Source: Reddit
Source: LinkedIn.com, Chicago Trading Company
Elementary school hardos reading this: you might just have a chance if you start now! Make sure to go to a target middle school and win those international math competitions so you don’t get skipped over for the OA.
Summary
This page isn’t a comprehensive prep list, but more of a “What is the absolute minimum I should understand going into an interview?”.
Interview Process
- Quantitative/Open Assessment: Prior to formal interviews, most firms administer an Open Assessment (OA). The OA comprises of a timed mental math and pattern recognition test. Think of an IQ test.
- Coding Test: Many firms now incorporate coding tests, often conducted in programming languages such as Python, R, or C++, as part of the OA. Typically, the coding done will have to do with some sort of data analysis.
- Personality Assessment (Firm Dependent): Some firms, like Akuna Capital, may require applicants to undergo a personality assessment. These are basically MBTI tests.
- First Round: The initial interview is typically conducted by a junior trader or an HR representative. It includes a series of questions related to behavior, probability, and brainteasers. These are standard green book questions (see resources).
- Final Round(s): In the final round interviews, candidates face a panel of traders who pose questions at their discretion. Many times, this means mock trading (make me a market).
Concepts
Mathematical Concepts
- Arithmetic and Logic: Symmetry, Summation, Pigeonholes, Induction, Recursion, Mod
- Probability Theory: Conditional, Bayes’ Theorem, Combinatorics, Distributions, Expected Value, Variance
- Stochastic Processes and Simulations: Monte Carlo, Markov Chains, Martingale and Random Walk, Dynamic Programming, Brownian Motion
Baruch Classes