London HF Grad TC and trajectory
I’m curious to learn more about the TC for an intern or grad at the big MMs in London (Citadel, P72, millennium) or even somewhere like Brevan Howard. How does this compare to a trading grad at a market maker like DRW or SIG?
Obviously getting in is only part of the career journey. How long do grads usually have to prove themselves before they’re let go for performance? Where do people go after?
TC at top 3 pods varies a lot for the training year/period. P72/CAP is close to 225-250k USD, Millennium is much lower (technically a 2 year program afaik). Y1 as an actual analyst is somewhere around 300k USD if you don't blow up. Can't really extrapolate EV beyond this given the variance of outcomes. Y2-Y5 is anything from 6-7 figures to fired numerous times.
Also, its less "how long do grads get to prove themselves" and more "when will the pod blow up" which is usually completely out of your control as a new hire. If you do the grad program, they'll try very hard to repod you or make you do rotations till a spot opens up.
Must be nice to be a grad program hire.
Guess someone in BD/HR needs to show KPIs that the grad program leads to good long-term outcomes.
I'd be surprised if the leash is significantly longer. still spoke with a lot of grad program people who have blown up and been shown the door.
Do you know how much P72 pay after 3 YoE? 125k£ + 100%?
After 3 years at P72 or hiring someone with 3 YoE? Either one will depend on PM and performance. IF its your first HF role the numbers you quoted seem right?
Thank you for the insight. Any idea what TC is like at somewhere like Brevan?
interns is 90k base so assume that 1st year is the same for base and prob 50% bonus?
No clue abt macro
Who wants to take a 5k bet brevan shutters in the next 5 yrs
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