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E-levels (informal), Manager-Senior Director. No equity - base + bonus, with deferred comp invested alongside the funds at senior levels. More structured than pure prop shops.
Ranges aggregated from publicly-available sources. Treat the median (p50) as roughly representative; quartile bands reflect negotiation range. Have specific data points or corrections? Send them in.
Two Sigma is a quantitative hedge fund that operates like a structured tech company: real level bands, real manager ladder, and more predictable bonus targets than pure prop-trading shops - with correspondingly lower ceilings than Citadel or Jane Street. There is no equity; the near-zero equityAnnual bands reflect deferred-compensation awards invested alongside the funds, standard at senior levels (typically 3-year vest). Bonus is discretionary and tracks fund performance, so the percentile spread widens with seniority.
| Component | p25 | p50 | p75 | p90 |
|---|---|---|---|---|
| Base salary | $175K | $190K | $210K | $230K |
| Equity (annualized) | $0 | $2K | $5K | $10K |
| Bonus / sign-on amortized | $75K | $110K | $150K | $200K |
| Total comp | $250K | $302K | $365K | $440K |
Entry-level. First-year bonus is typically guaranteed in the offer. Pays below Jane Street / HRT new-grad numbers but above almost every product company.
| Component | p25 | p50 | p75 | p90 |
|---|---|---|---|---|
| Base salary | $200K | $220K | $240K | $260K |
| Equity (annualized) | $0 | $2K | $5K | $10K |
| Bonus / sign-on amortized | $110K | $160K | $230K | $320K |
| Total comp | $310K | $382K | $475K | $590K |
Mid-level. Two Sigma runs more like a structured tech company than a trading desk - bonus targets are more predictable than at pure prop shops, with correspondingly lower ceilings.
| Component | p25 | p50 | p75 | p90 |
|---|---|---|---|---|
| Base salary | $230K | $250K | $275K | $300K |
| Equity (annualized) | $0 | $5K | $10K | $20K |
| Bonus / sign-on amortized | $170K | $250K | $360K | $520K |
| Total comp | $400K | $505K | $645K | $840K |
Senior IC. The most-common external hire level. Engineers on modeling-platform and live-trading systems land the upper band; corporate-engineering roles track p25-p50.
| Component | p25 | p50 | p75 | p90 |
|---|---|---|---|---|
| Base salary | $260K | $285K | $310K | $340K |
| Equity (annualized) | $0 | $5K | $15K | $30K |
| Bonus / sign-on amortized | $250K | $380K | $560K | $820K |
| Total comp | $510K | $670K | $885K | $1.19M |
Staff-equivalent. Some seniors receive deferred-compensation awards invested alongside the funds (reflected in the small equityAnnual band) - vesting is typically 3 years.
| Role | Entry (p50) | Mid (p50) | Senior (p50) | Mid-level cash share |
|---|---|---|---|---|
| Software Engineer | $302K | $505K | $670K | 99% |
| Engineering Manager | $720K | $1.2M | $1.7M | 100% |
| ML Engineer | $332K | $560K | $740K | 99% |
Median total compensation at Two Sigma's middle level, by role: Software Engineer $505K at E3; Engineering Manager $1.2M at D1; ML Engineer $560K at E3. Pay is base salary plus a discretionary bonus; there is no stock.
The median annual bonus for a Two Sigma Software Engineer runs from $110K at E1 to $380K at E4, which is 36% of the median package at E1 and 57% at E4. Cash (base plus bonus) is 99% of the median package at both E1 and E4. The bonus tracks fund performance, so the spread widens with seniority; senior staff also receive deferred-compensation awards invested alongside the funds.
The entry level for a Two Sigma Software Engineer in this dataset is E1 - Software Engineer (New Grad) (0-2 YOE). Median total compensation is $302K, with the 25th-90th percentile at $250K-$440K; the median package is $190K base, $110K bonus, $2K equity a year. The first-year bonus is typically guaranteed in the offer; this dataset has no separate signing-bonus figure.
Two Sigma ML Engineer total compensation runs $275K-$1.3M across 4 levels, from E1 to E4. The middle level, E3 - Senior ML Engineer, has a median of $560K.
Two Sigma's loop is two onsite coding rounds, a data- and ML-infrastructure system design round, a team-specific domain round and a behavioral round; some phone screens add a statistics probe. The prep pack lays out each round and what to practise for it.
Two Sigma Software Engineer prep packCross-referenced against public reporting, state pay-transparency postings, and triangulated where source ranges disagreed. Last refresh: June 2026.
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