Alex McMurray
Internships at banks and hedge funds are opening their internships, but if you're a STEM student, they're not your only option. Many high frequency trading (HFT) firms putting out job listings for entry-level quants and engineers. There are a number of firms to chose from, but who pays the best and what other benefits do these firms have to offer?
High Frequency Trading Internship Pay in 2023
MISSING: summary MISSING: current-rows.
Company Open internship listings Locations Average monthly pay ($)
Hudson River Trading 7 New York London & Singapore' $20,693
Virtu Financial 9 New York Austin Chicago Singapore & Dublin $13,433
Tower Research Capital 2 New York $21,724
DRW 10 Austin Chicago Amsterdam London & Singapore $11,718
Flow Traders 2 Hong Kong & Amsterdam $11,249
IMC Trading 5 Chicago & Sydney $11,933
Optiver 18 Austin Chicago Amsterdam Shanghai & Singapore $19,666
Source: Levels.fyiGet the dataCreated with Datawrapper
The highest paid HFT interns earn close to or above $20k a month, or $5 per week. Tower Research Capital appears to have the highest pay, though it has a base pay range of $3k to $5k per week on its 2024 listings, meaning that a less experienced candidate may still earn well below that amount.
Optiver is known for being one of the biggest hirers of interns in the space, bringing in around 250 each year, but what's interesting is the variety of roles available. Its has internships for software engineers, quants, data scientists and even FPGA engineers.
Pay is only one factor, however. The office can play a big role also, especially as interns will be expected in the office more often than some full time employees. Hudson River Trading's office advertises a "play tank" with video games and foosball, while IMC Trading's Australia office is in Quay Quarter Tower, the "world's best building".
Not all internships advertised are the conventional kind. Virtu has multiple open listings for "Womens Winternships". This is a week-long winter program available in Dublin, New York and Singapore which, despite being a brief-unpaid position, still may require a coding test to gain access to it.
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Source: eFinancialCareers
Original content:
https://www.efinancialcareers.com/news/2023/09/high-frequency-trading-internship
