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After dedicating years to a specialized area of study, PhD students may not realize how versatile their hard-earned skills truly are and what opportunities could await in industry.
If you’re studying for a PhD in a quantitative field, the skills you’ve honed throughout your education likely have valuable applications beyond academia. In choosing a path forward, there are some critical factors to consider: how quickly you want to work, the ability to see your impact, what legacy you want to leave in your field and how much you value collaboration and rapid iteration. Both academia and industry can be fulfilling choices, and many researchers move between these sectors throughout their careers.
Every year, Citadel Securities invites a small group of PhD students and postdocs to our PhD Summit, designed to introduce talent in academia to opportunities in the private sector, share their research and meet like-minded students.
Read the takeaways from two Citadel Securities quantitative researchers who discussed the pros of working in industry as opposed to academia—and why finance was the right choice for them.
Project and Feedback Cycles
What kind of impact do you want to make, and how fast do you want to see results? Academia gives researchers time to spend months—even years—on a single question and test a hypothesis over a long period of time. This in-depth, long-term process allows graduates to follow their passions and immerse themselves completely in their fields of study. Making a breakthrough after prolonged, intensive work can be immensely satisfying.
Those who prefer immediate feedback and the free rein to address a wider variety of questions may find industry a better fit. In the private sector, researchers can test their hypotheses, analyze their results and keep moving forward at a faster pace. “One of the things about a PhD was you tend to think very deeply about problems for a very long time, which is good,” said Quantitative Researcher Geoffrey Ji. “But I also wanted to be able to work on things with a faster feedback cycle. I found that in industry, you were able to get something out in a few months as opposed to a few years.”
Ji’s fellow researcher, Guillaume Basse, agrees. “Feedback in other industries, academia included, can be very long. At Citadel Securities, you have a great idea. You test it. You discuss it with colleagues, and you get a very rapid answer; maybe it works, maybe it doesn’t. If it doesn’t, you go back to the drawing board, and you fix the issue, and you go back again.”
Ability to See Your Impact
PhD students are often drawn to academic careers out of a desire to make an impact—either by solving critical problems or sharing their knowledge with the next generation of students. In academia, you can see your impact build over time; your future students will go on to make strides of their own, and successful projects are often the culmination of years of in-depth study.
Students and postdocs might assume that corporate work will feel less impactful and the results less clear. In fact, our panelists found the opposite to be true—their work feels more relevant because they are quickly able to see how it affects the real world. “I think one of the really enjoyable aspects of doing this kind of applied research is you get to see the fruits of your labors immediately,” said Ji. “Working at a market maker firm like Citadel Securities, I think you’re helping the markets behave in a more efficient manner, and that helps society at large.”
Our speakers noted the lack of obstacles researchers face when tackling a new problem in the corporate world. Basse described Citadel Securities as “entrepreneurial” and praised the culture for its celebration of creativity and independent thought. “We’re given a lot of freedom. If your idea works or it seems like it’s going in the right direction, there’s never any sort of bureaucracy in your way. Everyone’s trying to help you make it happen.”
Collaboration and Teamwork
Our panelists spoke about the collaborative spirit within the private sector and the opportunities to grow and learn as a team. Academia is a great choice for students who are self-motivated and prefer leading their own pursuits. However, academic research can feel isolating, and researchers who enjoy working with others might thrive in a more collaborative environment.
Citadel Securities recruits research teams from a surprising variety of disciplines, and the emphasis on teamwork inspires our researchers to keep honing new abilities and learning from each other. We design our offices and workspaces to encourage open discussion among researchers and other departments. Quantitative researchers work closely with engineers and traders—and learn to approach problems through a multidisciplinary lens.
Basse had high praise for his colleagues inside and outside of the research department. “The culture of excellence across the board is something I haven’t seen before. Once you taste that, it’s sort of hard to imagine going back to something else.”
Making the Right Choice for You
There are no one-size-fits-all choices when it comes to your career; the decision is yours to make. Researchers who are drawn to traditional teaching will likely find fulfillment in academia. This path also allows graduates to specialize and go in-depth on the topics that interest them most.
The private sector, however, offers a unique opportunity to quickly prove your research’s viability, receive fast feedback and make a tangible impact. Industry provides opportunities for interdisciplinary work, iterative thinking and collaboration to solve unique problems.
Both academia and industry hold exciting possibilities for new graduates; the key is determining what you want and where you can excel.
Interested in learning more about the PhD Summit? Visit our page here.
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