If you're a quant and you want to spend 2020 maximizing your earnings in New York City, recruitment firm Selby Jennings has some pointers for you. Fundamentally, you want to join a top hedge fund.
Selby Jennings' North American quant team have just released their salary and bonus survey for 2020. The best paying jobs are almost always on the buy-side.
If you're a freshly graduated STEM (science, technology engineering or mathematics) PhD, Selby Jennings says you can earn between $300k and $400k in total compensation (combined salary and bonus) at a top hedge fund or independent trading firm. This compares to $180k to $220k at a U.S. investment bank, $200k to $300k at a middling hedge fund, or $250k to $300k at a FAANG (Facebook, Apple, Amazon, Netflix, Google)-type technology company.
What's a top hedge fund? Selby Jennings doesn't say, but Millennium or Citadel should be somewhere on your list. As we reported last month, Citadel has been offering $200k salaries alone to data scientists on H1B Visas.
Citadel suggests hedge funds (on the buy-side) continue to pay their quants more than investment banks (on the sell-side) right up through the pay hierarchy. It helps that quants in buy-side trading roles get a cut of up to 50% of their pnl.
Have a confidential story, tip, or comment you’d like to share? Contact: firstname.lastname@example.org in the first instance. Whatsapp/Signal/Telegram also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by Diego Jimenez on Unsplash