Quick answer: Two Sigma's own campus-hire postings list a $200k–$220k base for new-grad quantitative researchers; per levels.fyi self-reports, QR total comp runs roughly $325k (L1) to $368k (L4) with a median around $350k, Blind submissions put the NY quant median near $420k, and industry insiders report strong researcher packages reaching ~$600k — the public medians skew junior. Interns report ~$81/hour. All non-posting figures are self-reported, with wide variance.
Two Sigma is the archetypal "tech company that happens to be a hedge fund": roughly $60B+ in assets, a Manhattan engineering culture, and a recruiting pipeline that competes head-on with Google and Jane Street at the same schools. Its pay structure is simpler than most candidates expect — salary plus bonus, nothing else — and that simplicity hides most of the variance. Everything below combines Two Sigma's own job postings (which carry official base ranges under NYC pay-transparency rules) with candidate self-reports from levels.fyi, Blind, and Glassdoor, as of mid-2026.
2026 cycle update (Sep 2026). Offers reported to us for the 2026 new-grad intake put Two Sigma researcher packages at $650k to $750k total for year one, roughly double the $275k to $350k that 2025 reports showed.
Three cautions before you anchor on it. This is a step-up year: firms are bidding against AI labs for the same people, so 2026 offers sit well above the 2024 and 2025 ranges quoted further down. Year one is front-loaded with sign-on and a guaranteed first bonus, and years two and three commonly step down before performance pay catches up. And the first-year number is not a floor for the firm: we know people several years in at these same firms whose total comp has not reached the new-grad figure. Treat it as what the top of the 2026 intake was offered, not what the median employee makes.
How Two Sigma's comp structure works
Two Sigma is privately held and grants no stock. Compensation is a base salary plus a discretionary annual bonus tied to fund performance, team results, and individual review, on top of benefits like 401(k) contributions. Two things follow from that. First, the posted base ranges are unusually meaningful — base is the only guaranteed recurring number. Second, the bonus is the entire swing factor: the same researcher can see materially different totals in a strong fund year versus a flat one, which is exactly why levels.fyi medians and Blind medians for the same title sit $70k apart. Neither is wrong; they are sampling different years and desks.
Reported numbers: intern to experienced
| Role / Level | Reported comp | Source (as reported) |
|---|---|---|
| Quant researcher intern | ~$81/hour (≈ $14k/month); candidate-reported annualized packages ~$165k–$200k equivalent | levels.fyi self-reports; candidate reports |
| New grad QR base | $200k–$220k base (official posting range) | Two Sigma campus-hire job postings, 2026 |
| New grad QR total (year 1) | roughly $275k–$350k all-in (base + sign-on + first bonus); levels.fyi L1 ~$325k | levels.fyi, candidate reports, Quant Blueprint aggregate |
| Quantitative Researcher (by level) | ~$325k (L1) to ~$368k (L4) TC; median ~$350k | levels.fyi self-reports, mid-2026 |
| Quant (all seniorities, NY) | median ~$420k TC | Blind salary submissions |
Honest caveats: these are self-reported figures with wide variance, hedge-fund bonuses compress in flat years, and Two Sigma's leveling (L1–L4+) maps imperfectly onto the titles people submit under. Senior researchers attached to strong alpha teams report far above these medians, but that is survivor-skewed data — treat $1M+ anecdotes as the tail, not the expectation.
QR vs quant engineer: which track pays what
- Quantitative Researcher: the PhD-heavy modeling track. Highest reported entry TC and the clearest bonus upside as you attach to alpha-generating work.
- Quantitative Software Engineer: Two Sigma's engineering postings carry similar base bands, and reported totals for strong engineers track close behind QR — the gap is mostly bonus ceiling, not base.
- Data scientist / modeling adjacent roles: reported somewhat below QR at equivalent tenure, per levels.fyi title breakdowns.
How Two Sigma stacks up against peers
Against the market makers, Two Sigma's guaranteed year-one number is lower: candidate reports put Citadel Securities, HRT, and Jane Street new-grad totals meaningfully higher on paper. The counterargument is Two Sigma's shape: a stable salary-plus-bonus model at a 2,000-person firm, hours closer to big tech than to a pod shop, and a research brand that transfers well. Our 2026 quant salary guide and quant researcher salary breakdown put these numbers side by side across firms.
Getting the offer
Two Sigma's loop is research-first: probability, statistics, ML fundamentals, and a heavy dose of "how would you investigate this signal" judgment questions. Start with our Two Sigma interview process guide to see every stage, drill the Two Sigma online assessment guide for the HackerRank-style screen, and work through real Two Sigma interview questions with full solutions. The probability and statistics bar is the filter — our probability question bank covers the distributions the early rounds keep returning to.
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Frequently asked questions
How much does a quantitative researcher at Two Sigma make?
Per levels.fyi self-reports as of mid-2026, Two Sigma quantitative researcher total compensation runs from roughly $325k at L1 to $368k at L4, with a median around $350k. Blind salary submissions put the median for quants in New York around $420k. All figures are self-reported and bonus-dependent, so variance is wide. Update, September 2026: offers reported to us for the 2026 new-grad intake ran $650k to $750k in year one, a step-up year as firms compete with AI labs; years two and three commonly step down from that.
What is the Two Sigma new grad quantitative researcher salary?
Two Sigma's own campus-hire job postings list a base salary of roughly $200k to $220k for new-grad quantitative researchers, plus eligibility for a discretionary bonus and sign-on. Candidate reports put typical first-year totals roughly in the $275k to $350k range, with levels.fyi L1 submissions around $325k.
Does Two Sigma pay equity or stock?
No. Two Sigma is a privately held hedge fund and does not grant stock. Compensation is base salary plus a discretionary annual bonus tied to fund, team, and individual performance, alongside benefits such as 401(k) contributions. That makes the bonus the swing factor in total comp.
How much do Two Sigma quant interns get paid?
Levels.fyi self-reports put Two Sigma quantitative researcher interns around $81 per hour, roughly $14k per month, with candidate-reported annualized intern packages in the $165k to $200k equivalent range. Two Sigma pays interns hourly rather than a weekly stipend.
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