How Much Does a Quantitative Analyst Earn?
A quantitative analyst salary ranges from around £60,000 to £150,000 in base pay in London, and $100,000 to $250,000 in New York - but total compensation is where things get interesting. At top hedge funds and prop trading firms, bonuses can double or triple the base, pushing all-in pay above $500,000 for senior quants.
These figures vary enormously depending on four things: your seniority, the type of firm you work at, your location, and your specialisation. A junior pricing quant at a mid-tier bank earns a fraction of what a senior alpha researcher at Citadel or Two Sigma takes home. This guide breaks down every dimension of quantitative analyst compensation using 2026 salary data from Levels.fyi, Glassdoor, industry surveys, and recruiter reports.
Estimate caveat: All tables below mix aggregated third-party data and anecdotal ranges - they are not employer-provided or verified for any single hire.
If you're exploring the broader role and wondering whether it's right for you, our quantitative analyst career guide covers responsibilities, required skills, and career paths in detail.
Quantitative Analyst Salary by Seniority Level
Graduate quants typically start between £50,000 and £80,000 base in London or $85,000 and $120,000 in New York, with total compensation reaching £70,000 to £130,000 and $110,000 to $180,000 respectively once bonuses are included. Senior quants with a decade of experience can expect three to five times that figure at top firms.
Seniority is the single biggest driver of pay differences. Here's how compensation scales in 2026 across the two largest quant hubs:
London Salary by Seniority
| Seniority Level | Years of Experience | Base Salary (£) | Bonus (£) | Total Compensation (£) |
|---|---|---|---|---|
| Graduate / Junior | 0 - 2 | £50,000 - £80,000 | £10,000 - £30,000 | £60,000 - £110,000 |
| Mid-Level | 2 - 5 | £80,000 - £130,000 | £30,000 - £70,000 | £110,000 - £200,000 |
| Senior | 5 - 10 | £120,000 - £170,000 | £60,000 - £150,000 | £180,000 - £320,000 |
| VP / Director | 10 - 15 | £150,000 - £220,000 | £100,000 - £250,000 | £250,000 - £470,000 |
| Managing Director / Head | 15+ | £180,000 - £280,000 | £150,000 - £500,000+ | £330,000 - £780,000+ |
New York Salary by Seniority
| Seniority Level | Years of Experience | Base Salary ($) | Bonus ($) | Total Compensation ($) |
|---|---|---|---|---|
| Graduate / Junior | 0 - 2 | $85,000 - $130,000 | $20,000 - $60,000 | $105,000 - $190,000 |
| Mid-Level | 2 - 5 | $130,000 - $200,000 | $50,000 - $120,000 | $180,000 - $320,000 |
| Senior | 5 - 10 | $180,000 - $260,000 | $100,000 - $250,000 | $280,000 - $510,000 |
| VP / Director | 10 - 15 | $220,000 - $320,000 | $150,000 - $400,000 | $370,000 - $720,000 |
| Managing Director / Head | 15+ | $260,000 - $400,000 | $200,000 - $800,000+ | $460,000 - $1,200,000+ |
A few things worth highlighting. The jump from mid-level to senior is where compensation really accelerates - that's the point where you've proven you can deliver independently, and firms start competing to retain you. The VP/Director band is where the gap between bank quants and buy-side quants becomes massive: a VP at a tier-two bank might earn £300,000 total, while someone at the same level at Citadel or DE Shaw could be earning two to three times that.
For a UK-specific breakdown across all quant roles, see our quant finance salary guide for the UK.
Quantitative Analyst Salary by Firm Type
Hedge funds and prop trading firms pay the most, but they're also the hardest to get into and the most performance-dependent. Investment banks offer more stability and predictable progression, while tech companies are increasingly competitive for quant talent.
