10 Susquehanna International Group Quantitative Researcher (New Grad) Interview Questions (2026)
Susquehanna's (SIG) new-grad quant researcher loop in 2026 is famously poker- and game-theory-influenced — the firm uses card games and decision-making puzzles as a centerpiece of evaluation. Probability, EV calculations, and risk tolerance are the main signals. Expect a long, structured loop with multiple rounds at the Bala Cynwyd PA headquarters or virtual equivalents.
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Loop overview
Recruiter outreach → 90-min HackerRank technical screen → first-round phone (probability + EV calculations, 45 min) → onsite of three to five rounds: probability puzzles, poker/game theory simulation, mental math, behavioral, sometimes a market-making conversation. Timeline 5-8 weeks. SIG is famous for its 'SIG game' (a custom card/probability game) used to evaluate decision-making under uncertainty.
Behavioral (2)
Tell me about a time you made a decision that turned out wrong. What did you learn?
Frequently askedOutline
STAR. Pick a real bad decision — research direction, project pivot, team conflict. Walk through your reasoning at the time, why it was wrong in hindsight, what you do differently now. SIG values intellectual humility — admitting errors with calibrated reflection scores high.
Why SIG rather than a hedge fund?
Frequently askedOutline
Specific reasons: trading firm with deep poker-influenced culture, structured training program for new-grads (the SIG education program), strong options market-making, private partnership structure means long-term comp upside. Avoid the 'high pay' lead. Show you understand SIG's distinctive culture (poker, game theory, structured intellectual training).
Coding (LeetCode patterns) (1)
Implement a function that returns the n-th Fibonacci number in O(log n) time.
Occasionally askedOutline
Matrix exponentiation. [[1,1],[1,0]]^n gives Fibonacci. Compute by fast exponentiation (square-and-multiply): O(log n) matrix multiplications, each O(1) for 2x2. Mention closed-form Binet's formula but note floating-point precision issues for large n. Code the matrix-power approach.
Technical (7)
I have 4 standard six-sided dice. What is the probability of rolling a sum of exactly 14?
Frequently askedOutline
Count compositions of 14 from 4 dice values in {1..6}. Total outcomes 6^4 = 1296. Number of ways to get sum 14: use generating functions or direct counting. Substitution y_i = x_i - 1 gives non-negative integers summing to 10, each ≤ 5. By inclusion-exclusion: C(13,3) - C(4,1)·C(7,3) = 286 - 140 = 146. So P = 146/1296. Walk through the counting principle.
You are dealt 2 cards from a standard deck. What is the probability both are aces?
Frequently askedOutline
P(first ace) = 4/52 = 1/13. P(second ace | first ace) = 3/51 = 1/17. P(both) = (4/52)·(3/51) = 12/2652 = 1/221. State the conditional probability framing. Alternative: C(4,2)/C(52,2) = 6/1326 = 1/221. Match the two approaches.
You play a game: roll a die, win the dollar amount shown. You can re-roll once. What is the expected value of this game?
Frequently askedOutline
Backward induction. After re-rolling, EV = 3.5. Optimal first-roll strategy: keep if face > 3.5, i.e., face ≥ 4. P(keep) = 3/6, conditional EV given keep = (4+5+6)/3 = 5. P(reroll) = 3/6, EV = 3.5. Total EV = 0.5·5 + 0.5·3.5 = 4.25. State the decision rule clearly.
What is 27 × 33?
Frequently askedOutline
Difference of squares: 27·33 = (30-3)(30+3) = 900 - 9 = 891. State the trick. Practice these mid-range pairs. SIG expects sub-5-second response.
You are playing poker. You hold a pair of aces. The flop comes with three cards. What is the probability you have a full house or four of a kind by the river?
Occasionally askedOutline
Need either: (a) another ace by turn or river (4 of a kind potential becomes possible), (b) a board pair giving a full house. State the framework. Computing exact probability requires enumerating which cards remain (47 unknown after your hole + flop). State the structure; precise answer is intricate. Walk through one branch carefully.
You bet $1 on a coin flip. If heads, you double; if tails, you lose. After 10 flips, what is your expected balance, and what is the probability you have at least $100?
Occasionally askedOutline
Each flip: balance multiplied by 2 (heads, prob 1/2) or 0 (tails, prob 1/2). Expected balance after 10 flips: starting $1, E = (2·1/2 + 0·1/2)^10 = 1. But variance is huge. P(at least $100) requires balance ≥ 100. Since balance is 0 unless every flip is heads (then $1024), P($1024) = 1/1024 ≈ 0.001. P(≥$100) = P(all heads) ≈ 0.001. State the binary outcome.
What is the expected number of dice rolls until you get three consecutive 1s?
Occasionally askedOutline
Markov chain. States 0, 1, 2, 3 = number of consecutive 1s. E_i = expected rolls from state i. E_3 = 0. E_2 = 1 + (1/6)·0 + (5/6)·E_0. E_1 = 1 + (1/6)·E_2 + (5/6)·E_0. E_0 = 1 + (1/6)·E_1 + (5/6)·E_0. Solve the system: E_0 = 258. State the recurrence cleanly.
Susquehanna International Group interview tips
- Learn basic poker strategy and game theory before the loop. SIG's interview process treats poker thinking as a proxy for trading thinking.
- Mental math should be reflexive. Two-digit multiplication, squares, percent conversions.
- Risk and EV calculations come up repeatedly. Practice expected value problems with asymmetric payoffs.
- Probability puzzles often have a Markov-chain structure. Practice setting up state equations cleanly.
- Behavioral round at SIG tests calibration. Confidence without arrogance, humility without weakness.
Frequently asked questions
How long is SIG's quant interview process in 2026?
Most candidates report 5-8 weeks from initial contact to offer. The poker-themed structured education program after offer adds context to the long timeline.
What is SIG's headcount?
Approximately 3,000 employees globally as of 2026. Headquartered in Bala Cynwyd PA with major offices in Dublin, Sydney, Hong Kong, and Mumbai.
Does SIG sponsor visas?
Yes. Bala Cynwyd HQ supports US H1-B with standard lottery odds. Dublin, Sydney, Hong Kong, and Mumbai offices offer alternative paths for international candidates.
What is SIG's primary trading focus?
Options market-making is the core business, with diverse expansion into equities, futures, FX, and crypto. The firm is one of the largest options market-makers globally.
Can I reapply to SIG after rejection?
Yes, after a 12-month cooldown. The firm keeps interview notes; expect to be re-evaluated on prior weaknesses.
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