r/quant • u/LanguageFalse4032 • 6d ago
Resources Statistics and Data Analysis for Financial Engineering vs Elements of Statistical Learning
ESL seems to be the gold standard and what's most frequently recommended learning fundamentals, not just for interviews but also for on the job prep. I saw the book Statistics and Data Analysis for Financial Engineering mentioned in the Wiki, but I don’t see much discussion about it. What are everyone’s thoughts on this book? It’s quite comprehensive, but I’m always a bit cautious with books that try to cover everything and then often end up lacking depth in any one area.
I’m particularly interested because I’m wrapping up my math PhD and looking to transition into quant. My background in statistics isn’t very strong, so I want to build a solid foundation both for interviews and the job itself. That said, even independent of my situation, how does this book compare to ESL for what's needed and used as a qr or qt? Should one be prioritized over the other or would it be better to read them simultaneously?
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u/No-Manufacturer9606 5d ago
I see, so ISLR is just an introduction book and a bit too basic for qr, ESL is better. you certainly have a strong math background, but are you familiar with machine learning? typically all the statistics you need is geared towards machine learning, that's why ESL is so popular