As science spawns a growing number of technically sophisticated industrial and consumer goods, some financial houses have been hiring scientists to help analyze the products and their markets.

"Our approach is simple," said William Welty, managing director of research for Hambrecht & Quist, based in San Francisco. "We look for Ph.D.s to analyze those industries where rapid scientific advances will make a major difference to the success or failure of its companies. A classic case right now is biotechnology."

Welty also recruits research analysts with doctorates in such areas as mathematics, physics and chemistry. But Daniel Nelson, director of research for Cable Howse & Regan in Seattle, said the need for science expertise among financial analysts is largely restricted to the health sciences.

"Our analyst in biotechnology has a Ph.D. and we just hired a person with a Ph.D. in pharmacology," Nelson observed. The reason: only analysts with a Ph.D.-level...

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