How do deadlines work for quant shops vs. investment banks?
This is probably a very naive question but I was wondering how is it possible to apply for S&T type roles and quant at the same time? I will be working at a prop shop over the summer (im 2026) and am interested in working as a trader at either a prop shop, hedge fund, or investment bank. I've networked with S&T professionals, as well as studied quant interviews from this 2024 cycle.
However, all the S&T 2025 internships open ~January-March, with Quant opening May to as late as August/September. Does it even make sense to apply S&T if my primary goal is quant? Won't the deadline they give me be way before quant internships start recruiting? Or is there some other system.
Based on the most helpful WSO content, the application timelines for S&T roles and quant roles do differ. S&T internships typically open around January-March, while quant roles start recruiting around May and can go as late as August or September.
If your primary goal is to land a quant role, it might seem counterintuitive to apply for S&T roles due to the earlier deadlines. However, it's not uncommon for students to apply to both types of roles. The key is to communicate your interests and timeline clearly during the recruitment process.
Remember, hedge funds and investment banks operate differently. Hedge funds, especially on the 'buy-side,' often prefer not to train new talent, so having an S&T internship could be beneficial. On the other hand, quant firms like Two Sigma, Citadel, AQR, and Jump are often looking for candidates with strong STEM backgrounds, similar to software developers or data scientists at tech companies.
In the end, it's all about finding the right fit for your skills and interests. So, don't limit yourself to one path. Explore all your options, apply broadly, and see where the journey takes you. And remember, the payscales at hedge funds can vary widely, but if you were to run your own fund, the payscale is theoretically unlimited. So, keep learning, keep networking, and keep pushing forward. You've got this!
Sources: How to be a Millionaire Trader, Best internships for Quant Trading?, I'm Trying to get into Prop-Trading From a Non-Target School, Advice Needed - Quant to S&T - How to sell my experience?
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