Head to head
D. E. Shaw vs Two Sigma
D. E. Shaw or Two Sigma?
D. E. Shaw is a systematic manager headquartered in New York; Two Sigma is a systematic manager headquartered in New York. On indicative total compensation D. E. Shaw sits roughly 5 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 ml-driven alpha and statistical arbitrage at Two Sigma.
| D. E. Shaw | Two Sigma | |
|---|---|---|
| Business model | Systematic manager | Systematic manager |
| Headquarters | New York | New York |
| Founded | 1988 | 2001 |
| Comp vs market median | +20% | +15% |
| Offices | New York, London, Hong Kong, Singapore | New York, London, Hong Kong, San Francisco |
| Strategies | Systematic strategies, Discretionary macro, Statistical arbitrage, Multi-strategy | ML-driven alpha, Statistical arbitrage, Alternative data, Systematic macro |
| Hires for | Quant Researcher, Quant Developer, Systematic Portfolio Manager | Quant Researcher, Quant Developer |
| Interview stages | 3 | 4 |
| Typical backgrounds | PhD research, Olympiad backgrounds, Top-tier engineering | Machine learning PhDs, Statistics and physics research, Senior software engineers |
Compensation by role
Indicative mid-level total compensation, US dollars, New York reference market.
| Role | D. E. Shaw | Two Sigma |
|---|---|---|
| Quant Researcher | $570k | $550k |
| Quant Developer | $440k | $430k |
| Systematic Portfolio Manager | $1.8m | - |
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.
Two Sigma
Technology-company culture applied to systematic investing, with heavy use of machine learning and alternative data. Competes with AI labs and large technology firms as much as with other funds.
Interview process
- 1. ScreenRecruiter and technical background review.
- 2. Technical roundsStatistics, machine learning and coding.
- 3. Research discussionPresentation or deep dive on prior research work.
- 4. On-siteCross-team panel.
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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