Had concurrent offers from Citadel (tech side, senior SWE) and a FAANG (can't say which, doesn't matter for the math). Writing this up because the comparison was non-obvious and I had to think hard about it.
The numbers, roughly.
Citadel: base $275k, bonus target 50-100% of base depending on fund performance and individual rating. No RSUs in the traditional sense. Signing bonus around $80k.
FAANG: base $220k, RSU grant $400k vesting over 4 years (so $100k/year), annual bonus 10-15%, signing bonus $60k.
Year 1 comparison (assuming Citadel hits 75% bonus target, FAANG hits 12% bonus): Citadel ~$446k total. FAANG ~$396k total. Citadel wins Y1 by about $50k.
Year 3-4 comparison is where it gets interesting. FAANG RSUs typically refresh, you vest your initial grant fully, and refreshers tend to stack. At a strong FAANG, you can model $500-600k total comp by year 4 if stock does reasonably and you get promo. Citadel's bonus can also scale up significantly if fund performance is strong and you're rated well, but it's less predictable.
The non-financial factors that mattered more than I expected going in:
Floor vs ceiling. Citadel has a higher floor (strong base, known bonus range) but the ceiling is highly variable. FAANG has more predictable comp trajectory tied to leveling.
Where I wanted to be in five years. The Citadel network and what you learn there is genuinely differentiated. If I ever want to work at a hedge fund, having Citadel on the resume is worth something that's hard to quantify.
Pace. I'd done FAANG. I knew the rhythms. Citadel was an unknown.
I took the Citadel offer. I'll update this thread at the one-year mark.