Quant offers are engineered to look better than they are. Bonus multipliers are quoted at target performance, sign-on absorbs deferred compensation, and equity is priced at today's value. Comparing two packages on the headline numbers is how smart people accept the worse one.
Normalize to guaranteed first-year cash
Start with the only number that is actually yours: base salary plus sign-on, prorated. Everything else — bonus, equity refresh, profit share — is conditional. Then ask separately what the conditional component is worth under realistic performance.
- Bonus: ask what the desk and firm paid over the last three years, at target and below target. Multipliers in recruiting materials describe the best case.
- Equity: four-year vesting with a one-year cliff is standard; check the refresh policy and whether grants are front-loaded. Value it at a discount to spot, not at spot.
- Profit share / carry: if the role includes it, understand the vesting schedule and what happens when you leave. Deferred comp that vests over years changes the effective value of the package.
Evaluate the job, not just the package
- Learning velocity. Two years on a desk that builds real infrastructure versus two years maintaining a legacy pricing library produce very different career trajectories. Ask what you will own in six months.
- Manager and team stability. In small teams this is nearly everything. Ask about turnover; if the manager deflects, that is an answer.
- Exit optionality. Research seats at strong funds and prop firms open doors most places; support roles at middling shops are harder to leave. Map where this job takes you in three years, not in three months.
- Hours and intensity. Banking hours are known and capped; fund desk hours can be shorter on paper and more consuming in practice. Ask what the last crunch looked like.
Questions to ask before signing
- What did someone at my level earn last year, all-in, and what was their performance rating?
- How is my bonus determined — individual, team, firm — and who decides?
- What is the promotion timeline and what distinguishes a promotion from a strong review?
- What happens to my unvested equity and deferred comp if I leave after eighteen months?
- What does the on-call or after-hours commitment look like in practice?
The comparison table that matters
- Guaranteed year-one cash (base plus sign-on).
- Expected total first-year compensation at target.
- Expected total three-year compensation, with vesting accounted for.
- Learning and exit-optionality score, honestly rated.
- Personal risk tolerance for variable pay — this differs per person and should enter the weighting explicitly.
The pattern to watch for: an offer that wins on guaranteed cash but loses on total usually signals a firm with a thin bonus pool, while an offer that wins on total only at stretch performance is a bet on a good year. Both are legitimate — but they are different bets, and you should know which one you are making.
Negotiation timing
The only real leverage is a competing offer, and offers from top-tier firms are the most valuable trade. Ask for the decision deadline in writing, keep the two processes synchronized, and never invent a competing offer. In small quant firms, the recruiter's memory is long.