "a" and not "the" part of life?

I don't yet know what my life is about. Maybe I never will. I've settled for just knowing what it consists of, rather than what part is more important. So, just "a" part. As of right now, the productive things I'm involved in are all related to something academic though.
 
  • #24
mal4mac said:
Some of the, supposedly, wisest philosophers hold that you don't need anything, even smarts! For instance, Epicurus says all that's needed is water, barley bread & cheese, basic warmth and shelter. If you can't work, modern society will give you these. If you can, the most basic job will get you these.

Doesn't work for me. The problem with this sort of philosophy is that while you are enjoying your water, bread, and cheese, the people across the hill are building tanks and bombs, and planning to take your water, bread, and cheese.

You need soldiers and physicists to keep that from happening. Once you've got your guns, they've got their guns, you then sit down and have a calm discussion about what to do, but if one side as guns and the other side doesn't, don't expect to keep your bread. The other thing is that in the end, someone needs to plow the fields and bake the bread. They can be robots, but someone has then got to design and build the robots.
 

1. Why would banks hire physicists?

Banks hire physicists for their strong analytical and problem-solving skills. Physicists have a strong foundation in mathematics and are able to apply complex theories to real-world problems. This makes them valuable assets in the banking industry where data analysis and risk assessment are crucial.

2. Are there any specific roles that physicists play in banks?

Yes, physicists can be hired for various roles in banks such as quantitative analysts, risk managers, and data scientists. They are also involved in developing and implementing complex models and algorithms for financial forecasting and decision making.

3. Do physicists have any advantage over other candidates in the banking industry?

Physicists have a unique perspective and approach to problem-solving, which sets them apart from other candidates. They are trained to think critically, experiment, and adapt to new situations, making them valuable assets in the fast-paced and ever-changing banking industry.

4. Can physicists transition easily into the banking industry?

Yes, physicists can transition easily into the banking industry as their skills are highly transferable. They have a strong foundation in mathematics, data analysis, and programming, which are all essential skills in the banking industry. With some additional training and experience, they can excel in the banking industry.

5. Are there any other industries that hire physicists besides the banking industry?

Yes, physicists are in demand in various industries such as technology, healthcare, and energy. Their analytical and problem-solving skills make them valuable in industries that require data analysis, modeling, and innovation. Physicists also have the ability to work in interdisciplinary teams, making them versatile and adaptable in any industry.

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