Vital Stats
HOMETOWN: Changzhou, China
Master's Program:Rutgers University, Master of Quantitative Finance (M.Q.F.)
Additional graduate work:Ph.D. in bioinformatics from Rutgers in 2006
Undergraduate Degree:Major in intensive instruction from Nanjing University, Nanjing, China in 2000
Honors: People's Scholarship Award for academic achievement, ranked No. 3 out of 40
Mentor: I have several mentors. One is Dr. Yangru Wu, the director of the Rutgers M.Q.F. program. He is very knowledgeable and has given us good advice. Also, Dr. John Longo [clinical associate professor, finance and economics], who worked at Bear Stearns and is a principal at a hedge fund.
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- Qualifications and Background
- Aspirations
- Beyond the Numbers
Advanced Trading: Why did you choose to pursue a master's degree in finance?
Zhang: I felt I needed some financial background and knowledge before I could go to work on Wall Street.
AT: What is your math background? Do you have any prior programming experience?
Zhang: My greatest strength is mathematics. I've always enjoyed verifying some proof. From elementary school to graduate school, I've always been good at math. I have always studied with people who were good at mathematics and have always placed at the top of the class.
I also like programming very much. In my undergraduate training we had many computer classes, so I've always used programming to solve complicated problems. And in earning my Ph.D. in informatics, I did extensive programming to process information and write code to interpret and to build mathematical models, so I enjoy programming too.
AT: What classes are you taking now that will be essential to helping you be more prepared for a job on Wall Street?
Zhang: There are many that are very exciting. For one, in fixed income we learned about bonds through mortgage-backed securities and did some binomial models and used mathematical tools to derive options prices. And right now I'm in an internship working with mortgage-backed securities and using a lot of models to conduct simulations.
AT: Who are you working for?
Zhang: Standard & Poor's. I'm in the quantitative group. We are doing mortgage-backed securities analysis -- assessing the default probability to assess the risk of these mortgage-backed securities. I'm a full-time intern for the summer.
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AT: Would that be a group you'd like to work in?
Zhang: Yes, it's a very interesting field. I like it.
Another class that I think is very interesting is applied portfolio management. Each student gets assigned a sector, and we give assessments of our sector and a particular stock. It's very critical, we can learn how to analyze the market and the stocks.
AT: Which stock did you analyze? How did it perform after you made your analysis?
Zhang: I gave a recommendation for a biotechnology company, Elan. We believed a drug it was developing was very risky. Because I have a biology background, from my research I thought it was very risky and would be hard to get approved by the FDA. We gave a short recommendation for the stock. Last week the stock lost its value by 70 percent.
AT: Why did you pick that company?
Zhang: I screened some companies and I took a look at the results and thought Elan was overvalued, so I chose this company.
AT: How would you rate your knowledge of the business of financial services, on a scale of 1 to 10?
Zhang: Eight. I started to learn finance less than two years ago, but I quickly mastered many aspects of finance knowledge. As proof, I earned a 4.0 GPA in the current curriculum, most of which are finance courses. I also passed CFA Level I this June and am going to take the CFA Level II next June. I acquired a good deal of finance knowledge at Standard & Poor's. I read the Wall Street Journal and watch CNBC every day. I feel very comfortable about my knowledge of the business of financial services.
AT: Discuss your training in statistics and your ability to analyze data.
Zhang: I started to learn statistics when I entered the Mathematics Olympia competition in high school, of which statistics was one of the important subjects. I got second prize in that competition. During my undergraduate and graduate education, I got extensive training in statistics. I had further training in statistics during my Ph.D. research, where I utilized statistical methods to predict protein secondary structures.
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AT: Why did you choose to pursue a career on Wall Street?
Zhang: It's very exciting, and you can apply your day-to-day knowledge of the industry to everyday life -- it impacts our day-to-day life. And it is technical, which I like. I like a job where you can use innovative ideas to solve problems.
AT: In what type of role would you like to start?
Zhang: I like all of the finance areas -- risk management, mortgage-backed securities, equities research, quantitative research. I'd like the opportunity to use my skills and knowledge.
AT: Do you have a preference -- buy side, sell side or hedge fund?
Zhang: I like the buy side and hedge funds.
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AT: What is it about hedge funds that you like?
Zhang: They are innovative and use new ideas. You can learn something and also have some fun, which is very exciting.
AT: What do you see yourself doing in two years? In 10 years?
Zhang: In two years I think I will be in quantitative research or something associated. In 10 years I am not sure yet. But I hope to be working in a group with smart people in risk management or in a quant group in some form.
AT: What three questions would you ask a prospective employer?
Zhang: I'd want to know more about the specifics of the job. How does the particular group fit in with the larger company? What would be my first project or assignment?
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AT: Is there someone who was instrumental in your decision to pursue a career in finance?
Zhang: There is a Chinese guy named Ping Jiang. I do not know him, but I've read about him. He works for the hedge fund SAC Capital Management. He has a similar background to me but got his Ph.D. in chemistry and then got a Ph.D. in finance. He has moved up in his career, has had good ideas, has good insight into emerging markets and knows how to invest in these markets. He has a very good math background. He knows the market and is my role model.
AT: Has the recent credit crisis and issues at many of the large investment banks changed your view of working in financial services?
Zhang: Yes. The current financial crisis shows that models and methodologies at many financial firms need to be more robust and advanced. Wall Street needs talented people more than ever. It opens more opportunities for us.
AT: What do you enjoy doing in your spare time?
Zhang: I like reading books -- finance books and novels -- and playing basketball and music.
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AT: What's your favorite novel right now?
Zhang: Harry Potter.
AT: Name one thing you did this summer for fun.
Zhang: I haven't had time for vacation with my internship, but I like barbecuing with friends.
AT: Describe one of your future goals beyond a career on Wall Street.
Zhang: I would like to be a champion of Chinese Chess.
AT: Choose one word to describe yourself.
Zhang: Smart.
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