Wall Street is in search of younger, skilled traders, which has driven up the compensation for these positions. According to the NY Post, the annual salaries for “black-box quantitative analysts starts at $1 million,” while most quantitative analysts start at a base of $200,000. However, there is an extreme shortage of supply for these positions. Recently, the financial sector in NY has cut thousands of jobs, and are looking to slim down with making replacements with math/IT students from ivy league schools.
Kyle Ramkissoon, a top head headhunter and principal at IJC Partners in New York, said, “We have seen many banks cut where they need to cut, and there is more bloodletting to go. At the same time, banks that are cutting staff are also hiring new groups.” Ramkissooon’s office has openings in a multiple of positions that he can’t even fill 20% of.