First some background, I am a senior and am heading to a quant shop for full time this summer. This past recruiting cycle I received offers from Two Sigma, Citadel, Old Mission, Hudson River Trading, DE Shaw, Jump, and Five Rings Capital for positions ranging from pure dev to pure quant. I study CS and go to a decently well known school but definitely not a target or semi-target. Though, I have managed a high GPA and good internships (Google/Facebook).
I have seen some discussion on this site about first year compensation at quant shops and there is quite a bit of misleading information. I wanted to help clear the air of some misconceptions and answer any questions as I had a tough time learning about the industry.
From lowest to highest first year compensation, the companies went Two Sigma, DE Shaw, Five Rings, Jump, Old Mission, Hudson River Trading, and Citadel. Two Sigma was 250k first year all in (150k base, 50k sign, 50k guaranteed bonus) and Citadel was 400k first year (150k base, 150k sign, 100k guaranteed bonus). HRT and Old Mission had the highest base and highest base + guaranteed bonus.
There was not a significant difference between compensation for quants and devs, at least first year. Both the Two Sigma and Citadel positions were quant dev. All these offers started a bit lower but climbed up after negotiations. Aside from the quant firms, I also had offers from tech companies. Most of the interviews were quite algorithms and statistics focused which did require a bit of preparation. The smaller the shop, the more specialized the interviews.