Belvedere Trading hires Trader, Software Engineer and Quant. Candidates report 5 interview stages. Below: what each round tests and how to prepare, the timeline, roles and a 4-week prep plan, drawn from candidate reports and Belvedere Trading's own recruiting pages.
Belvedere Trading interview: quick answer
- Stages5
- Online assessmentTimed - 3 problems (30min + 1h + 1h)
- Final roundOnsite: Final rounds - the toughest reported problems
- RolesTrader, Software Engineer, Quant
Preparing for Belvedere Trading? Work the rounds in order in the free Belvedere Trading interview funnel, or start with the free online-assessment sample (no signup).
The Belvedere Trading interview process at a glance
| # | Round | Format and length | Prep |
|---|---|---|---|
| 1 | Recruiter Screen | Phone - background + fit | GuidePractice |
| 2 | Online Assessment / Coding | Timed - 3 problems (30min + 1h + 1h) | OA guidePractice |
| 3 | Probability & EV | 45-60 min - video | GuidePractice |
| 4 | Options & Market Making | 45-60 min - trading intuition | GuidePractice |
| 5 | Onsite Hardest Rounds | Final rounds - the toughest reported problems | Practice |
Stages are listed in the order candidates report them. Formats come from candidate reports and change between cycles, offices and teams; not every candidate sees every stage.
Every Belvedere Trading round: what it tests and how to prepare
1Recruiter Screen
An intro conversation about background and interest, sometimes with a quick technical warm-up.
- Trading candidates have a technical interview of about 45 minutes with a trader: probability, expected value and why trading.
- Have a specific answer to why Belvedere.
How to prepare
- Know why this firm / why the role.
- Warm up mental math + basics.
- Think aloud.
2Online Assessment / Coding
The signature SWE OA: order-book price ladder, trade aggregator, bundle arbitrage, max-profit-with-K-trades. Read carefully; test cases are sparse.
Question types: mostly coding, optimization and statistics, especially data structures, arrays, dynamic programming and simulation. Latest candidate report for this round: Jul 2026.
How to prepare
- Read the prompt carefully -- the OA punishes misreads more than algorithmic depth.
- Order-book + aggregation patterns recur.
- Handle ties/edge cases -- few sample tests are given.
Belvedere Trading online assessment guide →Practice this round (20 questions) →
3Probability & EV
Probability, expectation, combinatorics, and brain-teasers -- dice, coins, cards, races, Bayesian updates.
Question types: mostly probability, expectation and brain teasers, especially discrete probability, conditional probability, combinatorics and expected value. Latest candidate report for this round: Jul 2026.
How to prepare
- Bayesian updates -- posterior for which coin/outcome.
- Races + waiting times (first to roll a six, Penney).
- Fast EV under time pressure.
Full Probability & EV guide →Practice this round (33 questions) →
4Options & Market Making
Options basics, micro-price / order-book imbalance, game-theory decisions, and minimum-variance hedging.
- At the superday this comes up in a group market-making game against other candidates, often pricing an option on a dice game.
Question types: mostly market microstructure, game theory and options pricing, especially Bayes' theorem, conditional probability and expected value. Latest candidate report for this round: Nov 2025.
How to prepare
- Micro-price from order-book imbalance.
- Hedge ratios -- minimum-variance across correlated assets.
- Decision under uncertainty -- size sensibly.
Full Options & Market Making guide →Practice this round (6 questions) →
5Onsite: Hardest Rounds
The hardest reported Belvedere Trading problems across every topic.
- The Chicago superday combines several one-to-one interviews with traders and engineers and a group trading game. Manage the position you build and talk while you trade.
Question types: mostly options pricing, coding and game theory, especially expected value, Greeks, volatility and Black-Scholes. Latest candidate report for this round: Jul 2026.
How to prepare
- Expect the hardest variants across all topics.
- Stay composed under follow-ups.
- Connect the math back to the desk.
Practice the Belvedere Trading rounds in order
Each round in the Belvedere Trading funnel has its own practice set, with worked solutions and progress tracking. A free account saves your progress across rounds.