Where you work matters almost as much as your experience level. Here's how mid-level quantitative analyst compensation (3 - 5 years experience) compares across firm types in 2026:
| Firm Type | Base Salary | Bonus | Total Comp | Notes |
|---|---|---|---|---|
| Top Prop Trading Firms | $170,000 - $250,000 | $100,000 - $300,000 | $270,000 - $550,000 | Highest base floors, performance-driven upside |
| Systematic Hedge Funds | $150,000 - $230,000 | $80,000 - $250,000 | $230,000 - $480,000 | Bonus tied to fund and individual performance |
| Multi-Strategy Hedge Funds | $140,000 - $210,000 | $70,000 - $200,000 | $210,000 - $410,000 | Pod structure, capital allocation varies |
| Bulge Bracket Banks | $130,000 - $190,000 | $50,000 - $120,000 | $180,000 - $310,000 | Structured pay bands, more predictable |
| Tier 2 / Regional Banks | $100,000 - $150,000 | $25,000 - $60,000 | $125,000 - $210,000 | Lower ceiling but stable |
| Asset Managers | $110,000 - $160,000 | $30,000 - $80,000 | $140,000 - $240,000 | Often longer-horizon, less trading pressure |
| Tech Companies (Quant Roles) | $150,000 - $220,000 | $40,000 - $100,000 + RSUs | $200,000 - $400,000 | Stock component can be significant |
| Insurance / Pension Funds | $85,000 - $130,000 | $15,000 - $40,000 | $100,000 - $170,000 | Lowest pay but best work-life balance |
Why the Gap Is So Large
The fundamental difference comes down to revenue per head. A prop trading firm like Jane Street might generate $5 million to $20 million in revenue per employee. A retail bank's quant team might generate a fraction of that. Firms share the economics with their people roughly in proportion to how much value those people create.
Hedge funds and prop firms also face intense competition for talent. They know that a strong quant can directly generate millions in alpha, so they price compensation accordingly. Banks, by contrast, treat quant analysts more as cost centres supporting the trading desk, which limits how much they'll pay.
If you're weighing different firm types, our guide to quant jobs explains the trade-offs in more detail.
Quantitative Analyst Salary by Location
New York pays the highest absolute salaries, but London offers strong compensation relative to lower tax rates on bonuses. Hong Kong and Singapore are competitive but have smaller job markets. When you adjust for cost of living, Zurich and Singapore often come out ahead.
Location has a significant effect on both base salary and bonus. Here's a global comparison for a mid-level quantitative analyst (3 - 5 years experience) in 2026:
| City | Base Salary (Local) | Total Comp (USD Equivalent) | Cost of Living Index | Effective Comp (COL-Adjusted) |
|---|---|---|---|---|
| New York | $130,000 - $200,000 | $200,000 - $380,000 | 100 (baseline) | $200,000 - $380,000 |
| London | £80,000 - £130,000 | $160,000 - $320,000 | 85 | $188,000 - $376,000 |
| Hong Kong | HK$800,000 - HK$1,400,000 | $140,000 - $260,000 | 78 | $179,000 - $333,000 |
| Singapore | S$140,000 - S$240,000 | $130,000 - $240,000 | 72 | $181,000 - $333,000 |
| Chicago | $120,000 - $180,000 | $170,000 - $320,000 | 78 | $218,000 - $410,000 |
| Zurich | CHF 140,000 - CHF 220,000 | $170,000 - $290,000 | 80 | $213,000 - $363,000 |
| Sydney | A$130,000 - A$200,000 | $110,000 - $190,000 | 70 | $157,000 - $271,000 |
| Paris | €70,000 - €110,000 | $100,000 - $180,000 | 68 | $147,000 - $265,000 |
Key Observations by City
New York remains the undisputed capital of quant finance. The sheer density of hedge funds, prop firms, and bank trading desks on or near Wall Street creates the most competitive job market and the highest salaries. Firms like Citadel, DE Shaw, Two Sigma, and all the major banks have their largest quant teams here.
London is the second-largest hub and dominant in Europe. Compensation is slightly lower in dollar terms, but the UK's bonus tax treatment and lower cost of living in many areas make it competitive. London also has a strong mix of banks (Goldman Sachs, JPMorgan, Barclays, HSBC), hedge funds (Man Group, Brevan Howard, Marshall Wace), and a growing number of prop firms.
Chicago punches above its weight due to the concentration of options market makers and prop trading firms - Citadel, Jump Trading, DRW, and Wolverine all have significant operations there. Cost of living is materially lower than New York, which stretches your salary further.
Hong Kong and Singapore serve as Asia-Pacific hubs. Hong Kong has historically been larger for quant finance, but Singapore has been gaining ground since 2020 with several major firms expanding offices there. Tax rates in both cities are favourable.
Zurich offers some of the best cost-of-living-adjusted compensation thanks to high salaries at UBS, Credit Suisse (now part of UBS), and several hedge funds, combined with Switzerland's favourable tax regime.
Salary by Specialisation
Alpha-generating quants - those building trading signals and strategies - earn the most, while risk and validation quants tend to sit at the lower end. The gap between the highest and lowest-paid specialisations can be 40% to 60% at the same seniority level.
