Thanks
I sat the IMC tests in 2007 and got through to the last stage. The first test is an online test that is very basic maths and it timed, but you shouldn't have much trouble with it if you have reasonable arithmetic skills. They ask you questions like look at the chart and then do some percentage calculations, etc.
The second set of tests combines arithmetic and abstract reasoning. For the math questions you have 30mins (if i recall correctly) to do 30q's. You can only use you head and can't write anything down. They start with easy ones like 5 x 25...and by then end would br something like 2500/75 and answer to 3 decimal places.
The third set of tests comprise of an interview, a phone test and a computer game. the phone test is other market makers on the other end of the phone asking if you would buy/sell options at specific prices and you are given the theoretical values. You also have to stay within a risk budget. in the computer game you run a pizza store and need to decide which pizza's to make and ingredients to buy. Each time period the costs of both change and the idea is to make as much $$$ as possible.
To get to the last stage last year you had to be in the top 10 of the people who sat the second stage exams (there were about 60-70 that sat them). On another note, when you say you want to be a trader, you need to be more specific as IMC is great if you want to be a market maker and run a very risk averse flat book. However, if you want to be a position trader/speculator, then you might want to look elsewhere.
Finally, I don;t want to sound too preachy, but don't let a firms entrance exams put you off. Who gives a flying f##k if you fail.
Thanks so much for this Grant 3103...
I am ever so greatful. I am certain that I want to be a market maker because I want to be a trader, and am quite risk averse at the same time (I hope this is not to ironic)..
The insight you have provided me is great and the last thing I want to be is too demanding or naggy - but, please understand that I am really desperate to get into IMC Pacific. I hear that they are a great firm to work for, the hours are excellent, and you are well rewarded for your performance (assuming you perform).
I currently work as a corporate lawyer and have about 1.5 years experience. I am totally sick of it and realise that it was the wrong career choice for me. There is no excitement at all, and it is very blackletter.
If there are anymore tips or insights you could give me about what I would have to do to pass these exams, I would forever be indebted. Thanks so much.
In relation to the second round exams, are there very difficult questions like multiplying 3 digit numbers by 3 digit numbers. The examples of the questions you outlined above seem quite reasonable (I hope I am not being too presumptuous??). Could you please give me some examples of the types of most difficult questions they ask? Also, what are the abstract reasoning questions like?? ie, rearranging match sticks to make a pattern, number patterns, etc??
Also, in relation to the phone test, and pizza test - how the hell am I supposed to tackle these.... are there any tips you could give me??
Thanks so much for all your advice... and trust me, you are no preacher. All your insights are well recieved and much appreciated. Trust me.
Once again, thanks so much