As we reported earlier this month, there is a shortage of skilled C++ coders in the financial services industry. As more companies compete to hire the small number of strong C++ coders who also want to work in finance, prices are rising. And until.
“I recently had a candidate in his early 20s who I made an offer to,” says a senior C++ developer at an investment bank. “He had about six different job offers, and three were for over $500,000.”
Investment banks use C++ to create high-speed electronic trading systems. The same goes for hedge funds and e-commerce companies like Citadel Securities. High demand for talent combined with insufficient supply is creating hiring bottlenecks and bidding wars.
“Once you’ve decided you need the performance that C++ brings, you have little choice but to go out there and hire someone,” says Richard Hickling, former developer of the trading floor at BNP Paribas and Bank of America, which now leads crypto analysis. ProfitView company. “The problem is that when you get to the really good C++ guys, the demand is just really, really high.”
Mike Sharpe, partner at Peritium Search Associates, said he looked at the salaries and bonuses of 50 C++ (and Python) engineers with an average of four to six years of experience in the financial services industry, and that they were on bundles averaging $984. k in the first trimester. “The pay rulebook for 2022 really seems to have been torn up and well and truly,” Sharpe added.
As we noted last week, the shortage of existing C++ talent is encouraging some companies to embark on the torturous process of training their own C++ engineers from scratch. Bloomberg, for example, trains all of its developers in C++. Maven Securities runs a new C++ training program for graduates in London. Citadel has a program called NXT that is dedicated to poaching experienced engineers who code in C++, Python, or Java from competitors and then mentoring them the Citadel way.
While Java and Python are also in demand, a senior developer says C++ is really the sticking point. “There is competition between banks, hedge funds, game developers and Google and DeepMind,” he says. “It’s always been possible to get $950,000 packages in Chicago or New York, but they’re spreading to London. It’s very problematic and it’s creating real problems for us.”
The shortage of C++ engineers and the complexity of C++ as a programming language has the potential to encourage the adoption of Rust instead. However, as Hickling points out, many companies with established trading systems are loath to adopt Rust because it involves rewriting the existing codebase.
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