IIT Madras Introduces Quantitative Research Lab to Lead in Data Science and Research
IIT Madras has launched a new Quantitative Finance research lab with CSR funding of INR 5.65 crore from AlphaGrep Securities, a quantitative trading firm. Get details here
IIT Madras Introduces Quantitative Research Lab
The Indian Institute of Technology (IIT) Madras has launched the 'AlphaGrep Quantitative Research Lab,' a facility dedicated to advancing research in Quantitative Finance. Established with CSR funding of INR 5.65 crore from AlphaGrep Securities, a leading quantitative trading and investment firm, the lab will focus on exploratory projects in AI for finance, financial markets and microstructure, quantitative investment management, and risk management, among other areas. This initiative aims to drive innovation in the intersection of AI and financial systems.
Prof. Ashwin Mahalingam, Dean of Alumni and Corporate Relations at IIT Madras, and Mohit Mutreja, Chairman and Managing Director of AlphaGrep Securities, signed an MoU formalizing this collaboration. The signing took place in the presence of Prof. B. Ravindran, Head of the Wadhwani School of Data Science and Artificial Intelligence, IIT Madras, along with other key stakeholders.
Prof. V. Kamakoti, Director, IIT Madras, said, “Three decades before, the financial institutions were predominantly run by their legal group, the next decade by their finance/audit group and currently by the Information Technology group. The time is ripe now to look at how AI can be used for effective and efficient conduct of business of these institutions. The proposed lab will be precisely addressing this issue.”
Welcoming this collaboration, Prof. Ashwin Mahalingam, Dean (Alumni and Corporate Relations), IIT Madras, said, “Given how much work there remains to be done in bringing AI to the world of finance, a program that focuses on exploratory research is exactly what we think will push us forward. We are very happy to be supported by AlphaGrep Securities in this regard and look forward to building this partnership further.”
Outcomes from this Research Centre Include:
- Exploratory Projects on applying frontier AI techniques to quantitative finance
- Training Programs for different stakeholders in this space
- Focused courses for students on AI for quantitative finance
- Development of data sets and other resources to enable research
Mohit Mutreja, Chairman and Managing Director, AlphaGrep Securities, said, “AlphaGrep is proud to announce its collaboration with the Indian Institute of Technology, Madras, with the inauguration of AlphaGrep Quantitative Research Lab as part of the Department of Data Science & AI at IIT Madras. This strategic initiative marks a significant step towards fostering innovation in Artificial Intelligence and Machine Learning for Quantitative Finance. The lab aims to nurture collaboration between esteemed faculty members of IIT Madras, and staff at AlphaGrep, and provide advanced resources and mentorship to IIT Madras students, enabling ground breaking research and development in these cutting-edge fields.”
Q: Is IIT Madras good for MBA?
In terms of placements, the institute has recorded good placement numbers for MBA. The lowest package offered to the MBA students during 2023 placements was INR 11 LPA. The highest package grabbed was INR 30.66 LPA. The majority of offers received were of packages between INR 20 LPA and INR 25 LPA. Tabulated below are the key highlights of IIT Madras placements 2023:
| Particulars | MBA Placement Statistics (2023) |
|---|---|
| the highest package | INR 30.66 LPA |
| Median package | INR 20.80 LPA |
| the lowest package | INR 11 LPA |
PPOs received |
26 |
Offers above INR 30 LPA |
3 |
Offers between INR 25 LPA - INR 30 LPA |
6 |
Offers between INR 20 LPA - INR 25 LPA |
12 |
Offers between INR 15 LPA - INR 20 LPA |
10 |
Offers between INR 10 LPA - INR 15 LPA |
6 |
Q: Is IIT Madras good for Masters?
Yes, IIT Madras is good for Masters' programme. During IIT Madras placements 2022, the highest package offered was INR 22 LPA. On the other hand, the average package stood at INR 13.98 LPA.
Q: Is IIT Madras BSc course worth it?
The BSc programme offered at IIT Madras has received good reviews from alumni and students in terms of placements, infrastructure and quality of teaching. According to the verified Shiksha Reviews, students have left the following IIT Madras BSc reviews:
- The exact placement percentage after the fourth year wasn't described, but on average, students received a package of INR 12- INR 15 LPA, with the highest package being INR 80 LPA
- One fest is conducted every year, called Paradox, where all kinds of sports and other events are hosted, in which we participate. The crowd in general is very smart
- The teachers are actually very helpful, well-qualified, and knowledgeable. Most teachers are PhD holders, and their teaching quality is very good
- There are Self study rooms and Libraries. There is Wi-Fi too. There are many seminar halls at our 600 acres campus. There are three messes at our campus. We have a hospital at our campus, all medical needs gets fulfilled through it
Prof. B. Ravindran, Head, Wadhwani School of Data Science and Artificial Intelligence, IIT Madras, said, “the quant community has been at the forefront of adoption of new technologies in their models. With the rapid advances in AI in the past two years, it has become imperative to look at how the AI tools can help with quantitative research and how we can use these tools in a responsible fashion. The new lab will work with the industry in advancing the understanding and responsible adoption of AI in quant models.”
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