Quant pay after tax, city by city
What a quant trader, researcher or developer takes home in eight trading cities, after income tax and social charges, in one currency. Then a general guide to living in each: rent, prices, safety, the airport, universities and healthcare.
Applies the Dutch 30% ruling in Amsterdam and the French impatriate regime in Paris.
For a quant trader with 1 to 3 years of experience, Chicago leaves the most after tax, about $197k to $350k a year, ahead of New York. Singapore takes the smallest share in tax (12% to 14%), and Amsterdam the largest (44% to 47%).
- Chicago$197k to $350kTotal pay about $295k to $560k, 33% to 37% of it to tax
- New York$202k to $322kTotal pay about $335k to $565k, 40% to 43% of it to tax
- Hong Kong$178k to $323kTotal pay about HK$1.65m to HK$3m, 15% to 16% of it to tax
- London$153k to $315kTotal pay about £195k to £425k, 41% to 44% of it to tax
- Amsterdam$118k to $262kTotal pay about €185k to €435k, 44% to 47% of it to tax
- Singapore$159k to $209kTotal pay about S$230k to S$310k, 12% to 14% of it to tax
- Paris$114k to $171kTotal pay about €170k to €280k, 41% to 47% of it to tax
After income tax and the employee’s social charges, on base plus bonus. The line under each city shows its total pay in its own currency. Miami: too few salaries for this role to show.
Where do quants take home the most?
For a quant trader with 1 to 3 years of experience, Chicago leaves the most after tax: about $197,000 to $350,000 a year, in US dollars. New York follows at about $202,000 to $322,000, and Hong Kong at about $178,000 to $323,000.
Singapore and Paris leave the least, about $159,000 to $209,000 and $114,000 to $171,000. Their base is lower, or tax takes a larger share of the pay.
Researchers take home the most in Miami, and developers in Miami.
The gap grows with seniority, because the bonus grows. With 7 years or more, a trader in Chicago takes home about $330,000 to $723,000, and in Paris about $180,000 to $382,000.
These figures are estimates: the typical base for the role in the city, plus a bonus that runs from an ordinary year at an ordinary firm to a strong year at the best-paying firms, less income tax and the employee’s social charges.
How much of a quant’s pay goes to tax?
Hong Kong and Singapore take the least, because both tax income at low rates. Of a quant researcher’s total pay with 1 to 3 years of experience, tax takes about 12% to 14% in Singapore and 15% to 16% in Hong Kong.
In the US, federal income tax, Social Security and Medicare apply everywhere, and tax takes about 30% to 33% in Miami, 34% to 37% in Chicago and 40% to 44% in New York. Miami keeps more because Florida has no state income tax.
Europe takes the most: about 41% to 44% in London, 41% to 47% in Paris and 44% to 47% in Amsterdam. The share rises with pay, because a larger bonus is taxed at the top rate.
Do the regimes for people moving from abroad make a difference?
In Amsterdam, the Dutch 30% ruling lifts a quant researcher’s take-home with 1 to 3 years of experience from about €103,000 to €230,000 to about €131,000 to €269,000 a year.
In Paris, the French impatriate regime lifts a quant researcher’s take-home with 1 to 3 years of experience from about €100,000 to €150,000 to about €116,000 to €179,000 a year.
Both regimes are for people who move there from abroad, and both last a set number of years. Tick “Moving from abroad” above to see every figure with them.
Living in each city
A general guide to each city: what a flat costs, how prices compare, how safe it is, and what it is like to arrive and settle in.
| City | One-bedroom flat in the centre, a month | Everyday prices, rent included | Safety |
|---|---|---|---|
| New York | Flat a monthAbout $4,400 | PricesThe most expensive here | SafetyTypical for a big city |
| Chicago | Flat a monthAbout $2,400 | PricesAbout 35% cheaper than New York | SafetyVaries a lot by area |
| Miami | Flat a monthAbout $2,800 | PricesAbout 25% cheaper than New York | SafetyTypical for a big city |
| London | Flat a monthAbout $2,900 | PricesAbout 20% cheaper than New York | SafetyTypical for a big city |
| Amsterdam | Flat a monthAbout $2,600 | PricesAbout 30% cheaper than New York | SafetyVery safe |
| Paris | Flat a monthAbout $1,600 | PricesAbout 40% cheaper than New York | SafetyTypical for a big city |
| Hong Kong | Flat a monthAbout $2,200 | PricesAbout 30% cheaper than New York | SafetyVery safe |
| Singapore | Flat a monthAbout $3,000 | PricesAbout 20% cheaper than New York | SafetyVery safe |
Rounded averages from a survey that measures every city the same way. Rents vary a lot by street and building, so treat them as a guide.
