The Ultimate Guide to Quant Trading Interviews

Overview: The process typically begins with submitting your resume (CV) and often a cover letter. Recruiters will swiftly screen your application to decide if you advance to the next stage. Some firms, like Jane Street, even have humans (not just algorithms) reviewing applications, with responses often sent within about a week. This initial screening filters for strong academic backgrounds, relevant skills (e.g. quantitative, programming, or competitive experiences), and a genuine interest in trading.

Preparation Tips:

• Tailor Your Resume: Highlight experiences, projects, or competitions that demonstrate analytical ability, mathematical skills, and an interest in markets. For example, emphasize any finance/trading clubs, programming projects, poker/chess achievements, or math contests. Make sure the most relevant skills (like mental math, coding, or economics coursework) stand out.
  
  

• Write a Compelling Cover Letter (if required): Express why you want to work at that firm and why you’re pursuing trading. Be specific – mention the firm’s unique attributes or culture and how it aligns with your interests. For instance, you might discuss what sparked your interest in trading and why the firm’s approach appeals to you.
  
  

• Do Your Research: Before applying, learn about each firm’s business (market maker vs. prop trading focus, key markets traded, culture, etc.). Showing awareness of the company in your application can set you apart.
  
  

• Double-Check and Polish: These firms receive thousands of applications. Ensure your CV is concise (1 page), free of errors, and formatted cleanly. Any cover letter or short-answer responses should be clear and sincere: always avoid generic statements.
  
  

A strong, tailored application maximizes your chances of passing the initial screen and getting invited to the first testing round.

Overview: Nearly all quantitative trading firms administer one or more online assessments early in the process. These timed tests evaluate your quantitative skills and ability to perform under pressure. The exact tests differ by firm, but commonly include:

• Mental Math Drills: Extremely fast arithmetic calculations without a calculator. For example, you might face 80 simple math questions in 8 minutes (as Flow Traders does), or other firms’ variants like 30 questions in 5 minutes, etc. Expect basic operations, percentages, ratios, currency conversions, etc., all under tight time constraints.
  
  

• Pattern/Sequence Recognition: Tests of logical reasoning where you identify the next item in a sequence or the pattern in a series. For instance, 24 sequence questions in 12 minutes or similar – involving numbers, letters, or shapes. These assess how quickly you spot trends or relationships.
  
  

• Probability & Logic Puzzles: Many online tests include word problems or brainteasers that require probabilistic reasoning or logic. Example topics include expected value calculations, solving simple equations, or classic riddles. For instance, one firm’s 15-minute quiz of ~37 questions covers mental math, logical reasoning, probability, and pattern recognition. Another firm’s test might involve solving linear equation systems or path-finding puzzles to gauge logic skills.
  
  

• Cognitive Games: Some firms use gamified cognitive assessments. A notable example is IMC’s NeurOlympics battery: a 45-minute series of brain games measuring memory, reaction, and strategic thinking. Such games evaluate traits like your speed/accuracy trade-off and strategic mindset in novel tasks.
  
  

• Programming Challenges (occasionally): Certain trading roles may require basic coding ability. For instance, Akuna Capital’s process includes a HackerRank coding test with a couple of programming problems to test algorithmic thinking. While not universal for trader roles, being prepared for a coding exercise (especially in Python or C++ for quant roles) can be wise if the firm is known to include it.
  
  

Preparation Tips:

• Practice Mental Math Daily: Speed and accuracy in arithmetic only come with practice. Drill yourself on mental calculations (addition, multiplication, percentages, fractions) until you can do them rapidly. Use practice tools or apps to simulate 30-60 seconds per question conditions. Remember, firms like Flow Traders and Akuna emphasize that significant practice is needed to reach the required speed.
  
  

• Work on Pattern Recognition: Solve sequence puzzles and logic grids from various sources. The more patterns you’ve seen (numeric sequences, letter shifts, spatial patterns), the faster you’ll recognize them under exam conditions. Timed sequence drills (like Tradermath’s Sequence Test practice) are helpful.
  
  

• Familiarize Yourself with Test Formats: If you know the platform (Saville, Wonderlic, Mettl, HackerRank, etc.), try sample questions from those providers. For example, IMC’s aptitude test uses Saville’s numerical and diagrammatic reasoning – reviewing their official prep guides can boost your confidence. Understanding the interface (e.g. whether you can skip questions or not) can save crucial seconds.
  
