— GUIDE —
QUANT PAY BY CITY IN 2026
New York, Chicago, London and Amsterdam compared — and an honest account of why the non-US numbers are so much softer than the US ones.
UPDATED 2026-09-21 · 10 MIN READ · BY THE VARIANCE TEAM
Checked on 21 September 2026. US figures here are employer-published or filed with the government. Non-US figures are candidate-reported, and that asymmetry is a fact about disclosure law rather than about the firms.
A New York quant offer and an Amsterdam one are not measured with the same instrument. The New York number is usually a documented base, the Amsterdam number is usually somebody's recollection of a total. Comparing them directly overstates the gap. Adjusting properly does not close it either.
First-year total compensation by city
| Firm | Approx. USD midpoint | Reported first-year total | Source |
|---|---|---|---|
| New York | $550k | $300k base, total often $400k–$700k | US DOL filing |
| London | $470k | £250k–£500k first-year graduate trader | Candidate-reported |
| Amsterdam | $205k | Roughly €180k–€200k equivalent, reported range $140k–$460k | Candidate-reported |
The midpoints above are a charting convenience, not a quotable figure. The ranges in the right-hand column are what the underlying sources actually say, and they overlap heavily.
Why US data is firm and European data is not
This is the part most city-comparison pages skip, and it determines how much you should trust every number on them.
New York State requires employers with four or more employees to include a good-faith salary range on job postings for roles performed at least partly in the state. New York City's equivalent has applied since November 2022. That is why Citadel Securities' intern postings carry a visible $4,500 to $5,800 weekly range and Jane Street's internship posting states a base salary outright.
Separately, any US employer petitioning for an H-1B must first file a Labor Condition Application naming the exact base salary. Those filings are public. Between the two, US base pay at these firms is close to a matter of record.
The UK, the Netherlands, Hong Kong and Singapore impose no comparable requirement. There is no register, no posted range and no filing. Every London and Amsterdam figure in circulation, including the ones on this page, traces back to candidate self-reports.
New York
The deepest market and the best documented. Filed base salaries at the top firms cluster between $200,000 and $300,000, with Jane Street flat at $300,000 for Trader and Researcher titles. Reported first-year totals run $400,000 to $700,000 at the elite tier.
New York City and State income tax is the main drag, and it is the reason Miami keeps appearing in these comparisons.
Chicago
Chicago is where US market-making concentrates, and the filing data shows it. For the Quantitative Trader title in fiscal 2025, Chicago carried 22 filings to New York's 21 — the only major title where Chicago leads. For Quantitative Researcher, New York leads 220 to 49.
If you want to trade rather than research, Chicago is not a fallback market. Base is broadly comparable to New York and the cost of living is materially lower.
Miami
Worth its own note because the numbers run against expectation. Citadel Securities' median filed base is $250,000 in Miami against $225,000 in New York. Florida has no state income tax. On those two facts alone a Miami offer at the same nominal level is meaningfully better after tax.
London
Reported first-year graduate trader compensation runs £250,000 to £500,000 at the top firms, paid in cash rather than equity. Nothing in that range is employer-published.
London's position is genuinely strong relative to the rest of Europe and genuinely behind New York. Income tax above £125,140 is 45%, with no equivalent of the Dutch expatriate facility.
Amsterdam
Nominally the weakest of the major hubs and the one where the headline number misleads most. Reported Optiver trader compensation in Amsterdam averages around $205,000, across a wide $140,000 to $460,000 range drawn from 97 Glassdoor self-reports.
Two adjustments matter. The Dutch 30% ruling lets qualifying international hires take up to 30% of salary free of income tax for a limited period, against a top rate near 50%. And Amsterdam housing, transport and healthcare cost well below Manhattan. The after-tax, after-rent gap is much smaller than 205 against 550 suggests.
The ruling has been narrowed more than once in recent years. Check the current percentage and duration against the Belastingdienst before building an offer comparison on it.
How to compare two offers across cities
- Convert both to total, not base. A US base is 30% to 50% of the package. A European figure quoted to you by another candidate is often already a total. Establish which you are holding.
- Apply the actual marginal rate, including the Dutch 30% ruling or the absence of Florida state tax, rather than a headline national rate.
- Subtract rent at the level you would really live at. This is usually the largest single line after tax and it varies more between these cities than pay does.
- Price the currency risk. Being paid in euros or pounds while planning to settle in dollars is an unhedged position.
How these figures were sourced
- Employer-published
- Published by the employer on its own job posting or careers site.
- US DOL filing
- Labor Condition Application disclosure data filed with the US Department of Labor ahead of an H-1B petition. Base salary only.
- Press report
- Reported by a named publication with an editorial standard.
- Candidate-reported
- Self-reported by candidates and aggregated by a third party. Unverified and prone to selection bias.
Every city section above states which tier its numbers come from. Where a figure is candidate-reported it is labelled as such, and no attempt has been made to dress an estimate up as a filing.
Where these numbers come from
US DOL filing
US Department of Labor LCA disclosure data, via h1bdata.info
Employers file a Labor Condition Application before petitioning for an H-1B. The filings are public.
Last checked 2026-09-21
Candidate-reported
Last checked 2026-09-21
Candidate-reported
Glassdoor, 97 self-reported Optiver Amsterdam trader salaries
Last checked 2026-09-21
Frequently asked questions
Do quants earn more in the US than in Europe?
In nominal terms, yes, and by a wide margin. A first-year graduate trader in New York is commonly reported at $400,000 to $700,000 total, against roughly €180,000 to €200,000 equivalent in Amsterdam. London sits between them at a reported £250,000 to £500,000. After tax, cost of living and the Netherlands' 30% ruling the gap narrows, but it does not close.
Why is US quant pay data so much better documented?
Because of law, not culture. New York State requires a good-faith salary range on job postings for work performed in the state, and US employers must file the exact base salary with the Department of Labor before petitioning for an H-1B. Neither requirement exists in the UK, the Netherlands, Hong Kong or Singapore, so figures for those cities come almost entirely from candidate self-reports.
What is the Dutch 30% ruling and how much is it worth?
It is a tax facility under which qualifying international hires can receive up to 30% of their salary free of Dutch income tax for a limited period. Against a top Dutch rate near 50%, it materially raises take-home pay and is the single largest adjustment when comparing an Amsterdam offer with a New York one. The scheme has been narrowed in recent years, so confirm the current terms and duration rather than relying on older write-ups.
Is Chicago or New York better paid for quants?
They are close, and Chicago is the centre of gravity for trading rather than research. Among US Department of Labor filings for the Quantitative Trader title in fiscal 2025, Chicago accounted for 22 records and New York 21. For Quantitative Researcher, New York dominates with 220 records against Chicago's 49.
Does Miami pay less than New York for quant roles?
Not at Citadel Securities, where the filed figures run the other way. Its median filed base in Miami is $250,000 across 29 records against $225,000 in New York across 46. Florida also levies no state income tax, so the after-tax difference is larger than the headline one.
Keep reading
- Quant salary guide 2026 — pay by role, level and firm, from the same sources.
- Quant intern pay in 2026 — weekly rates and housing across the top programs.
- How to get into quant finance — routes in, including from outside the US.