Quant interview preparation

Prop market making and quantitative research, weighted the way the interviews actually are: probability and expected value, statistics and machine learning, market making logic, programming and options. Every question is either traced to a named firm from a public candidate report, or tagged at desk level when we could not trace it, and every probability answer shows the reasoning path rather than just the number.

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Question bank

100 questions, mapped to the firms that asked them

Questions
100
Traced to a firm
53
Firms
15
Updated
September 2026
Asked at
All firmsOld Mission Capital12Tower Research Capital10Jump Trading7Akuna Capital5Citadel4D.E. Shaw3Jane Street3AQR Capital Management2DRW2Millennium Management2Schonfeld2Squarepoint Capital2Susquehanna International Group2Belvedere Trading1Optiver1
Topic
All topicsProbability10Coins, cards and games6Expected value8Statistics11Market making15Estimation and mental maths4Stochastic processes4Regression5Machine learning6Time series6Programming10Options and derivatives8Fit and motivation7
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  1. 019I owe you pi dollars, and we can only exchange whole cents. How do you settle the debt fairly?ProbabilityIntermediatetechnicalMillennium ManagementQuantitative Research · Hong Kong · 2025

    Say this

    Randomise the last cent. Pi is 3.14159 and change, so pay 3.14 with probability 1 minus 0.159 and 3.15 with probability 0.159. The expected payment is exactly pi, so the settlement is unbiased even though every individual payment is wrong.

    Then walk it

    1. The general rule: to pay an amount x on a grid, pay floor(x) with probability 1 minus the fractional part and floor(x) plus one tick with probability equal to the fractional part.
    2. Check it: 3.14 times 0.841 plus 3.15 times 0.159 equals 3.141590 to six places. Unbiased by construction.
    3. How do you generate the 0.159? Flip a fair coin repeatedly and read off binary digits until the number you have built is decisively above or below 0.159. That terminates with probability one and needs about two flips on average.
    4. This is called randomised rounding and it is not a party trick. It is exactly how you settle fractional share allocations, how you break ties in sub-penny pricing, and how stochastic rounding keeps low-precision numerics from accumulating drift.
    5. The limitation, said before they ask: unbiasedness buys you a variance of about a quarter of a cent squared per payment. If we settle once, I have injected noise to remove bias. If we settle a thousand times, the bias from always rounding down would be 1.59 dollars while the randomised total is within a few cents of correct. So the method pays off under repetition, not on a single trade.

    Where candidates lose it

    Answering just round to 3.14, which is the boring answer and is systematically biased against one party. Also do not overreach into give me an IOU, which dodges the question. The interviewer wants unbiased-in-expectation, and wants to hear you construct the random bit from fair coins.

    Expect next

    • How many fair coin flips do you need to generate that probability?
    • What is the variance of your payment?
    • Where does randomised rounding matter in a real trading system?

    Reported by candidates at Millennium Management (Quantitative Research, Hong Kong, 2025). Source: Wall Street Oasis.

Firm tags come from public, anonymous candidate reports on Wall Street Oasis: strong signal, not sworn testimony. Firms are named as the places a question was reported, not as partners of Fin Maverick. Answers are written for this page to show how to think out loud; they are not scripts to recite.