What's wrong with Biostatistics is analogously related to the question that was put by the Queen to the Economists at the LSE after the GFC.
The Queen wondered why didn't the economists see it coming?
of course, health pandemics are different, but, the statistical models are not
Scholars working in the biomedical sciences, epidemiology, and #biostatistics spheres, rely on mathematical and applied statistical computing based on modelling assumptions that rely on historical data set observations.
The past cannot and will predict the future with certitude.
Even with Quantum Computing, Data Sciences, Machine Learning, Artificial Intelligence, or any other form of computer-aided Predictive Analytics, scholars across the domains of natural and social sciences will never be able to capture the emergence of rare #Black#Swan#Risks!
I guess the Late Alan Watts was right when he said, and I paraphrase it as follows->
The most perfect prediction of the future is the past.
Human Consciousness aka awareness, which is a measure of the power of the brain, needs to be enhanced!
Relying only on the modus operandi of established knowledge across certain domains will not suffice.
Prediction needs the development of human brain power and wise reasoning.
To #predict, we need to enter into another realm?
A realm of impossibility?
A realm that cannot be observed by the simple-minded observer?
A realm that emulates outcomes based on imagination combined with perception?
These questions can be answered by #Complexity Science Models?
of course, until the time applied statistician modellers, quantum physicists, actuarial stochasticians, and/or algorithmic computing experts discover some new probability density function, which can capture the fattest of the fatter tails, we can give #parapsychology a chance!
I have met such people with paranormal powers, who can actually interpret dreams, read into other person minds, and predict outcomes with great accuracy.
How do they do it?
I would advise you to watch the series "Strange Powers" by Arthur C. Clarke to broaden your horizons.
And it's not just parapsychology that studies human cognitive, emotive & behavioural dispositions under exceptional circumstances, but, additionally, Animal Psychology, can be useful in understanding NAT CAT Events.
How do animals sense and predict disasters and hazards?
Well, one day someone will write a book on the Anthropology and Sociology of Predictions.
It is a fascinating subject, which goes beyond mathematics, actuarial science, and other branches of statistical computing.
It's what we say more than what meets the eye! #Complexity #AI
Risk Management is like a Greek Tragedy, where actors laugh to express their sorrow. Hence, here what mimics laughter is the Normal (Gaussian) PDF and its assumptions.
I believe the strongest voice that emerged in the Post - Crisis years was that of Dr Nassim Taleb, who heavily criticized risk management models and techniques that assume the Normality of returns, and its volatility in financial markets.
The Credit derivatives aka structured products that were financially engineered by Wall Street and the City Quants to provide a market-beating returns used such techniques to pool assets having negative correlations and a low joint probability of default or time to default
There is an obscure problem when you join the BIG-4 Advisory or auditing, or consulting side of the profession within the services sector.
Most of the co-workers come from an #Accounting background, which makes things awfully difficult to communicate and interpret.
I remember working with an #Audit Expert, having a BIG-4 background.
The chap didn't understand anything except for debit, credit, and fraud risk.
The assignment required to be sophisticated Actuarial Finance, Mathematics, and Econometric Skill Sets to understand the GAPS.
Hence, the biggest problem in the Financial Risk Management, #ERM, Quantitative Risk Management, and other FE Financial Engineering related risk management processes, when working with a #BIG4 Firm, is the interaction with Accountants and Auditors who have their own Lingua Franca
TMO - Treasury Middle Office roles differ from bank to bank.
In other non-banking financial institutions, MO roles may vary according to portfolio size and responsibilities handed over to the risk management team.
MO is primarily responsible for overseeing trading (front office) activities and applying controls, and reporting violations thereof.
How did getting a #PhD harmed your career?
This question was put to me on another forum.
I am sharing my answer for the benefit of this community.
Interesting to read such pessimistic accounts of life again and again! I think if the word goes out, most of the universities will be facing a shortage of students and hence that leads to a lockdown / shut down or a possible global academic research meltdown.
So let us not overdo this criticism!
I would like to answer this from a knowledge capital formation and a global development perspective, based on my interaction with PhD degree holders across various nations of the world.
Just analyzing some postgraduate degrees offered by the universities across #Newzealand.
The fees are way above the global market rate, and, it appears, they overcharge students for extending their stay, which is akin to obtaining a legit work permit.
Education is big business!
Secondly, what is the guarantee that an international student will get a like-minded job, at a place of his choosing?
A work permit does not translate into a fantastic professional career!!
A basic three-year work permit, might not be enough to earn well after investing so much
I always say to my students, who would like to go overseas, that the grass appears greener on the other side.
Your imagination and perception might force you to acquire the wrong beliefs about foreign education.
A degree is a piece of paper! that's all.
What matters is your luck
Is CFA better than PhD in Finance?
How can you compare a doctoral research program with a professional qualification awarded by a professional body?
CFA is an entry pass/ticket.
People with no background in Finance, Accounting and Economics, are asked to do a CFA to prove and improve their skill sets across the Capital Markets, Investment Banking, Financial Brokerage and Asset Management Sectors.
My friend who is a PhD is running a CFA / Financial Training Institute.
All those who pass out after level III, refer to the PhD as “SIR”.