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Quant Trader Interview Experience at a Proprietary Trading firm in Chicago(Sharing the interview experience of our mentee who had some prior experience in Algo Trading and interviewed at a Prop Shop)🔹Round 1 - Recruiter Call and CV Screening 15 min phone call with the recruiter to discuss the background and role🔹Round 2 - Initial Phone Interview (45 mins)- Brainteasers :1. At another party, everybody shakes hands with everybody else. If there are 66 handshakes, how many people are at the party?2. You have two string-like fuses. Each burns in exactly one minute. The fuses are inhom*ogeneous, and may burn slowly at first, then quickly, then slowly, and so on. You have a match, and no watch. How do you measure exactly 45 seconds?- Personal Project discussion (algo trading strategy)🔹Round 3 - Take home Assignment Python ( 1 week)A coding assignment testing data analysis, code optimization and bid ask related concepts. Datasets were provided in a csv file.🔹Round 4 - On Site InterviewsInvited to on-site interviews with senior Traders, 2 Technical interviews lasting 45 mins each.🔸1st On-Site Round (Market Making) : It involved playing a game of market making. Interviewer started off by making a market. Then candidate had to decide whether to buy, sell, or do nothing.Both played this game in turns.🔸2nd On-Site Round (Technical) : 1. I tell you that I have two children and that at least one of them is a girl. What is the probability that I have two girls? Assume that boys and girls are equally likely to be born and that the gender of one child is independent of gender of another.2. You are a bug sitting in one corner of a cubic room. You wish to walk (no flying) to the extreme opposite corner (the one farthest from you). Describe the shortest path that you can walk. Be sure to mention direction, length, and so on.Followed by a general discussion on the role and behavioral questions.Kickstart your Quant Interview Prep with Quant Insider.Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services.Check out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle of Interview Byte, Quantopia Library, and Quant Insider Project Handbook with Bonus Resources.‘Interview Byte’ contains 1000+ Interview questions (https://lnkd.in/gkqcrrKf)Quantopia Library is the goldmine for building your domain knowledge and technical skills. (https://lnkd.in/geThBB4d)Quant Insider Project Handbook has 10 industry-oriented projects based on challenges conducted by Top HFTs and Hedge Funds.(https://lnkd.in/gWBEn78U)For more quant finance memes follow us on Instagram - Quant Insider (https://lnkd.in/gfjc4hBu)
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Paul Lejamtel
Quantitative Investment Strategies Intern at SGCIB
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For everyone wondering what are the solutions of the problems asked during the process, I’ll give answers below this comment 😉
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Quant Hub
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This is very helpful for all aspiring Quants. Thanks for sharing!
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Roberto S.
RL / RSConsultoria / Spaempresarial
2d
Why not give market data and predict out of sample?
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Francisco Zambrano
Quantitative Trading Analyst on a journey of self development! OOO
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I agree this post is indeed insightful, but I'm wondering how relevant it is considering nowadays trype of methodologies. When was this interview?
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Nikita Singh
Quant Researcher | EE, IIT Kanpur'21 | Co-Founder | Mentor and Educator @Preplaced, Topmate
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commenting for my network
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Tribhuvan Bisen
LinkedIn Top Voice | FRM (Part 2) | Macro-Economics | Finance | Investing | Multi-Asset Trading | Quant Finance | Python
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commenting for my network
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This cheatsheet saved my interview for the QIS (Quantitative Investment Strategy) team at a Major Investment Bank, Machine Learning was the major requirement of the role.Linear Algebra is the foundation topic of ML, and there was a time constraint in preparing, and revising the Linear algebra thoroughly was difficult due to the time constraint.This cheat sheet was a savior and helped me revise the foundational and important topic for the Interview.Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services,Kickstart your Quant Interview PrepCheck out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle ofInterview Byte, Quantopia Library, and Quant Insider Project Handbookwith Bonus Resources.‘Interview Byte’ contains 500+ Interview questions (https://lnkd.in/gkqcrrKf)Quantopia Library is the goldmine for building your domain knowledge and technical skills. (https://lnkd.in/geThBB4d)Quant Insider Project Handbookhas10 industry-oriented projectsbased on challenges conducted by Top HFTs and Hedge Funds.(https://lnkd.in/gWBEn78U)Quant Insider Career Catalyst is your guide to all interview prep tips, preparation roadmap and job application strategies (https://lnkd.in/gVhA4tNG)Checkout our Course on Machine Learning for Finance -https://lnkd.in/eyXnPRwzUse Coupon code - "EARLYBIRD20" for 20%off on the MLFin courseFor more quant finance memes follow us on Instagram - Quant Insider (https://lnkd.in/gfjc4hBu)
