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Practical Quantum Advantage in Finance
Tested whether quantum computing delivers practical advantage in finance. Not yet — and the bottleneck is not the algorithms.
Screened 6,232 records down to a 777-paper corpus, classified against a taxonomy we built rather than borrowed, and synthesised across eight problem areas.
Stress-tested the 13 implementations the literature nominates as most likely to show an advantage, using Microsoft's Azure Quantum Resource Estimator — and counted the cost most papers leave out: loading the classical data into the quantum machine.
With that cost included, none of the 13 clears the bar. The bottleneck is the classical–quantum interface, which reframes quantum finance as an integration problem rather than a shopping list of algorithms.
Method: corpus and codebook frozen before analysis, success criteria pre-registered, and every analytical theme re-checked by a second language model from a different family — which demoted 11 of 45 themes as unsupported.
Supervisor: Prof. Raghava Rao Mukkamala. Co-author: Vincent Wallerich. Microsoft supported the project with model and compute access.
I would call that method a defensible design pattern for research in fast-moving technical fields — not a validated standard, which is not a claim one thesis can support.