From 4U Maths to Quant Trading - Q&A with IMC (1 Viewer)

[Trebla]

Is it possible for me (math standard subject completion) to answer this question, or would I require any higher level mathematics? I know this is not syllabus aligned, but just in case. Thank you.

Whilst the assumed knowledge is up to Maths Ext2, most questions will not require concepts anywhere near that level.

Without giving too much away, if you think you can answer this one without using any Maths beyond Standard level, then feel free to submit your solution.

 

[CirrusTheJet]

Okay. Thank you.

 

[IMC Trading]

Also is it possible to start off as an engineer/developer and move into a trader or researcher role down the line?

While coding experience is certainly beneficial for traders at IMC, it’s not a requirement. Our interns and graduates receive comprehensive training throughout their programs to ensure they have the knowledge and tools they need to succeed on the desk. The bulk of technical implementation and infrastructure development is handled by our engineering teams, allowing traders to focus on strategy, market analysis, and decision-making.

It is possible to move from a developer role into trading, but it’s important to note that the two paths require distinct skill sets. While both are highly technical, the day-to-day focus and mindset differ. As a result, these transitions are rare and typically only occur when a candidate shows strong potential and interest in both disciplines.

 

[IMC Trading]

What kinds of activities can university students participate in to better equip them for quant-related roles?

A great way to learn more about the trading industry while you're at university is to get involved in clubs and societies. Many trading firms, including IMC, actively sponsor student organisations and collaborate on events. These are excellent opportunities to meet industry professionals, develop relevant skills, and explore what a career in trading could look like.

At IMC specifically, we also run a global trading game called Prosperity. It’s a fun and interactive way to experience what it's like to trade in our very own market. You do not require prior experience. Keep an eye on our social channels early next year to get involved!

 

[Sir Jigger II]

Would finance, economics, math or accounting majors be able to break into Quant?

 

[hi_998]

Hi all,

Ever wondered what career paths are out there if you are good at Maths and pursuing a STEM degree at university? Quant trading could be the career for you!

I am excited to introduce our BoS Trials sponsor @IMC Trading to the Bored of Studies forum, who will be sharing exclusive insights into what it is like to work for a global quant trading firm.

We understand that many people might not be familiar with what quant trading actually is, so we have set up this thread as a unique opportunity to interact directly with the industry and ask questions. This thread is open to current HSC and university students. I encourage you to get your questions in sooner than later, as this thread will close on Friday 12th December 2025.

Who is IMC Trading?
IMC is a global trading firm supported by cutting edge quantitative models and world-class technology. They are known to hire employees who are strong at Maths (i.e. quants), have a fast dynamic work environment, and yes, have an enviable competitive salary for graduate employees straight out of uni!

What questions can I ask?
As a guide, you might like to ask questions on topics such as:

• What quant trading actually involves
• The degrees and skills that are relevant for this industry
• IMC’s workplace culture
• Types of maths or coding commonly used
• Programs and opportunities available for prospective uni students

Of course, this list isn’t exhaustive - feel free to ask any other questions you’re curious about! No question is too basic or too small. Everyone is here to learn and IMC is happy to help. So go ahead - don’t be shy, just ask!

I’ve barely started university. Why should I ask questions now?
Because four words – the earlier the better!

IMC has a LaunchPad program designed for first year uni students with applications for 2026 opening early-next year (that's only a few months away!). This program gives you a head-start helping to fast-track participants into IMC’s highly sought-after internship and graduate programs. If you’re even considering a career in quant trading, this thread is a rare opportunity to explore your options and get your foot in the door early on!

BONUS free merch
If there are enough people engaging, we may consider giving away some free merch posted straight to you! More details to come if that happens

No i never wondered what career paths are out there if am good at Maths and pursuing a STEM degree at university

 

[CirrusTheJet]

Many people are concerned about the change in climate (which is being demonstrated with the 2025 unusually severe windy weather in Sydney). Is Quant Trading environmentally friendly, and are there any goals to to minimising emissions or reaching a total output of emissions to 0 (predictions by computers are sure to use up a lot of power).

When hiring employees, you hire graduates based on their skills in mathematics. How do you assess these skills (as different universities may have different exam difficulties and competitiveness)?

