DRW hires Quant Trader, Quant Researcher and Software Engineer. Candidates report 5 to 6 interview stages depending on the track (6 distinct rounds across all tracks). Below: what each round tests and how to prepare, the path by track, the timeline, pay and a 4-week prep plan, drawn from candidate reports and DRW's own recruiting pages.
DRW interview: quick answer
- StagesBy track: Quant Trader: 5 · Quant Researcher: 5 · Software Engineer: 6 (6 distinct rounds across all tracks)
- Online assessment45 min - QR/QT math (6 fill-in) OR 150 min - SDE (3 coding)
- TimelineDRW reviews applications on a rolling basis and recommends applying early.
- Final roundOnsite / Final Rounds: Multiple rounds - full technical bar
- Pay (candidate-reported)Quant Trader, New grad: $200k - $450k total comp
- RolesQuant Trader, Quant Researcher, Software Engineer
Preparing for DRW? Work the rounds in order in the free DRW interview funnel, or start with the free online-assessment sample (no signup).
The DRW interview process at a glance
| # | Round | Format and length | Who takes it | Prep |
|---|---|---|---|---|
| 1 | Online Assessment | 45 min - QR/QT math (6 fill-in) OR 150 min - SDE (3 coding) | All tracks | OA guidePractice |
| 2 | Recruiter / Phone Screen | Phone - behavioral + light technical | All tracks | Practice |
| 3 | Probability & Brain-Teasers | 45-60 min - video | All tracks | GuidePractice |
| 4 | Trading Intuition & Market Making | 45-60 min - estimation + games | All tracks | GuidePractice |
| 5 | Coding | 60 min - algorithms | Software Engineer | GuidePractice |
| 6 | Onsite / Final Rounds | Multiple rounds - full technical bar | All tracks | GuidePractice |
Stages are listed in the order candidates report them. Formats come from candidate reports and change between cycles, offices and teams; the "Who takes it" column shows which track each round belongs to.
How the DRW process differs by track
DRW runs separate loops for different roles. Here is the path each track reports, in order:
- Quant Trader (5 stages): Online Assessment → Recruiter / Phone Screen → Probability & Brain-Teasers → Trading Intuition & Market Making → Onsite / Final Rounds
- Quant Researcher (5 stages): Online Assessment → Recruiter / Phone Screen → Probability & Brain-Teasers → Trading Intuition & Market Making → Onsite / Final Rounds
- Software Engineer (6 stages): Online Assessment → Recruiter / Phone Screen → Probability & Brain-Teasers → Trading Intuition & Market Making → Coding → Onsite / Final Rounds
Not sure which track fits you? See quant trader vs quant researcher.
Every DRW round: what it tests and how to prepare
1Online Assessment
DRW's first filter is track-dependent. Quant Research / Quant Trader candidates get a 45-minute, ~6-problem math + probability assessment. Software candidates get a 150-minute, 3-problem coding OA (no hidden-test feedback). Take the timed bank below.
How to prepare
- QR/QT: speed + accuracy on short math - 6 problems in 45 minutes, so recognize the family fast.
- SDE: 150 min, 3 problems, no feedback - test your own edge cases; correctness counts more than cleverness.
- Fill-in, not multiple choice - carry exact fractions/decimals and double-check arithmetic.
2Recruiter / Phone Screen
An intro conversation about background and interest in trading, sometimes with a quick probability or mental-math warm-up.
- DRW's process has one interview of about 45 minutes, by phone or Zoom, between the at-home challenge and the final.
How to prepare
- Know why trading / why DRW and which asset classes interest you.
- Warm up mental math and basic probability.
- Think aloud -- they reward clear reasoning.
4Trading Intuition & Market Making
Market-making estimation drills (quote a market, update on responses), options/finance basics, and game theory. Trading sense over formulas.
Question types: mostly finance, game theory and market microstructure, especially portfolio theory, expected value, adverse selection and correlation. Latest candidate report for this round: Jul 2026.
How to prepare
- Iterated market-making -- quote, then update your estimate on the counterparty's action.
