SIG and DRW

Hi everyone,

I have two offers:

SIG Quantitative Assistant Trader
DRW Quantitative Research

Which firm do you think has a better reputation? Which one of these positions do you think would increase my career options more down the road?

 

From my talks with the company representatives what I will be doing in these firms is not going to be very different. They don't plan to make me a market maker. My job is going to be to optimize their prop-trading strategies and try to develop a new strategies in both firms. My concern with DRW is it seems to me that it isn't as well known as SIG. So if after 2-3 years if I decide to move on, beeing worked in a better known SIG might serve me better?

 

Not knowing the specifics obviously, most non-compete clauses are only applicable within a reasonable area. So if you took the SIG job in Philly, you would probably be fine to work elsewhere. I am not a lawyer though, so feel free to correct me if I'm wrong.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

Susquehana is the more established name. DRW is a growing trading firm with numerous global trading opportunities but Susquehana has been in the derivatives business for a long time and they seem to be trying to grow their business along the lines of a bigger investment bank. I think Susquehana's name provides better exit opportunities. However, if you are a good trader, you can make some big dollars at DRW.

Please note, I am familiar with both of the firms floor-based trading operations. I am not as familiar with the quantitative, off-floor positions. Typically the word trader in the a position title implies more upside but with greater risk.

Just my 2 cents.

 

for trading: anyone in the world with a little cash, a computer, and a phone line can trade - some of those contracts are "global." even if the agreement ultimately wouldnt hold up in court, the company can still get an injunction from a court to prevent u from working while ur sued - will take years.

 
Best Response

I had 2nd rounds for a trader's assistant internship with DRW in Chicago about 10 months ago. I interviewed with SIG for a full-time trader's assistant position about 2 months ago.

DRW

Even before I interviewed, I knew that I would only want to work there as an intern and not take a full-time position if it was offered afterwards. But then again, I wanted to work at an ibank after graduation, not a prop shop. If that doesn't apply to you then by all means pursue what you want.

I ultimately didn't get the internship and I figured out why. I knew too much about trading, for someone my age, than they would have liked. I realized that practically everyone else they brought to 2nd rounds didn't know a bid from an offer. The only exception was one dude who had a stint as a floor trader (why he was applying to be an intern was beyond me).

The classes that one of the 3 partners teaches (the dude with the bushy eyebrows), which I'm sure you know about, is basically meant to mold their prospective traders. They use the Hull book and since I had already read it for a derivatives class I took, I figured I had an edge, I figured wrong.

Concerning pay, I have a friend who was offered a full-time several months before I interviewed for my position. Their base is below ibank analyst starting pay and I am guessing their bonuses are probably smaller too, though i'm not 100%.

SIG

A friend of mine will be starting full time in Chicago this summer and passed my resume along. I had 2 phone interviews with them, and was asked a bunch of probability questions in both. They wanted me to fly to Philly for their poker tourney or whatever it actually was but I declined since I didn't particularly want to work there, was just using the interviews as practice.

The pay is on par with ibanks, but I don't know about bonuses. They said if I was offered full-time it would be Philly, which did not sit well with me being the New Yorker I am. They said their NYC office was at capacity and they were pretty much only hiring for Philly.

If I had to choose between the 2, I'd choose SIG but thats mostly because I don't know enough about them vs. DRW who I know plenty about, so much so that I don't have a desire to work there.

------ "its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
 

EE, I've been getting the same reaction at a lot of places. They aren't very receptive if you know the least bit about options or anything useful.

Would definitely go with SIG rather than DRW for the exit ops.

 

To tip the balance a bit, DRW is growing rapidly and is pretty selective with their recruits, at least in my school. Majority come from MIT, Stanford, Penn, Duke and some from local schools like Illinois, Mich and U.Chicago. SIG's incoming class is much larger, hence not as selective with recruits from top schools as well as lower-tier schools (check their recruiting schedule).

 

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