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    Success at the intersection of technology and finance

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    Citadel founder and CEO Ken Griffin had some free advice for an at-capacity crowd of MIT students at the Wong Auditorium during a campus visit in April. “If you find yourself in a career where you’re not learning,” he told them, “it’s time to change jobs. In this world, if you’re not learning, you can find yourself irrelevant in the blink of an eye.”

    During a conversation with Bryan Landman ’11, senior quantitative research lead for Citadel’s Global Quantitative Strategies business, Griffin reflected on his career and offered predictions for the impact of technology on the finance sector. Citadel, which he launched in 1990, is now one of the world’s leading investment firms. Griffin also serves as non-executive chair of Citadel Securities, a market maker that is known as a key player in the modernization of markets and market structures.

    “We are excited to hear Ken share his perspective on how technology continues to shape the future of finance, including the emerging trends of quantum computing and AI,” said David Schmittlein, the John C Head III Dean and professor of marketing at MIT Sloan School of Management, who kicked off the program. The presentation was jointly sponsored by MIT Sloan, the MIT Schwarzman College of Computing, the School of Engineering, MIT Career Advising and Professional Development, and Citadel Securities Campus Recruiting.

    The future, in Griffin’s view, “is all about the application of engineering, software, and mathematics to markets. Successful entrepreneurs are those who have the tools to solve the unsolved problems of that moment in time.” He launched Citadel only one year after graduating from college. “History so far has been kind to the vision I had back in the late ’80s,” he said.

    Griffin realized very early in his career “that you could use a personal computer and quantitative finance to price traded securities in a way that was much more advanced than you saw on your typical equity trading desk on Wall Street.” Both businesses, he told the audience, are ultimately driven by research. “That’s where we formulate the ideas, and trading is how we monetize that research.”

    It’s also why Citadel and Citadel Securities employ several hundred software engineers. “We have a huge investment today in using modern technology to power our decision-making and trading,” said Griffin.

    One example of Citadel’s application of technology and science is the firm’s hiring of a meteorological team to expand the weather analytics expertise within its commodities business. While power supply is relatively easy to map and analyze, predicting demand is much more difficult. Citadel’s weather team feeds forecast data obtained from supercomputers to its traders. “Wind and solar are huge commodities,” Griffin explained, noting that the days with highest demand in the power market are cloudy, cold days with no wind. When you can forecast those days better than the market as a whole, that’s where you can identify opportunities, he added.

    Pros and cons of machine learning

    Asking about the impact of new technology on their sector, Landman noted that both Citadel and Citadel Securities are already leveraging machine learning. “In the market-making business,” Griffin said, “you see a real application for machine learning because you have so much data to parametrize the models with. But when you get into longer time horizon problems, machine learning starts to break down.”

    Griffin noted that the data obtained through machine learning is most helpful for investments with short time horizons, such as in its quantitative strategies business. “In our fundamental equities business,” he said, “machine learning is not as helpful as you would want because the underlying systems are not stationary.”

    Griffin was emphatic that “there has been a moment in time where being a really good statistician or really understanding machine-learning models was sufficient to make money. That won’t be the case for much longer.” One of the guiding principles at Citadel, he and Landman agreed, was that machine learning and other methodologies should not be used blindly. Each analyst has to cite the underlying economic theory driving their argument on investment decisions. “If you understand the problem in a different way than people who are just using the statistical models,” he said, “you have a real chance for a competitive advantage.”

    ChatGPT and a seismic shift

    Asked if ChatGPT will change history, Griffin predicted that the rise of capabilities in large language models will transform a substantial number of white collar jobs. “With open AI for most routine commercial legal documents, ChatGPT will do a better job writing a lease than a young lawyer. This is the first time we are seeing traditionally white-collar jobs at risk due to technology, and that’s a sea change.”

    Griffin urged MIT students to work with the smartest people they can find, as he did: “The magic of Citadel has been a testament to the idea that by surrounding yourself with bright, ambitious people, you can accomplish something special. I went to great lengths to hire the brightest people I could find and gave them responsibility and trust early in their careers.”

    Even more critical to success is the willingness to advocate for oneself, Griffin said, using Gerald Beeson, Citadel’s chief operating officer, as an example. Beeson, who started as an intern at the firm, “consistently sought more responsibility and had the foresight to train his own successors.” Urging students to take ownership of their careers, Griffin advised: “Make it clear that you’re willing to take on more responsibility, and think about what the roadblocks will be.”

