Unlock the Secrets to Quant Trading Success: 6 Execs Reveal What It Really Takes

The competition for top quant talent has never been fiercer. With hedge funds, high-frequency trading firms, and even AI labs vying for the best minds, the demand for mathematicians, physicists, data scientists, and engineers is at an all-time high. The financial incentives are staggering: interns at top firms can earn tens of thousands over the summer, equivalent to a $300,000 base salary, while new grads may see compensation packages exceeding $500,000. For those who climb the ranks, annual earnings can reach tens of millions.

But technical brilliance alone isn't enough. Success in systematic trading requires a blend of often-overlooked skills. Here’s what six leading quant executives from firms like Cubist, Susquehanna, and D.E. Shaw say it takes to thrive in this high-stakes arena.

Geoffrey Lauprete, Head of Cubist Systematic Strategies

Geoffrey Lauprete, who took over Cubist in September, emphasizes that substance matters, but so does passion and communication. When interviewing candidates, he looks for those who can clearly articulate their past contributions and show genuine excitement for the field. "If someone can articulate why putting quantitative analysis, programming, and market knowledge together is exciting, it's usually a reflection of their passion," he says. He also advises candidates to plan their time during noncompete periods wisely, focusing on skill development.

John Cogman, CIO of Tower Research

In his paper "The Myth of the Quant God," Cogman argues that soft skills are critical for maximizing earning potential. He notes that while technical skills are essential, traits like communication, self-awareness, and resilience are what set top quants apart. "Our most successful traders aren't necessarily the loudest or flashiest. They're the ones willing to learn, collaborate, and be self-critical," he writes. The ideal quant combines technical expertise with "translational skills" (like understanding business context) and "behavioral skills" such as empathy.

Mike Tiano, Deputy Head of Systematic Strategies at Schonfeld

Mike Tiano highlights curiosity and patience as key traits. He looks for candidates with an "obsessive curiosity" about problems, even outside finance, as insights from fields like physics or biology can be applied to trading. "You want to find someone who will obsess over a problem," he says. Additionally, quants must be able to break complex issues into manageable parts and stay patient despite daily market fluctuations. For new grads, he stresses the importance of networking: "Go to conferences, reach out to alumni—every job I've held was due in part to networking."

Jeff Yass, Founder of Susquehanna International Group

Jeff Yass believes society overrates calculus and underrates probability, which is crucial for decision-making under uncertainty. He points out that people often spend more time on minor decisions (like stock trades) than major ones (like choosing a partner). His advice? Seek honest feedback from friends on big life choices. "So many lives are ruined because you get involved with the wrong person, and no one wants to speak up," he says.

Gappy Paleologo, Global Head of Quantitative Research at Balyasny Asset Management

Paleologo offers blunt advice for those facing rejection, especially interns who don't get return offers. Don't isolate yourself—failure is common in finance. "Finance is built out of being right only slightly more than being wrong. You just learn how to suffer successfully," he quips. His practical tips include applying to a range of firms, learning from failed interviews, and considering further education if needed. "The only reason to quit is if you realize you were cosplaying for someone else."

Jeremy Reff, Head of Recruiting at D.E. Shaw

D.E. Shaw is known for hiring from non-traditional backgrounds, such as academics or doctors. Reff explains that a "beginner's mindset" can be a huge asset, even if it requires more upfront training. The firm's interview process assesses creativity, learning agility, and other indicators beyond the résumé. "There are thousands of indicators for success that we use. No one is hired solely based on their résumé," he notes.

In summary, succeeding in quant trading isn't just about math skills—it's about combining technical prowess with soft skills, curiosity, and resilience. Whether you're a new grad or a seasoned pro, focusing on these areas can help you stand out in this competitive field.