Comp in top HFs vs top BBs

Can't offer you any advice here, but congrats on the very enviable offers. The most I can say, comp-wise, is that the HFs will probably pay you more for at least the first few years.

However, you do say that you can't decide where to go based on culture -- but I know people who worked at Shaw and people who worked at other banks and HFs, and Shaw's culture is just completely amazing (hours are more or less 8-5, bosses are very accommodating, work is relatively laid-back -- one trader tells me on slow days he'd put his feet up on his desk and watch Office reruns).

Certainly a much better culture than Citadel's, which is a very cutthroat place. Dunno about Fortress though.

If you're assuming that Shaw, Fortress and Citadel are equally desirable, you'd get some strong opinions against this from industry folks.

No, I'm saying that the extent of my knowledge about pay doesn't go further than the first few years.

One thing I'd consider is the exact nature of the role at Shaw. That fund is known to be a fairly model-driven shop, and that being said, many of their traders may be execution traders (making their trades according to the models) rather than discretionary traders.

Hopefully they've clarified what kind of trading you'd be doing. If this distinction between these two job functions matters to you, it should definitely play into your decision.

distressed debt trading sounds a hell of a lot more interesting to me than making markets in rates

if the BB jobs aren't prop.

Comp will be less at MS/GS, but you'll develop more contacts, and see how the other half works.

dont you mean start on the buy side. and unless you work at a BB for awhile, no way are you going to be trading prop for them.

Why does everyone on this board assume you have to trade flow first to make it to a prop desk at a sell-side firm? My bank, and at least a few others hire analysts to credit, rates, stat arb, securitized products, etc. proprietary trading desks through the rotational program. Additionally, this is not always as sexy as it seems since you are much more likely to be someone's lackee on these desk, than a flow desk. On a flow desk, the senior trader, WILL be on vacation, and some day you will have to be making prices. They have an incentive to teach you everything so you do not lose them money while they are gone. On a prop desk, they can just not trade while on vacation.

DE Shaw is so amazing... I don't see how this is even close.

Not sure, but whenever I hear about someone who works at Shaw I'm like WOW. I would give a finger to be in your position though. Congrats on both offers.