"An Oxford don in charge of mathematical finance told its reporters that almost all his students ended up working at quant trading firms, on salaries from 250,000 to 800,000. If you get offered a salary less than 250K, you're kind of the sad guy, he said, adding that nobody I know interviews for JPMorgan, Goldman Sachs not once do I hear anybody entertain any of these traditional investment banking jobs."
"Harder to grasp is that modest salaries in once respectable professions now function to deter people from the very graduate careers they once defined. On the FT's front page, employers warned that graduate entrants to City bluechips earn a median yearly salary of 33,000, not much more than the new 26,400 minimum wage. Executives cautioned that university debt no longer yields a wage premium. To preserve profits, firms said they would look to using more AI or offshore roles."
"While London lags behind New York as the quant capital of global finance, the US is a larger and more variegated economy with other industries notably AI attracting top graduates. The war for talent across the pond is so ridiculous that Mr Gerko's XTX New York office offers interns $35,000 a month in compensation. Both AI and quantitative investing need huge amounts of cash to build data centres."
Top UK graduates increasingly join quant trading firms and AI roles, often receiving salaries between £250,000 and £800,000. Offers below £250,000 carry social stigma among those recruits. A tiny sliver of financial capital captures outsized rents, with some traders earning hundreds of millions in a year. Graduate entrants to City bluechips earn a median of about £33,000, only modestly above the £26,400 minimum wage. Executives warn that university debt no longer guarantees a wage premium and say firms will use more AI or offshore roles to preserve profits. London is growing as a quant centre but still trails New York, where firms pay enormous compensation to attract talent.
Read at www.theguardian.com
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