Hedge Funds: Big Pay for Engineers, Technologists

Should you be applying for a technology job with a hedge fund? Sure, if you want to get paid. While banks are generally considered to pay less than big tech companies, hedge funds such as Citadel Investment Group seem to be very generous with their engineers.

How generous? Citadel didn’t respond to a request to comment on its technology pay for this article, but financial community site Wall Street Oasis has 10 pay submissions for Citadel technologists; it puts the average salary for engineers and quants there at $152,000, plus an average bonus of $65,000. Compare that to the average tech pro salary, which remains relatively flat year-over-year at $93,244.

With total average compensation of $217,000, Citadel’s quants and technologists are even paid more than its investment analysts, whose pay averages $215,000.

Ten entries aren’t a lot, but WSO’s pay figures for Citadel align with those from Glassdoor, which says Citadel’s technology salaries are anything from a low of $127,000 (for an associate) to $215,000 (for a senior developer).

Citadel’s compensation for technologists seems higher than that at other hedge funds, and higher than that at most banks. Goldman Sachs increased salaries for its entry-level engineers to $100,000 in 2017, and began offering total compensation (salaries plus bonuses) of $128,000 to new technology analysts with Masters qualifications earlier this year. If Glassdoor and WSO are right, Goldman might want to hike tech pay again.

High pay may not be Citadel’s only lure for technology staff. Employees’ submissions on Glassdoor suggest the fund also offers engineers the opportunity to be unusually innovative.

“No Project Managers! Developers are free to chat with Business users directly, brainstorm new ideas and create innovative solutions,” says one submission, which is validated by others. However, there are also complaints of overwork and teams producing nothing but ‘vaporware’ that is never released.

This article originally appeared on eFinancialCareers.