Starting salaries are way down here. I know math PhD's, with experience, working for free. Few shops are hiring, those that are are flooded with applicants. In this environment, he is lucky to get an offer that high. His lowball offers around $100k are more typical.
Known names will look better on your CV. Certain names can add a great deal to your perceived market value.
Because Jump is the first Chicago place I've spoken with at all that I find interesting. They recruit out of our university quite heavily, but they'll go so far as to get undergrads fresh out of CS. Why would they hire undergrads and fresh talent if they're operating in a space where, even for IT, they need some serious competence? CS degree from MIT doesn't mean infrastructure competence is what I'm suggesting, and book-brainwashed quants in FinEng are shunned by several other firms.
Then he should go and get yet another degree (Phd EE) until the market place gets better. Once you work for shit, they will ask what you made at the last firm, and you will always be fighting that stigma. A starting Pharmacist makes $150k. Why work for crap? There is no hurry if you are 23.
Wang- Jump is a highly respected trading firm in Chicago. I know people at several firms and I hear good things about them- strong technology, smart people, casual but dedicated work environment. What do you want to do? There are a few different ways to get paid in this business. If you are just going to be a drone writing code from someone else's requirements, then you should take the highest salary. If you will actually be contributing to trading strategy development, then most places pay some sort of bonus based on the money you generate. If your strategies make $10M in a year, would you rather make $280k salary with a fixed bonus, or a $100k salary with a percent of that $10M? Even something as low as a 10% bonus is still way better than the $280k, and that is not unrealistic at all. There is way more to the decision than highest salary. Would you rather be a code drone with a guaranteed decent salary, or would you rather take a risk initially with higher potential and probably much more interesting work?
Front office quants and quant/traders straight out of school (phD included) don't start higher than $250 usually. In fact, a quant/tech role might end up in the high end of that range while a quant/trader role starts at the lower end; but of course, the numbers will change quickly over the year. This is my observation of the current industry number and trend.