An Interview with…

Jada Cupid

1. Why have you decided to share your advice and experiences with Girl Economics?

I have decided to share my advice (despite feeling slightly unqualified to!) and experience with Girl Economics, firstly because I love the message behind the newsletter, but also because I think there is something to learn from everyone’s experiences, even in cases where they don’t relate to you specifically. We are also in an age where information is so readily accessible, via social media etc, and I think it would be silly of me not to contribute to that, especially given my involvement within the field. If my perspective helps even one person reading this, then I am beyond happy to share. This is also a resource I would have loved to have had access to myself during my time at sixth form!

2. Who are your main role models both in terms of your personal and professional aspirations?

In terms of my personal life, my immediate family is a unit which consists solely of women, and while it is a wild time, I think they have been a true embodiment of everything it means to be a strong, independent female, both personally and professionally!

In terms of my professional role models, I am hugely inspired by Alexandra Wilson (who I dedicated a LinkedIn post to on International Women’s Day), a particularly inspiring woman who works within the legal field and authored ‘In Black and White’. The book follows her experience as a young, mixed-race junior barrister which I found particularly compelling as a young, mixed-race, aspiring legal professional myself. I am also largely inspired by her ability to have built and grown a social media presence while remaining dedicated to her legal work - this is something I would love to do in the future but did not think was possible until I discovered her!

3. What led you to decide to take a gap year and how do you feel that it has benefited you?

Part of my decision to take a gap year was largely so I could focus on pursuing my creativity in the form of content creation. It has been a long-standing passion of mine which has only blossomed as social media has grown, particularly surrounding the re-introduction and rise of TikTok. During sixth-form, social media / content creation had almost been an ‘extra-curricular’ activity for me and so this gap year has allowed me to dive into the industry wholeheartedly.

I must also admit that I was left feeling very burnt-out following my A-level exams and felt as though I would benefit from a break before facing the challenges of a degree.

4. How important have you found that social media is for marketing products in the modern economy?

Social media has changed the marketing landscape as we once knew it, largely as a result of its ability to almost decentralise marketing power. Once upon a time, marketing influence belonged exclusively to the ‘untouchable’ celebrities and in some respects, remains intact to this day. However, with the rise of platforms such as TikTok, we have seen an increase in the effectiveness of influencer marketing from smaller creators, as a result of audiences often resonating and therefore engaging with more ‘authentic’ content. More and more big brands have noticed this emphasis on authenticity and in turn, we are currently witnessing a rise in the ‘UGC’ industry (User Generated Content), which focuses on creating content which is designed to appear increasingly genuine from the perspective of real consumers of a certain product or service.

Ultimately, social media has given the power of marketing back to consumers. Social media marketing analysts have seen that ‘regular’ consumers are more influenced to make a purchase based on the merit of other ‘regular’ consumers as opposed to those with super large followings and stardom.

5. What is your biggest piece of advice for school leavers in terms of thinking about their future careers?

My biggest piece of advice is not to add to any of the pressure which is already on you. Post-16 study, however this might manifest itself, is hard. It is meant to be this way. Studying for your exams is a challenge in itself without the added pressure of choosing the ‘right’ next steps, and while it is important that you make a well-thought-out decision, you do not need to know exactly what it is that you want to do for the rest of your life. If you know that you don’t want to pursue a career in something like medicine or law, which requires you to study a certain degree, but still want to go to university, I would encourage you to pursue a degree in a field that you enjoy. You should also know that it is 100% OK to change your mind - I would even argue it is part of our nature, as humans, to do so!

Saying that, I would definitely encourage you to do your research and cover all bases. If you truly can’t decide, the best way to help your future-self is to pick something you enjoy and try to leave your options as open as possible.

