Akuna Capital interview prep
Akuna Capital interviews blend probability, derivatives basics, and trading intuition.
TRY A PROBLEM NOW · NO SIGNUP
In the classical secretary problem, as n → ∞, what fraction should you reject outright before accepting the next best-so-far candidate?
WHAT AKUNA FOCUSES ON
- ·Probability brainteasers
- ·Options and derivatives intuition
- ·Mental math and arithmetic fluency
- ·Game theory and market-making logic
- ·Python / programming basics for relevant roles
INTERVIEW OVERVIEW
Akuna Capital is a Chicago-based options-focused trading firm with a reputation for conversational but technically demanding interviews. The process blends classic probability brainteasers with derivatives-specific questions (the Greeks, put-call parity, Black-Scholes intuition) for any role that touches options directly. Developer and quant-dev roles add a programming layer — Python fluency is common. Candidates who pass typically arrive with three things: a solid probability foundation (the standard brainteaser toolkit), at least conceptual comfort with how options work (what each Greek represents, how it moves with underlying price and volatility), and for technical roles, clean code under time pressure. Akuna's culture is described as friendlier than the Dutch market-makers — direct but less adversarial — but the technical bar is real. QuantPrep covers probability thoroughly and has growing coverage of options-related questions.
INTERVIEW STRUCTURE
HackerRank-style for developer / quant-dev roles: probability plus coding. For trader roles: probability and mental math. Time pressure is real but not extreme.
Typically 45–60 minutes. Probability brainteasers, options intuition questions (for options-touching roles), and for developer roles one or two coding problems.
On-site in Chicago (or virtual). Multiple back-to-back interviews covering technical depth, behavioural / cultural fit, and often a trading game or case study for trading-track candidates.
SAMPLE PROBLEM TYPES
Representative of what Akuna interviewers ask. Drill these and their variants on QuantPrep.
You hold a call option on a stock. The stock price doesn't move but implied volatility drops. What happens to the option value, and why? (Vega is positive for long options; value decreases. Tests whether you understand the Greek as a directional sensitivity, not just a formula.)
You're offered a game: roll two fair dice; if the sum is 7, you win £10; if it's 2 or 12, you lose £20; otherwise nothing happens. Expected value? (1/6 × 10 - 2/36 × 20 = 10/6 - 40/36 ≈ £0.56.)
You have a standard deck of 52 cards. You draw 5 cards. What's the probability of exactly one pair (e.g., two kings and three other non-matching cards)? (A standard poker combinatorics problem — tests whether you can count ordered vs. unordered selections cleanly.)
A stock trades at £100, a call with strike £100 expiring in 3 months is priced at £5, and the risk-free rate is 4%. What is the fair value of the corresponding put? (C + PV(K) = P + S; solve for P ≈ £4.01.)
HOW TO PREPARE
- ·For options-touching roles: read Hull's Options, Futures, and Other Derivatives through chapter 10 (put-call parity, Greeks, basic pricing intuition). Don't get bogged down in PDEs; focus on intuition.
- ·Know the Greeks well enough to predict their sign (not value) for standard option positions — this is the most common options interview question.
- ·For developer roles: practise Python HackerRank problems, particularly those involving data structures and probability simulation.
- ·Drill mental math on zetamac — Akuna's pace is less extreme than Optiver's but arithmetic errors still hurt.
- ·Prepare to discuss why trading / market-making / options specifically — cultural fit is probed.
COMMON MISTAKES
- ×Memorising Black-Scholes without understanding it. Interviewers probe intuition, not the formula.
- ×Confusing signs on Greeks. A long call has positive delta, positive gamma, positive vega, negative theta — mixing these up is a fast way to fail.
- ×Neglecting coding prep for developer roles. Strong probability doesn't compensate for a bricked coding round.
- ×Being vague on trading motivation. Akuna favours candidates who specifically want options trading over quant generalists.
FAQ
Black-Scholes intuition, the Greeks (delta, gamma, theta, vega), put-call parity, and how option values change with volatility and time. QuantPrep covers these at introductory-to-intermediate depth.
Different emphasis. Trader interviews lean on probability and mental math; developer interviews add programming and systems questions. Both share the quantitative brainteaser layer.
Strong probability foundation plus options-specific intuition. Use QuantPrep for the probability / brainteaser half; supplement with Hull or Natenberg for options depth.
Chicago headquarters; additional offices in Sydney, Shanghai, and Boston. Most new hires train in Chicago regardless of final desk location.
Python is dominant for research and some trading tooling; C++ for performance-critical systems. Developer interviews typically allow Python by default.
Yes — structured summer internships in Chicago with direct conversion pipelines for most roles. Internship interview process mirrors full-time at reduced intensity.
Selective but typically slightly less extreme than Jane Street or Citadel at the top of the funnel. Bar is still high; candidates who underestimate often fail the probability round.
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