Before we learn about the money, let’s get this question out of the way:
What is a Quant Developer?
A quantitative developer (i.e., Quant) is a financial programmer focused on financial modeling and quantitative finance and trading.
Quants use their profound knowledge of
- statistics and math,
- data structures,
- machine learning,
- scientific computing,
- data science,
- chart technique, and
- data visualization
to create models for financial prediction, backtesting, analysis, and implementation of trading and financial applications (e.g., for risk management).
What is the Annual Income of Quant Developers in the US?
💬 Question: How much does a Quant Developer in the US make per year?
The expected annual income of a Quantitative Developer (Quant) in the United States is between $86,528 and $170,000 per year, with an average annual income of $127,375 per year and a median income of $136,321 per year.
This data is based on our meta-study of 7 salary aggregators sources such as Glassdoor, ZipRecruiter, and PayScale.
Table: Average Income of a Quant Developer in the US by Source.
🧑💻 Note: This is the most comprehensive salary meta-study of quantitative developer income in the world, to the best of my knowledge!
You may also enjoy this video about how much quant developers make:
Let’s have a look at the hourly rate of Quants next!
What is the Hourly Rate of Quant Developers?
Quant Developers are well-paid on freelancing platforms such as Upwork or Fiverr.
- Related Article: What’s the best freelancing platform?
If you decide to go the route as a freelance Quant Developer, you can expect to make between $40 and $150 per hour on Upwork (source). Assuming an annual workload of 2000 hours, you can expect to make between $80,000 and $300,000 per year.
⚡ Note: Do you want to create your own thriving coding business online? Feel free to check out our freelance developer course — the world’s #1 best-selling freelance developer course that specifically shows you how to succeed on Upwork and Fiverr!
How Great is the Demand for Quant Developers?
But is there enough demand? Let’s have a look at Google trends to find out how interest evolves over time (source):
The interest has been stable and even grown slightly over the last two decades.
How to Become a Quant Programmer?
As an aspiring quant developer, you should learn a major programming language such as Python, Java, or C++.
Furthermore, you should learn the basics of finances, data science, and machine learning.
Finally, you should know the libraries within the major programming languages such as NumPy and Pandas in Python.
These are some of the main Python libraries for financial and quantitative analysis:
Learning Path, Skills, and Education Requirements
Do you want to become a Quant Developer? Here’s a step-by-step learning path I’d propose to get started with Quant :
- Step 1: Introduction to Computer Science (~20 hours)
- Step 2: Introduction to Algorithms (~20 hours)
- Step 3: Introduction to Data Science (~20 hours)
- Step 4: Introduction to Machine Learning (~20 hours)
- Step 5: Introduction to Quantitative Programming (~40 hours)
You can find many additional computer science courses on the Finxter Computer Science Academy (flatrate model).
But don’t wait too long to acquire practical experience!
Even if you have little skills, it’s best to get started as a freelance developer and learn as you work on real projects for clients — earning income as you learn and gaining motivation through real-world feedback.
🚀 Tip: An excellent start to turbo-charge your freelancing career (earning more in less time) is our Finxter Freelancer Course. The goal of the course is to pay for itself!
Top 9 Skills Every Quant Developer Ought to Have
- Passion for technology
- Passion for finance
- Proficiency in a major programming language (Python, C++, Java)
- Proficiency in statistics and mathematics
- Proficiency in machine learning
- Proficiency in data science
- Strong quantitative and analytical skills
- Solid written and verbal communication skills
- Academic degree in computer science, data science, mathematics, or a related field.
You can find more job descriptions for coders, programmers, and computer scientists in our detailed overview guide:
Related Income of Professional Developers
The following statistic shows the self-reported income from 9,649 US-based professional developers (source).
💡 The average annual income of professional developers in the US is between $70,000 and $177,500 for various programming languages.
Question: What is your current total compensation (salary, bonuses, and perks, before taxes and deductions)? Please enter a whole number in the box below, without any punctuation. If you are paid hourly, please estimate an equivalent weekly, monthly, or yearly salary. (source)
The following statistic compares the self-reported income from 46,693 professional programmers as conducted by StackOverflow.
💡 The average annual income of professional developers worldwide (US and non-US) is between $33,000 and $95,000 for various programming languages.
Here’s a screenshot of a more detailed overview of each programming language considered in the report:
Here’s what different database professionals earn:
Here’s an overview of different cloud solutions experts:
Here’s what professionals in web frameworks earn:
There are many other interesting frameworks—that pay well!
