Absolute highest new grad comp you've seen

I just have this unyielding curiosity about the highest new grad compensation package out there, across any industries, not just finance. (a firm's standardized offer that the entire new grad cohort would get)

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Comments (29)

  • Analyst 1 in IB-M&A
Aug 31, 2021 - 6:33pm

I'll bite if this is for London (GBP):

In tech have heard of a 100k base and ~50k stock allocation plus 15k relocation cash package for straight out of undergrad

In finance have seen multiple packages that came to ~120k all-in pre-bump so probably ~140k post-bump

  • Intern in IB-M&A
Aug 31, 2021 - 6:48pm

For London I have seen ~£330k for a new grad (MSc) quant

  • Prospect in Research - Other
Aug 31, 2021 - 7:55pm

Do you know what type of quant? E.g. pure quant researcher, or "quant trader" which some firms have as a hybrid role. 

What type of firm? E.g. HF, algo prop shop.

  • Analyst 1 in PE - LBOs
Sep 2, 2021 - 5:52am

Can you be more specific with regard to a fund or even a strategy because otherwise that seems unrealistic for several reasons:

  1. Candidate only has an MSc
  2. Senior Quants don't tend to make this in London
  3. Why would any firm that has a mandate to make investors money pay £330k to a new-hire MSc graduate
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  • Analyst 1 in IB - Gen
Aug 31, 2021 - 8:15pm

Moelis first years apparently cleared over $240k this year. I'm sure CVP had somewhere around that range as well if you counted the signing bonus. Not bad I'd say. Otherwise this question would need to be adjusted for location and COL. Pretty sure Harris Williams wins in that regard.

  • Works at Citadel Investment Group
Aug 31, 2021 - 8:55pm

There was a kid from HYP who was an IMO gold medalist (and i think scored the highest anyone had in decades?) and got a 750k signing bonus from Citadel. He had offers from Jane St, 2s, DE Shaw, etc, played them against each other, and Citadel won the bidding war. Safe to assume he cleared $1m in comp his first year.

That being said, that situation is like being a first round NBA draft pick in that it's so extremely rare. Actually, it's more like a once in a generation Lebron James type of talent.

I don't know this kid personally but I do know someone who knows him personally.

  • Prospect in Research - Other
Aug 31, 2021 - 9:22pm

So how much of what you heard do you think is reliable? For instance, the maximum score on IMO is 42 and some people get that every year. Is comp at market-makers a bit interesting due to the non-competes?

Sep 1, 2021 - 10:24am

I have a friend who went into niche consulting and made 140-180 first years due to rapid increase in value of equity options since start date, after adjusting for hours worked (50 seems like more than he worked), he probably had the highest hourly I've seen out of ug.

  • Quant in HF - Other
Sep 5, 2021 - 4:36pm

Actually, this is not true. I know one guy who got offers from RenTech and couple of other firms, the highest offer was approx 800K$. And the highest offer was Citadel. He was not fresh PhD by any means and he was definitely one of the top demanded people during those years :)

He rejected RenTech.

Sep 10, 2021 - 9:35pm

Out of interest, what type of PhD is needed to apply for those kinds of roles? Also, mind if I PM a question or two about it? 

  • Investment Manager in HF - Other
Sep 5, 2021 - 6:49pm

This isn't true, at least not the regularity at which this happens. Renaissance is incredibly secretive, but also has a (fair or not) reputation of being a mixed bag on compensation, including frustration from newer employees on the ability to invest in medallion. There is also some public info on lawsuits about base pay, etc of employees that paint a bit of the picture. 

  • Prospect in S&T - Equities
Sep 8, 2021 - 2:24am

800k-1.2M for a new grad in a quiet quant HF that's been around forever. median Y1 comp for fresh undergrad quants is 400-600k

  • Investment Manager in HF - Other
Sep 10, 2021 - 10:15pm

I have a very hard time believing this (and I've been in this industry for a long time), specifically referring to your median number. There is little (or no) incentive to pay 1st year quants that much. If your competition isn't doing it, if other industries aren't doing it, then why would you do it? You can get the top talent for cheaper. Outliers always happen (and people bid one competitor against another, etc), but the top paying places top out around $350-400k, so a median well above that is unlikely. Anyway, I haven't seen median numbers anywhere near that, and like I said, I've been at this for a long time and know many "top" people across the "good" funds. 

  • Prospect in S&T - Equities
Sep 11, 2021 - 2:57am

Totally align that nobody is paying fresh grads as much in any other industry, and sorry I meant median among "top" quant shops. Because the interviewing skills are so standardized across shops, it's much more likely that a person collects 2-3 offers of the "top" places (and the highest paying are not always the most well known).

In addition to the playing offers against each other, this has caused interesting clauses around time sensitive signing bonuses when one gets the offer and when one tries to negotiate up. I've seen Citadel offer time sensitive signing bonuses >=50k to hook on interns, so I feel north of 100k is pretty common among full time offers. I've also seen pnl tie in offered in lieu of some comp so the sky's the limit there.

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  • Investment Manager in HF - Other
Sep 11, 2021 - 10:49am

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  • Prospect in PE - Other
Sep 11, 2021 - 3:21am

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