By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data science anayst
    Growing Demand for Data Science & Data Analyst Roles
    6 Min Read
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Salary Changes for Quant Workers: What Can You Expect?
Share
Notification Show More
Latest News
SMEs Use AI-Driven Financial Software for Greater Efficiency
Artificial Intelligence
data security in big data age
6 Reasons to Boost Data Security Plan in the Age of Big Data
Big Data
data science anayst
Growing Demand for Data Science & Data Analyst Roles
Data Science
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Salary Changes for Quant Workers: What Can You Expect?
AnalyticsBig DataCommentaryJobs

Salary Changes for Quant Workers: What Can You Expect?

lburtch
Last updated: 2013/05/04 at 8:20 AM
lburtch
6 Min Read
SHARE

One of the most interesting parts of my job (or at least the part that my candidates find most interesting) is staying informed about the market value of quantitative workers. Everyone wants to know what kind of increase they can expect from a job change, and with my unique vantage point, I can give you a better idea of what’s ‘normal’ in terms of compensation increase when you make a change.

One of the most interesting parts of my job (or at least the part that my candidates find most interesting) is staying informed about the market value of quantitative workers. Everyone wants to know what kind of increase they can expect from a job change, and with my unique vantage point, I can give you a better idea of what’s ‘normal’ in terms of compensation increase when you make a change.

When evaluating salary change data over the past 18 months of nearly 200 candidates, I have seen both extremes and everything in between with base salary increases. As far as what predictive analytics professionals can expect, the average base salary increase is 14.1%. More junior candidates see slightly higher average increases of 14.3%, with senior candidates at the VP level seeing increases of 12.6%. 
 
             workforce analytics
 
We also took a look at salary increase from an educational perspective and found that candidates with a doctorate degree see an average increase of almost 16% in salary, while those with a Bachelor’s can expect something closer to the overall average of 14%.

          quant worker

Of course these data are ever changing, and depending on the current state of the economy, these increases will rise and fall respectively. Candidates expecting a 15 or 20% bump in base pay with each move they make, however, will be disappointed with the reality of more conservative increases, especially on the senior end. And while the average pay increase for candidates is 13.7%, most people actually see changes closer to 6-10%, as seen in this graph:

        analytics

Although some candidates do receive pay increases of 20% and higher, it’s important to keep in mind that these are usually candidates with uncommon circumstances. Oftentimes these people are underpaid to begin with and making up for lost ground. However, if you are hoping to increase your salary by more than 15% in your next position, there are some ways to help make this happen. Being flexible with geographic locations certainly increases your negotiating position. You could potentially generate multiple offers and consequently reap a higher salary. In addition, more remote locations have a more difficult time attracting strong candidates and may pay more than a larger metro area. Candidates might also consider roles with heavy travel and longer hours to better weigh options with higher salary. Consulting companies are one of the leading industries hiring quantitative workers and can present competitive compensation packages. Moving into a potentially risky business too, while not as safe of a bet, can be rewarded accordingly.
 
Initial salary offers sometimes come with a bit of wiggle room, but the art of negotiation is delicate and if you choose to engage you should proceed with caution. Keep in mind that you’ll likely be working closely with the person with whom you’re negotiating, and you want to be mindful of your future professional relationships. Be tactful and appreciative, and if working through a recruiter, strongly consider having them take the reins. Recruiters are well versed in negotiation and can best represent you to your employer while getting the best offer possible.
 
Salary increases haven’t been as significant as one might expect with all the talk of Big Data in the media, but I am curious to see what these numbers will look like next year as the data craze continues and more companies look to expand their analytics practices. That being said, it’s important to remember that money isn’t everything and there is a myriad of other factors in your compensation package to consider when switching jobs including bonus, stock options, sign-ons and relocation assistance, health benefits, 401k, and much more. Most importantly, you need to ask yourself what a new job means for your long term career. This very well may have the biggest impact on your lifetime earning potential.
 
Stay tuned for more salary analysis in the coming weeks. In the meantime, I would love to hear your thoughts on salary increases and whether my findings have been in keeping with your experience. 

lburtch May 4, 2013
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

SMEs Use AI-Driven Financial Software for Greater Efficiency
Artificial Intelligence
data security in big data age
6 Reasons to Boost Data Security Plan in the Age of Big Data
Big Data
data science anayst
Growing Demand for Data Science & Data Analyst Roles
Data Science
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

data science anayst
Data Science

Growing Demand for Data Science & Data Analyst Roles

6 Min Read
How Big Data Is Transforming the Maritime Industry
Big Data

How Big Data Is Transforming the Maritime Industry

8 Min Read
predictive analytics in dropshipping
Predictive Analytics

Predictive Analytics Helps New Dropshipping Businesses Thrive

12 Min Read
become a data scientist
Jobs

Boosting Your Chances for Landing a Job as a Data Scientist

9 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?