How Much Do Quants Make (Pay by Role, Level and Firm Type)

By Fiona Taft, November 8, 2026

Real base pay posted by trading firms, investment firms and banks for quant researchers, developers, traders and strats, by level. Base salary only, checked November 2026.

Posted base pay for graduate quant researchers runs from $250,000 at IMC to $300,000 at Susquehanna, an associate quant strategist at Goldman Sachs posts $115,000 to $180,000, and Two Sigma posts $165,000 to $325,000 for an experienced researcher. Those are base salaries only, and Two Sigma's posting says a discretionary bonus can be a significant portion of total compensation.

I'm Fiona Taft, founder and CEO of QuantMinds, former Executive Director of UC Berkeley's MFE program and former Associate Director at Stanford University.

Posted ranges checked November 2026, and every figure links to the posting it came from. Postings close and change, so open the linked page before you plan around a number. Still choosing between research, trading and development? Start with our guide to choosing between QR, QT and QD.

Posted base pay by firm

Listed alphabetically by firm. Every figure is annual base salary in US dollars as posted, except Citi, which labels its figure a wage range. Where a posting gives one figure, that is its whole range. A range shows what the firm will pay for that posting, not what any one hire gets.

FirmRoleLevelLocationPosted base rangeSource
CitiSystematic Quantitative AnalystNot stated, asks for 3 years of experienceNew York$225,000 to $250,000 (Citi's wage range)Citi posting
D. E. ShawQuantitative AnalystNot statedNew York$275,000 (bachelor's or master's) or $300,000 (PhD)D. E. Shaw posting
DRWQuantitative DeveloperNot stated, asks for at least 2 years of experienceNew York$175,000 to $250,000DRW posting
DRWQuantitative ResearcherGraduating between December 2026 and August 2027Chicago or New York City$250,000 to $300,000DRW posting
Goldman SachsQuantitative Strategist, Asset and Wealth ManagementAssociate, asks for 1 to 3 years of experienceNew York$115,000 to $180,000Goldman Sachs posting
IMCGraduate Quantitative Researcher (BS/MS)GraduateChicago$250,000IMC posting
Jane StreetQuantitative ResearcherNot statedNew York$300,000Jane Street posting
Point72 (Cubist Systematic Strategies)Quantitative Researcher, MacroNot statedNew York$150,000 to $200,000Point72 posting
SusquehannaQuantitative ResearcherMaster's graduate, June 2027 startNew York or Philadelphia$300,000Susquehanna posting
Two SigmaQuantitative ResearcherExperienced hireNew York$165,000 to $325,000Two Sigma posting
VirtuQuantitative TraderNot statedChicago$150,000 to $200,000Virtu posting

If a link shows a posting as closed, the range above is what it said in November 2026.

Pay by role

Quant researcher

Graduate postings at several trading firms are flat numbers or tight bands. IMC posts $250,000 for its BS/MS graduate researcher and $250,000 for its PhD graduate researcher in Chicago. DRW posts $250,000 to $300,000 for researchers graduating between December 2026 and August 2027, and Susquehanna posts $300,000 for a master's graduate starting in June 2027. D. E. Shaw's quantitative analyst posting splits by degree.

Experienced-hire postings give ranges. The Point72 posting, for Cubist Systematic Strategies, doesn't name a level and posts $150,000 to $200,000 for a macro researcher, and Two Sigma posts $165,000 to $325,000 for an experienced hire. Not every graduate posting is as high as the first group. Flow Traders posts a $175,000 base for a PhD graduate researcher in New York.

Quant developer

DRW's quantitative developer posting asks for at least two years of experience building production software and posts $175,000 to $250,000 in New York. That's a different level from its graduate researcher posting, so don't read the gap as developers earning less. IMC posts $200,000 to $225,000 for a Python quantitative developer in Chicago.

Quant trader

Virtu posts $150,000 to $200,000 for a quantitative trader in Chicago, and its posting says the range leaves out bonuses, benefits and other compensation.

