Prop shops as a programmer
I'm interested in the top prop shops to work at as a programmer. I've already had two internships at large tech companies (think microsoft, Amazon, apple, google) and could easily fall back on a job in tech if the prop shops won't offer enough benefit. Basically, I'm looking for firms that will pay significantly more than the tech industry.
Also, what are the lifestyles for programmers like at these firms? I imagine it's less stressful with shorter hours than traders, but by how much? How do the programmer compensation and hours compare to the quant compensation and hours?
I have on internship left before I get my masters and if I make the cut, I'd like to get an internship in finance.
sellside quants start around 120, prop is all over the map
I would advise against this, I would start at a big tech and get head hunted into a prop.
As a programmer in a prop shop, you won't make significantly more than in the tech industry. That is, if you are developing trading systems. If you are a 'trader doing programming', that's a different thing.
Regarding lifestyle, it's less stressful though the hours are not necessarily better (e.g. you may have to be in early in the morning, to support trading systems). The hours are not investment banking bad, anyway.
Unless you are an actual trader or a top-notch quant, developer in a prop trading firm is a cool job but it's by no means better than Microsoft, Google, etc. (and some would argue it's not as good).
I'd expect the pay to be similar for writing software at a firm that has traders dealing with most of the money, but what about hft or other algo shops? I thought that at those shops, programmers would be so central to the firm that they would pay significantly more than tech companies.
Programmers are very central to tech companies too!
I'm sure a few fresh graduates made a lot of money years ago by joining little known HFT firms (at the time), just like some people made a fortune by joining Google in the early days. They were rewarded in part because they took the risk of working for Getco or Google before the companies were well-known.
Anyway, if you've had two internships at tech companies, then as you say try to get one at a top prop shop so you can see what the difference is. Eventually apply to both types of companies and pick what you prefer. And keep in mind that earnings over a lifetime are more important than what you get paid the first year...
Which leads back to my original question, what are the firms worth applying to?
Jane Street and Getco would probably be the best. Search the forum, there are regular discussions about the top prop shops.
Not a prop, but Two Sigma pays their devs a lot.
Also, i still don't quite understand why you would want to go into as a programmer and not as a trader. I had the background to get a programming job, but I never even thought about applying for those jobs.
Two Sigma is one of the toughest places to get a job at. Insane interview.
As for your second point, most prop trading firms are not even hiring discretionary traders unless it's for the assistant trader role straight out of college. It's basically all programmers and quants. That's the future of the industry.
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