The Citadel Trading / Market-Making Simulation interview is stage 4 of 8 in the Citadel interview process, after the Behavioral / Culture-Add Round. Format: 45–60 min · interactive · trading & QT tracks. Trading/QT track: Citadel Securities runs live market-making simulations.
Preparing for this round? Open the Citadel Trading / Market-Making Simulation in the interview funnel. A free account saves your progress.
What the Trading / Market-Making Simulation tests
Quote a two-sided market on an uncertain value as the interviewer trades against you; update quotes and inventory as flow reveals information. Scored on quote discipline, inventory awareness, and clear reasoning under pressure over exact numbers.
- Citadel Securities quant trading candidates describe the final round as weighted toward market making.
Who takes this round: Quant Trader candidates. See the full Citadel process and who takes each round.
How to prepare for the Trading / Market-Making Simulation
- Track inventory out loud. If you're long, skew your quote down; show them you see your position and are managing it, not re-quoting blindly.
- Price from EV, then add edge. State the fair value, quote a spread around it, and widen the spread for adverse selection.
- Narrate every update. After a fill, say how it moves your view and your next quote — they grade the reasoning, not the realized P&L.
Further reading: Market-making game interview guide · How quant superdays work · Behavioral questions at trading firms.
Common mistakes
- Quote WIDE first, then tighten. Early on you don't know the value — over-tight quotes get picked off. Widen with uncertainty, narrow as flow reveals signal.
Prepare with QuantVault
The same round at similar firms
Compare with similar firms
Frequently asked questions
What is the Citadel Trading / Market-Making Simulation interview?
It is stage 4 of 8 in the Citadel interview process, after the Behavioral / Culture-Add Round. Format: 45–60 min · interactive · trading & QT tracks. Trading/QT track: Citadel Securities runs live market-making simulations. Quote a two-sided market on an uncertain value as the interviewer trades against you; update quotes and inventory as flow reveals information.
How long is the Citadel Trading / Market-Making Simulation interview?
Candidates report: 45–60 min · interactive · trading & QT tracks.
How should I prepare for the Citadel Trading / Market-Making Simulation interview?
Track inventory out loud. If you're long, skew your quote down; show them you see your position and are managing it, not re-quoting blindly. Price from EV, then add edge. State the fair value, quote a spread around it, and widen the spread for adverse selection.
What comes after the Trading / Market-Making Simulation?
The Super Day Quantitative Math (stage 5 of 8). Format: 60 min · whiteboard.
Practice the Citadel Trading / Market-Making Simulation round
Open the round in the Citadel funnel: the round notes, prep, and every other stage of the process.