Alistair on Trading and Learning at Jane Street

要約

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Alistair, a trader in Jane Street's London office since 2019, describes his mathematics background, the internship and new-hire training, and a typical trading day. He also highlights the collaborative and relaxed environment he values at the firm.

1Problem-solving over specific courseworkAlistair studied mathematics and statistics, particularly probability. While some statistical techniques help with research, he says problem-solving was the most important skill he learned.
2Practice in a mock marketInterns prepare and trade around simulated scenarios, then work on projects with a full-time trader and their desk.
3Training across desksNew traders spend a month learning OCaml and roughly six months in teach-ins with different desks, learning about their products, trades, and approaches.
4A day in LondonAlistair checks overnight developments before the 8 a.m. market open, then trades, monitors systems, researches ideas, and coordinates with colleagues.
5A collaborative environmentHe values working with smart colleagues whose opinions are heard regardless of seniority, as well as the relaxed social atmosphere.

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Alistair considers problem-solving skills more important to his work than any particular university concept.
Trading interviews may draw on introductory university-level probability, but he does not regard a specific course as mandatory.
Interns practice in a simulated exchange and work on research projects with full-time traders.
New traders learn OCaml and spend roughly six months learning from different desks.
A trading day combines market activity, system checks, research, and discussions with colleagues.

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Background and interview preparation

Alistair introduces his work in London and discusses what he took from studying mathematics and statistics. He describes introductory probability as useful for trading interviews while emphasizing problem-solving.

I work on the trading team in Jane Street's London office and started here in 2019. At university I studied mathematics and statistics, focusing mainly on probability and statistics. Some statistical techniques are useful for the research I do day to day, but the most important thing I learned was problem-solving rather than any particular hard concept.

Our trading interview rounds probably require something like the probability taught in a beginner university class, perhaps a first-year course. But I don't think you should feel required to take any particular class.

Internship and trader training

Interns trade in a simulated exchange and work on projects with full-time staff. New traders learn OCaml and spend roughly six months learning from different desks.

During the internship we have a mock trading environment that simulates an exchange. We take concepts interns have learned, create a scenario that demonstrates them, and have teams prepare and execute trades around it. I think most people find this the most fun part; I certainly did when I was an intern.

Another large part of the internship is project work. You might investigate a trading idea or an effect people have seen in the market and want to understand better. You work with a full-time employee on their desk, and you may even get to do a couple of projects.

When new traders start, they spend a month learning OCaml, the functional programming language we use most at Jane Street. After that there are roughly six months of teach-ins, during which new hires work with different desks to understand their trades, products, and approaches. They can then apply ideas from across the desks to their own work.

A typical trading day and workplace culture

Alistair follows his day from the London market open through research and collaboration with New York. He closes with what he appreciates about the people and work environment.

A typical day might start with me arriving around 7:30 and checking what happened overnight and whether anything needs our attention. If it isn't too busy, I might get a coffee. London markets open at 8 a.m., and the next two hours are generally busy with trades, ideas for trades over the day or several days, and checking that our systems are doing the right thing.

When things get quieter, there may be time for research or conversations about other people's projects, including research and infrastructure or technology work. Once our New York colleagues arrive, the day continues in a similar way: meetings and discussions about trading plans. At the end of the day some colleagues go to the gym, and I sometimes join them.

My favorite thing about Jane Street is working with a group of very smart people in an environment where everyone's opinions are valued equally, including those of recent arrivals. It's also relaxed: there's great free food, and people have drinks upstairs after work. It's intellectually interesting and a nice place to be from a lifestyle point of view.