How Much Does Citadel Pay?
Citadel is one of the highest-paying financial firms in the world, and the pay structure differs meaningfully between the two entities under the Citadel umbrella - Citadel (the multi-strategy hedge fund founded by Ken Griffin in 1990) and Citadel Securities (the market maker, which reports executing more than 23% of US equity volume). Both describe themselves as "two separate and distinct financial firms". Griffin is CEO of Citadel and non-executive chairman of Citadel Securities, whose CEO is Peng Zhao. For the full comparison, see our guide to Citadel vs Citadel Securities.
This guide breaks Citadel and Citadel Securities compensation down by role, level and office, drawing on levels.fyi, public reporting and what we have heard from candidates negotiating offers. For the full interview process, see our Citadel interview guide and Citadel internship guide.
The Headline Numbers
Graduate / First-Year Total Compensation
| Office | Entity | Role | Base | Sign-on / Year-1 guarantee | Year-1 bonus | Total Year 1 |
|---|---|---|---|---|---|---|
| Chicago | Citadel | Quantitative Researcher | $175,000 | $50,000 - $100,000 | $50,000 - $200,000+ | $275,000 - $475,000 |
| New York | Citadel Securities | Quantitative Trader | $200,000 | $100,000 - $150,000 | $100,000 - $250,000+ | $400,000 - $600,000 |
| Chicago | Citadel | Software Engineer | $175,000 | $50,000 - $100,000 | $50,000 - $150,000 | $275,000 - $425,000 |
| New York | Citadel Securities | Software Engineer | $200,000 | $100,000 - $150,000 | $100,000 - $200,000 | $400,000 - $550,000 |
| London | Citadel | Quantitative Researcher | £130,000 | £50,000 - £80,000 | £50,000 - £150,000 | £230,000 - £360,000 |
| London | Citadel Securities | Quantitative Trader | £140,000 | £80,000 - £120,000 | £80,000 - £200,000+ | £300,000 - £460,000 |
Update, September 2026: both firms' current US postings for University Graduate Quantitative Researchers, Software Engineers and (at Citadel Securities) Quantitative Traders state the same base salary range, $235,000 to $300,000, plus a discretionary bonus. That is above the base figures in this table, which were built from earlier reported data. Posted intern pay is $4,500 to $5,800 a week for most quant and engineering internships at both firms. Bonuses are not published, so any difference in total pay between the two firms is an estimate. The hedge fund's largest upside comes at the senior portfolio manager level.
For broader cross-firm context, see our quantitative analyst salary guide.
Compensation by Level
Citadel (the hedge fund) - Quantitative Researcher
| Level | Years experience | Base | Total annual comp |
|---|---|---|---|
| Junior QR | 0-2 | $175,000 | $275,000 - $475,000 |
| Mid QR | 2-5 | $200,000 | $400,000 - $750,000 |
| Senior QR | 5-10 | $225,000 | $600,000 - $1.5M |
| Lead QR / PM (small book) | 8+ | $250,000 | $1M - $5M+ |
Citadel - Portfolio Manager
PMs at Citadel run their own books with explicit P&L responsibility. Compensation is largely formulaic: a percentage of the P&L generated by their book, with a base salary that is small relative to total comp.
- Junior PM: $250,000 base + 10 to 15% of book P&L (typical first-year comp in the $1M to $5M range for a successful book)
- Senior PM: $300,000 base + 15 to 20% of book P&L (typical comp $5M to $50M+)
- Top performers: Have made $50M to $200M+ in single years
The PM model is high-risk, high-reward. Citadel hires roughly 50 to 100 PMs per year and the wash-out rate is reportedly significant - PMs whose books underperform are typically let go within 1 to 3 years.
Citadel Securities - Quantitative Trader
| Level | Years experience | Base | Total annual comp |
|---|---|---|---|
| Junior QT | 0-2 | $200,000 | $400,000 - $700,000 |
| Mid QT | 2-5 | $225,000 | $600,000 - $1.5M |
| Senior QT | 5-10 | $250,000 | $1M - $3M+ |
| Lead QT | 10+ | $300,000+ | $2M - $20M+ |
Software Engineer (both entities)
| Level | Years experience | Base | Total annual comp |
|---|---|---|---|
| L1 (junior) | 0-2 | $175,000 - $200,000 | $300,000 - $550,000 |
| L2 (mid) | 2-5 | $200,000 - $225,000 | $450,000 - $800,000 |
| L3 (senior) | 5-10 | $225,000 - $275,000 | $700,000 - $1.5M |
| L4 (staff) | 10+ | $275,000+ | $1M - $3M+ |
Engineering compensation is largely consistent across Citadel and Citadel Securities, and the posted US graduate base range is identical at both firms.
How Citadel's Bonus Actually Works
Three things to understand about Citadel's bonus mechanics:
1. The pool is funded by firm-wide P&L. Both Citadel and Citadel Securities pay bonuses primarily out of their own P&L. Strong trading years (2022, 2023) produced extraordinary bonuses; lean years compress the pool meaningfully.
