SIG - Top prop shops
Anyone know anything SIG? Starting salary for 1st years in line with BB's and other top prop shops?
Senior interested in potentially working at SIG vs. going back to investment banking
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SIG is a market maker, not a prop shop.
Prop shop = market maker. Prop shop could also be a swing trading firm like an SMB Capital or Trillium. DRW, Belvedere, SIG, JSC, TransMarket are all prop shops and they are also market makers. Prop shop simply means you don't have clients.
Last I heard, SIG is 65 base with a 5 signing bonus. I have no idea what a year end bonus would look like. I don't know details but I think you sign a 3-year non-compete that they would have to release you from if you wanted to go elsewhere. All the new guys (almost 100% Ivy grads at this point) are competing to be promoted from junior trader to market maker. Once you make market maker, the serious money starts coming. But not all the junior traders make it, and the ones who don't either leave or transfer to another role in the firm. I think this weeding out process happens sometime between 12-24 months after you are hired. I could be completely wrong - I'm not involved with the firm in any way.
The Non compete is not 3 years. The NC they have is pretty standard.
They may have changed it. When I worked there, there was a 3 year non-compete that you would have to sign when entering their market maker class (which happens roughly 12-15 months in). I won't speak to comp as I believe that has changed too.
plz dont group trillium and smb :( lol
Just so you guys are aware...from a legal perspective a non-compete clause is not legally enforceable...firms make you sign it to deter you from competing with them/ make you think you're not allowed.
@Bernankey. I don't think you are giving out correct info. They can be fought yes, but say Citadel wants to hire you from SIG. Do they want to get involved in a lawsuit? Trust me, in the interview process for jobs in this space, before things get to far, your current Non Compete will be discussed.
SIG did change their Non Compete. Its was 3 years, but not now. Its also much more specific to what you are currently doing. Some firms NC are absurdly broad.
I was referring to non-compete clause being enforceable in the sense that you solicit say a firm's clients. By no means is an NC enforceable in saying that you cant work in that field.
and how does that relate to a Prop Firm?
That was my point. It shouldnt.
I misread your previous post. My bad. I disagree with you though. There is a reason that most of the major prop firms have them. It really is not an issue of if they are legal or not.
If you want to work at one, you will have to sign. If you leave, its going to be an issue and a headache that your new firm may not want to deal with if your firm will not release you.
SIG - Interview Questions (Originally Posted: 01/23/2009)
Three Questions: 1) Anyone know what interview questions they like to ask after the 1st round? I heard they get harder, but only heard sample 1st round questions (5 ppl sitting around a table in age-order, etc.)
2) Do they still make new traders sign a 3yr contract? If so, what are the specific terms and conditions? Promotions? Salary/pay increase? Can't leave them period or can't leave them and work in trading?
3) How easy is it to switch from Bala Cynwyd to New York if you're a trader?
Thanks for your help.
a friend who works there currently makes $68,000 base and from what I can take a guess on, he makes about $20-30,000 in bonuses. Not bad for a smaller firm in Philly.
1) The interview, from my experience, gets easier. This is mainly because you start getting used to the types of brain teasers.
They even make you play texas hold'em which I was particularly good at, so this made up for missing the prior questions.
2) They DO make you sign for 3 years. It's usually bad if you renege your contract.
3) It is really friggin hard to transfer from Bala Cynwyd to NYC. ESPECIALLY in these market conditions. Try to get into Jane Street....that would be easier
For the most part this is a good group of guys who really
I would not call SIG a small shop and comp is fairly standard
1) Almost all will be quick calculations, quantitative mind-benders, and many relate to poker odds.
2) In short, yes. It's quite easy to get promotions early on so long as you perform. There is very, very little politics at SIG, compared to trading desks at your standard BB
3) Don't count on it---
Thanks for the responses.
So, 3 year contract is definately a yes. Does it just say you can't leave the firm or does it stipulate other things as well like no promotions, raises etc.? Are bonuses not a % of p&l?
Anyone know what usually happens after three years? Do most people stay? Do salary + bonus go up at a rapid rate?
Any sample questions? Are the poker questions on the lines of what is the probability of getting a four of a kind (or any other hand) in a 5 card hand, or are they more involved?
Jane Street is not easy to get into. You have five super intensive rounds that are entirely mathematical (not quantitative). I got dinged after the second round with them.
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