  

• Stay Calm and Don’t Obsess on One Question: These tests often forbid skipping back or have tight timing. If a question is taking too long, make your best guess and move on. It’s usually better to attempt all questions since there’s often no penalty for wrong answers.
  
  

• Simulate Test Conditions: Take practice tests with a running timer and no distractions to build stamina and focus. Train yourself to maintain accuracy even as you feel the clock pressure. By test day, you want to be comfortable performing under the same stress you’ll face in the real assessment.
  
  

Performing well on the online assessments is critical: only those above the firm’s cutoff will move on to interviews. Treat this stage seriously; if you don’t pass, you often cannot reapply for some time.

Overview: Candidates who clear the tests are typically invited to an HR interview, often a 20–30 minute phone or video call with a recruiter or HR representative. This stage focuses on your motivation, communication skills, and cultural fit for the firm. It’s relatively conversational and non-technical (though some basic math or finance questions can appear). Think of it as the “fit” interview to ensure you’re genuinely interested in trading and understand the company’s ethos.

Common Topics and Questions:

• “Why Trading?” – Motivation for the Career: You should articulate what draws you to a trading career. Are you excited by fast-paced decision making? Do you enjoy competitive, quantitative challenges? Firms want to see genuine enthusiasm for the nature of the job (high pressure, meritocratic, risk-oriented). Expect a question like “What motivates you to become a trader?”.
  
  

• “Why this Firm?” – Motivation for the Company: Be ready to explain why you want to join that firm in particular. For example, “Why do you want to work at SIG?” or “Why choose IMC over other trading firms?”. Tailor your answer to the firm’s unique features: e.g. SIG’s culture of integrating game theory and poker, or Flow Traders’ focus on ETFs and entrepreneurial spirit. Show that you’ve done your homework on their business and culture.
  
  

• Basic Trading/Market Knowledge: HR may lightly probe if you understand the industry. You could be asked “What do you think a market maker does?” or “Explain an ETF to me” depending on the firm. They don’t expect you to be an expert, but they want to see you’ve taken initiative to learn the fundamentals of what the firm trades (options, ETFs, etc.) and are aware of current market events.
  
  

• Behavioral Questions: Prepare for standard behavioral questions to illustrate your personal traits. Common ones include: “Tell me about a time you worked on a team”, “Describe a high-pressure situation you faced and how you handled it”, or “What are your strengths and weaknesses?”. The interviewer is assessing soft skills like teamwork, resilience, ethical decision-making, and communication.
  
  

• Personal Background and Fit: You might be asked to briefly walk through your resume or highlight experiences that prepare you for trading (e.g. competitive sports, challenging internships). They could also ask, “Are you a competitive person?” or “What makes you stand out from other applicants?” to gauge your self-awareness and cultural fit. Trading firms value attributes like competitive drive, quick learning, and calmness under pressure, so relate your background to these qualities.
  
  

• Light Technical or Mental Math Checks: Some HR screens include a couple of easy math or logic questions, just to observe your reaction. For example, candidates have been asked “What is 15% of 80?” or a simple probability question during an HR call. These aren’t meant to grill you, but rather to see your poise and basic numeracy. Stay calm and talk through your answer if this happens.
  
  

Preparation Tips:

• Research the Firm Deeply: Know the company’s business model (market making vs. arbitrage vs. speculative trading), the products they trade, and any recent news about them. If possible, watch any recruiting videos or read about their culture. Showing specific knowledge – like mentioning “I’m impressed by Flow Traders’ growth in the ETF market” or “SIG’s use of game theory in trading is exciting to me” – demonstrates genuine interest.
  
  

• Prepare Your “Story”: Be ready to walk through your resume and explain how your experiences have prepared you for trading. If you did research, played competitive sports, or have other relevant experiences, connect them to skills needed in trading (e.g. staying calm under pressure, quick decision-making, quantitative analysis).
  
  

• Practice Common Answers (but Don’t Sound Robotic): Clearly formulate why you want to be a trader and why you’re choosing this firm. Also prepare concise examples for teamwork, overcoming failure, and leadership. Use the STAR method (Situation, Task, Action, Result) to structure stories clearly. Practice answering aloud to a friend or in the mirror until you can speak smoothly.
  
