Friend is trying to get a job at a prop shop -- said he's heard of starting salaries of $200k+bonus... is that true?
He's getting a master's in quantitative finance from a non-target school and is looking at full-time positions at prop shops. He said he's going to try and negotiate a salary that's ~$200k... I've heard that even at the top shops your first year salary is going to be more in the range of $50-80k/year for the first year, and then once you've shown you're competent, then you get your own account and take home P&L. Is he pulling my leg or are there actually prop shops that give inexperienced people a $200k/year starting salary?
$200K BASE is high unless you're an experienced quant/trader with a track record. For someone just coming out of a masters or phd program in STEM, it's more like $125-$150k base, but with bonus, yes, going over $200K is totally feasible. There are guys at top shops such as getco/drw/huson river/jump/teza who are making $500K+ including bonus after just being there for a few years.
I dont believe this is possible from a non-target school. The salary will probably range in the 90k before bonus
This is probably one of the more retarded things i have read on this forum. 200k starting base is really in the top top couple of basis points of pay levels, in which case this whole non target v target thing really doesnt mean squat.
at the risk of sounding retarded - why does want (expect) a $200k starting salary?
You sound retarded.
haha, Not sure on the base. But with those I've spoken with the majority(almost all) of their income is bonus from their p/l. Meaning if they don't profit they don't get paid. But these guys were very experienced.
Bridgewater paid first years nigh on 200k last year. Not a prop shop but figured I'd throw that out there.
200K is only for experienced traders. I knew a friend that worked at a prop trading firm for 4 years. Got a 250k base salary offer from a different prop shop and took it.
That seems unlikely for an inexperienced hire unless he has a very specific skillset (e.g. FPGA engineering) that the firm is looking for. Location probably matters a lot for this. In New York it might happen.
Base comp is probably the least important thing to look at when selecting a firm. Obviously you want enough to live comfortably, but much more important to select a firm with the right culture, infrastructure/resources and a good pay structure. Good traders make money by making their employers rich and getting a cut, not by negotiating $25k raises in their base salary.
I am a master's in financial engineering from a non-target school with no experience. The minimum offer I received was 110k and the highest was 155k.
Sorry to bring up an old topic, but would you mind listing the names of the companies and which roles you applied for that paid 110-150k please
Look at the placement reports out of Princeton and Columbia mfe programs. It'll list some of the main employers.
Sounds a bit high starting.
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