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Optiver Research Interview Guide

Understand the qualifications and background you need to become a quantitative researcher at Optiver.

Introduction

Becoming a quantitative researcher at Optiver is an incredibly esteemed and intellectually stimulating career path. As a quantitative researcher, you will solve real world problems alongside Optiver's brightest technologists and mathematicians, to develop and enhance quantitative trading strategies.

This guide will take you through Optiver's values and work culture, the prerequisites, and Optiver's quantitative research interview process. We will also provide you with resources and advice to help boost your application, with the aim of maximising your chances to secure your dream quant role.

Research at Optiver

Optiver is a proprietary trading firm and market maker for various financial instruments. Optiver has been improving markets and providing liquidity globally since 1986, making them one of the oldest in the industry.

The firm has more than 2000 employees and 10 office locations, including Amsterdam, London, Chicago, Austin, Sydney, Singapore, Shanghai, Hong Kong, Taipei, and Mumbai.

Optiver promotes a competitive yet collaborative work environment. Exceptional researchers appreciate continuous learning, challenge assumptions, and work with team members on innovative and creative projects. Actively seeking out challenges and stepping out of comfort zones are also practices that Optiver strongly encourages.

As a quantitative researcher, you will tackle practical research challenges that directly influences Optiver's trading decisions and profitability. You will not be short of intellectual challenges! This role is intellectually rigorous, competitive, and exhilerating.

Your Background

Optiver's quantitative research programs require certain prerequisites, which must be displayed on your resume when you apply.

Once you meet these prerequisites, then you can start working on stand-out projects and accomplishments that will keep you competitive in the interview process, and maximise your chances of landing the role.

Prerequisites

In order to be considered for an interview for a quantitative research internship or graduate position, you must have the following prerequisites:

Are working toward a Bachelors, Masters, or PhD within a STEM field
Are in the penultimate or final year of your degree
Have foundation in mathematics, probability, and statistics
Distinctive research, analytical and modelling skills
Prior experience in research, with proficiency in a programming language
Interest in working in a fast-paced, collaborative environment

To learn or reinforce fundamental programming and probability concepts, learn by doing with our courses in Python Programming for Traders, and Probability for Quantitative Finance.

To be competitive within the interview process, consider the following qualifications:

Knowledge of machine learning, time-series analysis and pattern recognition
Experience in competitive and strategic environments to a high/professional standard
Projects/experience in quantitative domains, (e.g. risk analyst, or options trading)
Being competitive in algorithmic trading competitions

Please note that these are a few attributes that would be beneficial to improve your chances of landing a quantitative research position. There are multiple other experiences/qualifications that will also be beneficial, but the qualities from these attributes are highly valued at quantitative trading firms.

Your Application

Optiver's quantitative research application structure can be quite overwhelming for those who have never seen it. Therefore, it is imperative to study the application process to get a competitive advantage (like you're doing now!).

You will be asked to fill out a range of questions, including your degree, your GPA, your graduation date, your resume, and so on.

The main focus is on your resume, which will contain your:

Career objectives and overview
Area of study and academic performance
Experience and projects
Extracurricular/competitive achievements
Characteristics and interests

It is important you structure your resume correctly. We recommend a platform such as resume.io to assist you with building your resume.

Round 1: Online Assessments

After you submit your application, you should recieve an online assessment link anywhere from a few minutes to a few days. You are given one week to complete multiple online assessments.

The online assessments you will need to take varies based on your office location and year of application. Some applicants may not have to take the Optiver 80-in-8 assessment and/or the coding assessment. We recommend you practice all possible online assessments listed below:

80-in-8 Mental Maths Assessment

The 80-in-8 mental maths assessment is a rigorous, high-focus test which requires you to attempt 80 simple maths questions in 8 minutes. This online assessment tests your focus/attention span, how you perform under pressure, and your quantitative ability.

Due to the extremely challenging nature of the Optiver 80-in-8 assessment, it is imperative that you learn and master this by practicing. You can practice this assessment with our accurate 80-in-8 assessment tool.

Numberlogic Assessment

In Optiver's Numberlogic Assessment, you are tasked with solving 26 sequences questions to be answered in 25 minutes. Although the questions begin easy, they quickly ramp up to extreme difficulty and abstractness.

You can practice with our Optiver NumberLogic tool here.