  

• Be Enthusiastic and Professional: The HR interviewer will note your communication skills and energy. Speak clearly, avoid monotone answers, and convey excitement for the opportunity. Little things – like being punctual, dressing appropriately for a video call, and ensuring a quiet environment – help make a positive impression.
  
  

• Brush Up on Basics: Refresh yourself on very basic mental math (percentages, quick arithmetic) and a few elementary finance terms (like “strike price”, “volatility”, “hedging”). If asked a simple technical question, you’ll answer confidently. If you don’t know a term, it’s okay to admit it and show curiosity to learn, rather than bluff.
  
  

• Have Questions to Ask: Almost every interviewer will give you a chance to ask questions. Prepare 1–2 thoughtful questions that show your interest in the firm’s culture or the role. For example, you might ask about the training program for new hires, the firm’s expansion into new markets, or the interviewer’s experience at the company. This is another chance to express enthusiasm and see if the firm is the right fit for you.
  
  

Performing well in the HR interview demonstrates you have the passion and communication skills for the role. Once you clear this stage, you’ll advance to the more intensive technical interviews.

Overview: The technical interview stage is where you’ll be grilled on your problem-solving abilities – typically by one or more traders at the firm. These interviews can be conducted via video or phone (occasionally in person), and often there may be two or more back-to-back sessions. Expect a fast-paced series of questions ranging from math brainteasers and logic puzzles to trading hypotheticals. The goal is to test your analytical thinking under pressure, quantitative skills, and to see how you approach unfamiliar problems in real time.

Key Focus Areas: Technical questions in trading interviews tend to fall into several broad categories:

• Mental Math and Rapid Calculations: You may get quickfire arithmetic questions during conversation (e.g. “What’s 7×16? … Now 112×1.1?”) or be asked to compute percentages, ratios, and basic algebra in your head. This assesses your numerical fluency on the fly, which is important on a trading desk. Tip: if a calculation seems complex, you can talk out how you’d approximate or solve it rather than freezing up. Accuracy is important, but so is maintaining composure and methodical thinking when calculating mentally.
  
  

• Brainteasers and Logic Puzzles: Expect a variety of classic riddles and logic problems. These could include pattern puzzles, sequences, or well-known interview riddles (e.g. the mislabeled jars puzzle, the light bulb switching puzzle, or questions like “Why are manhole covers round?”). Firms love to see how you break down problems. One may also encounter “trick” puzzles that test reasoning (for example, SIG is known to ask complex puzzles like grid pathfinding or solving systems of equations as in their Quantitative Evaluation test). The content can be eclectic, so practice a broad range of brainteasers.
  
  

• Probability and Expected Value: This is a huge theme in trading interviews. You’ll likely face probability questions such as coin flips, dice rolls, card draws, or picking balls from urns. They might ask something like “If I flip a coin until I get heads, what is the expected number of flips?” or “What’s the probability of drawing 2 red cards from a standard deck?”. Another favorite is the “two-thirds of the average” game or other game-theory style questions. Be prepared to calculate expected values and explain your reasoning. Having a solid grasp of basic probability (independence, Bayes’ rule, distributions of simple events) is essential.
  
  

• Game Theory and Betting Games: Some firms (notably SIG and Jane Street) love games that involve strategy and expected value calculation. You might play a mental game during the interview: for example, a dice betting game or a scenario where you guess numbers or divide resources (Jane Street’s phone interviews famously involve games like betting on sports outcomes, a dice game, and a war strategy game). In these, they’re checking how you think strategically, handle risk/reward decisions, and adjust your approach as rules change. Even if you haven’t seen the exact game, apply principles of expected value, risk management, and logical reasoning.
  
  

• Financial Math & Market Knowledge: Even for candidates without a finance background, firms may ask a few basic market or economics questions. Options and derivatives basics are common – e.g. “What’s a call option? What’s a put option?”, “Define what the strike price is”, or “How would you price a simple derivative?”. They might also test understanding of supply/demand with questions like “What happens to the price of X if news Y comes out?”. Another example: Flow Traders might ask how ETF pricing and arbitrage works in a simple scenario. You aren’t expected to have detailed finance knowledge unless you claimed it, but knowing fundamentals (like the concept of arbitrage, or that market makers provide two-sided quotes and profit from the spread) can earn you points. If you studied finance, be prepared for slightly more advanced questions (perhaps about option Greeks or bond pricing), but depth usually matters less than your ability to reason and learn.
  
