While quantitative analysts may feel they are no longer taking the blame for the financial crisis, they believe their work is still “misunderstood” by top executives.

So says a survey of 1,400 alumni of its financial industry course work released Moinday by 7city Learning, a New York and London financial markets education company.

About 60% of respondents say that they are no longer taking the heat for poor risk analysis conducted during the economic downturn and 69% say they are now being asked to explain their work more clearly.

However, only 31% of the felt their supervisors – typically chief operating officers or chief technology officers – understood the work of a quant “very well.” The results were evenly split across the Americas, Europe and Asia-Pacific.

Not understanding the importance of what quant analysts do for a living can prevent executives from making the correct decisions as to the value of their work – and what role they should perform – in managing risks.

“It is disappointing to see that with all that has happened in the financial markets, there has been relatively little change in the understanding of the role of quants at major financial institutions,” says Paul Wilmott, co-director of the quantitative finance program at 7city Learning. “This just further highlights the need for management-level education in quantitative finance and risk management topics.”

The alumni who work as quants, risk management and other professionals completed 7city Learning’s six-month quantitative finance program, which centers on applied mathematics.

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