Quick answer: Glassdoor self-reports put DRW quantitative traders at an average of roughly $304k (typical range $238k–$400k, and industry insiders put established quant hires around ~$400k all-in), with new grads reported around $200k–$300k all-in in year one. DRW's own experienced quantitative researcher postings list a $250k–$300k base plus an annual discretionary bonus. Interns report ~$84–$91/hour plus a $25k sign-on. All non-posting figures are self-reported, with wide variance.
DRW is one of Chicago's flagship proprietary trading firms — founded by Don Wilson in 1992, now spanning options, futures, fixed income, crypto (via Cumberland), and real estate. Its pay philosophy is old-school prop: a solid base, then an annual bonus that is genuinely discretionary, set by desk leadership against your P&L and contribution. That structure produces the widest reported comp spread of any firm in this series. Every number below is from DRW's own job postings or candidate self-reports on levels.fyi, Glassdoor, and Wall Street Oasis, as of mid-2026.
How DRW's discretionary bonus model works
DRW's job postings state base ranges and note eligibility for an "annual discretionary bonus" — and discretionary is the operative word. There is no published formula tying bonus to desk P&L, and Glassdoor reviews from traders describe the process as opaque for junior staff, since the number ultimately comes down to what desk leadership decides your contribution was worth. The flip side: candidate reports describe profit-share and deferred-comp arrangements at mid-level and beyond that scale hard with a proven book, which is how the reported $1M+ trader outcomes happen. In practice, DRW trades certainty at the junior level for ceiling at the senior level.
Reported numbers: intern to experienced
| Role / Level | Reported comp | Source (as reported) |
|---|---|---|
| Quant trader / researcher intern | ~$84–$91/hour (≈ $15k–$16k/month), plus $25k sign-on and corporate housing; annualized ~$145k–$180k equivalent | levels.fyi self-reports; candidate reports |
| New grad quant (year 1) | roughly $200k–$300k all-in; aggregator average ~$277k | candidate reports; Quant Blueprint aggregate |
| Quantitative Trader (all levels) | average ~$304k; typical range $238k–$400k (late-2025 sample) | Glassdoor self-reports |
| Quantitative Researcher (experienced) | $250k–$300k base + annual discretionary bonus (official posting range) | DRW job postings, 2026 |
| Quant Trader (full span) | aggregated reports ~$155k to $1.1M+ TC across seniority | Quant Blueprint aggregate; WSO submissions |
Honest caveats: the Glassdoor trader sample is small (roughly 26–60 submissions depending on title), older Glassdoor researcher medians lag DRW's current posted bases by years, and a discretionary-bonus shop by construction has fatter tails than a formula shop. Where sources conflict, we quote the wide range rather than a false point estimate.
Trader vs researcher vs developer
- Quantitative Trader: the classic DRW seat, spanning options market making to macro futures. Reported comp is the most variable of the three tracks — the discretionary bonus is the career.
- Quantitative Researcher: DRW's experienced-hire postings ($250k–$300k base) are among the highest posted QR bases in Chicago, ahead of most hedge-fund equivalents before bonus.
- Software Developer: levels.fyi and WSO reports put DRW dev comp competitive with big tech but below the top-paying HFT shops; the firm's edge is the trading-adjacent ceiling, not the dev band.
How DRW stacks up against peers
On guaranteed year-one money, candidate reports put DRW alongside SIG and Optiver, and below Citadel Securities, HRT, and Jane Street — the full tier table is in our 2026 quant salary guide. The honest framing: DRW pays a competitive but not chart-topping guarantee, and asks you to bet on your own P&L for the rest. For candidates who want that bet, it is one of the few large firms where a trader's comp can genuinely decouple from the salary ladder.
Getting the offer
DRW's loop mixes probability and expected-value questions with market intuition and, for trading seats, live games. Start with our DRW interview process guide for the stage-by-stage map, drill the DRW online assessment guide before the first screen, and work through real DRW interview questions with full solutions. Then pressure-test your quoting instincts in our trading games — DRW interviewers still love a live market-making exercise.
More career guides
- Citadel Quant Salary (2026): QR, QT & Citadel Securities Comp
- HRT Quant Salary (2026): Algo Developer & Researcher Comp
- Jane Street Salary 2026: $400K–$650K New Grad to $1.5M+ Senior, by Level
- Optiver Salary (2026): Trader Compensation by Office & Level
- Quant Firms by Interview Difficulty
- Quant Researcher Salary (2026): New Grad to Senior, With PhD Premium Data
- Quant Salaries in 2026: The Honest Numbers, From Intern to PM
- Quant Trader vs Quant Researcher
- SIG Quant Salary (2026): Trader & Researcher Comp Breakdown
- Two Sigma Quant Salary (2026): Researcher & New Grad Comp
- All guides & explainers
Frequently asked questions
How much does a quantitative trader at DRW make?
Glassdoor self-reports as of late 2025 put the average DRW quantitative trader around $304k per year, with a typical range of roughly $238k to $400k. Aggregated candidate reports span roughly $155k to over $1M across seniority levels, because most of the upside is a discretionary bonus tied to desk P&L. All figures are self-reported, with wide variance.
What does a new grad quant at DRW earn?
Aggregators such as Quant Blueprint report DRW new-grad total compensation averaging around $277k, and candidate reports put typical first-year packages roughly in the $200k to $300k all-in range depending on role and desk. Traders typically report more than developers at entry level. First-year bonus is discretionary, so year-one totals vary more than at high-base peers.
How much do DRW interns get paid?
Levels.fyi self-reports put DRW quant trader and quant researcher interns around $84 to $91 per hour, roughly $15k to $16k per month, and candidate reports add a $25k signing bonus plus corporate housing. Annualized, DRW intern packages are equivalent to roughly $145k to $180k.
How does DRW's discretionary bonus work?
DRW pays a base salary plus an annual discretionary bonus; its own job postings describe the bonus as discretionary, and Glassdoor reviews note the process can feel opaque for junior traders since the number is set by desk leadership based on P&L and contribution rather than a formula. At mid-level and beyond, candidate reports describe profit-share and deferred components that scale with a trader's book.
Practice the real thing
QuantVault has 2,800+ quant interview problems with full solutions, intuition, and hints, firm-by-firm interview funnels, and an auto-graded coding judge. Start free.