  

• Trading Simulations / “Make a Market” Exercises: A distinctive part of many trading interviews is when they simulate a trading scenario for you. They might ask you to act as a market maker for a simple game or asset. For example, you could be asked to make a market (give bid and ask prices) on the outcome of a coin toss, a sports match, or an obscure event, updating your quotes as you get more information. Or you might play a card/dice game where you earn or lose money based on random draws, and you must make decisions to maximize your expected value. These exercises evaluate your intuition for risk and reward, how you update probabilities, and whether you remain calm and logical under pressure. The key is to vocalize your thought process (“Given the odds of this dice roll, my fair price is X, so I’d quote slightly lower to earn edge...”) and show that you can adapt if conditions change. Even if you’ve never done such a game, the interviewers often guide you with hints – they care more about your reasoning approach than whether you win the game.
  
  

• Advanced Math or Programming (role-dependent): For some quant trading roles (especially quantitative researcher or developer-oriented roles), there might be a few deeper questions in math (like calculus, linear algebra, or stochastic processes) or a short programming discussion. This is less common for pure trading roles, but be aware it can happen. For instance, a Jane Street interviewer might ask a logical puzzle that can be solved with programming thinking, or an Akuna interviewer might ask about basic algorithms if you have a CS background. Always read the job description; if coding is mentioned, you could be asked about complexity of an algorithm or to write pseudocode for a simple task.
  
  

What Interviewers Look For: They are less interested in the final answer and more in your problem-solving process. Expect interviewers to drill into your reasoning by asking follow-up questions, giving hints, or introducing twists. They want to see: Are you methodical and logical? Do you ask clarifying questions? Can you handle being challenged or stumped without losing composure? It’s fine to not solve every puzzle completely; it’s more important to show resilience and thoughtfulness.

Preparation Tips:

• Practice, Practice, Practice: Solve lots of brainteasers and probability problems beforehand. Use online question banks or resources (the Tradermath database, Glassdoor reports, etc.) to find puzzles that have been asked by trading firms and time yourself solving them. Key topics to master include mental arithmetic, coin/dice card probabilities, basic combinatorics, and common riddles. The more problems you’ve seen, the more tools you’ll have to tackle new ones.
  
  

• Think Out Loud: During prep, work on explaining your reasoning step-by-step as if an interviewer were listening. In the actual interview, narrate your thought process: start by restating the problem, lay out what you’re considering, and walk through your approach. This not only helps the interviewer follow your logic, but also lets them intervene with hints if you go astray. It can feel awkward at first, but it’s a crucial skill for these interviews.
  
  

• Brush Up on Probability and Mental Math Fundamentals: Review expected value calculations, conditional probability (Bayes’ Rule basics), and even some game theory (concepts like Nash equilibrium in simple games) because some firms love these angles. Also refresh any finance basics you’ve listed on your resume : if you took an options course, know the definitions of delta/vega, etc.. And keep honing that fast math; you might still get pop quiz arithmetic during the technical round.
  
  

• Stay Calm and Don’t Give Up: It’s common for these interviews to feel extremely tough – interviewers might keep pushing until you hit a question you struggle with. The key is to maintain composure and a positive attitude. If you’re stuck, articulate what part is challenging and consider simple cases or alternative approaches (sometimes breaking the problem into a smaller example or trying a few numbers can spur insight). Even if you make a mistake, don’t get flustered – correct it if you catch it, or let the interviewer guide you. Showing that you can handle difficulty with grace is almost as important as solving the problem.
  
  

• Be Coachable and Collaborative: Pay attention to hints or feedback from the interviewer. They might intentionally guide you to see how you respond. If they correct something, acknowledge it and incorporate the new info. Trading often involves quick learning and iteration, so demonstrating a collaborative approach (treating the interview like a discussion) helps.
  
