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Citadel and Millennium chasing the same engineers with $200k salaries

If you're an experienced developer with an interest in financial services, then good news. - Hedge funds Citadel and Millennium both want to hire you. But you mustn't be too experienced and you'll need to be in the right place.

Citadel has NXT; Millennium has LEaD

Citadel was first to this party. The fund launched NXT, it's program for hiring early-career software engineers in 2018. Millennium launched LEaD this very month.

Who can join NXT? Who can join LEaD?

To join NXT at Citadel, you'll need to be a software engineer within between two and five years' experience who codes well in Java, C++, Python. You'll need a STEM degree, a record of 'software design and development' and good communication skills.

To join LEaD, you'll also need to code in Java, C++, or Python and to have two to five years' experience. You won't necessarily need a STEM degree, although it would be nice. You will need experience with ML libraries, Pandas, NumPy, FastAPI (Python), Boost (C++), Spring Boot (Java).

NXT is open to candidates in the US and Europe. LeAD is only open to candidates in Miami. This is a key difference.

LeAD involves rotations 

If you get a place on Millennium's LeAD program, you will spend 12-18 months rotating around three to six different projects. At the end of that period, you will be offered a job in one of Millennium's four technology 'pillars' (equities tech; fixed income, commodities, and risk tech; middle office and corporate tech; and infrastructure tech). You will be hired as a full time employee, meaning that you will have a job when you finish rotating and won't have to compete for a place. 

NXT involves being placed directly onto a team at Citadel 

Candidates who join Citadel's NXT program are placed directly onto Citadel teams, where they receive apprentice-style training alongside more experienced colleagues. The program runs for two years. After that, NXT work for Citadel and help train the next generation.

Training on offer under NXT and LeAD

NXT participants are taught by experienced Citadel staff so that they're aligned with critical projects. They also receive mentorship, leadership training and attend offsite workshops to learn about Citadel's broader business. 

While they rotate, LeAD trainees will receive training in hard skills and engineering best practices, alongside training in soft skills like communication. 

How many people are trained through NXT and LeAD?

It's still early days for LeAD, but Millennium will hire as many strong candidates as come forward in Miami. 

In four years from 2018 to 2022, Citadel trained 149 people through NXT. Many of the programs alums are now in senior technology roles at the firm. 

How easy is it to get a place on NXT?

Not easy. Fewer than 1% are accepted. 

What are engineers on NXT and LEad paid?

Citadel and Millennium aren't commenting on compensation for the two programs.

However, Levels fyi says Millennium engineers with five years' experience are earning $225k in New York. Adverts for Citadel's NXT roles in NYC say they pay between $150k-$300k.

This is base salary alone.

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AUTHORSarah Butcher Global Editor

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