BB Algo Trading vs Tier 3 Prop Shop
Would love some insights on choosing between an algo development/research/trading analyst role with MS/JP/GS in NYC vs a Tier 3 prop shop based out of Chicago. Cost-of-living adjusted I think I would actually make more in Chicago but my entire alumni and friend network is and will be NYC-based. Prop shop is also operating on a pure eat-what-you-kill model for comp, which I guess is what I want in the end but it seems like a lot of risk to take as a first job out of college without the name-brand of a higher-tier shop. According to the prop shop recruiter, most of their new hire traders aren't generating PnL until 2-3 years in, and with a good bonus at the BB I will most likely have a higher comp, even cost-of-living adjusted.
tier3 by which example? really depends on that
Copy pasting a ranking i saw on this website:
S: CitSec, Jane, HRT, Jump
T1: Optiver, DRW, SIG, IMC
T2: Akuna, CTC, Maven Securities, Flow Traders
T3: Belvedere, Transmarket, Gelber, Valkyrie, Wolverine, Peak6
lol
T3 Prop over BB any day of the week if you want to do actual trading, take on risk and ownership of a P/L, the opportunity for upside, etc. Way different culture too, client faces a role at S&T whereas in a prop you are the client.
All of those T3 have been around for over a dozen years, if you're good at what you do you'll easily be able to make a hop via a headhunter or recruiter down the line, or go get a masters degree and move to a dif "tier" shop. You might even find you don't really care about moving because they recognize you're good and pay you accordingly
EDIT: Leaving above post as I was wrong and don't want to remove the fact, but this is not a T3 prop opportunity this is an arcade shop that most likely doesn't even fit into that above tier list. An "Eat what you kill" model with a shop that says juniors don't even have a P/L for 3 years is not a real prop shop and shouldn't be classified as such.
if that is the case, do what you really want to do. all of those tier3 shops mentioned are reputable and you would be paid accordingly if you do well.
Take bb
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