There’s a new kind of unicorn in quant hiring: the 2-in-1 quant.

Someone equipped with a PhD, who has deep modelling expertise, and the ability to write and maintain robust production code.

The demand for these unicorns is highest in environments like:

• Desk quant pods, where roles are less siloed and prioritise product knowledge.
• Greenfield builds, where ownership from start to finish is essential.
• Smaller funds, where team size demands breadth over depth.

But the reality of the situation is that very few people are 50:50 hybrids.

Typically, they’re either excellent at building and modelling, able to prototype and collaborate well with developers, or they’re developers who excel at taking quant models and prototypes into production but don’t write new models or engage deeply in research. Both bring immense value, but by chasing the “perfect” 50:50 split, firms risk overlooking people who can deliver real impact, even if they aren’t experts in both.

So, before deciding you want a 2-in-1, ask yourself the following questions:

What are my priorities?

When setting hiring requirements, decide what truly matters.

Is it speed to production? Accuracy from model to production? Innovation in new models? Or simply moving a working prototype into production? The clearer you are, the better your hiring outcomes.

If your answer is ‘all of the above,’ consider hiring two people: one strong quant and one strong developer, aligned in values, style, and collaboration. Two specialists with overlapping skills who complement each other perfectly can often deliver the best results.

Who am I really looking for?

To meet your priorities, think about who is best for the role. If you’ve got a lot of modelling and building from scratch to do, and therefore a lot to put into production, do you really want to hire someone who will only spend 50% of their time modelling? Equally, if there’s a lot to put into production, don’t wouldn’t you want someone 100% focused on that element?

How far will my budget go?

You might think that with a smaller budget, it’s better to hire one person who can do it all rather than two separate roles. But if the unicorn you’re after is so rare and in such high demand, you’ll be competing with everyone. So, if you do find them, what’s your realistic budget, and will it be enough to secure them?

Practical Tips for Better Hiring

• Ignore candidate job titles: Depending on the company, “Quant Developer” can mean anything from a Python developer working on front-office tools to someone solving stochastic differential equations. Instead, look at what people actually do. Dig into their projects. Understand their skills and focus.
• Ask about their % split: A QA may be handling 80% software work purely because their team lacks development skills, and they’re the strongest at putting code into production. That doesn’t make them a quant developer, and it also means they may not be ready to step straight into a modelling-heavy role just because their title says ‘Quant Analyst’.
• Compromise (the right way): If the role is 70% development, don’t waste months hunting for someone with a rare maths background. Hire a front-office developer who has worked with various quant libraries. Compromise doesn’t mean lowering your standards; it means focusing on what really matters so you don’t end up with a generalist who’s not quite right at either end of the spectrum.
• Look beyond the obvious companies: Sure, the Millenniums and Citadels of the world have world-class quant talent, but their setups are highly siloed. In smaller funds, desk pods, or greenfield teams, you’ll find quants who have had to wear many hats. They may not have a big-name brand on their CV, but they’ve handled the entire lifecycle themselves. I’d back a start-up quant over a Millennium QA for end-to-end model build and deployment any day.

Unicorns Do Exist (Kind of)

Hopefully, that’s given you some food for thought. When we meet unicorns and learn what they’re looking for, we’ll be sure to let you know. But for most firms, better hiring outcomes don’t come from rejecting early and waiting for the dream candidate to appear, they come from understanding what really matters for the role and hiring accordingly.

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