Building a quant skill set

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abacus

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Do I need to know how Black-Scholes is derived? I'm going through Hull's book to get more comfortable about derivatives, but I honestly do not think I am going to challenge or change Black-Scholes in this life time, so what level of knowledge I should be left with once I am done with the book. Essentially, I am trying scope my study here.

Another aspect is the use of software to model different problems. Being a programmer in my previous life, I am not too keen on learning 10 languages again, so what software should I focus on: Matlab, VB with Excel, R?

It is scary when every advertised job needs a PH.D, but then I have seen trade settlement positions asking for MBA/CFA. Any advice shall be much appreciated.
 
most financial engineering or quant finance programs pretty much require you to have an applied mathematics or engineering undergraduate degree, although i doubt anything beyond an understanding of linear algebra and multivariable calc is necessary.
 
I must admit that I am in a bit of the same situation. I'm currently pursuing a CFA but am torn between a quantitative MSc and a typical MBA at a top school. My ideal position would be to work at a quant fund but not in a typical PhD quant role.

Does anyone have any experience with recruiters concerning this? Right now, I'm leaning toward an MBA in Analytical Finance but I fear that it might not have enough 'quant' for future positions...
 
I am focused on using derivatives in a practitioner role. This may be too simple an example, but we use Gordon Growth Model in equity valuation, and know what the inputs are & their limitations. But I do not worry how this was derived. So, when it comes to Black-Scholes, should I only understand the formula, its limitations, and inputs & not worry about its derivation? To summarize, do I have to be an Emanuel Derman (Life of a quant) or Michael Lewis (Liar�s Poker) to land a position in derivatives?

NOTE: For people shaking their heads at my mention of Michael Lewis, please note that he might not have been book smart (Undergrad major: Art History), but was quite street smart.
 
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