I work as a quant dev in a trading pod (systematic) at a big MM. I am not sure of what the future career path looks like? And how does the comp grow in the career? I mostly work with python, I have exposure to alpha research although I am not sure if I want to go down that path as the role of a QR/PM is so unstable. I work very closely with my PM on all the tasks - like portfolio construction, backtest, execution system etc as I am the senior most in my team after the PM. But my comp has been quite stagnant the past 3 years around $400k (£300k) as previous pod got shut down, so I moved into a new pod.
So my question is - should I stay in the trading pods going forward, or move to a more collaborative firm where the career growth will be more linear? Or move to central team which dont have the instability of a pod bing shut down? I am also open to moving to NY if that helps in career growth (wife can move on L1, I can work as dependent and even switch firms). I am 32 currently, if someone who has experience in this domain and can give advise, please do.
Most platforms have pretty clear internal guidelines on how a PM should comp QDs, and management raises eyebrows when deviating from that especially if pod performance is not great. Continuity in the same pod is hurting you, that number can grow to the ~600-700k range if you last in the same pod for a few years, especially if PM perceives you would be an IP risk and hard to replace on flight. But that would be the very top end of the range.
Given what you are seeking I would recommend a prop trading firm (JS / HRT / Jump etc) where being a well respected senior hybrid dev would get you 1mm/yr in comp in a stable seat.
Thanks for the response - appreciate it. For 600-700k comp, I think the pod needs to make decent money, like on 20M gross PNL, after costs it will be 15M, so 3M pool, PM keeps half 1.5M, I get 500-600k, rest of the members share 300k each. But making 20M looks quite difficult for my pod, I have seen the backtest. If the pod blows up, not sure what the next PM pod will offer me (unless I find something externally).
I tried at prop firm like Jump, could not make it. Will try more, I think even firm like QRT will be quite good/decent.
That is a pretty small P&L for a pod at a major MM and cost structure sounds high relative to P&L. Pod spending 5mm with a headcount of 4-5 should really be trying to hit 50mm. You will need a strategy with better scale & team structure for economics to flow though.
Sorry to hijack your thread, not my intention at all but I wanted your advice as you're in an interesting seat. I am a data scientist at a PE fund and I worked in an investment seat in PE prior to this and in my early thirties. I would be interested in making a move to a MM for the bump in compensation (£80-100k total compensation currently) and exposure to public markets.
Would you mind sharing
I use Python mainly in my day-to-day as well as SQL and my role affords me more exposure to delivering production grade software rather than just working out of a notebook but would be really curious to hear how I might make a transition.
Happy to PM you if that's easier!
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