Not all quant analyst roles pay the same. Your specific function within the firm has a big effect on compensation. Here's how different specialisations compare for a mid-to-senior quant (5 - 8 years experience) in New York:
| Specialisation | Base Salary ($) | Bonus ($) | Total Comp ($) | Demand Level |
|---|---|---|---|---|
| Alpha / Signal Research Quant | $200,000 - $280,000 | $150,000 - $400,000 | $350,000 - $680,000 | Very High |
| Quant Researcher (Systematic Strategies) | $190,000 - $270,000 | $120,000 - $350,000 | $310,000 - $620,000 | Very High |
| Quant Developer / Engineer | $180,000 - $260,000 | $80,000 - $200,000 | $260,000 - $460,000 | High |
| Pricing / Derivatives Quant | $160,000 - $230,000 | $60,000 - $150,000 | $220,000 - $380,000 | Moderate |
| Portfolio Construction Quant | $170,000 - $240,000 | $80,000 - $180,000 | $250,000 - $420,000 | Moderate-High |
| Risk Quant | $140,000 - $200,000 | $40,000 - $100,000 | $180,000 - $300,000 | Moderate |
| Model Validation Quant | $130,000 - $180,000 | $30,000 - $70,000 | $160,000 - $250,000 | Lower |
Why Alpha Quants Earn More
The logic is simple: alpha quants directly contribute to revenue. If your signal generates $50 million a year, the firm will pay whatever it takes to keep you. Risk quants and model validation quants perform essential work, but it's harder to attribute a direct P&L number to their output, which limits how much firms will pay.
This is also why quant developers with strong C++ and systems skills command a premium - they're building the infrastructure that turns research into live trading profits.
What About Quant Researchers?
Quant researchers sit between alpha quants and traditional analysts. At some firms (particularly Two Sigma, Citadel, and DE Shaw), the quant researcher title is effectively the same as an alpha quant. At others, researchers hand off their signals to a trading team, which means their compensation depends partly on how well those signals perform once live.
Top-Paying Firms for Quantitative Analysts
The very top of the compensation range is dominated by a handful of firms. Citadel, Two Sigma, DE Shaw, and Jane Street consistently pay the highest total compensation across all seniority levels, with senior quants routinely earning $500,000 to $1,000,000 or more.
Here's a breakdown of estimated total compensation at the major firms for 2026. These figures combine base salary, cash bonus, and any deferred compensation or equity:
US-Based Firms
| Firm | Junior Total Comp ($) | Mid-Level Total Comp ($) | Senior Total Comp ($) |
|---|---|---|---|
| Citadel / Citadel Securities | $150,000 - $250,000 | $300,000 - $550,000 | $500,000 - $1,200,000+ |
| Two Sigma | $140,000 - $230,000 | $280,000 - $500,000 | $450,000 - $1,000,000+ |
| DE Shaw | $140,000 - $220,000 | $270,000 - $480,000 | $450,000 - $900,000+ |
| Jane Street | $160,000 - $270,000 | $350,000 - $600,000 | $550,000 - $1,500,000+ |
| Renaissance Technologies | N/A (rarely hires junior) | $300,000 - $500,000 | $500,000 - $2,000,000+ |
| Goldman Sachs | $120,000 - $180,000 | $200,000 - $350,000 | $350,000 - $600,000 |
| JPMorgan | $110,000 - $170,000 | $190,000 - $320,000 | $320,000 - $550,000 |
| Morgan Stanley | $110,000 - $170,000 | $185,000 - $310,000 | $300,000 - $520,000 |
UK / Europe-Based Firms
| Firm | Junior Total Comp (£) | Mid-Level Total Comp (£) | Senior Total Comp (£) |
|---|---|---|---|
| Citadel Securities (London) | £80,000 - £150,000 | £180,000 - £350,000 | £350,000 - £700,000+ |
| Man Group | £70,000 - £120,000 | £150,000 - £280,000 | £280,000 - £550,000+ |
| Marshall Wace | £75,000 - £130,000 | £160,000 - £300,000 | £300,000 - £600,000+ |
| Brevan Howard | £70,000 - £120,000 | £150,000 - £280,000 | £280,000 - £500,000+ |
| Goldman Sachs (London) | £70,000 - £110,000 | £130,000 - £230,000 | £230,000 - £400,000 |
| Barclays | £55,000 - £90,000 | £100,000 - £170,000 | £170,000 - £300,000 |
| HSBC | £50,000 - £85,000 | £95,000 - £160,000 | £160,000 - £280,000 |
| UBS (London) | £60,000 - £100,000 | £110,000 - £200,000 | £200,000 - £350,000 |
Jane Street stands out for paying exceptionally well even at the junior level. Their graduate offers regularly exceed $200,000 in total compensation, making them one of the highest-paying employers for new quants globally. Renaissance Technologies is notoriously secretive but widely reported to have the highest average compensation in the industry - they almost never hire anyone without significant experience.