Bank quants and strats

Banks post by level, and level moves the number. At Goldman Sachs, an associate quantitative strategist in New York posts $115,000 to $180,000 and the posting asks for 1 to 3 years of experience, while the analyst role in quantitative investment strategies posts $90,000 to $130,000. Citi posts a wage range of $225,000 to $250,000 for a systematic quant analyst in New York and asks for a master's degree plus 3 years of experience, or a bachelor's plus 6.

In my view, a master's or PhD usually starts you at associate instead of analyst at a bank, and the associate band is higher. The two Goldman Sachs postings show how far apart the bands sit. If a master's is on your list, start with how to choose a quant master's program.

What else moves quant pay

Firm type

The table mixes trading firms, investment firms and banks. DRW and IMC describe themselves as trading firms, Jane Street as a liquidity provider and trading firm, Susquehanna as a quantitative trading firm, and Virtu as a market maker. D. E. Shaw and Point72 describe themselves as investment firms, and Two Sigma as a quantitative investment and trading firm. Citi says it's a bank, and Goldman Sachs describes itself as an investment banking, securities and investment management firm.

The rows are different roles at different levels, so compare the same role and level across firms. Our guide to the buy side, the sell side and prop shops explains how the three differ.

Level and years

Level matters, but base pay doesn't climb in a straight line. At DRW, the graduate researcher range of $250,000 to $300,000 sits above the $175,000 to $250,000 for a developer who has at least two years of experience, and Two Sigma's experienced-hire range starts at $165,000. Postings differ by team and by what they ask for, so don't read a graduate posting as a ceiling or an experienced one as a floor.

Location

Every posting in this guide is a US posting, mostly New York and Chicago, so it says nothing about London or Hong Kong pay. Some postings list two cities and post one range, like DRW's graduate researcher role. The Point72 posting says an offer can vary from the posted range with geographic location, and Flow Traders says it posts its New York base because of New York City's salary transparency law.

How bonus works

Posted ranges leave bonus out. Jane Street says base is only one part of total compensation, which includes an annual discretionary bonus. Two Sigma says the bonus can be a significant portion of total compensation. D. E. Shaw lists a year-end bonus that is assured in the first year of hire, plus a sign-on bonus and a relocation bonus.

None of the full-time postings in this guide gives a bonus amount, so there's no bonus number here. Ask the recruiter how the bonus is decided and when it's paid.

Negotiating and choosing an offer

Decide your floor before any pay conversation, meaning the lowest base you'd accept for the role and the city. Compare offers on the whole package, base, sign-on bonus, relocation and discretionary bonus, because base alone won't tell you what you'll make.

If a recruiter asks what you're looking for, try to get them to name a number first. Their number gives you a starting point. Don't accept an offer on the spot, and ask for time to read it. Negotiate in a live conversation, on video or in person, and not over email, because email puts every word in writing.

In my view, wanting the money isn't enough to get you into quant. The people who get in care about the work. If you're earlier in the process, our guide on how to become a quant walks through the steps.

Frequently asked questions

What is the average quant salary?

There isn't one average. Firms post ranges by role and level, and the figures in this guide run from $90,000 to $325,000 in base. Find your role and level in the table instead of chasing an average.

Do quant interns get paid?

Yes, and some firms post it. D. E. Shaw's New York quantitative analyst internship for summer 2027 lists a monthly base of $25,000 and a $25,000 sign-on bonus, with furnished housing or a housing allowance. The summer 2027 quantitative research internship at Point72's Cubist Systematic Strategies in New York posts an annual base of $240,000 to $300,000, prorated to the internship's length.

Should I negotiate a quant internship offer?

Rarely on base pay. Firms would rather negotiate the full-time offer, so ask about relocation, housing and sign-on bonus, and ask questions instead of pushing.

Where can I find what a firm pays its quants?

Open the firm's careers page, find the exact role and read the whole posting, because many of the ranges in this guide sit near the end of it. Read the level and location too, since the same title can post a different range in a different city or at a different level.

Get a second opinion on an offer

If you'd like another set of eyes on an offer or on which role to aim for, request a free Discovery Session, a Zoom session with one of our coaches, and we'll work through it together.

Sources

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