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Junior Quantitative Researcher

Akuna Capital · Chicago, IL · Quant

Posted Sep 18, 2026 · We last checked this listing on Sep 20, 2026

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Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

Behavioral

Walk me through a time you built a statistical or machine learning model to solve a messy, real-world problem. What made the data or the problem hard?

whether the candidate has genuinely applied modeling skills beyond coursework, and can explain tradeoffs they made

Tell me about a time you had to make a decision quickly with incomplete information. What did you do?

whether the person can act decisively under pressure, which matters for a market-making desk

Tell me about a research project where your first approach didn't work. What did you change and why?

resilience and the ability to iterate on a failed hypothesis rather than abandon the problem

Describe a situation where you disagreed with a teammate about which approach to take on a project. How did you resolve it?

collaboration style, since the team explicitly blends mathematicians, statisticians, and technologists

Technical

Say you have a coin that you believe is biased. How would you design an experiment to figure out the bias, and how many flips would you need to be confident in your answer?

probability and statistical reasoning under uncertainty, done out loud without tools

You're given a dataset of options prices and you notice a feature that seems highly predictive in-sample but you're worried about overfitting. How do you check whether it's real?

understanding of overfitting, validation techniques, and healthy skepticism toward promising results

Explain how you would price a European call option and what happens to that price as volatility increases.

basic derivatives intuition, since financial background isn't required but market curiosity is expected

If I flip a fair coin 100 times, what's the probability I get exactly 50 heads, and how would you approximate that without a calculator?

comfort with combinatorics and approximation methods like normal approximation to binomial, done mentally

Write or describe code that would compute a rolling correlation between two time series efficiently. What would slow it down at scale?

practical Python skill and awareness of performance considerations, since the role lists intermediate Python

You have a jar with 100 marbles, some red and some blue, and you draw 10 without replacement, getting 3 red. Estimate the number of red marbles in the jar and explain your reasoning.

quick, accurate quantitative reasoning under time pressure, mirroring the reactive math the job description calls out

Situational

Suppose you're building a portfolio optimization algorithm and the market suddenly becomes much more volatile. How would you adjust your approach?

whether the candidate thinks about robustness and risk, not just optimizing for a static environment

How would you explain a machine learning model's prediction to a trader who doesn't have a technical background but needs to trust it before using it live?

communication skills and whether the candidate respects the gap between research and real trading decisions

Imagine you built a model that performs well historically but starts losing money live. Walk me through how you'd investigate what went wrong.

diagnostic thinking about model decay, regime change, and the difference between backtest and live performance

Practice this interview out loud.

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The full job description

As published by Akuna Capital.

About Akuna: Akuna Capital is an innovative trading firm with a strong focus on collaboration, cutting-edge technology, data driven solutions, and automation. We specialize in providing liquidity as an options market-maker – meaning we are committed to providing competitive quotes that we are willing to both buy and sell. To do this successfully, we design and implement our own low latency technologies, trading strategies and mathematical models.  Our Founding Partners first conceptualized Akuna in their hometown of Sydney. They opened the firm’s first office in 2011 in the heart of the derivatives industry and the options capital of the world – Chicago. Today, Akuna is proud to operate from additional offices in Sydney, Shanghai, London, and Singapore.  What you’ll do as a Junior Quantitative Researcher at Akuna: Akuna’s Quant team is looking to add Junior Quant Researchers to a team of mathematicians, statisticians, and technologists. This team creates trading strategies scientifically by combining its quantitative expertise with sophisticated understanding of derivatives and financial markets. We are looking for talented researchers who can apply and develop machine learning algorithms to contribute to Akuna’s strategy portfolio. In this role you will: <ul> <li>Develop trading strategies using statistical and machine learning algorithms.</li> <li>Design and implement optimization algorithms for portfolio construction.</li> <li>Develop quantitative models describing market behavior.</li> <li>Advance existing initiatives and explore opportunities for new research topics.</li> </ul> Qualities that make great candidates: <ul> <li>Bachelors, masters, or PhD in a technical field – Engineering, Statistics, Computer Science, Mathematics, Physics (or a related subject) must be completed upon employment</li> <li>Expertise in statistics and machine learning</li> <li>Experience building mathematical models for complex real-world problems</li> <li>Intermediate programming skills in Python</li> <li>The ability to react quickly and accurately to rapidly changing market conditions, including the ability to quickly and accurately respond and/or solve math and coding problems are essential functions of the role</li> <li>Financial experience is not a requirement</li> <li>Must be graduating August 2027 or prior</li> <li>GPA of 3.5 or above</li> <li>Legal authorization to work in the U.S. is required on the first day of employment including F-1 students using OPT or STEM</li> </ul> **Resumes must be submitted in PDF format.  In addition to technical skillsets, Akuna values the unique perspectives people can bring to the table to collaboratively solve complex problems and drive Akuna forward. We want everyone to feel empowered to apply. We welcome your application and encourage you to take the first steps toward your future with us! Please note: By submitting an application for this role, you are indicating this is your top preference and acknowledge you will not be considered for other Quant and/or Tech roles at Akuna this recruiting season. This acknowledgement does not limit applications to Trading roles - in addition to this role, you may apply to any Trader roles of interest.  In accordance with Illinois Equal Pay Act, the minimum base salary starts at $145,000. Exact compensation offered may vary based on many factors including, but not limited to, the candidate’s experience, qualifications, and skill set. This role is also eligible for a discretionary performance bonus as part of the total compensation package and includes a comprehensive benefits package that may encompass employer-paid medical, dental, vision, retirement contributions, paid time off, and other benefits. The minimum base salary herein was determined in good faith by Akuna Capital LLC.

Apply at Akuna Capital

Junior Quantitative Researcher

Likely interview questions for this role

Practice this interview out loud.

The full job description

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