IMC Trader Interview Guide
Understand the qualifications and background you need to become a quantitative trader at IMC Trading.
Introduction
A career in Quantitative Trading at IMC is a dynamic, fast-paced journey where you'll take on real-world challenges, leverage the latest technological advancements, and see a direct impact of your decisions.
In this guide, we will take you through IMC Trading's interview process, culture, and the prerequisites you must achieve to land a quantitative trading role. We will also provide you with resources and advice to help boost your application, and maximise your chances to break into quantitative trading at IMC.
About IMC Trading
IMC Financial Markets, more commonly known as IMC Trading, is a proprietary trading firm and globally renowned market maker for various financial instruments listed on exchanges throughout the world. Founded in 1989 at the floor of the Equity Options Exchange, two founders employed cutting edge technology to disrupt several global exchanges.
Fast forward to 36 years later - IMC employs 1500 people in six locations globally, including Chicago, Amsterdam, Sydney, London, Zug, and Mumbai.
As a quantitative trader, you will implement quantitative methods and mathematical strategies to make markets and directly impact profitability at IMC Trading.
Successful Traders at IMC are critical thinkers who are able to break down problems, and can make clear and rational decisions to develop high quality solutions in fast-paced environments. While quantitative skills are important, social skills and communication under pressure are just as crucial.
Your Background
Before applying to IMC Trading, you must meet the following requirements:
- Are working toward a Bachelor's degree in Science, Engineering, Mathematics, Statistics, Actuaries, Finance or Economics, with a minimum Distinction average
- Are in your penultimate or final round of your degree
- Strong quantitative and analytical skills
- The ability to make decisions in the myst of uncertainty
- A burning passion for numbers and financial markets
Please note that IMC Trading does not require that you have prior knowledge or experience in financial markets.
While it is good to have the prerequisites, you must also focus on developing particular qualities that IMC Trading values distinctively in their quantitative traders. To be more competitive within the interview process, consider these attributes and qualifications:
- Experience in competitive and high-pressure environments to a high/professional standard (e.g. sports, chess, poker, esports, and so on)
- Strong projects that demonstrate your passion for quantitative domains and problem solving
- Strong probability and statistics knowledge
- Programming skills are always a bonus
- A competitive GPA and distinctive academic record
Let it be known that these are a few attributes that would be beneficial to improve your chances of landing a quantitative trading position at IMC Trading. There are multiple other experiences/qualifications that will also be beneficial, but the qualities from these attributes are highly sought out at proprietary trading firms like IMC Trading.
If you would like to refresh or learn fundamental programming concepts, learn by doing with our courses in Python Programming for Traders and Probability for Quantitative Finance.
Your Application
IMC Trading's application structure is relatively simple, yet still difficult. It is important you understand the application process, to know what to expect, and get a competitive advantage over unprepared applicants.
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 five online assessments. These assessments are detailed below:
The online assessments are detailed as follows:
Saville Aptitude OA
The Saville Online Assessment is a set of psychometric ability tests, which include numerical, verbal, and diagrammatic problems. They are typically called 'Swift Aptitude Tests', since each one takes 6-15 minutes to complete.
The type of Saville Tests you may recieve depend on where you are located, and which year you are taking the test, since they change constantly. We recommend you view Graduates First Guide on the Saville Aptitude Tests, and become familiar which each type of test before completing.
NeurOlympics OA
The NeurOlympics Online Assessment is a series of games which test your decision-making, attention, memory, problem-solving, planning, organization, and your speed of processing.
Both of these tests are designed to cull a great deal of applicants. They are purposefully hard, so make sure you sleep well before you take these tests, and ensure there are no distractions in your surrounding when you complete them.
Overall, when you are going through these online assessments, make sure you do the following:
- Accuracy over speed - If you are in a time-pressuring situation, ensure you get each question right. You do not want to rush over questions.
- Do not panic - If you did not do well for a component of the test, do not let that get to you! Stay patient and focused, and you will do better for the remaining tests.
It is so important that you do these OAs well. IMC Trading may not consider you again if you do poorly on these assessments!
Round 2: Screening Interview
The HR Interview is the final round, but super crucial for your success at IMC Trading as a quantitative trader In the interview, you will discuss over the phone with a member of IMC Trading'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 IMC Trading'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: Technical Interview
If you have made it this far, you should be proud! You only have one more technical interview to go. However, this is perhaps the hardest interview.
