What is the application process like for joining a prop firm?

How to Navigate the Application Process for Top Prop Trading Firms

Wondering what it really takes to join a top proprietary trading firm? This article walks you through the messy reality — step-by-step application, actual requirements, and a firsthand test-drive of the process. Along the way, I’ll pull from expert insights, industry regulations, hard-learned lessons (including my own embarrassing missteps), and a hands-on example, all while explaining those international certification quirks that can leave even the savviest candidates scratching their heads.

Step-by-Step: What Happens When You Apply to a Prop Firm

Let's dive in: The fancy websites make it sound streamlined, but the reality is, depending on the firm, the application process may feel more like qualifying for a marathon than a simple resume drop.

• Online Application & Pre-Screen
  You head over to the firm's careers page — let's use Jane Street as an example (https://www.janestreet.com/join-jane-street/). Immediately, you're greeted with personality quizzes, logic puzzles, and a fairly intimidating submission form. Pro tip based on my own rookie mistake: save your answers in a separate document, because one browser slip can wipe out all your work.
• Online Assessments/Test Rounds
  This isn’t just a "tell me about yourself" situation. Most top hedge or prop firms use platforms like Codility or HackerRank for coding, math, or logic games. I once spent three full evenings preparing for the math test alone, only to realize during the test that I’d completely misunderstood their logic puzzle style (note: candidates on WallStreetOasis have also shared similar woes). These assessments often cover:
  • Statistical reasoning
  • Probability estimation
  • Fast mental math
  • Pattern identification
• Video and/or HR Interviews
  Once past the brutal test round, you might get a video/phone interview. For example, when I applied at a European prop desk, I was asked not only about my trades and risk management, but also how I'd build a trade signal from scratch. (Oddly, someone once asked about "verifiable trade certifications" — more on this regulatory quirk in a bit.)
• Live Case Studies or Trading Simulations
  Here's where guts are tested. Some firms give you real-time trading simulations on proprietary platforms (see Topstep). These are not always what you expect! During my try with Topstep, for example, I fumbled badly — mis-clicked a sell order, panicked, and botched the simulated daily loss rule. Their feedback was blunt but honest ("Don’t chase — pause and reassess"). But simulated trading is now industry standard, letting firms see if you stick to your strategy even when it’s not going your way.
• Final Decision & Paperwork
  If you survive all that, then after background checks and compliance (often based on SEC or FCA regulations), you’ll sign contracts. Top firms may also need proof of citizenship for tax and regulatory compliance.

What About "Verified Trade"? Regulatory Headaches Across Borders

The background and compliance checks aren’t just red tape. If you want to work for a global firm, the national rules and "verified trade" requirements can get weirdly complicated.
Take the example of how prop firms in the US and EU certify past trading experience: the US leans on SEC regulations and expects you to show clear account statements or P&L verified by brokers. Over in the UK or mainland Europe, FCA and ESMA sometimes require a mix of documentation, even a tax transcript or certified audit. OECD’s guidelines (https://www.oecd.org/finance/financial-markets/) try to nudge everyone towards harmonized reporting, but the implementation is far from standard.

In a recent Trading & Compliance Global Summit webinar, Jean-Paul Coulant, a former regulator with France’s AMF, bluntly put it: “Don’t assume your track record will ‘just transfer.’ Some places want signed statements from old employers, others want the whole audit trail. Don’t get caught short.”

Table: Differences in "Verified Trade" Certification Criteria By Country

Country	Name/Description	Legal Basis	Authority	Typical Requirements
United States	SEC Verified Trader	SEC Rules	Securities & Exchange Commission (SEC)	Broker P&L, Tax Forms, FINRA U4/U5
United Kingdom	FCA Registered Trader	FCA Handbook	Financial Conduct Authority (FCA)	Signed employer attestations, P&L audit trails
EU (France/Germany)	AMF/BAFin Authorized Trader	AMF Rulebook	AMF (France), BaFin (Germany)	Account statements, interview verification
Singapore	MAS Approved Trader	MAS Rules	Monetary Authority of Singapore (MAS)	Broker history, MAS forms, reference checks
OECD Guidance	Harmonized Trade Credentials	OECD Market Principles	OECD	Suggested but not enforced

Real-World Story: A Tale of Two Traders and Conflicting Standards

Here's a tale of A and B: Trader A, based in Chicago, aced Topstep’s simulation, then tried to move to a high-frequency desk in London. Despite three years of glowing P&L, the UK desk refused the application because the documentation didn’t align with FCA’s attestation policies. Trader B, meanwhile, came from a smaller EU firm but had properly certified all prior trading records (including a notarized letter from a previous employer). Which do you think landed the offer? Trader B, hands down. It’s a classic case of paperwork trumping sheer performance. Forum threads like this one (EliteTrader: Moving International Prop Trader Career Paths) echo the same headache.

“Don’t obsess over perfect backtesting if you haven’t sorted your compliance ducks in a row. The big firms can’t — and won’t — budge on verification. Think of it like a passport for trading: if it doesn’t match, you’re not getting in.”
— Anya Weber, Prop Firm Operations Head (simulated interview, 2024)

Personal Take: What I Learned (The Hard Way)

When I first tried getting into a prop desk in Amsterdam, I thought my years of trading experience spoke for themselves. In reality, I spent days chasing down bank statements, getting old brokerage accounts unlocked, and pleading with HR for a copy of a long-lost employer reference. It turned into a Kafkaesque adventure (“just one more document…”). In the end, after three rounds of fun with FlowTraders’ portal, I finally got through — and realized most others were going through the same circus.

Something nobody tells you: Each firm’s process is only about 60% similar. Some want classic CVs, some expect detailed trade logs, and at least one Italian shop wanted a LinkedIn reference and a signed affidavit (no joke). Also, those online tests are ruthless — focus as much on not panicking as on technical skills.

Summary & Next Steps: How To Actually Break In

Joining a top prop trading firm means more than just proving you can trade — you have to clear a multi-layered application gauntlet, with real-world and regulatory hurdles along the way. Prepare your documents meticulously, rehearse for those tricky online assessments, and expect the process to throw you some curveballs (maybe even a few deeply annoying ones).

• Double-check what "verified trade" means in your target firm's jurisdiction (links: SEC, FCA, OECD).
• Save every document you use — backed up in multiple places.
• Practice all available online sample tests and trading simulations. Real tests often riff on public demo questions (HackerRank JS Tutorials are a great warm-up).
• Don’t underestimate the paperwork or compliance steps: They literally make or break applications — as industry forums constantly lament.

All things considered, the best tip is probably the simplest: connect with a real current or recent prop firm employee (most are happy to share war stories on WALL STREET OASIS or Reddit's daytrading sub). If you survive the process, you’ll truly have earned it — bureaucratic hurdles and all.