Entry opps for programmer
I'm a 5yoe programmer wanting to get into finance to raise my comp. Base would have to be at least 200k.
Do I have to slog through the analyst ranks? The opps I see are
- Analyst
- HFT
- Save up and do prop trading
Which has fastest salary growth assuming I am competent?
What is your comp now?
Assuming you're 26-27, it will be almost impossible for you to get an S&T analyst position at a bank unless you have inside connections. One option is to do a Masters and join FT recruiting to get in as an analyst. Base would not be 200k, more like 80-90k plus signing bonus.
For HFT you need to be Google/FB/Apple level good to get in as a programmer. If you're at that level, that's one route.
Another option is to try for Strats jobs which ask for programming but no finance experience. You would probably get in as an associate, 100-150k base. You need to be almost Google/FB level good to get in though.
You can try to get into a quantitative trading or HF position as a developer/analyst role (think 2 Sigma, AQR, DE Shaw, etc). Can do really well if you perform. Will probably need to brush up on statistics and probability which isn't used that much as a SWE
Ok so... Does HFT pay competitively vs hedge funds? I don't have to use my real resume, I can omit experience and I doubt anyone will turn down the offer at the last minute by my date of birth. The real question is whether I would start at a decent base.
I don't have any connections, how do I get into HFT (or whatever)? Just apply on the site? What are the main experiences they look for, and how many years of experience to get their top salaries?
Also what is a strat job? Is that some kind of quant and how do I get it? What is the salary by year of experience ?
HFT can pay very well if you can satisfy the requirements. Many places will ask for 5-10+ years of expert level C++ and experience with niche skills like low-level programming, FPGA, GPU programming etc.
HF: The quantitative hedge funds that you may want to consider (posted by kakaman) also pay very well but they are also extremely difficult to land a job at. They tend to focus more on general experience and mathematics, and especially at places like Two Sigma / D.E. Shaw, tend to like high SAT scores and people who have won mathematical/physics Olympiads.
Your best bet would be to find a HFT / HF recruiter and see how your resume stacks up.
'Strat' is a position that has become fashionable lately at investment banks and are a hybrid of quant and developer. Some Strats are more quant-y and others are more programmer-like. Base salary is similar to most S&T positions. You can find plenty of data on this forum but commonly 80-100k as an analyst, 120-150k as associate, 150k-300k as VP and so on.
I had a MS in CS and got my foot into the door at wall street by using headhunters. I started in a front office support role building software tools for traders with ideas. This opened a lot of doors.
Curious to learn how it turned out?
It worked out very well. I had opportunities I never would have had in a back/middle office role. That said, I had to develop a higher risk tolerance to advance. I doubt my experience is typical though.
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