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Quant Finance Salaries and Compensation in the US in 2024
As the quantitative finance industry continues to evolve in the wake of new technology and innovation, the demand for skilled professionals remains robust globally. As a world leading financial market, the United States is no exception.
The 2024 CQF Careers Guide to Quantitative Finance provides an in-depth look at salaries and compensation across six career paths: risk management, portfolio management, technology, quant trading, quant strategies and research, and data science and machine learning. These insights underscore the diverse opportunities available within the field across the United States.
In today's competitive job market, having a clear understanding of compensation expectations can help you make informed decisions. This article shares the typical skills needed and latest quant finance salary and compensation data in the United States from the Guide, offering you a comprehensive overview of what you can expect across six career paths.
Quant Finance Salaries and Compensation in the US
Portfolio Management
Professionals working in Portfolio Management are responsible for asset allocation and portfolio construction. They initiate trades and monitor portfolios and their exposures carefully. Quants working in portfolio management need strong quantitative and mathematical modeling, coding, analytical thinking, and communication skills. They must possess an extensive knowledge of the various asset classes, the firm’s investment products, and products that are available in the broader financial market.
| Base (USD) | Total Comp (USD) | |
| Portfolio Analyst Associate |
$175,000 - $200,000 | $275,000 - $295,000 |
| Portfolio Manager VP |
$200,000 - $250,000 | $375,000 - $425,000 |
| Portfolio Manager Senior VP / Director |
$250,000 - $350,000 | 20-30% of Revenue Generation |
Risk Management
Quants working in risk management need strong quantitative and financial modeling skills, proficiency with programming, knowledge of various methods including “Value-at-Risk” (VaR and its variants), as well as statistical models and simulations to evaluate the risk exposure for an asset or across an entire portfolio of assets. They must have knowledge of stochastic calculus, Monte Carlo, PDEs, and other numerical techniques. They also need familiarity with financial markets, including the most recent regulatory developments.
| Base (USD) | Total Comp (USD) | |
| Risk Analyst Associate |
$80,000 - $100,000 | $90,000 - $110,000 |
| Risk Manager VP |
$125,000 - $175,000 | $140,000 - $190,000 |
| Risk Manager Senior VP / Director |
$175,000 - $250,000 | $190,000 - $275,000 |
Quant Strategies and Research
Professionals working in quant strategies and research have a detailed knowledge of mathematical and statistical models. They also require knowledge of financial mathematics and stochastic calculus. They have good programming skills in Python or C++, and may have skills in R, MATLAB, or SAS as well. Knowledge of machine learning and natural language processing techniques is increasingly in demand.
| Base (USD) | Total Comp (USD) | |
| Quant Researcher Associate |
$150,000 - $175,000 | $250,000 - $325,000 |
| Quant Researcher VP |
$175,000 - $225,000 | $325,000 - $500,000 |
| Quant Researcher Senior VP / Director |
$225,000 - $325,000 | $500,000 - $800,000 |
Data Science and Machine Learning
Professionals working in data science and machine learning need to have a deep understanding of algorithms, as well as specific domains such as natural language processing or signal processing, to help identify and assess patterns in the data. They must possess strong quantitative analysis skills, a solid grasp of AI and machine learning techniques, and familiarity with programming languages commonly used in the field, with Python being particularly important.
Roles in this career path require significant knowledge of models and programming. These jobs tend to sit within the research area of an organization. Firms that are active in data science and machine learning include investment banks, asset managers, hedge funds, and technology companies that offer consulting services to the financial industry. There are also opportunities for quants in tech organizations that develop software products for the financial industry.
| Base (USD) | Total Comp (USD) | |
| Data Scientist Associate |
$100,000 - $175,000 | $125,000 - $200,000 |
| Data Scientist VP |
$175,000 - $250,000 | $225,000 - $275,000 |
| Data Scientist Senior VP / Director |
$250,000 - $275,000 | $275,000 - $400,000 |
Technology
Quants in technology will have excellent coding skills in Python, C, C++, or C#, for example. They should also have a good understanding of computational mathematics, software engineering, and financial products. They tend to work on projects with several teams if they are in a large organization, so having domain expertise combined with good skills in collaboration and communication will be helpful.
| Base (USD) | Total Comp (USD) | |
| Quant Developer Associate |
$150,000 - $200,000 | $200,000 - $250,000 |
| Quant Developer VP |
$200,000 - $250,000 | $250,000 - $350,000 |
| Quant Developer Senior VP / Director |
$250,000 - $300,000 | $350,000 - $500,000 |
Quant Trading
Quant traders must have deep knowledge of quantitative and statistical analysis, and strong programming skills in Python or C++, for example. They may have experience with machine learning techniques as well. Psychology is very important for quant traders and trading job candidates must demonstrate that they thrive in extremely competitive environments and can handle pressure well.
| Base (USD) | Total Comp (USD) | |
| Quant Trader Associate |
$125,000 - $150,000 | $150,000 - $180,000 |
| Quant Trader VP |
$150,000 - $200,000 | 30-50% of PnL |
| Quant Trader Senior VP / Director |
$250,000 - $300,000 | $550,000 - $700,000 |
Master the quant skills you need to earn the top salary
The Certificate in Quantitative Finance (CQF) is the world's leading master's-level professional qualification in quantitative finance and machine learning. For over 21 years, it has been the trusted choice for professionals worldwide seeking practical skills to advance their careers and earn a competitive salary.
To learn more about how the CQF can transform your career, join us for an exclusive live information session with the CQF Managing Director at the Hearst Tower in New York on December 5th, 2024. Register now to discover how the CQF can equip you with essential skills in quant finance and machine learning, setting you on the path to success.