  

• Know When to Guess or Simplify: If a calculation is ugly (e.g. multiplying 17×93 in your head) and exact precision isn’t crucial, consider simplifying (17×93 ≈ 17×100 - 17×7, etc.) and state that you are estimating. Interviewers won’t fault a reasonable approximation when exact arithmetic isn’t the point. Similarly, if a puzzle seems very complex, propose an approach or say “I might normally write a quick program or draw a diagram here, but given the setting, I’ll attempt a simpler method…” This shows practicality.
  
  

• Brush Up On Trading Basics & Current Events: While the technical round is mostly puzzles, a few firms (like Flow Traders or IMC) may also ask market knowledge questions here. For example, they might ask your view on a current market trend or a simple estimation of a financial quantity (a Fermi problem like “How many $1 bills would fill this room?” or “How many piano tuners are in New York?” which tests estimation and big-picture thinking). Read financial news leading up to the interview (know if markets are volatile, any major economic news). You don’t need detailed opinions, but showing awareness of the market context helps demonstrate your genuine interest.
  
  

By excelling in the technical interviews, you prove you have the analytical firepower and stress tolerance for a trading job. Next comes the final challenge which is often a Superday that combines everything.

Overview: The final stage is usually an onsite Superday (or virtual equivalent) where you’ll go through several interviews back-to-back in the firm’s office (or via Zoom). This round is comprehensive: it often revisits technical skills at a more advanced level, introduces new challenges (like case studies or trading simulations), and includes dedicated HR/cultural fit discussions with senior team members. Expect this stage to last anywhere from a couple of hours up to a full day, sometimes split into structured “stations.” It’s the ultimate test of both your technical prowess and how well you’d integrate into the team.

Common Components of a Trading Superday:

• Advanced Technical Interviews: You will likely face more than one technical grilling by different interviewers (senior traders, quantitative researchers, or managers). These can feel like an extension of the earlier technical round but potentially tougher or more in-depth. Interviewers may dig deeper into probability brainteasers, pose complex hypotheticals, or even discuss some concepts in statistics or finance at a high level. Expected value games are a staple here – for example, calculating the value of various bets or game outcomes with cards, dice, or coins under different rules. They want to see that you can apply the same reasoning consistently even when mentally fatigued by a long day. Continue to think aloud and stay structured; even if problems are hard, it’s your approach under scrutiny.
  
  

• Case Study or Trading Simulation: Many firms include a more immersive exercise at the final stage. For instance, Flow Traders gives a case study on ETF trading – you might be provided data and asked to analyze an ETF pricing scenario, formulate a trading strategy or arbitrage, and possibly present your findings. Another example is a mock trading simulation: IMC, for example, has a “trading game” station where you make markets on events (like predicting sports outcomes or price moves) to test your risk management and quick thinking. These exercises test how you apply your knowledge to realistic trading situations and how you communicate complex ideas. If you have to present or explain your reasoning, clarity and logical structure are key. Use any scratch paper to organize your analysis, and when speaking, start with your high-level thought process before diving into details.
  
  

• HR/Fit Interview (with Senior Staff): On Superday, you’ll usually have an interview (or even multiple) focused on behavioral and cultural fit, often conducted by a more senior manager or a panel including HR. This is similar to the earlier HR stage but may go more in-depth now that you’re a finalist. Be ready for questions like “Why trading and why our firm?” (again), “What are your weaknesses?”, “What would be your edge compared to other traders?”, or scenario questions like “How would you handle a big loss?”. The firm is assessing your self-awareness, honesty, and whether your personality aligns with their values. This is your chance to demonstrate genuine enthusiasm for the firm, humility, and a team-oriented mindset. Senior interviewers will especially look for signs of overconfidence or poor attitude – trading culture prizes those who are intelligent and humble. So be confident but never arrogant.
  
  

• Group or Social Elements: Some companies include non-formal evaluations as well: for example, a lunch or coffee chat with current traders (who will later give feedback on their impression of you). While this feels informal, remember you are still being evaluated. Be engaging, ask thoughtful questions about the firm and the desk, and show your curiosity and good interpersonal skills. They want to see if they would enjoy working with you on a daily basis. Similarly, a group exercise might occur (less common in trading, but possible), where candidates work together on a problem – if so, focus on teamwork and communication rather than dominating the discussion.
  
