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The Best Cities for a Career in Quantitative Finance

Find out where the top quant firms, in the United States, are located.


Quantitative Finance is one of the most lucrative disciplines on Wall Street. Due to the challenging nature of their work, quants tend to have an astute educational pedigree and are known for having expertise in statistics, mathematical modeling, and computer science. If a position in quantitative finance piques your interest, you may be wondering where to find such opportunities.

In this article, I’ll outline where the quant industry resides, from a geographical perspective, and what areas you should think about living in if you would like to become a quant. Note that for this article, I’ll be focusing on quants looking to find a place to live within the United States.

Proprietary Trading Shops

Proprietary trading refers to when financial institutions engage in the purchasing of stocks, bonds, commodities, currencies, or other instruments in order to receive a direct market gain. This is often an alternative to earning a commission by trading on the behalf of other clients. Prop trading firms tend to seek out quants in order to find statistical arbitrage opportunities and in order to develop complex mathematical models that will help the firm generate alpha. Here are some of the top prop trading firms and where their HQ is located.

Firm NameLocationHeadquarter Address
Renaissance TechnologiesNew York600 Route 25A. East Setauket, New York 11733
Jane StreetNew York250 Vesey Street New York, NY 10281 United States
Citadel SecuritiesMiami, FLSoutheast Financial Center 200 S. Biscayne Blvd. Miami, FL 33131
IMC TradingChicago, ILWillis Tower 233 South Wacker Drive, Suite 4300 Chicago, IL 60606, USA
OptiverChicago, IL130 East Randolph Suite 1400 Chicago, Illinois 60601 United States of America
Akuna CapitalChicago, ILCna Center, 333 S Wabash Ave floor 26, Chicago, IL 60604
DRWChicago, IL540 W Madison Street Suite 2500 Chicago IL 60661
Chicago Trading Company (CTC)Chicago, IL425 S. Financial Place 4th Floor Chicago, IL 60605
SIGPhiladelphia, PA401 City Avenue Bala Cynwyd, PA 19004
TransMarket GroupChicago, IL550 West Jackson Blvd., Ste 1300, Chicago, IL 60661
Old Mission CapitalChicago, IL1 N. Dearborn Street, 8th Floor Chicago, IL 60602
Five RingsNew York225 Liberty St. New York, NY 10281
Radix TradingChicago, IL353 N Clark St STE 1600, Chicago, IL 60654
3Red PartnersChicago, IL200 W Monroe St, Chicago, IL 60606
XTX MarketsNew York64th Floor, 50 Hudson Yards, New York, NY 10001, USA
SunriseChicago, IL30 S Wacker Dr # 1706, Chicago, IL 60606
VolantNew York250 Vesey St New York, NY 10281
BelvedereChicago, IL10 S Riverside Plaza #2000, Chicago, IL 60606
WolverineChicago, IL175 W. Jackson Blvd. Suite 200 Chicago, IL 60604
Jump TradingChicago, IL600 W Chicago Ave #825, Chicago, IL 60654
Virtu FinancialNew York1633 Broadway, 41st Floor, New York, New York 10019, US
HeadlandsChicago, IL444 W Lake St, Suite 4650, Chicago, IL 60606, US
HAPNew York395 Hudson St Suite 701, New York, New York 10014, US
Tower Research CapitalNew York395 Hudson St Suite 701, New York, New York 10014, US
Hudson River TradingNew York175 Greenwich St, Floor 76, New York, NY 10007, US
Flow TradersNew York1140 Avenue of the Americas, 4thfloor, New York City, 10001, US

Overall, proprietary trading firms tend to be concentrated in Chicago and New York, with Chicago tacking on a few more firms than New York. There are also a few of the top firms that have offices in other places like Austin Texas, and San Francisco. Citadel, for example, has decided to move its base from Chicago to Miami.

Hedge Funds

A hedge fund is involved in managing the money of a group of private investors. Their objective is to develop a series of strategies to help their investors obtain above-average investment returns. Oftentimes, quants are employed at these firms to develop statistical techniques for making investment decisions and executing trades. Here are some of the top quantitative hedge funds as well as their headquarter locations.

Firm NameLocationHeadquarter Address
CitadelMiami, FLSoutheast Financial Center 200 S. Biscayne Blvd. Miami, FL 33131
MilleniumNew York399 Park Avenue New York, NY 10022 United States
Two SigmaNew York100 Avenue of the Americas 16th Floor New York, NY 10013
D.E ShawNew YorkThe D. E. Shaw Group Headquarters 1166 Avenue of the Americas Ninth Floor New York, NY 10036
Point 72Stamford, CT72 Cummings Point Road Stamford, CT 06902
SchonfeldNew York590 Madison Ave, New York, 10022, US
Square Point CapitalNew YorkNew York, New York 10019, US

Unsurprisingly, the majority of quantitative hedge funds have their headquarters based out of New York rather than Chicago. New York, has long been known as the “Hedge fund capital of the world”, and that remains apparent in the table above.


Overall, the data suggests that both New York and Chicago are great places to find jobs in the quantitative finance industry. If you’re keen on working for a proprietary trading firm, then Chicago may likely be your best option. Conversely, if you would prefer to work at a Hedge Fund, New York may be a better option for you.

Thanks for reading this article. If you enjoyed it, feel free to check out more of our content on our quant blog. Also, if you’re looking for a job or internship as a quant check out OpenQuant for the best quant jobs.