Featured on MSN, PyQuant News' Jason Strimpel explains how financial professionals are using Python to enhance their careers (and why it matters right now).
DENVER, Colo., May 2, 2024 (Globe Newswire) —
In an impressive affirmation of Python's transformative power in finance, PyQuant News founder Jason Strimpel was featured on MSN. This feature highlights his Strimpel's support of Python in quantitative finance, algorithmic trading, and market data analysis. His forward-thinking approach and his practical application of Python demonstrate the effectiveness of his Python in enhancing data-driven decision-making and streamlining workflows in the financial sector.
Python is setting new standards for efficiency and innovation in the industry.
Python overtakes Excel: The new standard in finance
At MSN, Strimpel highlights the big changes we're seeing with Python being adopted as the primary tool to replace Excel. His insights reveal the critical role of Python in reengineering financial processes and decision-making.
Python's appeal in finance is primarily due to its simplicity, extensive libraries, and robust community, making it an ideal choice for a wide variety of financial applications. Strimpel explains the value of Python by contrasting it with his experience with MATLAB's cost barriers and Excel's limitations in his quantitative finance applications such as simulation, optimization, and backtesting.
A comprehensive library that strengthens financial operations
With over 200,000 pre-built libraries, Python allows finance professionals to efficiently manage data, develop models, and automate workflows. Strimpel says Python's comprehensive tools, such as pandas and NumPy, simplify processing a wide range of datasets, while PyTorch and Alphalens enhance machine learning capabilities and portfolio analysis. Libraries like RiskFolio allow portfolio managers to use machine learning to build cutting-edge portfolios.
None of this is possible in Excel.
The demand for Python expertise in the financial industry is skyrocketing, with eFinancialCareers reporting that 39% of hedge fund jobs in 2022 required Python skills. Mr. Slimpel points to the huge opportunity for profit this presents. Excel is now a key element in the financial job market, with Python expertise far outstripping demand for Excel and VBA skills.
Accessibility and learning curve
Strimpel advocates a gradual learning curve for Python. This makes it easy to use even for those with basic Excel skills and eases the transition to more advanced data manipulation and analysis tasks.
Python's versatility as a general-purpose language is highlighted by its application to a variety of financial activities, from corporate financial models to algorithmic trading. Its ability to support consistent workflows across a variety of tasks makes it essential for finance professionals.
Python at the forefront of the GenAI revolution
The integration of Python and GenAI technology puts Python at the forefront of the industry and enables breakthrough advances in data analysis and decision-making. Strimpel exemplifies this with the development of a GenAI-based investment advisor, a news sentiment analyzer, and an agent that queries options data.
This demonstrates Python's ability to handle complex and innovative projects.
Adopting Python is essential
Python's open source nature fosters a community-oriented environment that fosters innovation and continuous learning that is beneficial to beginners.
Strimpel's discussion culminates with a powerful call to action for financial professionals. “Adopt Python to stay relevant and lead the future of finance.” His editorial serves as a compelling argument for the need to upskill in Python to take advantage of the opportunities presented by the relentless pace of technology.
Investing in Python skills is more than just a technical upgrade, it's an essential strategy for anyone looking to get ahead in the rapidly evolving financial world.
The future is Python, and the time to adapt is now.
contact:
Company Name: PyQuant News, LLC
Name: Jason Strimpel
Email: jason@pyquantnews.com
Website: https://pyquantnews.com
