BB Desk Quant vs. Prop Trading
Hi folks,
I’m trying to make a decision for full time offer here and I appreciate all suggestions! Recently I got a quant trader offer from IMC (Chicago office) and another quant strats offer from MS HK (intern return offer)
I’m personally very passionate about trading in general but don’t have much exposure previously (was more quant research focused). Not sure how exit opportunities would be like for a quant trader.
Also, interested in learning what you guys think of IMC in general? How’s the turnover there?
Any recommendations would be greatly appreciated! Thanks.
I would pick IMC. My first thought with bank quant is that there's a high chance that it's more of a middle office type role, hard to say without more info.
I've heard IMC is a great place to work. Just make sure you pass any of the series tests you may need and you'll be fine for a while as they are good about training people. It kinda sounds like you're worried about taking the leap into more of a quant trading, commercial type role. I'd say take the bet on yourself and see where you go.
In terms of exit ops, you can exit to other quant shops (citadel securities, jump, etc). If you do well you can semi retire after 10-15 years and work 30hrs/week at some tech company
Thanks for ur insights! This quant role with MS is a front desk role with their equity team. From my intern experience there, it is a fun job with lots to explore but it’s just very different from trading and I doubt how easy it’d be to transfer laterally if I decide to do trading later on.
I agree with your IMC part, just with one question: though not typical, is it possible for traders exit to BB or hedge funds doing quant in their 30s? Just trying to think in the long term and not pigeonhole myself into the very niche position.
Echoing what the Akuna guy said below, quant trader is the exit opp. If you really want to get back to a bank or hedgefund as a quant analyst/ researcher after some time you could probably do it, but why would you want to?
You'll make multiples more as a quant trader and as you move up to senior trader, desk head, partner, the comp doesn't even compare to a researcher at a bank or HF. If you're 30 something pulling in 7 figs at a quant shop you would not even consider a lateral to a bank to make mid 6figs as a researcher
What is the reason you may want to make that switch back to a bank?
Dude there's absolutely no reason to go to BB if you start at S-tier Prop shops like IMC. Why would you consider that option? In case you are Hker, and want to go back to your home country that just go to Citsec or other HK based props like BFAM, etc. Again: no reason to "exit" to BB.
For HF, it depends on ur products. Some people are quite overgeneralizing that when you start at prop shops your career is dead end. But it really differs among the products/trading frequency/strategy and theoretically I don't see reason you couldn't join corresponding discretionary shops.
TMI: Speading of MS HK, I kinda miss the ICC vibes in HK lol(always enjoyed the drinks at the civic squre after work)
1000% Take IMC over a BB unless you really want to go to HK I suppose for personal reasons? I know the IMC offer this year for trader is > 300K TC (Around 175K/75K/60-120K Target), and IMC is highly regarded in the space (As an aside I'm sure a bank's offer probably isn't even close right...?). I am at a competitor and everyone speaks positively of the systematic approach IMC traders take to understanding the markets. Shops like IMC, Optiver, DRW, etc. are the exit ops.
Traders typically are entrepreneurially minded folk who want the responsibility and ownership of a personal portfolio and I guarantee that at a prop trading shop you will have the opportunity to take on ownership and responsibility unlike any other role in finance in a short amount of time. (You definitely have ownership and responsibility in other roles, but to be frank never really at the 1-2 YoE part of your career like in prop trading).
If this is for a graduate role, they will train you up on the finance and options knowledge before letting you run free, so you'll be fine on that end as well. This should be a no-brainer unless there are personal reasons as to why you'd take a HK role.
Very in-depth! Thanks a lot for your insights 🤝
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