2024 Quant Salary Bonus Compensation

[Andy Nguyen]

Below is a sample of compensation data collected through r/quant sorted by firms/location/role/YoE/etc. This will be updated over time as more data is available.
Disclaimer: No guarantee of accuracy is given. The data is self-reported so it may result in sample bias.
Nonetheless, these are real-life data that is hard to find.

 

[Andy Nguyen]

After going more data, it's clear the compensation level for US firms are way ahead of rest of world. There are some QR and QD positions at JS/CitSec/Jump/Optiver/SIG/HRT that get 1M+ in bonus with 5 years experience.

 

[Andy Nguyen]

Data for 2-5 YoE

 

[Andy Nguyen]

Updated the screenshots with refreshed data.

 

[Andy Nguyen]

Now for more senior quants with more than 5 years of experience.

 

[QuantCoach]

For more datapoints on the quant buyside:

First year comp: 350k-625k where decomposition is 150-300k base, 50-200k sign-on bonus, 75-150k guaranteed performance bonus. In my year, IMC/DRW/etc. package was closer to the lower end of this range, with 175k base, 75k sign-on and ~100k anticipated performance bonus, Optiver was marginally higher with lower sign-on but decently higher performance bonus, Citadel/JS/5 Rings was on upper end of spectrum (although we were either returning interns or had competing offers so may have received a slightly beyond standard package).

For comp after first year, the only reliable datapoint I have is my own. Pay is a function of personal performance + pod/firm performance.
In 2nd year: 375-500k with standard personal + pod/firm performance; base does not increase at my shop (and will not increase even if hitting senior leadership), TC is typically less than 1st year as there is no longer a large sign-on component. Can expect comp 0-250k with poor personal + pod/firm performance at my shop as there will be a decent chance of getting let go. Can expect 650k-820k with strong personal + pod/firm performance

In ~5 years: 800k-1.2MM with standard personal + pod/firm performance. 475-625k with poor personal + pod/firm performance. 2-4MM with strong personal + pod/firm performance

In >8 years: Hard to stay because there are probably <10% of the QT/QR in my firm fall under this bracket and there's survivorship bias. I would say 1.6MM-3.8MM with standard personal + pod/firm performance. 900k-1.8MM with poor personal + pod/firm performance. >>8MM with strong personal + pod/firm performance.

Hours across all tenures at my shop range from 55-85+ (everyone here puts in 50+, but there are several extremely dedicated quants that easily put 85+), everything quoted in USD, think there is standardization across all offices such that bonus is the same structure regardless of the cost of living in that region. Another aspect I didn't really appreciate when I was new grad is 1MM+ in 5 years with standard performance does not mean "all I have to do is work here for 5 years and do alright to get decently wealthy", it's more "median person conditioned on the pool of people that survived for 5 years" which is in the grand scheme of things, an exceptional quant. The expectation for what "standard" performance is quite exponential across tenure.

 

[Itachi]

For more datapoints on the quant buyside:

First year comp: 350k-625k where decomposition is 150-300k base, 50-200k sign-on bonus, 75-150k guaranteed performance bonus. In my year, IMC/DRW/etc. package was closer to the lower end of this range, with 175k base, 75k sign-on and ~100k anticipated performance bonus, Optiver was marginally higher with lower sign-on but decently higher performance bonus, Citadel/JS/5 Rings was on upper end of spectrum (although we were either returning interns or had competing offers so may have received a slightly beyond standard package).

For comp after first year, the only reliable datapoint I have is my own. Pay is a function of personal performance + pod/firm performance.
In 2nd year: 375-500k with standard personal + pod/firm performance; base does not increase at my shop (and will not increase even if hitting senior leadership), TC is typically less than 1st year as there is no longer a large sign-on component. Can expect comp 0-250k with poor personal + pod/firm performance at my shop as there will be a decent chance of getting let go. Can expect 650k-820k with strong personal + pod/firm performance

In ~5 years: 800k-1.2MM with standard personal + pod/firm performance. 475-625k with poor personal + pod/firm performance. 2-4MM with strong personal + pod/firm performance

In >8 years: Hard to stay because there are probably <10% of the QT/QR in my firm fall under this bracket and there's survivorship bias. I would say 1.6MM-3.8MM with standard personal + pod/firm performance. 900k-1.8MM with poor personal + pod/firm performance. >>8MM with strong personal + pod/firm performance.

Hours across all tenures at my shop range from 55-85+ (everyone here puts in 50+, but there are several extremely dedicated quants that easily put 85+), everything quoted in USD, think there is standardization across all offices such that bonus is the same structure regardless of the cost of living in that region. Another aspect I didn't really appreciate when I was new grad is 1MM+ in 5 years with standard performance does not mean "all I have to do is work here for 5 years and do alright to get decently wealthy", it's more "median person conditioned on the pool of people that survived for 5 years" which is in the grand scheme of things, an exceptional quant. The expectation for what "standard" performance is quite exponential across tenure.

"easily put 85+"

 

[QuantCoach]

"easily put 85+"

One aspect of a quant career (can be seen as a pro or con) is that there are always an infinite number of things to try and so many things to improve. It sometimes feels the more we work, the more we have left to do. The good thing about being busy is you don't get the luxury of being bored.

 

[Itachi]

One aspect of a quant career (can be seen as a pro or con) is that there are always an infinite number of things to try and so many things to improve. It sometimes feels the more we work, the more we have left to do. The good thing about being busy is you don't get the luxury of being bored.

I'll definitely see that as a pro, but 85+ just doesn't seem healthy
Roughly what % of people are like this?

 

[Andy Nguyen]

Work life balance and a huge compensation do not come hand in hand.

 

[Andy Nguyen]

After sharing the compensation data, I received many inquiries on LinkedIn about the differences in compensation among Quant Traders (QT), Quant Developers (QD), and Quant Researchers (QR). Here’s a quick rundown of their roles and typical compensation structures. Keep in mind that titles and compensation schemes can vary significantly across firms:

Quant Researcher (QR)
This role is typically more theoretical and often requires an advanced degree in fields such as Quant Finance, Mathematics, Statistics, Computer Science, or Physics. A master degree is a minimum requirement. QRs are tasked with developing trading strategies, and their involvement in the alpha life cycle varies significantly between firms. In some cases, they create a proof of concept and pass it to developers for implementation, while in others, they oversee the entire process—from idea generation to order execution. Additionally, researchers may contribute to non-alpha-related initiatives, such as refining risk models, forecasting volatility, and analyzing market impact. Compensation for this role tends to be highly variable, as bonuses and job security are often directly tied to the measurable profits generated by their strategies.
* Bonus are usually at least 100% of base.

Quant Trader (QT):
Quant Traders are responsible for executing trades by sending orders to exchanges. Their role often involves managing Order Management Systems (OMS), parsing market-level data, and ensuring efficient trade execution. Depending on the firm's structure, they may have significant autonomy in portfolio construction or operate as executors of positions determined by researchers. They are typically required to be at their desks during market hours to closely monitor trades and respond to market developments in real time.

Quant Developer (QD):
This is a broad title encompassing a wide range of responsibilities. A Quant Developer’s role can overlap with that of a Quant Trader or focus on entirely different areas, such as building research tools like backtesting engines or managing computing clusters. They may assist in productionizing prototype code from researchers and, in some cases, develop trading strategies themselves. The scope of this role varies significantly across firms and teams. Unlike Researchers, Quant Developers typically enjoy more stable compensation, as their earnings are less directly tied to strategy performance.
* Bonus are usually are in the range of 50-100% base.