With regards to giving yourself the best chance at success, I would emphasise networking (whether this be in person, which is slightly harder, or online via platforms like LinkedIn) as a means to either gain a greater understanding of your chosen field or begin to build your personal brand. You will also benefit from being able to differentiate yourself from the competition and I am a huge advocate for taking part in every opportunity you think will benefit you, whether this be networking events, conferences, competitions, work experience, volunteering or taking up leadership roles such as Head Student

A deep dive into…

Are you smart enough to work at Jane Street?

15 years ago, Jane Street was unheard of; no one really knew about this niche prop trading firm, which is now said to have a more rigorous interview process than Microsoft and Apple. If you go to their website everything about the firm is downplayed, describing themselves as “a tiny group of traders” in a “tiny New York office”. This is perhaps humorous, given that the fundamental nature of Jane Street is about discovering and extending the frontier to which computers can replace humans in finance. So, what makes Jane Street so lucrative and do their traders really retire rich at 30?

Jane Streets specialisation: exchange-traded funds (ETFs)

In some ways, every investor is a market maker, but JS will collect arbitrage profits (using their capital) from buying and selling assets at a price almost identical to the market price. Thus, they are getting a steady return in exchange for taking some big-tail risks. Looking back at the lockdown will help to illustrate how important Jane Street is. During this time, massive ETF selling was seen to hammer the underlying bond market, which could have led to a meltdown had the US Central Bank not intervened. Here lies the issue with how ETFs function, unlike stocks, ETF shares can change dynamically based on investor demand. This is where authorised participants -like Jane Street- step in to create or redeem ETF shares. Demonstrating how the firm is an under-appreciated cog of the industry’s machinery.

The tricky part about a trader’s job is knowing when to make a bet on the gap between the price of an ETF and the price of its constituents. There are numerous tactics, skills, models, and algorithms used to help spot adverse selection and detect patterns in the market, to determine which hedged position is a better deal. Machine learning techniques such as Gaussian processes, random forests and genetic algorithms amongst others have been staple models, though deep learning is an area being pioneered by the firm. With this, an artificial neural network is created, which is capable of learning and making informed decisions of its own.

Forget Python start with OCaml

I am only kidding, I do not recommend starting with OCaml, but if you do plan on working at Jane Street you will need to be fluent in the language. Some even refer to its use as ‘cultish’, but there is a reason for this preference over something like Python or C#. Yaron Minsky, who convinced the firm to adopt OCaml as its sole programming language, describes it as having “features that make it easier to write code that does what you intend it to do.” The choice of programming language significantly impacts an organisation’s operation and the systems it builds. Though, in short, OCaml is more efficient, predictable and safe where errors can be detected early on. Sure, the use of OCaml may be unorthodox, but today Jane Streets source code is 25m lines long, about half as much as what the Large Hadron Collider uses.

Why are the Interviews so difficult?

If you have ever had an 8-quid pint in Mayfair, then you have no doubt overheard a bloke in a gilet boast about some sort of deal, yet a quant will never tell you what they do. The skills and strategies that they use and have used are kept very close to their chests, as sharing profitable strategies diminishes their effectiveness as others adopt them. Some strategies work for a while, fade out, and then start working again. The takeaway is that strategies become obsolete and the scope for intended or planned decisions becomes radically reduced. As a result, Jane Street’s overwhelming strategic decisions are around hiring, company culture and supporting OCaml. In a world where time really is money, challenging interviews are the best way to keep costs low and profits high- keeping things ‘tiny’ may be for the best.

On the other hand, Jane Street has a significant global position, as a market maker and as a driver of technological innovation in programming and many branches of machine learning. Authorised participants are crucial for maintaining ETF stability and efficiency. So, whilst a supposedly, $300k starting salary may be very enticing, just know that you will not be able to vent about work to your partner each night.

Emma Sari Yusuf

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Opportunity Corner

A three-day insight event with Goldman Sachs offering the opportunity for penultimate year students to gain insights into the Investment Banking industry, networking with industry professionals, and meet like-minded individuals.

That is all for this issue, remember to share Girl Economics with anyone you think would enjoy reading it! See you in the next issue,

Erin McGurk