In your quantitative trading interview, expect to be challenged with probability based questions that cover expected value, binomial distributions, conditional probability (Baye's Theorem), and markov chains.
The most general types of probability questions that will be asked include Tennis Game, Die Optimisation, and Defective Coin.
For more probability interview questions which may appear in your trading interview, view our comprehensive list of probability interview questions.
Brainteasers
Brainteasers are a special, abstract type of question requires unique, out-of-the-box, abstract problem solving skills.
Nutorious examples of these types of questions include Light Gold and Flickering Bulbs, but more difficult and abstract brainteasers that are more likely to be asked include Poisoned Entrees, Shattering Glass, and Erasing Bias.
For more brainteasers which may appear in your trading interview, view our comprehensive list of brainteasers.
Risk Management Questions
In quantitative trading, not only is obtaining expected value important, but also your ability to navigate risk. This is to ensure you don't take big losses that could heavily damage your bankroll in short, unlucky bursts.
For example, if you have a trading strategy that is positive expected value, but you have a 25% chance of losing all your money and going bankrupt at any given time, then it is not a very good strategy.
Types of questions that encapsulate risk management include Exponential Wins and Shooting Hoops.
Market Making Simulations
In your trading interview, you may be tasked to create a model that participates in a given market at all times, constantly buying and selling, and adapting your prices to ensure you remain profitable.
IMC Trading is a market maker. Therefore, it is imperative you understand the in's and out's of this trading paradigm. View our lesson on market making in our Algorithmic Trading Course.
Random Quick Maths Questions
In your interview, you may be asked a mental maths question out of the blue, to test your reaction skills and your ability to navigate uncertainty.
For example, you may be asked, "What is 7 * 14?", or, "What is the square root of 225?".
It is important that you keep 'on your toes' and switched on in your interview, and ensure that you're ready for anything that comes your way.
Overall, this is arguably the most challenging interview, as it requires focus, patience, level-headedness, and ability to perform under pressure. However, with our preparation resources, you will be well-positioned to pass this interview, and advance to the next stage.
Final round: Superday
Congratulations! You made it to final round.
It is a great achievement to make it to IMC Trading's final round, Superday. You should be proud! You are just one interview away from becoming a quantitative trader at IMC Trading.
IMC Trading's Superday is the final round of IMC Trading'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 again be rigorously tested in quantitative domains, such as probability, expected value, market dynamics, problem solving under pressure and more.
There are typically three stages to the superday interview:
HR and Trader Chat
The HR and trader Chat is a conversational, casual interview to get a sense of your passions, qualifications, experience, how you would contribute to IMC Trading's mission, and IMC Trading's work environment. You will be interviewed by a recruiter, as well as an experienced trader.
In this conversation, demonstrate your passion and curiousity for quantitative trading. Ask insightful questions, regarding quantitative trading in general and insights into IMC Trading. And don't forget to just be yourself!
Technical Interview
This is your final technical interview, so make it count! This interview further assesses your quantitative and problem solving skills. The problems will likely be variations from previous stages, i.e. brainteasers and probability interview questions.
You will be partnered with two experienced traders, with one being the head of a particular domain of trading. Remember to be patient, do not get stressed if you don't know the answer, and articulate your thought process clearly and concisely.
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, similar to the market making/trading games in round 3, except in-person.
What differentiates this trading simulation from previous rounds, is that you must work in a group setting, effectively communicate your findings, and solve problems quickly under pressure.
Success!
If you made it to the end, then congratulations! You are now a quantitative trader at IMC Trading. You worked hard, and deserve to celebrate!
Going beyond, in your first few weeks, make a good impression by demontrating your views in continuous learning, staying humble, displaying humility, and listening to the experienced quantitative traders. Be receptive to advice throughout your quantitative career!
Closing Remarks
If you are feeling quite overwhelmed by the complexity and length of the IMC Trading's 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 their demise in the interview process.
For competitive jobs, interviewing is a must-have skill. Please understand, quantitative trading is a super 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 trading position at IMC, the biggest mistake you can do is not apply! You miss all opportunities you do not take. And understand that all successful quantitative traders have imposter syndrome at many points within their career.
Overall, becoming a quantitative trader at IMC Trading is a highly fascinating and lucrative career path, and with enough preparation and knowledge, you will be well-positioned to crack the interview process, and become a quantitative trader yourself.
