Moving between finance firms

Cruise Automation Gus888
Feb 24 49 Comments

So it’s well known that the best way to bump pay early in your career is to jump between companies. For places like (Two Sigma, Jane Street, DE Shaw, Citadel, Hrt) is it easy to move between them for comp bumps or to move at all. I’m talking for dev/quant dev not pure quant

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TOP 49 Comments
  • Airbnb perryatron
    Why move from software to finance where you will be viewed as a cost instead of revenue, plus there’s much smaller demand for quant than sde
    Feb 24 11
    • Jane Street Capital sybS38
      Why would there be? 15% raises for 8 years on our standard starting comp doesn't get anywhere close to the most senior devs make.
      Feb 25
    • New / Eng .hidden
      @Jane Street Assuming you guys start at 150k, 15% raises every year for 8 years would land you at 450k. For 12 years it would be 800k. Are you telling me this is the norm?
      Feb 25
    • Jane Street Capital sybS38
      I don't know if it's necessarily the norm, but it tracks mine pretty well (up to ~7 yoe) and matches what I've heard for top performers with more experience. Your starting comp and thus the other numbers are low, though.
      Feb 25
    • New / Eng anagram.
      Damn what's the starting point at Jane Street?
      Feb 25
    • Jane Street Capital sybS38
      Between 225k and 250k (salary plus guaranteed first-year bonus).
      Feb 25
  • Jane Street Capital eYnq30ps
    My experience is that in the past < 5 years I’ve never been able to find an opportunity to leave Jane Street without a significant pay cut given my YOE.
    Feb 26 9
    • Facebook Solais
      If you're familiar with G/FB, is the work more demanding at JS? How's your WLB in comparison?
      Feb 26
    • Two Sigma / Eng kyske
      @js I'm in a similar position, definitely above the tech band. Will be interesting to see if I'm also above band for other trading firms.
      Feb 26
    • Jane Street Capital eYnq30ps
      I work ~45 hour weeks which I find pretty reasonable. I particularly enjoy our policy that devs aren’t given remote-access laptops by default and thus have no way to overwork themselves once they leave the office. There’s also little pressure for you to work longer hours (and as a culture we try to avoid unnecessarily tight deadlines), though I’m sure there are folks who work much longer hours simply because they want to. I’ve not worked at G/F so can’t really comment on how my experience compares to the WLB at either of them.
      Feb 26
    • Morgan Stanley Imagen
      Do you know someone in support roles on JS? Any idea of possible TC on that area/wlb for that role?
      Feb 27
    • Two Sigma blinded99
      I have also found this to be the case, if I go to tech I would expect a significant drop in comp. Meanwhile, it seems like at my level I could get a bump if I went to other finance places.
      Feb 27
  • Jane Street Capital sybS38
    My experience has been that comp increases appropriately with experience, such that hopping isn't actually beneficial.
    Feb 24 5
    • Two Sigma / Eng effect
      And that it doesn't in tech?
      Feb 24
    • Two Sigma ghjklf
      In tech it seems like people run into this 4 year cliff at many places and need to hop to bring their comp back in line with the market rate.
      Feb 24
    • Airbnb perryatron
      In tech it can become quite complicated there are things like base/bonus/signon bonus/initial grant/refresh rsu. Usually your de facto tc per year go up in similar rate as you guys because of roughly 3-5% base bump plus accumulating multiple yearly refresh. At the end of year 4, initial grant depleted and usually will bring down comp by 20-50%.
      Feb 27
    • Airbnb perryatron
      How does promotion work in finance firms? Does it bump your tc more than 15%?
      Feb 27
    • Jane Street Capital sybS38
      I think most hedge funds/prop firms are small enough that formal promotions aren't really a thing. Taking on extra responsibility can be worth an extra bump if you handle it well, but I mostly lumped that into the 15%/yr average.
      Feb 27
  • Amazon paopao
    turned down Google offer for Citadel but Citadel revoked my offer later. Have to stay with Amazon with no life for longer.
    Mar 5 2
    • Google / R&D
      vnzF53

      Google R&D

      PRE
      Google, WeWork
      vnzF53more
      Why did cotedal revoke the offer? Can you take the Google offer again?
      Mar 5
    • New / Eng anagram.
      Heard that Google offer is valid for a year. There's a specific HR team in Google for decliners and Xooglers
      Mar 5
  • Two Sigma / Eng kyske
    You can still hop, and it's up to you whether to spend a year at a tech company vs. take a year long vacation.

    The job hopping approach doesn't work as well at small companies, since a lot of your value is in building trust and familiarity.
    Feb 24 5
    • New Kula
      How does the year long vacation work for H1b employees ?? Or are they forced to go to non-Finance companies ?
      Feb 24
    • Cruise Automation Gus888
      OP
      Would you recruit at another firm and they agree to wait a year? Or you have to leave to tech co and go back and interview later.
      Feb 24
    • Two Sigma / Eng effect
      Finance firms will wait for non competes to expire, you can do whatever you want in that time
      Feb 24
    • New Kula
      But on H1b one needs to be on a job ? What kind of severance do they pay for these non-competes ? Full one year compensation?
      Feb 24
    • Google natashala
      Dump question, during non compete vacation, are you get paid by the hedge fund? If so how much?
      2d
  • Amazon / Eng jNeo42
    First get in to one, then ponder this great question as well as the meaning of life. Life is very much like “The Bachelor“.
    Feb 24 4
    • Cruise Automation Gus888
      OP
      I have an offer... that’s why I’m asking
      Feb 24
    • New Kula
      Offer from where ?
      Feb 24
    • Cruise Automation Gus888
      OP
      Rather not say to remain anonymous
      Feb 24
    • Lyft u3vy
      I have an offer as well.
      Jun 7
  • AQR i7Jv72
    Not that easy to move between firms since for some of them the non compete is quite strict (> 1 year). Unless you’re a superstar, it would be difficult for any of those firms to want to wait for that long for a talent. That’s why those companies also like to hire from big tech co.
    Feb 24 2
    • Cruise Automation Gus888
      OP
      Hm do they enforce non compete for devs?
      Feb 24
    • Two Sigma / Eng effect
      There was a thread on this recently.. it varies a lot
      Feb 24
  • Capital One swhshdh
    ^^ how can you be so sure? I know few in faang who haven’t been able to crack the onsites
    Feb 24 0
  • Amazon / Other XIit65
    You'll be recruited by other firms aggressively, but passing their interviews is a different challenge. They don't make it easy.
    Feb 24 1
    • Cruise Automation Gus888
      OP
      I’m not too worried about passing the interview, but whether or not the opportunities will be there
      Feb 24
  • Bank of America / IT
    biggie8

    Bank of America IT

    BIO
    I have 20+ experience in tech and banking
    biggie8more
    I want to work remote in tech -- most banks aren't allowing it anymore. Are tech firms reeling back wfh ?
    Feb 27 0