    When microphones were handed to the audience, students inquired what changes Griffin would like to see in the hedge fund industry, how Citadel assesses the risk and reward of potential projects, and whether hedge funds should give back to the open source community. Asked about the role that Citadel — and its CEO — should play in “the wider society,” Griffin spoke enthusiastically of his belief in participatory democracy. “We need better people on both sides of the aisle,” he said. “I encourage all my colleagues to be politically active. It’s unfortunate when firms shut down political dialogue; we actually embrace it.”

    Closing on an optimistic note, Griffin urged the students in the audience to go after success, declaring, “The world is always awash in challenge and its shortcomings, but no matter what anybody says, you live at the greatest moment in the history of the planet. Make the most of it.” More

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      Learner in Afghanistan reaches beyond barriers to pursue career in data science

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      Tahmina S. was a junior studying computer engineering at a top university in Afghanistan when a new government policy banned women from pursuing education. In August 2021, the Taliban prohibited girls from attending school beyond the sixth grade. While women were initially allowed to continue to attend universities, by October 2021, an order from the Ministry of Higher Education declared that all women in Afghanistan were suspended from attending public and private centers of higher education.

      Determined to continue her studies and pursue her ambitions, Tahmina found the MIT Refugee Action Hub (ReACT) and was accepted to its Certificate in Computer Science and Data Science program in 2022.

      “ReACT helped me realize that I can do big things and be a part of big things,” she says.

      MIT ReACT provides education and professional opportunities to learners from refugee and forcibly displaced communities worldwide. ReACT’s core pillars include academic development, human skills development, employment pathways, and network building. Since 2017, ReACT has offered its Certificate in Computer and Data Science (CDS) program free-of-cost to learners wherever they live. In 2022, ReACT welcomed its largest and most diverse cohort to date — 136 learners from 29 countries — including 25 learners from Afghanistan, more than half of whom are women.

      Tahmina was able to select her classes in the program, and especially valued learning Python — which has led to her studying other programming languages and gaining more skills in data science. She’s continuing to take online courses in hopes of completing her undergraduate degree, and someday pursuing a masters degree in computer science and becoming a data scientist.

      “It’s an important and fun career. I really love data,” she says. “If this is my only time for this experience, I will bring to the table what I have, and do my best.”

      In addition to the education ban, Tahmina also faced the challenge of accessing an internet connection, which is expensive where she lives. But she regularly studies between 12 and 14 hours a day to achieve her dreams.

      The ReACT program offers a blend of asynchronous and synchronous learning. Learners complete a curated series of online, rigorous MIT coursework through MITx with the support of teaching assistants and collaborators, and also participate in a series of interactive online workshops in interpersonal skills that are critical to success in education and careers.

      ReACT learners engage with MIT’s global network of experts including MIT staff, faculty, and alumni — as well as collaborators across technology, humanitarian, and government sectors.

      “I loved that experience a lot, it was a huge achievement. I’m grateful ReACT gave me a chance to be a part of that team of amazing people. I’m amazed I completed that program, because it was really challenging.”

      Theory into practice

      Tahmina was one of 10 students from the ReACT cohort accepted to the highly competitive MIT Innovation Leadership Bootcamp program. She worked on a team of five people who initiated a business proposal and took the project through each phase of the development process. Her team’s project was creating an app for finance management for users aged 23-51 — including all the graphic elements and a final presentation. One valuable aspect of the boot camp, Tahmina says, was presenting their project to real investors who then provided business insights and actionable feedback.

      As part of this ReACT cohort, Tahmina also participated in the Global Apprenticeship Program (GAP) pilot, an initiative led by Talanta and with the participation of MIT Open Learning as curriculum provider. The GAP initiative focuses on improving diverse emerging talent job preparedness and exploring how companies can successfully recruit, onboard, and retain this talent through remote, paid internships. Through the GAP pilot, Tahmina received training in professional skills, resume and interview preparation, and was matched with a financial sector firm for a four-month remote internship in data science.

      To prepare Tahmina and other learners for these professional experiences, ReACT trains its cohorts to work with people who have diverse backgrounds, experiences, and challenges. The nonprofit Na’amal offered workshops covering areas such as problem-solving, innovation and ideation, goal-setting, communication, teamwork, and infrastructure and info security. Tahmina was able to access English classes and learn valuable career skills, such as writing a resume.“This was an amazing part for me. There’s a huge difference going from theoretical to practical,” she says. “Not only do you have to have the theoretical experience, you have to have soft skills. You have to communicate everything you learn to other people, because other people in the business might not have that knowledge, so you have to tell the story in a way that they can understand.”