For more on specific firms and what it's like to work there, see our guides on breaking into quant finance and prop trading firms.
Bonus Structure and Total Compensation
Bonuses in quant finance typically represent 30% to 60% of total compensation at banks, and 50% to 200%+ of base at hedge funds and prop firms. The structure varies significantly: banks use discretionary bonus pools, while many buy-side firms tie pay directly to individual or fund performance.
Understanding how bonuses work is essential for evaluating any quant offer. Base salary is only part of the picture.
How Bonuses Work by Firm Type
Investment Banks - bonuses are discretionary and funded from the desk's annual revenue pool. Your manager recommends a number, which goes through multiple approval layers. Typical bonus-to-base ratio is 30% to 80% for mid-level quants. Banks also use deferred compensation (stock or cash that vests over 2 - 3 years) for senior employees, which can represent 30% to 50% of the total bonus.
Hedge Funds - structure varies widely. At pod-based multi-strategy funds like Millennium or Citadel, quants on a specific pod receive a share of that pod's P&L. At systematic funds like Two Sigma or DE Shaw, bonuses are based on a combination of fund performance and individual contribution. At discretionary macro funds, the allocation process is less formulaic.
Prop Trading Firms - many prop firms operate on a profit-sharing model. Traders and quants receive a percentage (typically 10% to 20%) of the profits their strategies or desk generate. This is why the upper end of compensation is effectively uncapped. A quant whose models generate $30 million in a year might take home $3 million to $6 million.
Sign-On Bonuses
Sign-on bonuses are common when moving between firms, particularly at the senior level. They compensate for deferred compensation you forfeit by leaving your current employer. Sign-on packages of $100,000 to $500,000 are not unusual for experienced quants joining a top fund.
Deferred Compensation
Many firms defer a portion of bonus payments over 2 to 4 years. At banks, this is often in the form of stock. At hedge funds, it might be invested in the fund itself (sometimes called "co-invest" or "notional fund units"). This serves as both a retention tool and a way to align your interests with the firm's longer-term performance.
How to Maximise Your Quantitative Analyst Salary
The single most effective way to increase your compensation is to move to a higher-paying firm type - going from a bank to a top hedge fund or prop firm can double your total pay at the same seniority level. Beyond that, developing high-demand skills, timing your moves strategically, and negotiating effectively all make a meaningful difference.
Develop Premium Skills
Certain skills command a salary premium in 2026:
- Machine learning and alternative data - firms are investing heavily in non-traditional data sources (satellite imagery, NLP on earnings calls, social media sentiment). Quants who can work with these datasets are in high demand.
- C++ and low-latency systems - if you can write production-quality C++ code, you'll consistently earn 20% to 30% more than a pure Python quant at the same level.
- Stochastic calculus and derivatives pricing - less fashionable than ML, but still highly valued at banks and options-heavy firms. Our stochastic calculus guide covers the essential theory.
- Cloud infrastructure and distributed computing - as datasets grow, firms need quants who can work with Spark, Kubernetes, and cloud-native tools.
Time Your Moves Strategically
The biggest salary jumps happen when you change firms, not when you wait for an annual raise. Most quants see 20% to 40% increases when moving to a comparable or better firm. The optimal time to move is typically after 2 to 3 years in a role - long enough to have meaningful experience, short enough that you're not leaving money on the table.
That said, don't move too frequently. Hiring managers at top firms become cautious about candidates who've had four jobs in six years. Two to four years per role is the sweet spot.
Negotiate From Strength
When negotiating a quant offer:
- Get competing offers. Nothing increases your offer faster than a credible alternative. Even if you prefer one firm, interview at two or three.
- Know your market value. Use Levels.fyi, Glassdoor, and conversations with specialist recruiters (Options Group, Selby Jennings, Huxley) to benchmark.
- Negotiate the full package. Base salary is often the least flexible component. Focus on sign-on bonus, guaranteed first-year bonus, deferred comp terms, and equity/RSU grants.
- Don't reveal your current compensation. In some jurisdictions employers face restrictions on asking about salary history - rules vary by location and change over time, so check local employment-law guidance. Volunteering your current pay also anchors negotiations against you.
Quantitative Analyst Salary vs Other Finance Roles
Quantitative analysts earn more than most finance professionals at every level, though they trail quant traders and portfolio managers at the top end. Compared to pure tech roles, quant pay is competitive on base and significantly higher on bonus, especially at the senior end.
