Company Guide
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Prop / Market Maker · Multi-asset quantitative prop trading · New York City
One of the more probability- and brainteaser-intense processes, fast EV and betting-game reasoning under a tight estimation clock.
Five Rings is a multi-asset prop firm whose process is heavy on probability, EV, and betting-game problems. Optimal-bet reasoning matters more than heavy computation.
Estimation questions come under severe time pressure (reports mention ~30 seconds per question).
Roles they hire
Quant Trader · Quant Researcher · Software Developer
Interview processas publicly reported
- 1
Online assessment
Math/probability + estimation under heavy time pressure (~19 questions, ~30 seconds each; Fermi-style).
- 2
Recruiter call
Sometimes includes quick estimation questions.
- 3
First-round video
With a trader: probability, brainteasers, mental math.
- 4
Further rounds
3–4 more virtual/onsite rounds on probability, EV, and game/market-making problems, often ending with the head of trading or a founder.
What they test
Prep tips
- ▸Master fast EV and conditional-probability reasoning and betting-game problems (optimal-bet reasoning over heavy computation).
- ▸Practice Fermi estimation under a ~30-second clock.
India recruiting
Offices in New York, London, Amsterdam. No India office documented; campus schedule leans US + Oxford/Cambridge.
Sources
Interview processes change and vary by role, office, and year. This guide reflects publicly reported experiences and is not affiliated with Five Rings.