A 4-week Belvedere Trading prep plan
Built from the order of Belvedere Trading's rounds and the topics in each round's practice set. Compress it if your first interview is sooner.
| When | Focus | What to do |
|---|---|---|
| Week 1 | Foundations | Review coding, probability and expectation, the topics that dominate Belvedere Trading's practice sets. Start with Quant coding course and Probability course. Work the easy and medium questions in the Belvedere Trading question set. |
| Week 2 | Early rounds: Recruiter Screen, Online Assessment / Coding, Probability & EV and Options & Market Making | Practice coding, probability and expectation under time pressure, and take the free OA sample (format notes in the OA guide). Add a daily mental-math drill. Talk every answer through out loud; interviewers score the reasoning. |
| Week 3 | Later rounds: Onsite | Move to options pricing, game theory and expectation. Read how quant superdays work. |
| Week 4 | Rehearse the full loop | Run each practice round in order, redo the questions you missed, and prepare two project stories plus a specific answer to "why Belvedere Trading?" (see behavioral questions at trading firms). |
About Belvedere Trading
| Firm type | Proprietary options market maker |
|---|---|
| Trading style | Options + probability + engineering · Options market making |
| Founded | 2002 |
| Headquarters | Chicago, IL |
| Other offices | false |
| Capital | Proprietary (private) |
| Employees | ~400 |
| Reported performance | ~$250-400M/yr (est.) |
| Superday | In person in Chicago, with a group trading game |
Culture
A Chicago options market maker (index and equity options) with a strong technology team. Trading-floor energy with a heavy SWE-OA gate for engineers.
What the interviews feel like
A three-problem SWE online assessment gates engineers; traders/quants face probability, expectation, options, and market-making mental math.
Practice for Belvedere Trading on QuantVault
Practice
Courses
Games and drills
Further reading
- How quant superdays work
- Market-making game interview guide
- Behavioral questions at trading firms
- Mental math for trading interviews
- The quant interview process, explained
Similar firms to compare
Firms with a similar business and interview style. Many candidates interview at several of them in the same cycle.
Sources and how this guide is built
- Updated October 20, 2026; firm data last reviewed May 30, 2026.
- Round detail draws on 35 questions candidates report from Belvedere Trading interviews (the most recent report across all rounds is from Jul 2026). A separate curated Belvedere Trading question set of 60 problems collects the most useful practice for this firm.
- Belvedere Trading's own pages: Belvedere Trading careers.
- Public candidate reports and outside interview guides are cross-checked against each other. Where they disagree the page says "reports differ"; details from a single source are marked as candidate reports.
- No actual interview questions are reproduced on this page. The questions, with worked solutions, are in the practice rounds.
Belvedere Trading interview FAQ
How many rounds are in the Belvedere Trading interview?
Candidates report 5 stages: Recruiter Screen, Online Assessment / Coding, Probability & EV, Options & Market Making, Onsite. The exact number varies by cycle and team.
Is there an online assessment at Belvedere Trading?
Candidates report one: Timed - 3 problems (30min + 1h + 1h). The signature SWE OA: order-book price ladder, trade aggregator, bundle arbitrage, max-profit-with-K-trades. Read carefully; test cases are sparse.
How should I prepare for the Belvedere Trading interview?
Prepare round by round over about four weeks: foundations first, then the early rounds (Recruiter Screen, Online Assessment / Coding, Probability & EV), then the later rounds, then a full rehearsal. Each round has its own practice set on QuantVault, and the online assessment has a dedicated guide.
What does Belvedere Trading do?
Belvedere Trading is a proprietary options market maker headquartered in Chicago, IL.
Is there a trading game at Belvedere?
Yes. Candidates report a market-making game played against the other candidates at the superday, often pricing an option on a dice outcome.
Is the Belvedere superday in person?
Yes, in Chicago.
Start preparing for Belvedere Trading
Open the interactive Belvedere Trading interview funnel: every stage with its practice set, from the first screen to the final round. Create a free account to save your progress.