So you’ve heard about prop trading firms—those mysterious entities where traders get access to large amounts of capital, and, if you perform, a hefty share of the profits. But how do you actually get your foot in the door at the top prop trading firms? If you’re picturing a simple online form and a quick Zoom chat, I’m here to tell you: it’s a bit more involved, sometimes surprisingly so. In this article, I’ll walk you through the real steps, pitfalls, and quirks of applying to the best prop firms, with plenty of firsthand stories, industry data, and a few missteps I’ve made along the way.
Most people assume it’s all about passing a fancy math test, acing a technical interview, and showing off your trading P&L. That’s not wrong, but the journey is often less linear—and more human—than you might expect. Prop firms care about your trading style, psychological resilience, and sometimes, your ability to not lose your cool when your internet crashes mid-trade (ask me how I know).
Let’s break down the typical process, peppered with screenshots, stories, and a few “don’t do what I did” moments.
When I first applied to Jane Street, I spent hours perfecting my resume, emphasizing every trading competition and quant project. I was convinced they’d scrutinize every line. According to Jane Street’s official careers page, they care about your problem-solving ability and curiosity just as much—if not more—than your pedigree.
Most top firms (think: Jane Street, Optiver, DRW, Jump Trading) use an online portal. You’ll need:
Don’t sweat if you don’t have a finance degree. I’ve seen physicists and even literature grads get interviews because their problem-solving stories were compelling.
This is where things get interesting. You might face:
A real curveball: At Optiver, their “80 in 8” mental math test is infamous. I bombed it my first try—seriously, it feels like the SAT on Red Bull. They want to see if you can think under pressure, not if you’re a calculator. If you struggle, don’t panic; some firms let you re-test or offer alternative challenges.
Check Glassdoor reviews for up-to-date sample questions—current applicants often share real examples.
Assuming you pass the online filter, the next phase is more personal. You’ll likely do:
One time, at a major Chicago prop shop, I totally over-prepared for technicals and got blindsided by culture questions—like “Tell us about a time you failed and what you learned.” Turns out, firms like DRW and SIG really care if you’re collaborative (see DRW’s hiring process).
Expert insight: In a Bloomberg interview, SIG recruiter Anna Ling said, “We want traders who are comfortable being wrong and learning fast. Ego is a red flag.” That matches what I saw: if you’re humble, curious, and can explain your reasoning—even if you make mistakes—you’ll go far.
Here’s where the rubber meets the road. Some firms (especially those with retail-style “funded trader” programs like Topstep or FTMO) require you to pass a trading challenge. For the classic “in-house” prop firms, you might do a live simulation (with fake money, but real market data). I once got tripped up in a volatility simulation because I ignored a news headline—lesson learned: always factor in macro events!
These tests look for:
Tip: Some firms give you feedback even if you fail. Take it seriously—it’s gold for your next attempt.
Assuming you crush the interviews and simulation, there’s still some paperwork. Top firms will:
Don’t gloss over these—one friend of mine got delayed because he forgot to disclose a minor academic sanction. Be transparent.
When it comes to prop trading, legal and compliance standards vary a lot by country. Here’s a table comparing how “verified trade” is defined and enforced:
| Country | Standard Name | Legal Basis | Enforcement Body |
|---|---|---|---|
| USA | SEC Rule 15c3-3 (“Customer Protection Rule”) | Securities Exchange Act of 1934 | SEC, FINRA |
| UK | MiFID II Transaction Reporting | Markets in Financial Instruments Directive II | FCA |
| EU | MiFID II/MiFIR Reporting | Directive 2014/65/EU | ESMA, National Regulators |
| Singapore | Trade Verification Framework | Securities and Futures Act | MAS |
| Australia | ASIC Market Integrity Rules | Corporations Act 2001 | ASIC |
Sources: SEC Customer Protection Rule, UK FCA, MAS Singapore.
Imagine you’re trading for a US-based prop firm that expands into the EU. Suddenly, your “verified trades” must comply with MiFID II, which has stricter timestamping and reporting. In 2020, this happened with a major Chicago prop shop—trades that were fine for FINRA failed European standards, leading to a temporary halt in cross-border trading. The firm had to overhaul its reporting systems and retrain staff to bridge the compliance gap.
I once chatted with a compliance officer at a top London prop firm. She said, “The devil is in the details. US standards focus on customer protection; EU regulators want granular audit trails. If you’re switching jurisdictions, expect headaches.” This matches what the OECD’s financial market regulations overview describes: fragmentation is real, and it slows down onboarding for international traders.
Let me be honest: my first prop firm application was a mess. I underestimated the speed of the online tests and overestimated how much my resume would carry me. I also bombed a group exercise by dominating the conversation (rookie mistake—collaboration is king). But after talking to other applicants and reading forums like Wall Street Oasis, I learned that:
Applying to the best prop trading firms isn’t just about technical prowess or trading bravado. It’s a multi-stage process that tests your intellect, grit, and ability to play by the rules—both human and regulatory. Every step, from online forms to final compliance checks, reveals something about how you’ll fit into a high-stakes, high-trust environment.
If you’re considering applying, my advice is: practice under pressure, stay humble, and read up on the specific compliance quirks of your target region. And don’t be discouraged by early failures—most successful prop traders I know got rejected at least once before landing their spot. For more, check out the official resources linked above and don’t forget to lurk on forums for the latest applicant intel. Good luck—and may your next trade (and application) be a winning one.