Quantitative investment, also known as quant investing, refers to using mathematical and statistical modeling to make investment decisions. It has become one of the hottest areas in the finance industry in recent years. Major quant funds like Citadel, Two Sigma, Renaissance Technologies, etc are hiring large numbers of quantitative researchers and developers. So how much do quant funds pay their employees? Let’s take a look at the salary levels of some top quant funds.
Citadel quant total compensation at junior levels
According to anonymous sources on Zhihu, first year PhDs at Citadel get a base salary of $175K, a sign-on bonus of $50K and a year-end bonus of $150K, totaling $375K in first year compensation. For returning interns, the sign-on bonus is $100K, so the total is $425K. For quant researchers with a master’s degree, the first year base is $150K, sign-on $50K, bonus $100K, total $300K.
Citadel offers top salaries among peers
According to a quant who got offers from all three firms, Citadel pays substantially higher salaries and bonuses than Two Sigma and D.E. Shaw. Citadel is currently expanding their tech team aggressively and hiring worldwide. The main office locations are Chicago, New York, London and Hong Kong.
H1B visa data shows $200K+ base salaries
Public H1B visa application data on h1bdata.info shows base salaries north of $200K for many quant funds. However, base salaries don’t tell the full story as bonuses often make up the majority of compensation. The total comp with bonus can be 2-3x the base salaries.
Continued strong demand and compensation growth
Quant recruiting remains highly competitive with top funds like Citadel hiring hundreds every year globally. With the continued growth of AI and big data, demand for quant talent is stronger than ever. Total compensation has increased substantially in recent years with $400K+ for junior quant researchers now common at top firms.
In summary, quantitative investment funds pay very lucrative salaries, especially for those with PhDs from top schools. Junior quant researchers at elite funds like Citadel and Two Sigma can expect total compensation packages exceeding $400K nowadays.