Zap-N Cognitive Assessment

The Zap-N assessment is a series of games that test various cognitive abilities, including reflexes, problem solving, and decision making. This online assessment concists of 9 games, and takes a total of 1-2 hours. The following are all the games played:

Barbeque Game - You must take meat off of a grill at the optimum time, after they are cooked but before they are burnt. The game gets more and more difficult the period you can take the meat off gets shorter, and more meat get added to the grill.
Number Box - The number box test shows 4 numbers, with a destination number. The aim is to use {+, -, *, /} operations on these numbers to reach the destination. You can practice this with our Number Box tool.
Digit Memorisation - A series of digits will be shown on the screen, and you have to memorise these and type them after they are gone. In round 2, you will have to enter the digits in reverse. The numbers get larger and larger as you go.
Figure it out - In this game, you must create an exact replica of a hidden figure, which is revealed only at the end of the round. After each attempt, you'll receive feedback on how many properties you got right or wrong, helping you refine your guesses to minimize moves.
Skyscrapers - In this game, you must rearrange a set of towers to match a given example, moving only the top floor of each tower at a time. This game very similarly represents the Tower of Hanoi.
Switches - In this game, you are given two prompts each round: a simple addition equation and two sets of arrows, and you must answer a question about one while ignoring the other. The game tests your ability to switch between mathematical and visual tasks efficiently.
Balloon Game - You pump air into a balloon to earn money, with its value increasing as it grows, but risking a burst means losing everything (and facing a penalty in the second round). The game tests your risk-taking ability and how well you learn from past decisions to balance reward and risk.
Comparisons - You are shown a 7-character code and must quickly select the exact replica from four options, with the time limit decreasing as the game progresses. The game tests your memory and recognition skills under pressure.
Shape shifting - Circles and squares flash alternately on the screen, and you must press the right arrow for a circle and the left arrow for a square. The game tests your response time, challenging you to balance speed with accuracy, encouraging you to start slow and increase pace as you improve.

We know, quite a long and difficult examination! We recommend you take breaks in between games to refocus.

Beat the Odds

Optiver's 'Beat the Odds' assessment is a probability-based test, which requires you to answer 10 questions in 15 minutes. These questions involve knowledge of expected value, binomial probability, conditional probability (i.e. Bayes Theorem), and markov chains.

You can practice this type of interview with our Beat the Odds tool, and the content that will be examined in this OA can be found in our Probability for Quantitative Finance course.

Coding Assessment

You will be given a link to a programming interface, and are tasked with solving a computing problem in a programming language of your choice. This may require prior knowledge of maths and/or statistics to complete.

To prepare for the coding assessment, practice common interview questions with our technical programming questions.

Zap-Q Assessment

The Optiver Zap-Q Assessment is a multiple choice personality test, and is not really something you can 'practice' for. Here, you should aim to answer honestly. Authenticity is key!

Round 2: HR Interview

If you progress to this round, then congratulations! You're one step closer to becoming a quantitative researcher at Optiver.

The HR Interview is super crucial for your success at Optiver as a quantitative researcher. In the interview, you will discuss over the phone with a member of Optiver's HR team (who has a technical background, by the way) your qualifications, background, and skills, as well as your motivations for applying and cultural fit with the firm.

The following are types of questions that you may encounter in an HR Interview:

1. General Questions

General questions regarding your motivations, values, personality, and work style allow the interviewer to further understand how you will integrate into the work environment.

You can see examples of these types of questions in our common general questions list.

2. Background Questions

These questions dive into your previous work experience, projects, and education to get a better understanding of how you qualify for the role.

To see these types of questions, view common background questions.

This interview section is very overlooked. Make sure you deeply understand the Optiver's values and mission (as described above) before going into the interview.

Also, be confident and authentic, and prepare your experience and projects in an orgnaised and professional way.

Round 3: Take Home Assessment

You've made it so far! This round is perhaps the hardest round of Optiver's research interview process. You will be tasked by a quantitative researcher to analyse patterns within a particular set of securities.

The take home project is generally detailed as follows:

Project

You will be sent a take home assessment to completed in 3-7 days (depending on where you interview from). This take home assessment will have data of one or more assets.

Your goal is to find a statistical relationship within the asset(s), and develop a quantitative trading strategy, either manually or algorithmically, which capitalises on the discovered relationship, and generates a profit.

