Head to head
DRW vs Citadel / Citadel Securities
DRW or Citadel / Citadel Securities?
DRW is a proprietary trading headquartered in Chicago; Citadel / Citadel Securities is a multi-strategy platform headquartered in Miami. On indicative total compensation Citadel / Citadel Securities sits roughly 18 percentage points higher against the market median. The larger difference for most candidates is the work itself: options and fixed income at DRW, versus multi-strategy and market making at Citadel / Citadel Securities.
| DRW | Citadel / Citadel Securities | |
|---|---|---|
| Business model | Proprietary trading | Multi-strategy platform |
| Headquarters | Chicago | Miami |
| Founded | 1992 | 1990 |
| Comp vs market median | +12% | +30% |
| Offices | Chicago, London, Amsterdam, Singapore, New York, Greenwich / Stamford, Toronto | New York, Chicago, London, Hong Kong, San Francisco, Paris, Dubai / Abu Dhabi |
| Strategies | Options, Fixed income, Crypto, Real assets, Market making | Multi-strategy, Market making, Equities, Commodities, Fixed income |
| Hires for | Quant Trader, Quant Researcher, HFT / Low-Latency Engineer, Quant Developer | Quant Researcher, Quant Developer, Quant Trader, Systematic Portfolio Manager |
| Interview stages | 3 | 4 |
| Typical backgrounds | Mathematics and engineering, Trading backgrounds, Software 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 | DRW | Citadel / Citadel Securities |
|---|---|---|
| Quant Researcher | $470k | $625k |
| Quant Trader | $480k | $600k |
| Quant Developer | - | $475k |
| HFT / Low-Latency Engineer | $450k | - |
| Systematic Portfolio Manager | - | $2.0m |
A dash means we hold no indicative figure for that role at that firm. It is recorded as unknown rather than estimated.
DRW
Diversified proprietary firm covering traditional derivatives alongside significant digital-asset and venture activity. Broader strategy mix than most Chicago peers.
Interview process
- 1. ScreenBackground and motivation.
- 2. TechnicalProbability and programming, weighted to the specific desk.
- 3. On-siteDesk interviews and scenario discussion.
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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