- Game theory -- pirate game, guess 2/3 of the average, AKQ poker, biased Penney's game.
- Options/finance basics -- implied probabilities, overround, Kelly with costs.
Full Trading Intuition & Market Making guide →Practice this round (18 questions) →
5Coding
For engineering roles: clean algorithm and data-structure problems (and often C++). State complexity and optimize.
Question types: mostly coding and market microstructure, especially data structures, complexity analysis and sorting and searching. Latest candidate report for this round: Jul 2026.
How to prepare
- State complexity first, then optimize.
- Data-structure design -- streaming medians, matching engines.
- Know your language internals (C++ if applicable).
6Onsite / Final Rounds
The full loop spans probability, brain-teasers, trading intuition, options/game theory, and coding. This round surfaces the complete set of reported DRW problems across all topics.
- For interns the final is two days: an intro and technical challenge on the first afternoon, then a full day of interviews.
- Traders code a quantitative problem in Python, trade in a simulation, and rotate through technical interviews.
Question types: mostly linear algebra, machine learning and expectation, especially matrix operations, eigenvalues, variance and conditional probability. Latest candidate report for this round: Sep 2026.
How to prepare
- Breadth + speed across probability, trading intuition, and coding.
- Articulate intuition first -- the marking rubric rewards the fast insight.
- Stay sharp under follow-ups.
Full Onsite / Final Rounds guide →Practice this round (34 questions) →
Practice the DRW rounds in order
Each round in the DRW funnel has its own practice set, with worked solutions and progress tracking. A free account saves your progress across rounds.
Timeline
DRW reviews applications on a rolling basis and recommends applying early.
Intern vs full-time
DRW's campus page describes a ten-week internship with housing. The two-day final round is described for intern candidates.
A 4-week DRW prep plan
Built from the order of DRW's rounds on the Quant Trader path and the topics in each round's practice set. Compress it if your first interview is sooner. Other tracks can swap in their own rounds from the table above.
| When | Focus | What to do |
|---|---|---|
| Week 1 | Foundations | Review expectation, probability and finance, the topics that dominate DRW's practice sets. Start with Probability course and Markets field guide course. Work the easy and medium questions in the DRW question set. |
| Week 2 | Early rounds: Online Assessment, Recruiter / Phone Screen, Probability & Brain-Teasers and Trading Intuition & Market Making | Practice expectation, probability and finance 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 / Final Rounds | Move to linear algebra, machine learning and finance. Do timed coding sessions in your interview language. 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 DRW?" (see behavioral questions at trading firms). |
DRW pay
| Role | Level | Total comp | Notes |
|---|---|---|---|
| Quant Trader | New grad | $200k - $450k | Base + sign-on + desk-driven bonus. |
| Software Engineer | New grad | $180k - $350k | Strong engineering comp. |
Total compensation means base salary plus bonus and any sign-on, as candidates self-report it. Job postings usually show base salary only, so posted figures and outside salary pages often look lower. Rough ranges, NOT offers. Prop-trading comp is bonus-heavy and desk-dependent. Source: Candidate self-reports (levels.fyi, Glassdoor, and candidate forums) -- not employer-verified. Last updated May 30, 2026.
Full breakdown by level: DRW salary guide.
DRW teams and what their interviews test
DRW hires Quant Traders, Quant Researchers, and Software Engineers across many asset classes. Trading leans on probability, expectation, and market-making intuition; research adds statistics; engineering adds coding and C++. All share a probability + trading-sense bar.
