Matthew Fitzpatrick

Dr Matthew Fitzpatrick studied in the Bachelor of Science (Advanced Mathematics) with Honours in mathematics, graduating in 2009, and then did his PhD in mathematics, graduating in 2016. He is now Associate Director of Financial Markets eCommerce at Westpac Institutional Bank.

Why did you choose to study in a course that specialised in advanced maths?

When I was in high school, I wasn't exactly sure what I wanted to do for a career. I have always had a strong interest in maths and science, and wanted to do something that would be interesting, challenging and also something that would keep my options open. I also had a couple of friends who were doing the same degree, which made the decision slightly easier.  

Have you always enjoyed maths?

Yes! Since I was very young, anything to do with puzzles, numbers, problem solving or speed calculations was something I really enjoyed. I also had an amazing experience in Year 11 at the National Mathematics Summer School, led by Professor Terry Gagen from the University of Sydney at the time, which cultivated a sincere passion for the subject.

What did you enjoy most about your undergraduate degree?

Speaking about the degree specifically – rather than university in general, where the social side is easily the best thing! – I enjoyed my honours year where I gained an appreciation, skill and enjoyment for statistical programming (which was definitely not my favourite thing earlier on).

Why did you choose to do your PhD in maths?

In my honours year, I enjoyed the research component and wanted to see how far I could go with the subject. I was also working part-time in risk at CBA and later at Westpac, and felt that the balance between the bank and postgraduate research worked well. It would help me to build my skills and experience in the subject and help set up a strong career foundation.

What did you enjoy most about your PhD years working on multi-regime models involving Markov chains?

In the first year of my PhD, I was able to work closely with both my primary and associate supervisors. I worked on two chapters with different methodologies to the same underlying theme simultaneously. This was incredibly stimulating to research two different subjects but also very productive – if I was stuck with a problem in one chapter, I could jump across and work on the other chapter. 

Were you working while you did your PhD?

Yes, I was working part-time when I was in my Honours year and continued through my PhD. Although I don't recommend working as much as I did during Honours (studying full-time) – I did enjoy the ability to make good progress in my professional career while pursuing further study. Some steady income doesn't hurt either!

Did you always have the idea to use your maths knowledge in a financial context or did that idea come later with work experience?

During my undergraduate studies, I actually had the goal of doing postgraduate medicine – I went as far as completing the GAMSAT test, but stopped short of submitting an application for an interview! It was advice that my father gave me that made me consider applying maths in a professional context such as finance. I wanted a career where I could help people, and medicine seemed like a good way to do that, but I didn't have a passion for the subject, nor much knowledge of what the day-to-day career would be like. Looking back, I'm incredibly grateful for that advice!

What did you do in your job as Associate Director of Electronic Facilitation of Fixed Income, Currencies and Commodities Trading and Execution at Westpac?

I worked in a team that manages automated models that trade spot foreign exchange. In this role, I aimed to make foreign exchange as cheap as possible to trade. That means, we could send out prices with cheaper transaction costs, so customers could trade currencies more efficiently and our bank earned the business. Every day, I conducted research into our prices, the market and our trade decisions, and I also got involved in many different initiatives, that involved our sales teams, customers, regulators and compliance, new products, or various other initiatives, where some multidisciplinary problem solving is required.

How do you think your two degrees in maths help you do your current work?

Without the degrees, I simply wouldn't qualify to do the work! I use scientific methods and statistical analysis in particular constantly in my job. For example, if we have had a series of profitable and unprofitable trades, we need to separate the signal from the noise and make appropriate decisions that are likely to improve outcomes in the future.

What advice would you have for prospective students who are considering studying maths?

This is advice I received when I was in high school from Professor Terry Gagen at the National Mathematics Summer School: "Always do maths and something." In the professional world, including academia, mathematicians are incredibly valued and useful when they can also do other things, such as play music, communicate with influence, understand a subject where maths is applied, produce art, write stories, or teach others. Your maths knowledge is always enhanced by the "and something".