I've been seeing a lot of people posting takes on markets lately with elevated vol making everyone a "savant". Here are some numbers from one of the best MMs... I thought you apes would enjoy this
Q2:
"Jane St reported nearly 800% jump in EBITDA Q2 2020. Up 600% in trading revenues"
- Generated nearly $2.3 billion in EBITDA Q2 vs $259 million same time last year
- Net trading revenues nearly $3.1 billion vs $455 million same time last year
Q1:
"Following an eye-brow raising first quarter with a 1,344% increase in EDBITA and 964% increase in trading revenues"
- $3.957 billion Q1 2020 vs $294 million Q1 2019 EBITDA
- $5.275 billion Q1 2020 vs $547 million Q1 2019 Trading Revenues
(source: Debtwire)
An important note when you see everyone and their mother trading "hot stocks". Also an important note to young grads who want to work at companies like Jane Street. There's a reason why it's hard.
Jane Street is the cream of the crop x2. Even compared to other top tier shops like Citadel/HRT/5 Rings, JS is much more difficult to get in. They have 5 rounds of interview and their questions dwarf questions from places like SIG in terms of difficulty.
In college, there were 3 of us math kids who interviewed with Jane Street including myself. 2 other ones were a lot smarter than I am. I got cut at round 2 (but trading really wasn't for me so maybe it's a good thing). 1 friend got cut at 3rd round but now works at Citadel/5 rings/Optiver/DRW. Another actually got an offer. Needless to say, that one kid who made it to JS had the highest Putnam score among us. I had the lowest at 10+.
JS is truly for the smartest of the smartest of the smartest. Comp is crazy as well. If you don't screw up you can make 7 figures in 3 years (or I hear so).
Honestly had never looked into the firm till reading this and Tim Reynolds by all accounts seems like a pretty awesome dude. Makes me wish I'd been gifted with the quick maths.
Sounds like a STEM-heavy school. You did not go to MIT. Where did you go to school? Caltech/GT/CMU?
Princeton is a higher target for JS and also quant heavy .
I mean do the math, their teams are still somewhat lean. Partners are taking home a fat chunk and traders were likely overworked this past half, easily can see 2x normal bonus.
You're definitely right. JS is probably the leanest of them all. Hece why they pay so well. They have the toughest interview process with 5 and it only gets more difficult.
I'm fudging through numbers but you get the point.
No wonder they're paying entry level folks $300-400k
Tbh, most top tier shops are willing to pay you this much your first year. 300~400K is including the sign-on bonus. Afterwards, you're making 200~250K a year for a while until you become a senior trader with crazy PnL, move up to mgmt, or become a PM.
But of course, at JS even a regular trader could make 7 figures in 3 years or so if you don't screw up. JS doesn't hire kids who are going to screw up. When they hire, they are keeping you. SIG has the opposite strategy, hire lots of kids 1/3 drops out in 2 years.
Yeah my friends tell me lots of stuff. Happens when you're around bunch of mathy kids. All we do is structure the hell out of every conversation.
The "real" difficult part is staying on for 2+ years...
So? I have better returns this year with $TSLA.
This is the RIGHT response
Thankyou, certified hedge fund partner turned recent grad.
oh shit he's back
I’m still salty they dinged me final round.
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I think these numbers are high for a lot of positions. One of our guys who moved to a marketing/sales type role there after coming to us from the internal desk didn't seem to be making anywhere near that much. Granted, he was just slogging to re-take level 2 of the CFA exam when they hired him, but that sounds high, and we are in the most desired part of the AM industry.
I'm surprised this wasn't well publicized or leaked in more places. These are insane numbers.
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