      ReACT wanted the women in the program to be mentored by women who were not only leaders in the tech field, but working in the same geographic region as learners. At the start of the internship, Na’amal connected Tahmina with a mentor, Maha Gad, who is head of talent development at Talabat and lives in Dubai. Tahmina met with Gad at the beginning and end of each month, giving her the opportunity to ask expansive questions. Tahmina says Gad encouraged her to research and plan first, and then worked with her to explore new tools, like Trello.

      Wanting to put her skills to use locally, Tahmina volunteered at the nonprofit Rumie, a community for Afghan women and girls, working as a learning designer, translator, team leader, and social media manager. She currently volunteers at Correspondents of the World as a story ambassador, helping Afghan people share stories, community, and culture — especially telling the stories of Afghan women and the changes they’ve made in the world.

      “It’s been the most beautiful journey of my life that I will never forget,” says Tahmina. “I found ReACT at a time when I had nothing, and I found the most valuable thing.” More

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      Gaining real-world industry experience through Break Through Tech AI at MIT

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      Taking what they learned conceptually about artificial intelligence and machine learning (ML) this year, students from across the Greater Boston area had the opportunity to apply their new skills to real-world industry projects as part of an experiential learning opportunity offered through Break Through Tech AI at MIT.

      Hosted by the MIT Schwarzman College of Computing, Break Through Tech AI is a pilot program that aims to bridge the talent gap for women and underrepresented genders in computing fields by providing skills-based training, industry-relevant portfolios, and mentoring to undergraduate students in regional metropolitan areas in order to position them more competitively for careers in data science, machine learning, and artificial intelligence.

      “Programs like Break Through Tech AI gives us opportunities to connect with other students and other institutions, and allows us to bring MIT’s values of diversity, equity, and inclusion to the learning and application in the spaces that we hold,” says Alana Anderson, assistant dean of diversity, equity, and inclusion for the MIT Schwarzman College of Computing.

      The inaugural cohort of 33 undergraduates from 18 Greater Boston-area schools, including Salem State University, Smith College, and Brandeis University, began the free, 18-month program last summer with an eight-week, online skills-based course to learn the basics of AI and machine learning. Students then split into small groups in the fall to collaborate on six machine learning challenge projects presented to them by MathWorks, MIT-IBM Watson AI Lab, and Replicate. The students dedicated five hours or more each week to meet with their teams, teaching assistants, and project advisors, including convening once a month at MIT, while juggling their regular academic course load with other daily activities and responsibilities.

      The challenges gave the undergraduates the chance to help contribute to actual projects that industry organizations are working on and to put their machine learning skills to the test. Members from each organization also served as project advisors, providing encouragement and guidance to the teams throughout.

      “Students are gaining industry experience by working closely with their project advisors,” says Aude Oliva, director of strategic industry engagement at the MIT Schwarzman College of Computing and the MIT director of the MIT-IBM Watson AI Lab. “These projects will be an add-on to their machine learning portfolio that they can share as a work example when they’re ready to apply for a job in AI.”

      Over the course of 15 weeks, teams delved into large-scale, real-world datasets to train, test, and evaluate machine learning models in a variety of contexts.

      In December, the students celebrated the fruits of their labor at a showcase event held at MIT in which the six teams gave final presentations on their AI projects. The projects not only allowed the students to build up their AI and machine learning experience, it helped to “improve their knowledge base and skills in presenting their work to both technical and nontechnical audiences,” Oliva says.

      For a project on traffic data analysis, students got trained on MATLAB, a programming and numeric computing platform developed by MathWorks, to create a model that enables decision-making in autonomous driving by predicting future vehicle trajectories. “It’s important to realize that AI is not that intelligent. It’s only as smart as you make it and that’s exactly what we tried to do,” said Brandeis University student Srishti Nautiyal as she introduced her team’s project to the audience. With companies already making autonomous vehicles from planes to trucks a reality, Nautiyal, a physics and mathematics major, shared that her team was also highly motivated to consider the ethical issues of the technology in their model for the safety of passengers, drivers, and pedestrians.

      Using census data to train a model can be tricky because they are often messy and full of holes. In a project on algorithmic fairness for the MIT-IBM Watson AI Lab, the hardest task for the team was having to clean up mountains of unorganized data in a way where they could still gain insights from them. The project — which aimed to create demonstration of fairness applied on a real dataset to evaluate and compare effectiveness of different fairness interventions and fair metric learning techniques — could eventually serve as an educational resource for data scientists interested in learning about fairness in AI and using it in their work, as well as to promote the practice of evaluating the ethical implications of machine learning models in industry.

