Hi, I'm a Software Engineering Intern at Two Sigma and don't know what companies to target for new grad quant trader recruiting. My list so far: Tier 1. HRT, Citadel/Citadel Securities, Jane Street Tier 1.5 DEShaw (I heard the pay is low) Tier 2. Akuna, Five Rings, IMC Trading, SIG. Tier 3. Get PhD and get into PDT Partners/Millenium. My career end goal is to manage 150+ million dollars at Millenium/Balyasny/Citadel. Is this the right ordering? #finance #portfoliomanagement
You forgot about Jump and Optiver. Akuna and SIG are more like tier 3 Feel free to DM for more details
LOL @ PhD for PDT. Just check their employees on linkedin. They hire interns for god’s sake.
You think PDT is tier 0?
Is Five Rings really that good? I feel like everyone knows something about it that I don't.
Are the tiers for how well the companies set you up for your end goal as a PM? If so, I’m not sure most of the trader oriented prop shops are most aligned with that. For becoming a quant pm the following firms are probably best (in no particular order): Citadel, DE Shaw, Two Sigma, Jump, Tower, HRT, TGS, Aquatic, PDT. You can probably rank these into tiers but I don’t have enough color on them to be particularly confident in doing so correctly. My understanding is landing a researcher role at any of these is a good step in the direction of accomplishing your goal. There are certainly a few other firms that fit into this group that I haven’t mentioned. As for the prop shops, I’d put the tiers as (mainly from the perspective of a new grad trader but I think it’s pretty similar for a new grad SWE): Jane Street, Citadel Securities, Five Rings Optiver, SIG, Akuna, IMC (with perhaps a slight edge to Optiver and SIG for traders and and a slight edge to Akuna and IMC for SWEs) Hope this helps!
Why would Five Rings be tier 1?
Selectivity, compensation, seemingly strong tech (focus/values), etc. There does seem to be limited public data available about them due to their size. It’s also my understanding that they only hire new grads and not experienced hires so there is far less talk about people on blind going to work there. They focus a lot of recruiting efforts on MIT students and as a result may have less of a presence on other campuses than perhaps some of the other trading firms do.
If you want to become a PM managing large amounts, I don't know how useful it would be for you to join an HFT firm as it is a very different business and won't necessarily teach you how to manage portfolios, especially if it is not done in a systematic manner.
What would you say would be the best path then? Get Math PhD (or Operations Research) PhD?
Joining some hedge funds doing some more traditional and long term investments, as a quant maybe. I think Citadel GQS, AQR maybe PDT would correspond to it for instance. Note that the job will involve a lot more dealing with clients too.
I hated myself, joined Amazon.
What about Point72, folks?
Meh
Dm for Citadel
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Citadel NXT is more like tier 1.5 or 2. Citadel Securities is 1 without a doubt.
My friend in Citadel Sec said NXT is a "f*cking awesome program" when I got an interview with 3 YOE. It could potentially put you on a fast track.
@Capital One, what fast track do you talk about?