Head to head
D. E. Shaw vs Citadel / Citadel Securities
D. E. Shaw or Citadel / Citadel Securities?
D. E. Shaw is a systematic manager headquartered in New York; Citadel / Citadel Securities is a multi-strategy platform headquartered in Miami. On indicative total compensation Citadel / Citadel Securities sits roughly 10 percentage points higher against the market median. The larger difference for most candidates is the work itself: systematic strategies and discretionary macro at D. E. Shaw, versus multi-strategy and market making at Citadel / Citadel Securities.
| D. E. Shaw | Citadel / Citadel Securities | |
|---|---|---|
| Business model | Systematic manager | Multi-strategy platform |
| Headquarters | New York | Miami |
| Founded | 1988 | 1990 |
| Comp vs market median | +20% | +30% |
| Offices | New York, London, Hong Kong, Singapore | New York, Chicago, London, Hong Kong, San Francisco, Paris, Dubai / Abu Dhabi |
| Strategies | Systematic strategies, Discretionary macro, Statistical arbitrage, Multi-strategy | Multi-strategy, Market making, Equities, Commodities, Fixed income |
| Hires for | Quant Researcher, Quant Developer, Systematic Portfolio Manager | Quant Researcher, Quant Developer, Quant Trader, Systematic Portfolio Manager |
| Interview stages | 3 | 4 |
| Typical backgrounds | PhD research, Olympiad backgrounds, Top-tier engineering | PhD research, Top-tier engineering, Lateral hires from peer platforms |
Compensation by role
Indicative mid-level total compensation, US dollars, New York reference market.
| Role | D. E. Shaw | Citadel / Citadel Securities |
|---|---|---|
| Quant Researcher | $570k | $625k |
| Quant Trader | - | $600k |
| Quant Developer | $440k | $475k |
| Systematic Portfolio Manager | $1.8m | $2.0m |
A dash means we hold no indicative figure for that role at that firm. It is recorded as unknown rather than estimated.
D. E. Shaw
One of the original quantitative funds and still among the most selective. Combines systematic and discretionary businesses, with a research culture that rewards depth over speed.
Interview process
- 1. ScreenHighly selective CV filter, then a technical call.
- 2. Technical roundsMathematics, probability and algorithmic reasoning at depth.
- 3. On-siteExtended panel with researchers and engineers.
Citadel / Citadel Securities
Two connected businesses - the hedge fund and the market-making arm - that between them cover almost every quantitative discipline. Compensation is top of market and the performance bar is correspondingly high. The most common destination for senior researchers and portfolio managers changing platform.
Interview process
- 1. Recruiter screenBackground, motivation and compensation expectations.
- 2. Technical screenRole-specific: statistics and modelling for research, systems and C++ for engineering.
- 3. Case / projectOften a data exercise or take-home research problem.
- 4. Super daySequential interviews with researchers, engineers and business stakeholders.
Markets where both compete for talent
Other comparisons
Methodology
Figures are expressed as annual total compensation (base salary plus expected performance bonus) in the reference market's local currency, converted from a US dollar base. They describe typical market ranges rather than any individual offer, and exclude sign-on payments, deferred equity and carried interest. Portfolio-manager figures reflect formulaic profit-share arrangements and are therefore far more dispersed than any other role.
KnowQuantIndex 2026.1 · Updated September 2026
Modelled bands describe the market, not an individual offer. Where an employer states pay, the stated figure is used and labelled as such.
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