      Other challenge projects included an ML-assisted whiteboard for nontechnical people to interact with ready-made machine learning models, and a sign language recognition model to help disabled people communicate with others. A team that worked on a visual language app set out to include over 50 languages in their model to increase access for the millions of people that are visually impaired throughout the world. According to the team, similar apps on the market currently only offer up to 23 languages. 

      Throughout the semester, students persisted and demonstrated grit in order to cross the finish line on their projects. With the final presentations marking the conclusion of the fall semester, students will return to MIT in the spring to continue their Break Through Tech AI journey to tackle another round of AI projects. This time, the students will work with Google on new machine learning challenges that will enable them to hone their AI skills even further with an eye toward launching a successful career in AI. More

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      MIT Schwarzman College of Computing unveils Break Through Tech AI

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      Aimed at driving diversity and inclusion in artificial intelligence, the MIT Stephen A. Schwarzman College of Computing is launching Break Through Tech AI, a new program to bridge the talent gap for women and underrepresented genders in AI positions in industry.

      Break Through Tech AI will provide skills-based training, industry-relevant portfolios, and mentoring to qualified undergraduate students in the Greater Boston area in order to position them more competitively for careers in data science, machine learning, and artificial intelligence. The free, 18-month program will also provide each student with a stipend for participation to lower the barrier for those typically unable to engage in an unpaid, extra-curricular educational opportunity.

      “Helping position students from diverse backgrounds to succeed in fields such as data science, machine learning, and artificial intelligence is critical for our society’s future,” says Daniel Huttenlocher, dean of the MIT Schwarzman College of Computing and Henry Ellis Warren Professor of Electrical Engineering and Computer Science. “We look forward to working with students from across the Greater Boston area to provide them with skills and mentorship to help them find careers in this competitive and growing industry.”

      The college is collaborating with Break Through Tech — a national initiative launched by Cornell Tech in 2016 to increase the number of women and underrepresented groups graduating with degrees in computing — to host and administer the program locally. In addition to Boston, the inaugural artificial intelligence and machine learning program will be offered in two other metropolitan areas — one based in New York hosted by Cornell Tech and another in Los Angeles hosted by the University of California at Los Angeles Samueli School of Engineering.

      “Break Through Tech’s success at diversifying who is pursuing computer science degrees and careers has transformed lives and the industry,” says Judith Spitz, executive director of Break Through Tech. “With our new collaborators, we can apply our impactful model to drive inclusion and diversity in artificial intelligence.”

      The new program will kick off this summer at MIT with an eight-week, skills-based online course and in-person lab experience that teaches industry-relevant tools to build real-world AI solutions. Students will learn how to analyze datasets and use several common machine learning libraries to build, train, and implement their own ML models in a business context.

      Following the summer course, students will be matched with machine-learning challenge projects for which they will convene monthly at MIT and work in teams to build solutions and collaborate with an industry advisor or mentor throughout the academic year, resulting in a portfolio of resume-quality work. The participants will also be paired with young professionals in the field to help build their network, prepare their portfolio, practice for interviews, and cultivate workplace skills.

      “Leveraging the college’s strong partnership with industry, Break Through AI will offer unique opportunities to students that will enhance their portfolio in machine learning and AI,” says Asu Ozdaglar, deputy dean of academics of the MIT Schwarzman College of Computing and head of the Department of Electrical Engineering and Computer Science. Ozdaglar, who will be the MIT faculty director of Break Through Tech AI, adds: “The college is committed to making computing inclusive and accessible for all. We’re thrilled to host this program at MIT for the Greater Boston area and to do what we can to help increase diversity in computing fields.”

      Break Through Tech AI is part of the MIT Schwarzman College of Computing’s focus to advance diversity, equity, and inclusion in computing. The college aims to improve and create programs and activities that broaden participation in computing classes and degree programs, increase the diversity of top faculty candidates in computing fields, and ensure that faculty search and graduate admissions processes have diverse slates of candidates and interviews.

      “By engaging in activities like Break Through Tech AI that work to improve the climate for underrepresented groups, we’re taking an important step toward creating more welcoming environments where all members can innovate and thrive,” says Alana Anderson, assistant dean for diversity, equity and inclusion for the Schwarzman College of Computing. More