2. Allocation is performance-driven. Within the pool, allocation is heavily skewed by individual contribution. Strong performers receive multiples of the median; weak performers receive a fraction. Dispersion within a level can be 10x or more.
3. PM compensation is formulaic. Unlike traders and engineers, PMs are paid a fixed percentage of their book's P&L. There is no discretion for the firm to allocate bonus differently. This is what creates the eight-figure earnings stories at the top.
Comparing Citadel and Citadel Securities
| Dimension | Citadel | Citadel Securities |
|---|---|---|
| Business | Multi-strategy hedge fund | Electronic market maker |
| Headquarters | Miami | Miami |
| Main quant roles | Quantitative Researcher, Portfolio Manager | Quantitative Trader, Quantitative Researcher |
| Posted US graduate base (QR, SWE) | $235,000 - $300,000 | $235,000 - $300,000 |
| Bonus structure | Formulaic at PM level, discretionary below | Discretionary throughout |
| Time horizon | Days to weeks (multi-strategy) | Microseconds to days |
For the broader hedge fund vs market maker context, see our quant hedge fund guide.
Other Benefits
Cash compensation is the headline number, but Citadel's broader benefits add real value:
- Free breakfast, lunch and dinner at the office every weekday
- Generous parental leave (16 to 24 weeks varying by entity and office)
- Sabbatical programme for senior employees
- No equity grants (both entities are privately held; comp is entirely cash)
Citadel also reportedly pays significant relocation packages for senior hires - flights, multi-month temporary housing, and lump sums in the $50,000 to $200,000 range for senior moves.
How Citadel Compares to Peers
Approximate first-year graduate compensation (US, 2026):
| Firm | Year 1 total comp |
|---|---|
| Citadel Securities (trader) | $400,000 - $700,000 |
| Jane Street (trader) | $400,000 - $700,000 |
| Hudson River Trading (engineer) | $300,000 - $500,000 |
| Citadel (quant researcher) | $275,000 - $475,000 |
| Two Sigma (engineer or researcher) | $250,000 - $400,000 |
| Optiver (trader, US) | $250,000 - $400,000 |
| Top FAANG (L4 engineer) | $250,000 - $350,000 |
Citadel Securities is at the very top tier; Citadel (the hedge fund) is competitive but with more upside concentrated at the senior level. We have a Jane Street salary guide and Two Sigma salary guide covering those firms specifically.
How to Land a Citadel Offer
Citadel Securities trader interviews lean on probability, mental maths and market intuition; Citadel researcher interviews add statistics and coding. The resources that map most directly onto both:
- Citadel interview guide - the full process for both entities
- Quant probability interview questions - the problem types that decide most first rounds
- The Green Book study guide - the standard interview text, chapter by chapter
- Quant interview questions - statistics, coding and markets questions for researcher tracks
- Quant Salary Calculator - compare a Citadel package against other firms
Frequently Asked Questions
How much does Citadel pay graduates?
In Chicago, total first-year compensation for graduate quantitative researchers at Citadel is typically $275,000 to $475,000. At Citadel Securities in New York, graduate quantitative traders receive $400,000 to $700,000. London is roughly 30 to 35% lower in nominal terms.
What is the difference between Citadel and Citadel Securities?
They are separate companies, both controlled by Ken Griffin. Citadel is his multi-strategy hedge fund; Citadel Securities is the market maker. For quant research and engineering roles, both firms say you interview with "two firms at once", and their posted US graduate base ranges are identical. See our full guide to Citadel vs Citadel Securities.
How much do Citadel portfolio managers make?
Citadel PMs are paid a percentage of their book P&L, typically 10 to 20% of revenue net of costs. Successful PMs commonly earn $5M to $50M annually; top performers have reportedly earned $100M to $200M+ in single years. The wash-out rate is high - PMs whose books underperform are typically let go within 1 to 3 years.
Does Citadel pay equity?
No. Both Citadel and Citadel Securities are privately held; compensation is entirely cash.
How does Citadel's bonus work?
Bonuses are paid annually (typically in February for the prior calendar year). The pool is funded by firm-wide P&L; allocation is discretionary and heavily performance-driven. PMs are an exception - their compensation is formulaic, paid as a fixed percentage of book P&L.
How does Citadel pay compare to Jane Street?
Citadel Securities and Jane Street pay graduate traders similarly (roughly $400,000 to $700,000 in year 1 in New York). Citadel's posted graduate base range is the same as Citadel Securities', and its largest upside comes via the PM track. We have a Jane Street salary guide covering Jane Street specifically.
What is the maximum compensation at Citadel?
Not publicly disclosed. Successful senior PMs at Citadel are widely reported to earn into nine figures in strong years. Top engineers and senior traders at Citadel Securities can earn into eight figures.
How do I negotiate a Citadel offer?
Citadel's offers are largely standardised at the graduate level. Negotiation room is limited but not zero, particularly on the signing bonus and first-year guarantee. For experienced hires, more negotiation is possible.
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