Millennium Management’s Goldstein and other specialists skilled in modeling weather patterns amid increasing climate volatility have become some of the most sought-after hires for hedge funds and trading firms.
Unlike traditional hedge fund employees—such as traders who often expect to earn $1 million by their mid-30s—many weather experts would typically make a fraction of that salary in academia or government agencies. However, the growing demand for climate modeling in financial markets is rapidly changing that dynamic.
Firms like Squarepoint Capital, Jane Street, and DV Trading have recently brought on weather specialists, while Millennium and Balyasny Asset Management are expanding their existing teams, according to sources familiar with the matter.
Weather plays a crucial role in commodities trading, particularly for natural gas and agricultural products like coffee, cocoa, and grains. This year alone, record-breaking cold in the U.S. sent natural gas futures soaring, while concerns over adverse weather in Brazil pushed Arabica coffee futures to new highs. While extreme weather disrupts daily life, it presents lucrative opportunities for hedge funds that can capitalize on sudden price swings in these markets.
The talent pool for weather-related roles in finance has also expanded in recent weeks, driven in part by large-scale job cuts and budget uncertainty at federal science agencies. As a result, many meteorologists and climate scientists are now seeking opportunities in the private sector, a trend that is expected to accelerate, according to interviews with professionals from both government and industry.
Hedge funds have ramped up hiring in this area, with a 23% increase in weather-related roles—including data scientists and meteorologists—in 2024 compared to the previous year, according to executive search firm Proco Group. Compensation has also risen, with top specialists now earning between $750,000 and $1 million annually, an 18% increase from a year ago.