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Quant Insider runs an Exotics Shop 😎 (It's a TOP Secret.. Shhh)DM us to get your FREE "exotics" product 😁 Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services,Kickstart your Quant Interview PrepCheck out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle ofInterview Byte, Quantopia Library, and Quant Insider Project Handbookwith Bonus Resources.‘Interview Byte’ contains 500+ Interview questions (https://lnkd.in/gkqcrrKf)Quantopia Library is the goldmine for building your domain knowledge and technical skills. (https://lnkd.in/geThBB4d)Quant Insider Project Handbookhas10 industry-oriented projectsbased on challenges conducted by Top HFTs and Hedge Funds.(https://lnkd.in/gWBEn78U)Quant Insider Career Catalyst is your guide to all interview prep tips, preparation roadmap and job application strategies (https://lnkd.in/gVhA4tNG)Checkout our Course on Machine Learning for Finance -https://lnkd.in/eyXnPRwzUse Coupon code - "EARLYBIRD20" for 20%off on the MLFin courseFor more quant finance memes follow us on Instagram - Quant Insider (https://lnkd.in/gfjc4hBu)
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This paper proposes a new method to analyze the corporate bond market using synthetic options created from credit default swap (CDS) options called CDX swaptions.Here's a breakdown of the key points:The Problem:The corporate bond market lacks actively traded options, making it difficult to understand its dynamics.The Solution:This paper creates synthetic options on a corporate bond index by exploiting CDX swaptions.Extracting Market Insights:Volatility Measure: The Corporate Bond VIX (CBVIX):Similar to the VIX for the stock market, the CBVIX is a volatility measure derived from the prices of synthetic corporate bond options. It reflects the market's expectation of future volatility in the corporate bond market.Variance Risk Premium:This metric reveals the extra compensation investors demand for taking on volatility risk in the corporate bond market. The paper finds that this premium is often positive and can even predict future bond and equity returns.Higher-Order Moments:By analyzing synthetic options, the study goes beyond just volatility. It estimates higher-order moments like skewness (lopsidedness) and kurtosis (fat tails) of the corporate bond index distribution. These moments provide a more nuanced picture of potential risks and returns.Credit Risk Model Validation:The paper highlights how the information extracted from synthetic options can be used to assess the accuracy of credit risk models. These models attempt to simulate the behavior of corporate bonds and equity issued by the same company. By comparing the relationship between the CBVIX and the equity VIX with predictions from a credit risk model, researchers can evaluate the model's validity.Overall, this paper offers a new approach to understanding the corporate bond market by leveraging synthetic options derived from CDX swaptions. Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services,Kickstart your Quant Interview PrepCheck out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle ofInterview Byte, Quantopia Library, and Quant Insider Project Handbookwith Bonus Resources.‘Interview Byte’ contains 1000+ Interview questions (https://lnkd.in/gkqcrrKf)Quantopia Library is the goldmine for building your domain knowledge and technical skills. (https://lnkd.in/geThBB4d)Quant Insider Project Handbookhas10 industry-oriented projectsbased on challenges conducted by Top HFTs and Hedge Funds.(https://lnkd.in/gWBEn78U)Quant Insider Career Catalyst is your guide to all interview prep tips, preparation roadmap and job application strategies (https://lnkd.in/gVhA4tNG)Checkout our Course on Machine Learning for Finance -https://lnkd.in/eyXnPRwzUse Coupon code - "EARLYBIRD20" for 20%off on the MLFin courseFor more quant finance memes follow us on Instagram - Quant Insider (https://lnkd.in/gfjc4hBu)
