It’s a new world, and the quants are in high demand all over the financial services industry.
Here’s what it comes down to. If you can design and/or program an algorythm, you can be rich.
Right now, hedge funds and investment banks are competeing for the best IT talent in order to effectively track complex financial transactions amidst increasing pressure from regulators.
(Many “quants” kind of work in IT. They are risk managers.)
And this is especially visible in London. According to tech recruitment firm ReThink, hedge funds in the United Kingdom are upping quant bonuses by 60% this year, and they’re paying them out quarterly, not annually.
Here’s what you can make across the pond in dollars at a hedge fund:
- $160,500 base pay, or around $1204.20 a day for senior contractors.
- And if you perform well, you can make a bonus of around $128,450.
The reason the researchers think this is happening is that banks and hedge funds want good quants so much that bidding wars can erupt between the firm that employs you now and the firm that wants to start employing you ASAP, which can increase your salary by 30% – 60%.
And it sounds like even lesser quality quants don’t need to worry about looking for a job either, because there’s a “shortage of candidates.”
Mostly, firms are looking for workers with skills in .Net and C#, but being able to combine those assets with a deep knowledge of trading is what firms really love.
And here are the people who could be raking in the biggest dough… The Most Powerful Nerds On Wall Street >>