Here's how quantitative analyst total compensation compares to related roles for someone with 5 to 8 years of experience in New York:
| Role | Base Salary ($) | Total Compensation ($) | Upside Potential |
|---|---|---|---|
| Quantitative Analyst | $180,000 - $260,000 | $280,000 - $510,000 | High (alpha roles) |
| Quant Trader | $180,000 - $280,000 | $300,000 - $700,000+ | Very High (P&L share) |
| Quant Researcher | $190,000 - $270,000 | $310,000 - $620,000 | Very High |
| Quant Developer | $180,000 - $260,000 | $260,000 - $460,000 | High |
| Investment Banker (VP) | $200,000 - $250,000 | $350,000 - $600,000 | Moderate |
| Data Scientist (Senior) | $150,000 - $220,000 | $200,000 - $350,000 | Moderate (RSUs) |
| Software Engineer (Senior, FAANG) | $180,000 - $250,000 | $300,000 - $500,000 | Moderate (RSUs) |
| Actuary (Qualified) | $120,000 - $170,000 | $140,000 - $210,000 | Low |
| Risk Manager | $130,000 - $180,000 | $160,000 - $260,000 | Low-Moderate |
Quant Analyst vs Investment Banker
Investment bankers earn comparable or slightly higher total compensation at the VP level, but they work materially longer hours (often 70 to 80 hours per week versus 50 to 60 for quants). The quality-of-life difference is significant. At the most senior levels, bankers who make Managing Director can earn very well, but the path is narrower and more political.
Quant Analyst vs Software Engineer
Senior software engineers at FAANG companies (Google, Apple, Meta, Amazon) earn competitive total compensation thanks to large RSU grants. However, the very top of quant compensation - particularly at hedge funds and prop firms - significantly exceeds what even staff-level engineers earn at tech companies. The trade-off is that quant compensation is more variable and performance-dependent.
Quant Analyst vs Data Scientist
Data scientists working outside of finance earn less than quants at every level. However, data scientists within finance (particularly at quant firms) often earn comparable salaries. The distinction between "quant" and "data scientist" is increasingly blurred at firms like Two Sigma and Point72, where both titles can describe similar work.
Frequently Asked Questions
How much does an entry-level quantitative analyst earn?
A graduate quantitative analyst in 2026 can expect to earn between $105,000 and $190,000 in total compensation in New York, or £60,000 to £110,000 in London. The exact figure depends heavily on firm type - a new hire at Jane Street or Citadel will start at the top of this range, while someone at a tier-two bank will be closer to the bottom. Most entry-level roles require at least a master's degree in a quantitative subject, and many of the top firms prefer PhDs.
Do you need a PhD to earn a top quant salary?
A PhD isn't strictly required, but it helps significantly at the most competitive firms. Renaissance Technologies, DE Shaw, and Two Sigma hire predominantly from PhD programmes. That said, plenty of quants with master's degrees earn excellent salaries, particularly at banks, asset managers, and some prop trading firms. The key is demonstrating strong quantitative and programming skills regardless of your specific degree. Our guide on how to become a quant covers the educational paths in more detail.
Are quant analyst salaries going up or down?
Quant salaries have been rising steadily and continued to increase through 2025 and into 2026. Demand for quantitative talent consistently outstrips supply, particularly for quants with machine learning, alternative data, and low-latency systems skills. The expansion of systematic trading into new asset classes (crypto, commodities, credit) has created additional demand. Competition from tech companies for the same talent pool has also pushed financial firms to raise compensation.
How much do quants earn compared to software engineers?
At the junior level, compensation is similar - both quants and software engineers at top firms start around $150,000 to $250,000 in total compensation. The gap widens at the senior level. A senior quant at a top hedge fund might earn $500,000 to $1,000,000, while a senior engineer at Google or Meta typically earns $350,000 to $600,000. However, software engineering roles tend to offer more stability and a more liquid job market.
Which city pays the most for quantitative analysts?
New York pays the highest absolute salaries for quantitative analysts, followed by London and then Hong Kong. However, when you factor in cost of living and tax, the picture shifts. Chicago offers very competitive compensation with significantly lower living costs than New York. Zurich and Singapore also offer attractive after-tax compensation. The right city depends on your personal priorities - New York has the most job opportunities, London has a strong European market and cultural appeal, and Singapore offers low taxes and a growing quant scene.
Can a quantitative analyst earn over £1 million?
Yes, but it's rare and typically requires either a senior position at a top hedge fund or prop trading firm, or a quant trading role with significant P&L responsibility. Managing directors at firms like Citadel, Two Sigma, or Millennium can and do earn seven figures in strong years. It's also possible for quants who transition into portfolio management, where compensation becomes tied directly to the performance of the capital they manage. For most quants, reaching £300,000 to £500,000 total compensation within 8 to 12 years of experience is a more realistic - and still excellent - outcome.
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