Typical base, US
$180,000 to $250,000
Middle half of the base firms file
Graduate base, top firms
$300,000
Jane Street, SIG and HRT, in their US ads
First year, US
EstimateAbout $310,000 to $450,000
Base plus bonus, before tax
4 to 6 years, US
EstimateAbout $420,000 to $930,000
Base plus bonus, before tax
A quant researcher in the US typically earns a base salary of $180,000 to $250,000, and the best-paying firms start graduate researchers on $300,000. The yearly bonus is paid on top of the base, and with a few years of experience it is often larger than the base itself.
This page sets out base pay and total pay by years of experience, what hedge funds and trading firms advertise, pay in London and Amsterdam, and how researchers compare with quant traders and developers.
How much does a quant researcher make?
The typical base salary for a quant researcher in the US is $180,000 to $250,000, with a median of $213,000. That range is the middle half of the base pay firms file for researcher positions in their US salary filings. In New York it is $182,000 to $250,000, in Chicago $165,000 to $246,000 and in Miami $191,000 to $313,000.
Typical base pay, July 2025 to June 2026
| City | Typical base | Median |
|---|---|---|
| New York | $182,000 to $250,000 | $220,000 |
| Chicago | $165,000 to $246,000 | $200,000 |
| Miami | $191,000 to $313,000 | $283,000 |
| Bala Cynwyd | $192,000 to $200,000 | $200,000 |
The middle half of the base firms file, across every firm and every level. Graduates at the best-paying firms start higher, and the bonus is paid on top.
The typical base sits below the $300,000 that Jane Street, SIG and HRT advertise to graduates, for two reasons. It covers every firm that hires researchers, including the many that pay less, and every level from graduate to senior. And a firm that files a range of pay counts at the middle of that range, not at its top.
How much do quant researchers make with the bonus?
Our estimate for a first-year quant researcher in the US is $310,000 to $450,000 a year, base plus bonus, before tax. With 1 to 3 years of experience the estimate rises to $355,000 to $600,000. With 4 to 6 years it is an estimated $420,000 to $930,000, and from 7 years an estimated $640,000 to $1,490,000.
The base changes little over those years, so the growth is almost all bonus. The low end of each range is an ordinary year at an ordinary firm, and the top is a strong year at the best-paying firms. In New York the first-year estimate is $325,000 to $450,000.
At a $213k base, quant researchers in the US make an estimated $310k to $450k in the first year and $640k to $1.49m after 7 years. The base barely moves with the years; the bonus does the growing, and in a strong year at the best-paying firms it takes total pay to about 7 times the base.
Typical range of base filed for the role: $180k to $250k.
- Researcher, Year 1: base about $213k, estimated total pay $310k to $450k.
- Researcher, 1 to 3 years: base about $213k, estimated total pay $355k to $600k.
- Researcher, 4 to 6 years: base about $213k, estimated total pay $420k to $930k.
- Researcher, 7 years or more: base about $213k, estimated total pay $640k to $1.49m.
Senior pay goes well past this chart. Jane Street paid an average of $2.68 million per employee in 2025.
A year, before tax, not counting a sign-on bonus. The low end of each column is an ordinary year at an ordinary firm; the top is a strong year at the best-paying firms. † Set by Tradermath from what senior people earn in the market, because too few of them report their pay.
How this estimate is worked out
The base is the one on the slider, within the range firms file for the role in their US salary filings. The bonus is the share of base that people in the role report at each stage, from the lower quarter of reports to the top tenth. The top of a column is at least what the best-paid tenth of employees report in total, because the best-paying firms also pay the highest base. The top firms state $300,000 for graduates. The bonus stays the same share when you move the slider, so a higher base brings a larger bonus.