You will have to show your thought process in a python notebook (or equivalent in other languages), which will summarise your findings, present your code, and detail your algorithmic trading solutions.

In most cases, you will need to understand how to capitalise on relationships using algorithms in a programming language. You can practice for this take home assessment by trading on our Simulated Trading Exchange, and learn by doing with our Quantitative Trading in Python course.

Presentation

Now, you will be scheduled to present your findings infront of a HR member and an experienced researcher. You'll be asked questions on your thought process, what tests you completed, and why you came to your conclusions.

Then, you will be tasked to reflect on your research process, and what you could have done better given more time/preparation.

In this presentation, it is not only necessary to display your technical ability, but also the way you communicate your findings to others. This is a crucial skill that you must show in your presentation.

Overall, this round can be quite difficult if you do not have experience with any quantitative strategies. As such, we recommend you test out our trading on our Simulated Trading Exchange and learn from our Quantitative Trading in Python course for optimal preparation.

Final Round: Superday

It is a great achievement to make it to Optiver's final round, Superday. You should be proud! You are just one interview away from becoming a quantitative researcher at Optiver.

Optiver's Superday is the final round of Optiver's quantitative trading interview process, and is typically performed in their office. Typically, you will be participating with other candidates in a group on the same day.

In the superday, you will be tested rigorously on your mathematical and statistical abilities, and dive into your previous research and projects.

There are typically four stages to the superday interview:

HR and Researcher Chat

The HR and researcher chat is a conversational, casual interview to get a sense of your passions, qualifications, experience, how you would contribute to Optiver's mission, and Optiver's work environment. You will be interviewed by a recruiter, as well as an experienced quantitative researcher.

In this conversation, demonstrate your passion and curiousity for quantitative research. Ask insightful questions, regarding quantitative finance in general and insights into Optiver. And don't forget to just be yourself!

Technical Interview

In your technical interview, you will encounter brainteasers and probability questions that will assess your logical and reasoning abilities. You may come across the following questions:

Brainteasers - Be familiar with questions such as Light Gold and Flickering Bulbs, but more and more abstract and difficult questions include Poisoned Entrees, Shattering Glass, and Erasing Bias.
Interview Questions - Practice questions such as Tennis Game, Die Optimisation, and Defective Coin.

You will typically be partnered with an experienced researcher and trader, with one being the head of a particular domain of research. Remember to be patient, do not get stressed if you don't know the answer, and articulate your thought process clearly and concisely.

Project Deep Dive

In this interview, you go over a technical project/thesis that you have worked on in detail. You will have to explain the reason you made it, what problem it solves, what libraries and algorithms you used, and a demonstration of the working product.

Make sure you know your projects and research papers inside out! Often when you finish a project, you may forget how you solved specific problems. Make sure you remember your entire codebase/project base.

In-house Trading Simulation

In the in-house trading simulation, you are partnered with a group of other applicants, and are tasked to play a trading game, which involves in-person market making.

To succeed in this simulation, you must work effectively in a group setting, communicate your findings concisely, and solve problems quickly under pressure.

Success and Beyond

If you have made it this far, then congratulations! You have been selected to become a quantitative research at Optiver. You should be super proud.

Stay humble throughout your first few weeks of Optiver, continue embarking on your journey for continuous learning, and keep an open mind throughout your entire quantitative career. But for now, celebrate your win, you deserve it!

Closing Remarks

If you are feeling quite overwhelmed by the complexity and length of the Optiver quantitative research interview process, that is totally normal! By reading this, and understanding the interview process holistically, you have already gained a competitive advantage over most applicants.

To gain an even further advantage in the interview process, it is imperative that you start preparing early and stay consistent in your preparation. Many applicants fail to delegate adequate time for interview preparation, or overlook interview preparation in general, leading to failing throughout the interview process.

For competitive jobs, interviewing is a must-have skill. Please understand, quantitative research is a competitive industry, with only a select few that will fill in positions. To stand out, and maximise your chances of securing your dream position, you must prepare early.

Further, if you feel that you're not up for a quantitative research position at Optiver, the biggest mistake you can do is not apply! You miss all opportunities you do not take.

Overall, becoming a quantitative researcher at Optiver is a super fun, intriguing, and fulfilling career path, and with enough preparation and knowledge, you will be well-positioned to crack the interview process, and land the position.