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KnowQuant research deskUpdated 1 September 2026Method 2026.1
New York or Chicago?
On US dollar equivalent total compensation, New York pays about 2% more than Chicago across the quant disciplines we benchmark. New York ranks 1st in our hiring index and Chicago 3rd. New York skews to statistical arbitrage, Chicago to high-frequency trading. Headline pay is only part of the picture: tax, cost of living and visa access change the net outcome materially between these two.
| Measure | New York | Chicago |
|---|---|---|
| Country | United States | United States |
| Hiring index rank | #1 of 17 | #3 of 17 |
| Opportunity | Exceptional | Exceptional |
| Currency | USD | USD |
| Pay index vs New York | 100% | 97% |
| Where demand sits | Quant research, systematic trading, quant dev, ML, data | HFT, market making, options, quant trading, C++ |
| Dominant strategies | Statistical arbitrage, Systematic macro, ML-driven alpha, Multi-strategy | High-frequency trading, Market making, Options, Latency arbitrage |
| Employers on the desk | jane-street, citadel, two-sigma, de-shaw, millennium, point72, hrt | citadel, jump, drw, optiver, imc, hrt |
| Visa and right to work | H-1B, O-1 and L-1 are the routes usually discussed for these roles, and many firms also recruit juniors through campus pipelines. Eligibility and timing depend on the route and the employer, so check the current official US guidance and ask the employer which route it would use. | The same US routes apply as in New York, and several Chicago firms run structured graduate programmes. Check the current official US guidance and confirm with the employer whether the role is sponsored. |
Modelled reference estimate of annual total compensation, shown in each market's own currency with the US dollar equivalent in brackets. Positive gap means New York pays more.
| Market | New York | Chicago | Gap |
|---|---|---|---|
| Quant Researcher | $475k | $461k | +3% |
| Quant Trader | $450k | $473k | -5% |
| Quant Developer | $340k | $330k | +3% |
| Quant Analyst | $230k | $223k | +3% |
| HFT / Low-Latency Engineer | $385k | $416k | -7% |
| Systematic Portfolio Manager | $1.3m | $1.2m | +3% |
| Software Engineer | $305k | $296k | +3% |
| Machine Learning Engineer | $390k | $378k | +3% |
| Data Engineer | $285k | $276k | +3% |
| Data Scientist | $245k | $238k | +3% |
| Site Reliability Engineer | $280k | $272k | +3% |
| Network and Infrastructure Engineer | $250k | $263k | -5% |
| Security Engineer | $275k | $267k | +3% |
| Trading Operations Analyst | $175k | $170k | +3% |
| Risk Manager | $240k | $233k | +3% |
| Compliance Officer | $205k | $199k | +3% |
| Fund Finance and Accounting | $200k | $194k | +3% |
| Technical Recruiter | $185k | $179k | +3% |
Direct answers with the figure, the date and the caveat, generated from the same tables above.
New York, by roughly 2% on US dollar equivalent total compensation across the disciplines we benchmark. A quant researcher modelled reference estimate is $475k in New York against $461k in Chicago. Figures are base plus expected bonus, before tax.
New York ranks higher in our hiring index (#1 against #3), based on live classified vacancy volume, employer breadth and role seniority mix. New York is rated exceptional for opportunity, Chicago exceptional.
The deepest quant talent market in the world, and the reference point for global compensation. The trade against Chicago is about 2% more headline pay, offset by h-1b, o-1 and l-1 are the routes usually discussed for these roles, and many firms also recruit juniors through campus pipelines. eligibility and timing depend on the route and the employer, so check the current official us guidance and ask the employer which route it would use. Compare the tax and cost position before treating the gross gap as real.
citadel, hrt run desks in both markets, so an internal transfer is a realistic route. New York additionally carries jane-street, two-sigma, de-shaw, millennium, point72.
New York: New York concentrates multi-strategy hedge funds, systematic managers and the research arms of the largest proprietary trading firms. Hiring skews toward quantitative research, machine learning and data engineering rather than pure latency work, which sits more heavily in Chicago and Amsterdam. We use New York as the reference point for our own pay index, because firms we track commonly quote other cities relative to it. That is our modelling basis rather than a measured global ranking. Chicago: Chicago's derivatives heritage produced the densest concentration of market makers and HFT firms anywhere. Demand is engineering-heavy: C++, low-latency systems, FPGA and kernel-level work are valued as highly as research in many firms. Trader compensation is unusually performance-linked, and strong low-latency engineers command packages that rival research roles - a pattern less common in New York or London.
Yes, with attribution and a link. Method 2026.1, last reviewed September 2026. KnowQuant Quant Compensation Benchmark, Q3 2026 edition, method 2026.1. https://www.know-quant.com/markets/compare/new-york-vs-chicago
KnowQuant Quant Compensation Benchmark, Q3 2026 edition, method 2026.1. https://www.know-quant.com/markets/compare/new-york-vs-chicago
Free to quote and republish with attribution and a link to the source page, under our terms. Method 2026.1, last reviewed 1 September 2026. The methodology sets out how each band is built and what it excludes.
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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