New York
Pay in New York- Airport
- JFK, with the AirTrain and then the subway or a Long Island Rail Road train into Manhattan in about an hour. LaGuardia and Newark are the other two.
- Universities
- Columbia and NYU, both in the world’s top 60.
- Healthcare
- Through the employer’s health plan. Almost every large firm offers one, and the employee pays part of the premium.
- Getting around
- Subway and buses around the clock. Pay by tapping a bank card or a phone.
Chicago
Pay in Chicago- Airport
- O’Hare, with the Blue Line train to the Loop in 40 to 45 minutes. Midway is closer to the south side.
- Universities
- The University of Chicago, in the world’s top 25, and Northwestern, just north of the city, in the top 50.
- Healthcare
- Through the employer’s health plan. Almost every large firm offers one, and the employee pays part of the premium.
- Getting around
- The L trains and buses, with one Ventra card or a contactless bank card.
Miami
Pay in Miami- Airport
- Miami International, a short Metrorail ride from downtown and Brickell. Fort Lauderdale is the second airport.
- Universities
- The University of Miami, in Coral Gables, and Florida International University.
- Healthcare
- Through the employer’s health plan. Almost every large firm offers one, and the employee pays part of the premium.
- Getting around
- Most people drive. Metrorail runs north to south, and the free Metromover loops through downtown and Brickell.
London
Pay in London- Airport
- Heathrow, with the Heathrow Express to Paddington in 15 minutes. London City Airport is close to Canary Wharf.
- Universities
- Imperial College and UCL, both in the world’s top 10, and King’s College and the LSE.
- Healthcare
- The NHS. The visa application includes a health surcharge of £1,035 a year, and care is then free from the day the visa starts.
- Getting around
- The Tube, the Elizabeth line and buses. Tap in with a bank card or a phone.
Amsterdam
Pay in Amsterdam- Airport
- Schiphol, with trains to Amsterdam Zuid, the business district, in about 10 minutes, and to Centraal in about 15.
- Universities
- The University of Amsterdam, in the world’s top 60, and the VU. Delft and Leiden are both within an hour.
- Healthcare
- Everyone who lives or works in the Netherlands must take out the standard Dutch health insurance, within four months of arriving.
- Getting around
- Most people cycle. Trams, the metro and trains cover the rest, and a bank card works on all of them.
Paris
Pay in Paris- Airport
- Charles de Gaulle, with the RER B train to Gare du Nord in about 35 minutes. Orly is closer, to the south.
- Universities
- PSL, the Institut Polytechnique de Paris and Sorbonne University, all in the world’s top 75.
- Healthcare
- Every employee joins the public system, and the employer must also offer a top-up health plan and pay at least half of it.
- Getting around
- The Métro, the RER and buses, with one Navigo pass for the month.
Hong Kong
Pay in Hong Kong- Airport
- Hong Kong International, with the Airport Express to the city in about 24 minutes.
- Universities
- HKU, CUHK and HKUST, all in the world’s top 35.
- Healthcare
- Public hospitals charge subsidised fees to anyone with a Hong Kong identity card. Health insurance is not required by law.
- Getting around
- The MTR, frequent and cheap, plus buses, trams and ferries, all paid with one Octopus card.
Singapore
Pay in Singapore- Airport
- Changi, with the MRT to the city centre in about half an hour.
- Universities
- NUS and NTU, both in the world’s top 15.
- Healthcare
- Foreigners are not in the national scheme. An Employment Pass holder relies on private insurance, which the employer often includes in the offer.
- Getting around
- The MRT and buses. Tap a bank card or an EZ-Link card.
What does it cost to live in each city?
A one-bedroom flat in the centre rents for about $4,400 a month in New York, the most of these cities, and about €1,400 in Paris, the least.
Everyday prices, rent included, are highest in New York. Paris is the cheapest of these cities, at about 40% below New York.
Amsterdam, Hong Kong and Singapore are the safest of the cities here.