Estimated total pay for a quant researcher in the US, base plus bonusEstimate
| Experience | Bonus | Estimated total pay |
|---|---|---|
| Year 1 | 45% to 110% of base | About $310,000 to $450,000 |
| 1 to 3 years | 70% to 180% of base | About $355,000 to $600,000 |
| 4 to 6 years | 95% to 335% of base | About $420,000 to $930,000 |
| 7 years or more | 200% to 600% of base | About $640,000 to $1,490,000 |
An estimate, a year before tax, not counting a sign-on bonus. It starts from the median base filed for the role. The low end adds the bonus of an ordinary year at an ordinary firm; the top is a strong year at the best-paying firms, at least what the best-paid tenth of employees report in total. From 7 years, Tradermath sets the trader and researcher bonus from what senior people in these roles earn in the market, because too few of them report their pay.
Firms do not publish researcher bonuses. Entry-level researchers at Citadel have shared what they were paid, and their reports are below.
Reported by employeesReported
Ten entry-level quantitative researchers at Citadel have reported their pay. Their total pay averages about $386,000, on a base of about $252,000 and a bonus of about $132,000. The reports range from $225,000 to $600,000 and date from 2024 to 2026.
Do hedge funds pay researchers more than trading firms?
Not at graduate level. Citadel, a hedge fund, and Citadel Securities, a market maker, both advertise $235,000 to $300,000 for graduate researchers, while Jane Street, SIG and HRT advertise $300,000. DRW advertises $250,000 to $300,000 and IMC $250,000.
What matters more is the firm’s standing. A recruiter’s 2024 guide puts a PhD graduate’s base in London at £100,000 to £150,000 at a top hedge fund or trading firm, and at £85,000 to £95,000 at a mid-sized hedge fund. For Hong Kong and Singapore the same guide gives US$120,000 to US$150,000 at a tier-one hedge fund or trading firm and US$90,000 to US$110,000 at a boutique hedge fund.
Firms call the bonus discretionary and set it each year from the results of the firm, the team and the researcher. Few publish any figures: Flow Traders, a listed market maker, paid variable pay worth 49.1% of its average pay per employee in 2025.
Which firms pay quant researchers the most?
Jane Street, SIG and Hudson River Trading advertise the highest base for graduate researchers in the US: $300,000. DRW follows with $250,000 to $300,000, Citadel and Citadel Securities with $235,000 to $300,000, and IMC with $250,000. Flow Traders advertises $175,000 for a PhD graduate researcher in New York.
Researcher base salary in live job ads, checked 24 September 2026
| Firm | Role | Base salary |
|---|---|---|
| Jane Street | Quantitative Researcher, new grad, New York | $300,000 |
| SIG | Quantitative Researcher, Master’s, 2027, New York | $300,000 |
| Hudson River Trading | Algorithm Developer (Quant Research and Trading), 2027 Grads | $300,000 |
| DRW | Quantitative Researcher (campus), Chicago and New York | $250,000 to $300,000 |
| IMC | Graduate Quantitative Researcher, Chicago | $250,000 |
| Citadel | Quantitative Research Analyst, University Graduate | $235,000 to $300,000 |
| Citadel Securities | Quantitative Researcher, PhD Graduate | $235,000 to $300,000 |
| Flow Traders | PhD Graduate Quantitative Researcher, New York | $175,000 |
| Hudson River Trading | Quantitative Researcher (Mid-Freq), New York | $175,000 to $300,000 |
| Flow Traders | Experienced Quantitative Researcher, New York | $200,000 to $225,000 |
Ads for experienced researchers state ranges rather than one figure. HRT advertises $175,000 to $300,000 for a mid-frequency quantitative researcher in New York, and Flow Traders $200,000 to $225,000 for an experienced researcher. The base grows slowly, and the bonus carries most of a senior researcher’s pay.
Two Sigma does not state a researcher base in its live ads, but it files one figure per position for the title Quantitative Researcher, across every level it hires at.
Filed US base salaries, July 2025 to June 2026
| Job title as filed | Median base | Lowest to highest |
|---|---|---|
| Quantitative Researcher | $235,000 | $205,000 to $280,000 |
The median is the middle filing for the title; the range runs from the lowest to the highest, across every level the firm hires at.
