What the firm publishes
Akuna is a proprietary options market maker trading its own capital, with trading, quant and technology tracks. It runs structured internship programmes for students in the penultimate year of a degree, based around an in-office programme at its Chicago headquarters, and hires into trading, quantitative research and software engineering.
The work matters for preparation: options market making is a business of pricing under uncertainty and managing inventory in real time, and the process selects for people who are comfortable doing that quickly.
The stages candidates report
Hedged as candidate reporting rather than firm publication. Candidates commonly describe a timed mental-arithmetic screen early in the funnel, a probability component, a coding exercise for technical tracks, a recorded video stage that has included a strategic betting game, and a final in-person day of back-to-back interviews with a trading game included.
The recurring pattern is games with real decisions in them rather than pure question -and-answer. That is consistent with the business.
What to prepare
Arithmetic speed first. A timed mental-maths screen early in a funnel is the highest-volume rejection point in almost every process shaped like this one, and it is also the most improvable with practice.
Expected value, applied to bets. Practise deciding, not only computing - taking a side and sizing it.
Options intuition. Not pricing theory from a textbook so much as a feel for what moves an option's value and why a market maker cares about inventory.
Python, for the technical tracks.
Practise the same formats
The question sets below are ours, written in the formats this process is reported to use. They are not Akuna Capital's questions, and nothing here reproduces any part of its assessment.