I am considering a degree in physics (secondary education) or perhaps mathematics secondary education/actuarial mathematics (UNSW) or even mechanical engineering. If I do study one or more of these disciplines and decide that I want to work in IMC, are the chances of being hired still likely?

Also, what specific mathematics courses are preferred from graduates?

Thank you.

 

[Trebla]

We have a winner for our Round 1 merch giveaway! Well done and thanks to those who submitted their entries.

For anyone interested, a sample answer is below:

Spoiler

Firstly, if we do not use any betting options and just buy/sell chips, the best we can do is $10 guaranteed by selling our chip (i.e. we are no longer exposed to the chip’s value jumps).

To make an even higher guaranteed payout we need to use at least one of the betting options.

Betting the chips will retain value can lead to a loss if they turn out to be worthless, regardless of whether we hold any chips or not.

However, observe that betting the chips will be worthless whilst holding the chips at the same time can potentially guarantee a payout. This is because we will either:

• Win the bet (+X) but have worthless chips (0)
• Lose the bet (-X) but retain valuable chips (+50 or +100)

To maximise this payout, we would prefer to hold as many chips as possible and offset this with the betting amount in the opposite direction. Therefore, we should buy the casino’s chip (which will cost us $10) and bet $X that both the chips we hold will be worthless.

Calculating the payout in each of the scenarios:

• If both chips are worthless, then our payout at midnight is $0 (chips) + $X (winning bet) - $10 (buying casino’s chip) which gives X – 10
• If both chips retain their values, then our payout at midnight is $100 (chips) - $X (losing bet) - $10 (buying casino’s chip) which gives 90 – X

For this to be risk-free, the payouts in both scenarios must be equal which solves to give X = 50.

Therefore, if we buy the casino’s chip for $10 and bet $50 that both chips will be worthless then we get the maximum guaranteed payout, which is $40.

Keep an eye out for the Round 2 question!

 

[Aeonium]

not exactly related, but what skills/things make an applicant stand out for software engineer roles (mainly internships) at imc besides grades e.g projects, skills, extracurriculars

 

[Trebla]

Thanks for the additional questions everyone! IMC will get to them soon so please be patient.

Now here is the second problem!

For round 2, IMC will be giving away a t-shirt together with a cap. The t-shirt comes in unisex sizes S/M/L. Once again, they have kindly provided us a picture of them below:

QUESTION 2
You play a game that involves rolling a (fair) die as many times as you want. The payout is the product of the outcomes in dollars. For example, if the die is rolled two times and this gives 2 and 3 then you get a payout of $6.

However, each roll of the die costs you $1000. For example, if you choose to roll the die twice, then it will cost you $2000 to play.

(a) What is the least number of rolls you should play such that there is a positive probability that you could profit from this game?
(b) What is the least number of rolls you should play such that there is a positive expected* profit from the game?
Explain your answers to BOTH parts in full.

* Recall that a discrete random variable X which takes the values x₁, x₂, x₃,..., x_n with respective probabilities p₁, p₂, p₃,..., p_n will have an expected value of
E(X) = p₁x₁+p₂x₂+p₃x₃+...+p_nx_n

Reminder of the rules (note a particular emphasis of certain elements)

INSTRUCTIONS AND RULES FOR EACH ROUND

• To be eligible for the giveaway, you must PM me your solution here typed up with full reasoning that is clear and easy for me to follow without ambiguity
• You can only use concepts/terminology up to and including HSC Maths Ext2 level. Concepts used beyond that level (e.g. uni level Maths) will not be accepted.
• First user to PM me the right answers to all parts (and assessed to have clear reasoning for them) will receive instructions to get the merch prize posted to them
• Only your first message to me will be accepted in each round

 

[Trebla]

Thanks to those who have submitted their solutions so far.

Based on what I have received and in reference to the rules, I think it is worth clarifying that the following concept is beyond HSC level.

If X and Y are independent random variables then E(XY) = E(X)E(Y)

Given that all submissions were using some form of the above concept, I will now reset the round and give everyone an opportunity to submit afresh (including those who already did the first time).