How much do quant research interns earn?
Research internships pay at graduate rates for the weeks you work. SIG pays Master’s and PhD research interns $8,600 a week. Jane Street states a $300,000 yearly base for its research interns, about $5,770 a week, and DRW states $250,000 to $300,000 a year. Citadel pays $4,500 to $5,800 a week.
What is a quant researcher’s salary in London and Amsterdam?
In London, our estimate for a quant researcher with 1 to 3 years of experience is £195,000 to £440,000 a year before tax. Recruiters put the base for mid-level quants there at £90,000 to £130,000. A 2024 guide gives £100,000 to £150,000 for a buy-side researcher with 2 to 5 years, and £125,000 to £200,000 for a senior researcher with 5 years or more.
In Amsterdam, recruiters put the mid-level base at €85,000 to €120,000, and our estimate for a first-year quant researcher is €150,000 to €300,000.
Base pay in Europe is lower than in New York, and the bonus closes much of the gap. Tax then decides what is left, and the city comparison works out take-home pay in each city in one currency.
How does quant researcher pay compare with the other quant roles?
Researchers have the highest typical base of the three quant roles, by a small margin. The typical US base is $180,000 to $250,000 for a researcher, $165,000 to $250,000 for a quant trader and $175,000 to $250,000 for a quant developer.
Typical base pay in the US, July 2025 to June 2026
| Role | Typical base | Median |
|---|---|---|
| Quant trader | $165,000 to $250,000 | $197,000 |
| Quant researcher | $180,000 to $250,000 | $213,000 |
| Quant developer | $175,000 to $250,000 | $200,000 |
The middle half of the base firms file, across every firm and every level. Graduates at the best-paying firms start higher, and the bonus is paid on top.
At graduate level, many firms pay researchers and traders the same base. SIG advertises $300,000 for both its Master’s and PhD researchers and its systematic traders, and IMC $250,000 for both graduate researchers and traders. IMC pays its graduate engineers less, at $200,000.
With experience the bonus opens a gap. Our estimate for a researcher with 4 to 6 years is $420,000 to $930,000, against an estimated $390,000 to $930,000 for a trader and $325,000 to $545,000 for a developer. Researchers and traders are paid for the money their work makes, while a developer’s bonus grows more steadily.
Estimated total pay in the US, base plus bonusEstimate
| Experience | Quant trader | Quant researcher | Quant developer |
|---|---|---|---|
| Year 1 | About $290,000 to $450,000 | About $310,000 to $450,000 | About $295,000 to $510,000 |
| 1 to 3 years | About $330,000 to $560,000 | About $355,000 to $600,000 | About $310,000 to $520,000 |
| 4 to 6 years | About $390,000 to $930,000 | About $420,000 to $930,000 | About $325,000 to $545,000 |
| 7 years or more | About $590,000 to $1,380,000 | About $640,000 to $1,490,000 | About $400,000 to $900,000 |
An estimate, a year before tax, not counting a sign-on bonus. It starts from the median base filed for the role. The low end adds the bonus of an ordinary year at an ordinary firm; the top is a strong year at the best-paying firms, at least what the best-paid tenth of employees report in total. From 7 years, Tradermath sets the trader and researcher bonus from what senior people in these roles earn in the market, because too few of them report their pay.
What does a quant researcher do?
A quant researcher builds the models behind trading. DRW describes the job as developing mathematical models with statistical learning methods to build automated trading strategies, extracting predictive signals from market data, and helping developers turn research into production software. Most of the work is data, statistics and code, tested against the market.
How do you become a quant researcher?
Firms hire researchers from Master’s and PhD programmes as well as from undergraduate degrees, often through a summer internship first. Interviews test probability and statistics in depth, then move to research rounds: you reason through a data problem, choose a model and defend it. Many firms add a coding round.
The foundations are what you can practise. Tradermath’s research practice covers probability puzzles, statistics questions and coding problems in the style firms use, and the interview guide explains how research rounds work.