Comment by oefrha
4 hours ago
One related problem I see is the pipeline for producing working mathematicians seems to have been completely and irreversibly decimated. What’s the point of doing a long and arduous PhD when all PhD level research problems that used to take months to years can be solved by far less talented people with $100/$1000/$10,000 to spare? How do you even select people into your program (this part is likely hypothetical, classical talent selection probably still works at the moment, but what about in a couple years)?
Disclosure: I did a theoretical physics PhD, but got admitted to quite a few top math programs back when I was applying to math and physics programs simultaneously. If you asked me whether I’d do a PhD today I’d say why bother.
Here most local STEM PhDs try to get into finance. This is largely due to lack of funding for science and poor opportunities for PhDs. Why be a poorly paid postdoc when Jane Street is offering a million USD signup bonus ?
PhDs from poorer overseas do try to get related jobs here, mainly to be able to get a permanent resident visa.
> Why be a poorly paid postdoc when Jane Street is offering a million USD signup bonus?
One reason is despising that line of work. Quant firms were pummeling my @prestigious.edu inbox throughout my PhD and I fucking hated those parasites. Well, jokes on me if AI shatters my current career.
Btw a former classmate Caroline Ellison who went to Jane Street eventually landed in prison, lol.