Look at those tools:
Okay, but what do you need to do to get there? What are the skill requirements and qualifications to make you become a professional developer in the area you desire?
Let’s find out next!
General Qualifications of Professionals
StackOverflow performs an annual survey asking professionals, coders, developers, researchers, and engineers various questions about their background and job satisfaction on their website.
Interestingly, when aggregating the data of the developers’ educational background, a good three quarters have an academic background.
Here’s the question asked by StackOverflow (source):
Which of the following best describes the highest level of formal education that you’ve completed?
However, if you don’t have a formal degree, don’t fear! Many of the respondents with degrees don’t have a degree in their field—so it may not be of much value for their coding careers anyways.
Also, about one out of four don’t have a formal degree and still succeeds in their field! You certainly don’t need a degree if you’re committed to your own success!
Freelancing vs Employment Status
The percentage of freelance developers increases steadily. The fraction of freelance developers has already reached 11.21%!
This indicates that more and more work will be done in a more flexible work environment—and fewer and fewer companies and clients want to hire inflexible talent.
Here are the stats from the StackOverflow developer survey (source):
Do you want to become a professional freelance developer and earn some money on the side or as your primary source of income?
Resource: Check out our freelance developer course—it’s the best freelance developer course in the world with the highest student success rate in the industry!
Other Programming Languages Used by Professional Developers
The StackOverflow developer survey collected 58000 responses about the following question (source):
Which programming, scripting, and markup languages have you done extensive development work in over the past year, and which do you want to work in over the next year?
These are the languages you want to focus on when starting out as a coder:
And don’t worry—if you feel stuck or struggle with a nasty bug. We all go through it. Here’s what SO survey respondents and professional developers do when they’re stuck:
What do you do when you get stuck on a problem? Select all that apply. (source)
To get started with some of the fundamentals and industry concepts, feel free to check out these articles:
- Freelance Developer – How to Code From Home and Earn Six Figures [Industry Report]
- How to Become a Python Freelancer—and Earn $1,000 on the Side? [A Step-by-Step Tutorial]
- How Adam Earns $5000 per Month as a Python Freelancer on Upwork [Month 4]
- Quant Wikipedia
- Learn Quant Google
Where to Go From Here?
Enough theory. Let’s get some practice!
Coders get paid six figures and more because they can solve problems more effectively using machine intelligence and automation.
To become more successful in coding, solve more real problems for real people. That’s how you polish the skills you really need in practice. After all, what’s the use of learning theory that nobody ever needs?
You build high-value coding skills by working on practical coding projects!
Do you want to stop learning with toy projects and focus on practical code projects that earn you money and solve real problems for people?
🚀 If your answer is YES!, consider becoming a Python freelance developer! It’s the best way of approaching the task of improving your Python skills—even if you are a complete beginner.
If you just want to learn about the freelancing opportunity, feel free to watch my free webinar “How to Build Your High-Income Skill Python” and learn how I grew my coding business online and how you can, too—from the comfort of your own home.
 The figure was generated using the following code snippet:
import matplotlib.pyplot as plt import numpy as np import math data = [136321, 154211, 170000, 138308, 86528, 100000, 106257] labels = ['Glassdoor.com', 'ZipRecruiter.com', 'Talent.com', 'Indeed.com', 'PayScale.com', 'Comparably.com', 'Salary.com'] median = np.median(data) average = np.average(data) print(median, average) n = len(data) plt.plot(range(n), [median] * n, color='black', label='Median: $' + str(int(median))) plt.plot(range(n), [average] * n, '--', color='red', label='Average: $' + str(int(average))) plt.bar(range(len(data)), data) plt.xticks(range(len(data)), labels, rotation='vertical', position = (0,0.45), color='white', weight='bold') plt.ylabel('Average Income ($)') plt.title('Quant Developer Annual Income - by Finxter') plt.legend() plt.show()
While working as a researcher in distributed systems, Dr. Christian Mayer found his love for teaching computer science students.
To help students reach higher levels of Python success, he founded the programming education website Finxter.com. He’s author of the popular programming book Python One-Liners (NoStarch 2020), coauthor of the Coffee Break Python series of self-published books, computer science enthusiast, freelancer, and owner of one of the top 10 largest Python blogs worldwide.
His passions are writing, reading, and coding. But his greatest passion is to serve aspiring coders through Finxter and help them to boost their skills. You can join his free email academy here.