People in S&T: how much do you get paid?

Ray1212's picture
Rank: Senior Monkey | 72

I feel it's worth it to have a salary discussion on here to get an idea of what salaries are like throughout the industry. Feel free to answer the below

1. Your current position (Prop trader at a quant firm, S&T associate at a bank)
2. Years of experience
3. Salary

For me:

1. Prop trader at quant firm
2. 1.5 years
3. $160k including bonus

Comments (39)

Jun 20, 2018

Location would be most useful too.

Array

Jun 20, 2018

in trading, comp is most often directly tied to performance.

if you made 10mm trading, and only made 160k...that would be surprising. However, if you made 0 p&l, then 160k might make sense. If you are contributing to a team, then what was the team P&L....what was your contribution to that P&L (try to make an educated guess what the P&L would have been without your contribution)

You said you were a "prop trader at a quant firm". PropTrader implies that you are responsible for trading decisions (either manually, or via algos that you create), and so you should have P&L attributable to your name. If you are part of a team that is building algos, you should still be aware of what is the P&L of the algo. If you are at a large firm that separates the algo code writers from the execution and risk mgmt (so that you have no idea what the P&L is) then i wouldn't say that is a "prop trader" role...rather its "algo developer".

I'm also a prop trader, but i get paid a set % of my P&L. If i make 600k trading, i know exactly how much $$ i'll get paid.

Quant Trader PMs build their own algos...either write the code themselves or have a developer(s) write the code...and then the PM manages the algo (there are usually some types of dial turning and button pushing to do)...but these Quant PMs know exactly what their P&L is...and are typically paid as a % of their P&L. If they have developers writing code for them...then the PM usually decides what to pay the developer....but the developer is not a "prop trader".

Almost by definition, as a "prop trader" you must have a P&L attributable to your name (or your team...and then your role in that team). So, without clarifying that detail, comp is meaningless to compare. I know a guy who made 20mm trading, and only got paid 1mm (so, 5%)...and he was pissed. However, to you, getting paid 1mm would probably be great.

So, how about including what was your P&L, so we can compare your comp as a % of P&L?

just google it...you're welcome

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Jun 20, 2018

Having comp as a percentage of PNL is not done in many big firms because it would just incentivize you to take huge risks without consideration for expectancy. Taking a 10 million coin flip would on average pay the employee more than a 100% chance of making a million, even though the latter is a better trade.

Jun 20, 2018

this is why prop traders have risk limits. prop firms won't let you take those kinds of big risks.

As an example, i recently interviewed with a firm that said
"lose 500k and your capital gets cut in half...lose another 500k and you are fired...lose 100k in a single day, and you are stopped for the day".

So, then as a trader, you are incentivized to size your trades such that you never risk losing 100k in a single day, because you don't want to get stopped out.

just google it...you're welcome

    • 1
Jun 20, 2018
  1. Prop trader at quant firm
  2. 2.5 years
  3. $350k including bonus
    • 1
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Jun 21, 2018

pm me firm pls 350k in 2.5 yrs

What concert costs 45 cents? 50 Cent feat. Nickelback.

    • 1
Jun 22, 2018

Small firm so not comfortable revealing the name, but one of the usual suspects on the top HFT lists

Jun 21, 2018

pm me firm pls too

Jun 20, 2018

my last position where my comp was discretionairy (not a % of P&L)

role: bank trader (market maker for a specific rates product - P&L mostly from prop trading)
year exp: 4 yrs trading + 6 yrs writing code in IT previously
P&L: 8mm (my book)
comp: 400k

i'm now a prop trader, and my comp is a set % of my P&L (no base salary)

just google it...you're welcome

Jun 20, 2018

Interesting that you still carried out prop trading while at a bank. Does the Volcker rule not prevent that or is there a way to get by it?

Jun 20, 2018

Volker does not apply to US interest rates market making.

just google it...you're welcome

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Jun 20, 2018

Role: 4 years as an Interest Rate Option MM
P&L (of the desk): mid 8 figures
comp: low 7 figures

    • 1
Jun 20, 2018

What the fuck - you went from ~300k to low 7 figures in 1 year?
https://www.wallstreetoasis.com/forums/how-much-mo...

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Jun 21, 2018

Market condition is 2~3 times better brah.

Also i get paid in March so basically 2 years ago

Jun 20, 2018

About treefiddy.

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Jun 21, 2018

That's not a trader, that's the Loch Ness Monster!!

    • 7
Jun 21, 2018

Role: Macro Trader at Prop Firm
2 years
$250k including bonus

Jun 21, 2018

2 yrs making 250k, pm me which firm

What concert costs 45 cents? 50 Cent feat. Nickelback.

Jun 21, 2018

Pretty sure most of the top firms pay 200k+ total for the first year.

Most Helpful
Jun 22, 2018

I work at Barclays on their Equities Floor in NYC.

I make 120K salary. I've been in the industry for 7 years now... I know, not a lot but I got laid off at BMOCM last month.

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Jun 22, 2018

i know another guy (more senior) who recently got laid off from BMO...they seem to be looking for profitable traders...and have little tolerance for underperformers.

What are you doing at barc now?

just google it...you're welcome

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Jul 9, 2018

I work as a TA for their program, elec/algo, single stock desk, international and convertible desk.

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Funniest
Jun 22, 2018
  1. Snack trader at Rosewood Elementary
  2. 8 years old but ill be 9 in August
  3. Roughly 11 Kit Kats, but I have to give the bully 3 for protection

"one for the money two for the better green 3 4-methylenedioxymethamphetamine" - M.F. Doom

    • 7
Jun 22, 2018

WSO's COO (Chief Operating Orangutan) | My Linkedin

Jun 23, 2018
  1. prop trading
  2. 0 exp (fresh grad)
  3. 150k

concerned about making it in the industry. i figure if i manage to last a few years then money shouldn't be a problem. goal is to live frugally and retire early

Array

Jun 25, 2018
Comment
Jul 8, 2018