Quant Trading and Research
- 750
- questions
New to this? Read the lessons first. 6 tracks, in the order to learn them.
Open LearnDrill sets9 sets
- All topics750 questionsMixedEvery topic in one set, shuffled, the way a real interview jumps from your story to a DCF to a market question.Sign in to save scoresStart this set
- Behavioral128 questionsWhy tradingWhy quant, why this firm, how you handle losing, and the projects you will be asked to explain.Sign in to save scoresStart this set
- Technicals106 questionsProbabilityDice, cards, coins, conditioning, and Bayes, worked out loud.Sign in to save scoresStart this set
- Technicals130 questionsExpected value and gamesFair prices for games, optimal stopping, and when to take a bet.Sign in to save scoresStart this set
- Technicals67 questionsMental mathFast arithmetic, fractions, percentages, and estimates under a clock.Sign in to save scoresStart this set
- Modeling84 questionsStatisticsVariance, correlation, regression, distributions, and what goes wrong with real data.Sign in to save scoresStart this set
- Modeling76 questionsCodingAlgorithms, complexity, and simulation questions asked of research and dev candidates.Sign in to save scoresStart this set
- Markets89 questionsMarket making gamesMake a two sided market, update on information, size bets, and manage inventory.Sign in to save scoresStart this set
- Technicals70 questionsBrainteasersLogic puzzles and estimation asked to watch you think.Sign in to save scoresStart this set
More ways to practice
- Cases6 cases played step by step, with exhibits, the math, and a model answer. The first is free.
- Speed drills4 timed math drills, new problems every run.
- Voice mockAn interviewer asks out loud and you answer out loud.
- Timed interviewsA screen, a first round, and a superday on the clock, scored at the end.
- Modeling testsBuild the model in a sheet against the clock.
- Terms48 Quant Trading and Research terms, each with a worked example.
- Company sets24 firms, how each one interviews and what it asks.
How the interview runs6 stages
- 1ApplicationResume and transcript. Math, CS, physics, and competition results (olympiads, Putnam, ICPC, Kaggle) carry more weight than finance experience.
- 2Online assessmentTimed tests: 80 arithmetic problems in 8 minutes at some shops, probability and sequence puzzles, a coding test on HackerRank or CodeSignal for research and dev tracks, and sometimes a short market making game.
- 3Phone screenA trader or researcher on a shared screen. Probability and expected value questions asked one after another, with follow ups that change one assumption to see if you can adapt the answer.
- 4Technical roundsTwo or three 45 minute interviews. Harder probability, statistics, a coding problem for research roles, and a betting or market making game where they trade against you.
- 5Final roundA full day on site, often in Chicago or New York. Back to back technical interviews, a trading simulation or team game, and a fit conversation about why trading and how you handle losing.
- 6OfferOften within a week. Return offers from the internship are decided on how you think and learn on the desk, not on profit.
Read next
- r/quant Wiki: Your Guide to Quant FinanceThe subreddit's FAQ on roles, degrees, books, and how quant hiring works.Reddit
- Weekly Megathread: Education, Early Career and Hiring/Interview AdviceThe pinned weekly thread where undergrads ask about majors, internships, and interview prep.Reddit
- The Massive List of Trading/Quant Questions - SIG, Jane Street, Citadel, GoldmanA long list of probability and brainteaser questions reported from quant trading interviews.WSO
- Q&A: Undergraduate -> Quantitative Trading Decision Process (Advice)A student who recruited for quant trading explains how firms differ and how to choose between offers.WSO