Millennium
Quantitative Researcher intern
Application
"2027 Quantitative Researcher Intern", posted by office; the New York one asks for a master's student with a 3.5 GPA and Python, London also takes undergraduates. Applications open in the last days of July and fill on a rolling basis, with at most two applications per person. The firm is a few hundred investment teams, each run by a portfolio manager who hires for it: campus recruiting screens and tests, and the interviews are with the teams. There is no central trading internship. A team can also pick a CV out of the pool and send its own test, even after a central rejection.
Online assessment
Web form · 2 hours (2026); 24 hours (2024–25)
The form has changed three times. The 2026 test is two hours of short coding problems on a market-making dataset, in a notebook with an AI assistant that will not write code for you. In 2024 and 2025 it was a 24-hour project: build a market maker in four challenges (quoting, skewing on inventory, a beta hedge, ETF arbitrage), about ten hours of work. The 2023 test was a two-hour HackerRank paper of three maths and four coding questions, the same for everyone. All three are here. Rejections come within days to a week of submitting.
2026 paperSit this round →2024–25 projectSit this round →2023 mathsSit this round →2023 codingSit this round →Second test
Web form · 15–60 min
Sent to everyone who submits the first test, not only to those who pass it. Until 2025 a personality questionnaire with a short section of number and pattern puzzles, untimed, about an hour. In 2026 a timed aptitude test in its place: about fifty short verbal, numerical and spatial questions in fifteen minutes. It is used to flag, not to rank.
First round
Virtual interview · 2 × 30 min
Two video interviews back to back, each one-to-one, with people from different teams: usually a researcher and an engineer. Each starts on the CV and one project in detail, then a handful of short questions: probability brainteasers, regression, Python basics, sometimes a few lines of code. One of the two is a general read; after it you go on with the team that wants you most. Some offices run a single 40-minute interview instead.
interview 1Sit this round →interview 2Sit this round →Team interviews
Virtual interview · 1–3 × 30–45 min
Interviews with the researchers of one team, which is hiring one intern. Always a live-coding interview that starts with something easy and keeps adding variations; often another on statistics and probability, and on teams that trade options, one on the Greeks. Every team writes its own questions, and the count runs from one interview to four. Some portfolio managers set a test of their own at this point.
Sit this round →Portfolio manager
Virtual interview · 30–45 min
The head of the team, who makes the decision; sometimes followed by a more senior portfolio manager. One piece of your work in depth, an open modelling problem or a puzzle, and what you want from the team. In Hong Kong this conversation can come first. There is no superday.
Sit this round →Offer
The offer is for that team and office: ten or eleven weeks from June, about $175,000 a year pro rata in New York. The firm's stated aim is to hire its analyst class from the internship.
Reconstructed from first-hand candidate reports and the firm's own published material. Problems in this track are original and format-faithful; nothing is copied from a live interview.