i was talking to a friend, and he told me about this guy who's a math prodigy, one of the best in the world, who received an offer from DE Shaw straight after graduating from harvard, that offered a BASE salary of $450K! Of course, I was completely incredulous, but my friend said he's absolutely confident that the information is correct. This guy knows what he's talking about, so I'm inclined to believe him. Nonetheless, it's pretty insane if true.
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it's possible imo. D.E.Shaw is known for hiring people that they feel are extremely smart, even if they are just going to be "sitting on the bench". Jeff Bezos, coming out of Princeton, was hired by D.E.Shaw even though they didn't have a position for him immediately. It's much more costly for them not be able to hire a smart person in the future than pay several years worth of salary before seeing a return.
those 2% AUM fees for over ~$35B means they can pretty much operate on the fees alone.
their interview process is supposed to be one of the most technical and alot of qualified people dont make it through. so the fact that this person made it through, i don't find it that hard to believe this person gets paid that much.
Actually..for the flagship fund they charge 3 and 30...so that means they have to make about 17-18% per yr to return 10% to investors (ie ~ market returns over a cycle)...pretty crazy, and even crazier that they seem to do it every year..
Bunch of total BS.
Complete bullshit. I have myself seen two analysts' contracts with DE Shaw. Both of them offered a base salary below 100k. A base of 450k for new analysts is wholly implausible, sorry.
Actually it isn't BS at all. One of my good friends was offered that exact package of 450k before he graduated. DE Shaw does give offers of this much, but it isn't to entry level analysts. My friend was finishing up a PhD in Math from one of the best programs in the world, and despite the fact that he knows absolutely nothing about finance, they wanted him on tap so they could use him for certain projects.
A friend of his who graduated a year before him was offered the exact same package, and had taken DE Shaw on the offer. I've met him before and he says he loves it. He doesn't work horrible hours (50ish hrs/wk), and is making great bank.
That said, DE Shaw gives these kinds of starting offers to super quants, not to the straight up finance guys, as the latter are a lot more common and much easier replaced.
This is plausible but not likely to be common for just anybody. Certain extremely talented PhD Quants would definitely be in high demand. I know of very few people that ever leave DE Shaw for something better. There just isn't any better place if you like Math and making lots of money...
with the exception of Renaissance Technologies
in my own mind that was a postscript. however the same can almost be said for rentec, i only know a few who have left. but then that is not really my circle..
Definitely possible with quants if they're brilliant. Goldman Quant did the same thing once with a guy at MIT where they doubled his salary 'cause he was on the bench.
It's possible. My drinking buddy graduated Yale two years early, with a physics major and a whole bunch of other crap, and he got an offer from HF, base would be $150k.
450k? You actually believe that bullshit? Break stuff down for a sec and realize what these people do and ask yourself, "why would I pay ANYONE 450k out of college?" They do pay well there, but people tend to think the people who work at Shaw get paid astronomical amounts and really, that's just not true. Alot of smaller funds and trading desks pay better because you get a percentage. Idk where people get this crap on here. It's not odd to hear about 100-200k at DE in certain positions like quants, but 450k? No, that guy has more shit dropping from his mouth than his ass.
This is Brady guys...
What do these quants do while "on the bench"? Literally nothing? Build template models?
Solid bump
So this is what a brady thread is like
Can somebody post some of the best Brady threads please?
I know of new grads at Shaw, Two Sigma, etc getting $200k base starting out from Harvard/pure math. Likely the 450k number is what was quoted to him as expected total comp including a bonus.
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