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ToggleThe job roles of a data scientist and a quant have always been in the battle of comparison. But as technology is used in almost every domain now, the differences between the roles of these professionals are beginning to decrease. But some key differences have been discovered.
Data scientists are professionals who are generally reserved for the world of technology. The role of a data scientist is to analyze and transform data for discovering hidden patterns and insights. Looking forward to becoming a Data Scientist? Check out the Data Science Online Course and get certified today.
Quants, who are also known as quantitative analysts, are professionals who belong to the finance and accounting world. Their role is to use mathematical and statistical strategies for overcoming risk and other related problems.
Key differences between data scientists and quants:
Before jumping into the key differences, let’s discover something common to both a data scientist and a quantitative analyst. The most common thing between the two professions is that both these specialists must deal with data regularly. In other words, both of them should have the ability to analyze data and derive meaningful conclusions for the organization’s benefit. Therefore, both data scientists and quants are equally important for their respective domains. Also, check this Data Science Training institute in Hyderabad to start a career in Data Science.
As the common thing between the two professions has been highlighted, let’s discuss the key differences and the most promising career path.
- Both data scientist and quants have a lot of differences in their education. Data scientist generally possess postgraduate degrees in computer science, mathematics, or statistics when it comes to qualifications. When it comes to quants, these professionals possess postgraduate degrees in finance, accounting, economics, or statistics.
- Data scientists are required to possess strong technical and programming skills. Quants are not required to be good in tech or programming, but they must be strong in mathematics and statistics. Become a Data Scientist with 360DigiTMG Top Data Science institute in Pune. Get trained by the alumni from IIT, IIM, and ISB.
- When it comes to career prospects and pay scale, both data scientists and quants are at the same level. Both these professions are great career choices.
- Quants are generally reserved for big financial firms where they are expected to solve financial and risk problems. In contrast, data scientists are made for the tech world, and they must analyze and modify data to generate profits.
- Both these professionals have different skill sets. Quants are specialized in accounting, finance, risk assessment, and management. Data scientists possess a different skillset with skills like programming and knowledge about the latest technologies like AI and ML.
The key differences between data scientists and quants are highlighted above. Both professions can help you build promising careers with a good salary package. However, data science is a field that has a wide range of job opportunities, and there is a growing demand for data scientists in the market. Therefore, candidates who have a strong technical background can choose to become data scientists. On the other hand, candidates who have a strong mathematical background can choose to become a quant. Both these career paths are smart choices, and you will get to discover something new every day during your journey. Want to learn more about data science? Enroll in the Best institute for Data Science in Chennai to do so.
There are times when data scientists are considered to be the same as quants. Although these professions have a few things in common, their roles and responsibilities have major differences that cannot be ignored. It is important to understand these differences and choose your career wisely.
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