  

• Additional Testing: In some cases, firms may have you redo a quick math test on-site (to verify no cheating on the earlier test) or complete a personality questionnaire. For instance, IMC’s Superday starts with a personality assessment whose results are then discussed in the HR interview. The idea is to probe your traits (risk preference, sociability, etc.) and any outliers in your profile. If faced with such tests, just answer honestly and don’t overthink it: inconsistencies or obvious fakery can be sensed by experienced interviewers.
  
  

Preparation Tips:

• Consolidate and Review: In between interview rounds and especially before the final round, review all the topics that came up in prior stages. If you struggled with a particular brainteaser or math concept earlier, make sure you understand it before the Superday – there’s a chance similar concepts reappear. Also, revisit your answers to “Why this firm” and other behavioral questions; by now you should refine and deepen them with everything you’ve learned throughout the process.
  
  

• Mock Full-Day Interviews: Get a friend or use online resources to simulate a sequence of interviews. Practice doing an intense math/puzzle session, then immediately answering behavioral questions, to simulate the mental switch you’ll need on the day. Building stamina is important – being sharp at 9 AM and 3 PM is challenging during a multi-part interview. Train yourself to stay focused by doing back-to-back practice tasks (e.g. one hour math quiz, then immediately a mock HR Q&A).
  
  

• Stay Organized and Communicate: During case studies or multi-step problems, take a moment to structure your approach. It’s perfectly fine to request a minute to gather your thoughts. On a whiteboard or paper, jot down key facts or formulae. In a case presentation, outline your solution before diving in. When responding to behavioral questions from senior interviewers, remember to speak methodically and insightfully – at this stage they expect a polished communicator. If you did a personality test, anticipate explaining parts of your character (e.g., if your results suggest you’re very risk-seeking or very introverted, how does that impact your work style?).
  
  

• Demonstrate Cultural Fit: By the final round, beyond raw skills, firms are selecting for fit. Emphasize qualities they value: maybe it’s teamwork and humility (e.g. cite a time you collaborated successfully), or a love of learning and improvement. Show alignment with their specific culture: for example, SIG appreciates a competitive gaming mindset, so mentioning your poker or chess experience and how it ties to trading can resonate. Jane Street values collaboration and curiosity, so showing how you learn from others and stay curious about markets helps. Match your emphases to what you know the firm cares about.
  
  

• Maintain Energy and Positivity: It’s been a long process, but bring your A-game demeanor to the final day. Greet each interviewer with a smile and firm handshake (if in person). If one interview didn’t go well, do your best to shake it off before the next: each is often evaluated separately. By keeping a positive, enthusiastic attitude throughout the day, you signal that you can handle long hours and stress with good humor, just as one must on a trading floor.
  
  

• Ask Final Questions and Show Gratitude: At the end of the Superday, you may have a chance to ask more questions or speak to current traders informally. Use this to both learn and impress: ask about their experiences, the firm’s future plans, or even lightheartedly inquire about team culture (e.g. do they have regular team games or off-site events?).

By the conclusion of the Superday, you’ve showcased your abilities across the board: mental agility, technical knowledge, strategic thinking, and interpersonal skills. All that’s left is to await the decision.

Landing an entry-level quant trading role is highly competitive and challenging, but also immensely rewarding for those who thrive in it. Firms are looking for a rare combination: sharp quantitative minds, coolness under pressure, quick decision-making, and a cultural fit with their team. Thorough preparation is not optional: it’s absolutely essential. Many successful candidates invest months preparing for these interviews, practicing every day to refine their skills. It’s easy to underestimate how much prep is needed (a classic planning fallacy!), so start early and be systematic in your approach.

Throughout the process, remember to stay curious and resilient. Every stage is a learning opportunity to improve. If you don’t succeed at first, many firms allow you to reapply after a year or so, and plenty of traders had to interview more than once before breaking in. Reflect on any feedback or questions that stumped you, and come back stronger.

Finally, approach your interviews with an authentic mindset. Be honest about what you know and don’t know, express your genuine enthusiasm for markets, and don’t be afraid to let your personality show. Firms want not just “quantitative machines,” but colleagues who are passionate about trading and enjoyable to work with day-to-day. If you prepare diligently and bring that passion to the table, you’ll greatly improve your odds of acing the process and securing that coveted offer in the exciting world of quantitative trading. Good luck!