Discussion in 'Prop Firms' started by IUgrad05, Apr 7, 2006.

  1. IUgrad05


    I have a testmeeting with Optiver in Chicago on May 2nd. During this meeting I will have to pass three math tests (1st test: 80 questions in 8 mins, 2nd test: 26 questions in 30 mins, 3rd test: 40 questions in 10 mins) before being interviewed. Has anybody gone through the interview process with Optiver? If so, what should I expect in terms of math and interview questions asked?
  2. I would suggest studying pretty hard, hopefully as just a "refresher" to some pretty high level mathematics. I just cut this from the 2005 MIT recruiting fair:

    Employer Description:
    Optiver is an independent trading house with offices in Chicago, Amsterdam, London, Sydney and Antwerp. Our core-business is global trading, dealing mainly in derivatives, shares and bonds. We do not speculate on value increase or decrease of stock, but take care of arbitrage between products and markets. Optiver was established in 1986 and we now employ 180 people world wide. Nowadays, the company is a leading proprietary trading organisation. We have always placed a strong emphasis on a superior understanding of the dynamics of derivatives pricing and markets. Optiver combines expertise, leading-edge information and analysis technology. We are looking for market makers. This is an excellent opportunity for bright and ambitious individuals who have extraordinary analytical skills, to join a challenging and often demanding business. As a market maker and member of the Optiver team, your role will be to price and trade financial options, build and maintain positions in derivatives and equities, and improve models, risk-management and methods of trading. For more information and other (ICT-)vacancies, please have a look at our website: www.optiver.com

    Majors Recruiting:

    Good Luck with your testing....

  3. Yea - these firms are notoriously competitive - often founded by former traders from powerhouse prop firms like SIG, SAC, etc.

    Jane Street Capital in NYC is another similar firm - former SIG guys.
  4. Hello Elite Traders:

    I have been a member of Elite Trader for some time but never felt as though I had much to offer everyone, but now I thought I would add my first reply to this Optiver thread since I took the test yesterday and thought I would give some insight to the community about my experience.

    Yesterday there were at least 8 applicants for the test (5 leaving as I was arriving, and 3 including myself to take the test at the time I was scheduled in for). Nobody passed the test. The HR woman who administered the test advised our group that since she started 3 months ago only 3 people have passed the test so far. She advised that 15% of the people who take the tess pass it. You will not be aloud to retake the test if you fail it.

    When given the test, the answer form (where you mark A,B,C, or D for the answers to the math questions) is in Dutch, however, the test adminstrator will intrepret the blanks for name, sex, age and highest degree attined (or near completion of). It was not explained clearly that as soon as the test began that the first page was the example page - so make sure that you are past the example page when you begin the test. The test lasts 8 minutes. Another aspect of the test that I found a little confusing was the fact that they use a "," instead of a "." for a decimal point on the test. That threw me off at first as the questions may be presented as 0,034 X 0,2 (instead of 0.034 X 0.2), and also be aware that they use a ":" symbol for division instead of a "/" or "÷" symbol (i.e. 834 : 12 instead of 834 ÷ 12 etc). There are fraction questions on the test (i.e. 17/64 - 4/32) as well.

    If you are not a complete math whiz, I suggest reading 'The Trachtenberg Speed System of Basic Mathematics', and use it for a while before applying for this position - I did not have enough time to read the entire book (only read part) and become proficient with the system, but think that if I would have used his method as opposed to the conventional methods taught in schools I probably would have done better (but as I mentioned it will take a while to get good at this speed math system so I advise getting good at it before applying as you only have one chance to take Optiver's test). If you read the book, I suggest you read all of the comments by people who have read & reviewed the book - one of them mentiones to skip chapter one, and I agree.

    If you pass the first test I have been led to believe that one of the other two tests you will take next will be over numeric reasoning skills. I read most of an ebook that I bought from http://www.iqproblems.com/iq_browse...ut&PHPSESSID=46ba501c4bf8647e8f15ff6af33a2c53 who explains how to handle these types of problems.

    I have heard that the third test is a more in depth math test, but is based on larger numbers than the first test, but sounds like it may possibly be more focused on ability to figure large problems accurately as opposed to speed.

    For further information on optiver, I also suggest you check out their website: http://www.optiver.com - I sent away for their informational booklet that provides more info about the company.

    Also, one final point I wanted to make mention of is that Optiver goes to college campuses to recruit, like MIT etc, so the competition is tough - yet not impossible, so be prepared as well as possible.

    Best wishes & take care,

    Randall K:)
  5. Hi . I had a test meeting with Optiver in London today. I didn't pass. The pass ratio here was even worse. There were around 45 people, and only two passed with another two people be put on hold, who are said their results were in the grey zone, but still were invited to the second round test.

    I'm just wondering how many questions have you attempted? ( out of 80) . I reached 53, but the guy who was sitting next to me reach around 60, and he passed! It's just a pity I didn't do fast enough.

  6. I think you should feel great for reaching 53. I took the test in Chicago (and failed) where you at least had to get 50 right. This is after the questions that were skipped or missed.
  7. uh, with those calculations they might want u to rebate otc pennies below $1 to death, innit[?]

  8. I was offered a position while ago, they wanted me to move to Amsterdam for like 6 months so I kicked the job.

    They just called me in telling me they were interested in meeting me... I still don't know what the position was about. I had been drinking hard the day before (I used to drink a lot... like everyday... in Chicago)...

    The people are nice. It's a little different from the other Chicago firms.

    They were just opening the office on Wacker and needed staff so I didn't take the test... Come to think of it... I think it was a IT position, why would they want a system trader to move to Europe for?
  9. *****Wow Ting - I'm scared of you!!!! :) *******
    My Hats off to you Ting as I think I only answered about 35, and more than I would like to admit were guesses... You are a very bright guy, and I am sure you will be a success with your abilities.
    Don't give up man!
    Randy K
  10. well. i think the pass score is at least 55, or possibly even 60, becuase i'm quite confident with my accuracy. So still have a way to go i the future.
    #10     May 4, 2006