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Quant Resume Book 2024 - NYU (FREE Quant Resume Samples)It will give you insights into making a perfect Quant Resume by throwing light on following key aspects :- Experience and Skillsets required- Coursework and certifications- Project ideas and complexity- Structuring of Content (Layout, Design)- Action Verbs for ResumeKickstart your Quant Interview Prep with Quant Insider.Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services.Check out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle of Interview Byte, Quantopia Library, and Quant Insider Project Handbook with Bonus Resources.‘Interview Byte’ contains 1000+ Interview questions (https://lnkd.in/gkqcrrKf)Quantopia Library is the goldmine for building your domain knowledge and technical skills. (https://lnkd.in/geThBB4d)Quant Insider Project Handbook has 10 industry-oriented projects based on challenges conducted by Top HFTs and Hedge Funds.(https://lnkd.in/gWBEn78U)For more quant finance memes follow us on Instagram - Quant Insider (https://lnkd.in/gfjc4hBu)
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Aren't Quantum walks better than widely accepted Random walks, in capturing market price behaviour? 1. Random Walks vs. Quantum Walks:Random Walk: Represented by a Markov chain with a state space (positions) and a transition matrix (P). P(x, y) denotes the probability of transitioning from state x to state y in one step. The probability distribution after n steps can be calculated as s^(n+1) = P * s^n, where s is the initial state vector, leading to a Gaussian distribution for large nQuantum Walk: Defined in a Hilbert space, which combines the position and spin state of the particle. The state of the particle is a complex vector (ket vector) representing a superposition of all possible positions.Coin Operator (C): A unitary operator acting on the spin state, determining the "direction" (up/down) for the conditional shift. The Hadamard gate (H) is a common choice for a fair coin.Conditional Shift Operator (S): Another unitary operator that performs a shift in position (+1 for up spin, -1 for down spin) based on the particle's spin state.2. Mathematical Framework:The evolution of a quantum walk after one step can be described by a unitary operator U = S(C ⊗ I), where:U: Overall unitary operator for the quantum walk step.S: Conditional shift operator.C: Coin operator.⊗: Tensor product (combines spin and position states).I: Identity operator (acts trivially on the position state).3. Impact of Interference:Due to superposition, the probability of finding the particle in a specific position is obtained by calculating the squared absolute value of the corresponding element in the state vector after applying U multiple times. This can lead to interference effects:Constructive Interference: When amplitudes from different paths add up, enhancing the probability of finding the particle in specific positions. Destructive Interference: When amplitudes from different paths cancel each other out, reducing the probability of finding the particle in specific positions.These interference effects cause the probability distribution of a quantum walk to deviate significantly from the Gaussian distribution of a classical random walk.4. Faster Spreading: Exhibit ballistic spreading, meaning the expected distance from the origin grows quadratically with the number of steps (∝ N) compared to the classical walk's square root dependence (∝ √N). This faster spreading arises due to the ability of the particle to explore multiple paths simultaneously through superposition.Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services,Check out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle ofInterview Byte(500+ questions), Quantopia Library, and Quant Insider Project Handbookwith Bonus Resources.Quantopia Library for building your domain knowledge and technical skills- (https://lnkd.in/geThBB4d)Quant Insider Project Handbookhas10 industry-oriented projects(https://lnkd.in/gWBEn78U)
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It's all good, till you are creating alpha with high Sharp strategies Holi Sale - Use Coupon Code "QIHOLI30" to get 30% off on all our Products and services,Kickstart your Quant Interview PrepCheck out Quant Insider Stack -https://lnkd.in/gcfdUEfgA Bundle ofInterview Byte, Quantopia Library, and Quant Insider Project Handbookwith Bonus Resources.‘Interview Byte’ contains 1000+ Interview questions (https://lnkd.in/gkqcrrKf)Quantopia Library is the goldmine for building your domain knowledge and technical skills. (https://lnkd.in/geThBB4d)Quant Insider Project Handbookhas10 industry-oriented projectsbased on challenges conducted by Top HFTs and Hedge Funds.(https://lnkd.in/gWBEn78U)Quant Insider Career Catalyst is your guide to all interview prep tips, preparation roadmap and job application strategies (https://lnkd.in/gVhA4tNG)Checkout our Course on Machine Learning for Finance -https://lnkd.in/eyXnPRwzUse Coupon code - "EARLYBIRD20" for 20%off on the MLFin courseFor more quant finance memes follow us on Instagram - Quant Insider (https://lnkd.in/gfjc4hBu)
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