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Optiver Trader Interview Guide

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

Introduction

Becoming a quantitative trader at Optiver is an incredibly esteemed and intellectually stimulating career path. As a quantitative trader at Optiver, you will be empowered to leverage mathematics and problem solving to make real-time trades and monitor algorithms that directly impact Optiver's profitability.

This guide will take you through Optiver's values and work culture, the prerequisites, and Optiver's interview process to become a trader. 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.

Trading 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 traders 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 with any quantitative trading position, the work will be rigorous, competitive, and exhilerating all at once, which can be exhausting. However, Optiver understands the challenging, day-in day-out nature of quantitative trading, and ensures the individual, coupled with their talent, are nurtured and empowered.

Your Background

In general, to become a quantitative trader at Optiver, you must meet 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 trading internship or graduate position at Optiver, 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
Experience in competitive and strategic environments (sports, chess, etc)
Basic probability understanding
Basic python programming

To learn or reinforce fundamental 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:

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
Advanced quantitative, logical, and problem solving skills
Advanced understanding of python programming and probability theory
High GPA within your degree

Please note that these are a few attributes that would be beneficial to improve your chances of landing a quantitative trading 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.

To learn and reinforce your programming & probability skills, learn by doing with our courses in Python Programming for Traders, and probability for quantitative finance.

Your Application

Optiver's application structure can be quite overwhelming for those who have never seen it, especially when coupled with the difficulty of the OAs and interviews thereafter. Therefore, it is imperative to study the application process to get a competitive advantage.

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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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 trader at Optiver.

The HR Interview is super crucial for your success at Optiver as a trader. 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: Technical Interview

You've made it so far! This round is perhaps the hardest round of Optiver's trading interview process. You will be interviewed by an experienced quantitative trader, and will undergo a set of comprehensive and rigorous assessments to test your quantitative skills, probability, and understanding of basic market dynamics.

This interview is generally delegated as follows:

Motivational and General Questions

Similar to the HR interview, the technical interview opens with some general questions regarding why you applied to Optiver, why you chose the trading stream, what you value in a work environment, etc.

Again, you can find these types of questions in our general questions section and our background questions section.

Probability Interview Questions

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 10% 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.

Live Trading Simulations

Optiver has real-time trading simulations in their interviews, called 'Optinomicons'. These change every year, but common examples include:

Sports Betting - you will bet on a particular sports market, by either finding the correct signals, or placing bets on both sides of the market. However, the odds will be changing over time, so you must manage the fluctuation in odds, or even use it to your own advantage.
Card Game - You will be tasked to buy or short a card based on it's value (2 to 14). You will be required to quickly calculate expected values under pressure, and provide profitable solutions.

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.

Optiver 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

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 trader 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 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 Optiver's mission, and Optiver'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 Optiver. 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 and Beyond

If you have made it this far, then congratulations! You have been selected to become a quantitative trader at Optiver. Feels great, doesn't it?

However, despite coming so far to reach this point, it's certainly not the end of the struggle within your quantitative journey. If you are accepted into the internship program, you must stand out in order to recieve a graduate offer.

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 trading 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 absolute 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 Optiver, the biggest mistake you can do is not apply! You miss all opportunities you do not take. And understand that all successful traders have imposter syndrome at many points within their career.

Overall, becoming a quantitative trader at Optiver is a highly 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.