| Tracks | What it does | What its interviews test |
|---|---|---|
| Quant Trader Trader | Market making and prop trading across asset classes. | Probability, expectation, brain-teasers, market-making estimation, options and game theory. |
| Quant Researcher Quant Researcher | Signal and strategy research. | Probability, statistics, and regression with trading context. |
| Software Engineer Software Engineer | Trading systems and infrastructure. | Coding, data structures, and (often) C++ plus probability. |
About DRW
| Firm type | Diversified principal trading firm |
|---|---|
| Trading style | Trading intuition + probability + engineering · Market making + medium-frequency |
| Founded | 1992 |
| Headquarters | Chicago, IL |
| Other offices | false |
| Capital | Proprietary (private) |
| Employees | ~2,000 |
| Reported performance | ~$1-2B/yr (est.); 2024 a strong year |
| Official steps | CV-only rolling application, a timed at-home challenge, a 45-minute phone or Zoom interview, then the final round |
| Final round | Two days for interns: an afternoon intro and technical challenge, then a full day of interviews |
Founded 1992 by Don Wilson
DRW is a principal trading firm trading its own capital across options, futures, fixed income, cryptocurrency (via Cumberland), real estate, and venture. It is one of Chicago's flagship trading firms.
Pod-based - desk matters, FICC options is the standout
DRW is organized into many semi-autonomous desks across a wide range of businesses. Experience and comp are highly desk-dependent; the FICC options desk is widely regarded as the strongest team. Firm-wide performance has been comparatively soft recently, so which desk you join matters more than the brand.
Recent performance difficulty
Several desks have hit a rough performance stretch recently. Still a serious firm, but diligence the specific team you would join.
Culture
Founded by Don Wilson, DRW trades its own capital across many asset classes. Entrepreneurial and trading-driven, with a strong probability + market-intuition interview bar.
What the interviews feel like
Probabilistic and practical. Expect probability and expectation, brain-teasers, trading-intuition and market-making questions, options basics, game theory, and -- for engineers -- clean coding. Iterated market-making estimation drills are a signature.
Practice for DRW 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
- C++ and low-latency interview questions
- Fermi estimation questions
- 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; pay last updated May 30, 2026.
- Round detail draws on 65 questions candidates report from DRW interviews (the most recent report across all rounds is from Sep 2026). A separate curated DRW question set of 27 problems collects the most useful practice for this firm.
- DRW's own pages: DRW on campus.
- 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.
DRW interview FAQ
How long does the DRW interview process take?
DRW reviews applications on a rolling basis and recommends applying early.
Is there an online assessment at DRW?
Candidates report one: 45 min - QR/QT math (6 fill-in) OR 150 min - SDE (3 coding). DRW's first filter is track-dependent. Quant Research / Quant Trader candidates get a 45-minute, ~6-problem math + probability assessment.
What happens in the DRW final round?
Onsite / Final Rounds (Multiple rounds - full technical bar). The full loop spans probability, brain-teasers, trading intuition, options/game theory, and coding. This round surfaces the complete set of reported DRW problems across all topics.
Does the DRW process differ by role?
Yes. Quant Trader: Online Assessment, Recruiter / Phone Screen, Probability & Brain-Teasers, Trading Intuition & Market Making, Onsite / Final Rounds. Quant Researcher: Online Assessment, Recruiter / Phone Screen, Probability & Brain-Teasers, Trading Intuition & Market Making, Onsite / Final Rounds. Software Engineer: Online Assessment, Recruiter / Phone Screen, Probability & Brain-Teasers, Trading Intuition & Market Making, Coding, Onsite / Final Rounds.
How much does DRW pay?
Candidate-reported total compensation: Quant Trader (New grad) $200k - $450k; Software Engineer (New grad) $180k - $350k. These are self-reported totals including bonus, not offers; job postings usually list base salary only.
How should I prepare for the DRW interview?
Prepare round by round over about four weeks: foundations first, then the early rounds (Online Assessment, Recruiter / Phone Screen, Probability & Brain-Teasers), 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 DRW do?
DRW is a diversified principal trading firm headquartered in Chicago, IL. DRW is a principal trading firm trading its own capital across options, futures, fixed income, cryptocurrency (via Cumberland), real estate, and venture. It is one of Chicago's flagship trading firms.
Do DRW traders have to code?
Yes. Trading candidates solve a quantitative problem in Python at the final round.
How many interviews come before the DRW final?
One. After the at-home challenge there is a single interview of about 45 minutes by phone or Zoom, then the final round.
Start preparing for DRW
Open the interactive DRW interview funnel: every stage with its practice set, from the first screen to the final round. Create a free account to save your progress.