Please check that you are not using concepts beyond the HSC level before submitting...

 

[Study to success]

Thanks to those who have submitted their solutions so far.

Based on what I have received and in reference to the rules, I think it is worth clarifying that the following concept is beyond HSC level.


Given that all submissions were using some form of the above concept, I will now reset the round and give everyone an opportunity to submit afresh (including those who already did the first time).

Please check that you are not using concepts beyond the HSC level before submitting...

isn't e(XY)= E(x)E(Y) an adv hsc concept. I remember learning this the beginning of this term so how is it beyond hsc level

 

[Trebla]

isn't e(XY)= E(x)E(Y) an adv hsc concept. I remember learning this the beginning of this term so how is it beyond hsc level

The HSC syllabus does not cover joint or multivariate probability distributions, which is a concept required to get that property.

 

[Study to success]

The HSC syllabus does not cover joint or multivariate probability distributions, which is a concept required to get this result.

but that formula itself is discrete probability

 

[IMC Trading]

Also is it possible to start off as an engineer/developer and move into a trader or researcher role down the line?

The majority of the engineering work is executed by our developers. It is rare that traders would be coding.

It is definitely possible to start at our firm in one role, then transition to another. However, it is worth noting that the skills required to be a trader and an engineer vary quite significantly.

 

[Trebla]

but that formula itself is discrete probability

At the end of the day, expected values and variances on discrete or continuous joint probability distributions (see the link showing the groundwork required to establish the result) are not in the HSC syllabus. Most students would have never learnt this result at school.

The question can still be answered without needing to utilise any of this and keeping within single variable probability distributions.

 

[Trebla]

We have a winner for our Round 2 merch giveaway! Well done and thanks to those who submitted their entries.

For anyone interested, a sample answer is below:

Spoiler

(i)
To profit from this game, the maximum payout must exceed the cost to the play the game as a bare minimum. For n rolls, the maximum payout is 6ⁿ with a cost of 1000n.

By trial and error, the lowest value of n such that 6ⁿ > 1000n is n = 5.

(ii)
Let X be the random variable representing the payout of the game with realised values (x₁, x₂, x₃,…, x_6ⁿ). Since the die is fair then each outcome is uniformly distributed with probability (1/6)ⁿ.

E(X) = (1/6) ⁿ (x₁+ x₂+ x₃+…+ x_6ⁿ)

For n rolls, the payout is the sum of the products of the outcomes which can be found as follows
x₁+ x₂+ x₃+…+ x_6ⁿ
= (1+2+3+4+5+6) (1+2+3+4+5+6) (1+2+3+4+5+6)…(1+2+3+4+5+6)
= (1+2+3+4+5+6)ⁿ
= 21ⁿ

Notice that the expansion of (1+2+3+4+5+6) (1+2+3+4+5+6) (1+2+3+4+5+6)…(1+2+3+4+5+6) will provide every possible combination of the product of outcomes when rolling the die n times.

Hence
E(X)
= (1/6)ⁿ 21ⁿ
= (7/2)ⁿ

For the expected net profit to be positive, this requires (7/2)ⁿ > 1000n

By trial and error, the lowest value of n such that (7/2)ⁿ > 1000n is n = 8.

Keep an eye out for the Round 3 question!

 

[Study to success]

At the end of the day, expected values and variances on discrete or continuous joint probability distributions (see the link showing the groundwork required to establish the result) are not in the HSC syllabus. Most students would have never learnt this result at school.

The question can still be answered without needing to utilise any of this and keeping within single variable probability distributions.

I mean continuous joint probability isn’t in the syllabus but I literally remember learning discrete expected value and variances and it’s in my exam next week

 

[IMC Trading]

Would finance, economics, math or accounting majors be able to break into Quant?

Yes, all the degrees mentioned can be successful in our industry. We moreso evalute how you think as opposed to what you study.

 

[IMC Trading]

not exactly related, but what skills/things make an applicant stand out for software engineer roles (mainly internships) at imc besides grades e.g projects, skills, extracurriculars

We like to see that you have a genuine interest in coding - please feel free to disclose any projects that you are proud of as well as anything else you believe sets you apart