Graduate Scheme
Old Mission Capital Application Guide
Old Mission Capital is a premier global proprietary trading firm and market maker specialising in exchange-traded funds (ETFs), equities, and derivatives.. Every stage of the process, the questions Old Mission Capital actually asks, and the prep that gets candidates through, in one place.
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The firm
About Old Mission Capital
The business today
Old Mission Capital is a premier global proprietary trading firm and market maker specialising in exchange-traded funds (ETFs), equities, and derivatives. Operating at the intersection of quantitative finance and advanced technology, the firm provides continuous liquidity across global exchanges. In plain English, Old Mission acts as a vital bridge between buyers and sellers in the financial markets, quoting prices continuously so that institutional investors, retail brokers, and funds can execute trades instantly without waiting for a counterparty to appear naturally.
The firm operates on a proprietary trading and market-making business model. Rather than managing outside client capital or charging advisory fees, Old Mission deploys its own capital to capture small pricing discrepancies, bid-ask spreads, and arbitrage opportunities across global markets. Profitability is driven by trade volume, execution speed, risk management efficiency, and the sophistication of the proprietary mathematical models and low-latency infrastructure built by its internal engineering teams.
Headquartered in Chicago with significant global operations including an expanding London office, Old Mission employs a lean, highly efficient headcount relative to its revenue footprint. While private, industry estimates and regulatory filings position the firm among the prominent independent market makers globally, trading substantial daily volumes across North American, European, and Asian exchanges.
Old Mission positions itself alongside elite proprietary trading and market-making firms such as Citadel Securities, Jane Street, Optiver, Flow Traders, and IMC. Unlike traditional investment banks, Old Mission maintains a flat, technology-driven culture where developers, quantitative researchers, and traders sit in close proximity. Strategic shifts over the past two to three years have focused heavily on scaling international execution capabilities, particularly expanding its footprint in European markets via its London hub, while continually upgrading low-latency trading infrastructure to handle increasing market volatility and electronic order flows.
Why people apply to Old Mission Capital
Candidates target Old Mission Capital for reasons that extend far beyond brand recognition. The primary pull factor is immediate ownership and real-time impact. Unlike traditional banking roles where junior analysts spend months on pitch decks, new hires at Old Mission, whether quantitative traders, software engineers, or operations specialists, contribute directly to live production environments from day one.
The trade-offs candidates accept are substantial. The pace is unrelenting, accountability is absolute, and performance is measured objectively by quantitative metrics. The typical Old Mission candidate possesses an elite academic background, heavily weighted toward degrees in Mathematics, Computer Science, Physics, Engineering, or Economics from top-tier Russell Group universities in the UK or global equivalent target institutions.
Career outcomes 3, 5, and 10 years out reflect the high-caliber training received. Alumnus paths typically include scaling into senior trading or engineering leadership roles within proprietary trading, transitioning to quantitative hedge funds, or launching entrepreneurial ventures backed by deep technical and market expertise.
Divisions inside Old Mission Capital's Graduate Scheme
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Score your CV against Old Mission Capital's sift
Old Mission Capital talent acquisition screens thousands of CVs per cycle. Most are read in under 30 seconds. The candidates who get to interview have CVs that signal commercial relevance fast, in the format Old Mission Capital expects.
What Old Mission Capital looks for in a CV
Quantified impact
Numbers in every bullet: deal size, team size, percentage uplift, revenue managed. "Led a team" is filler, "led a 6-person team that delivered £400k of revenue" is a signal.
Named firms and deals
Old Mission Capital recruiters skim for brand names they recognise. Name your prior internships, the deals you observed, the clients you worked on. Specifics beat generic descriptions.
Industry-relevant language
Use the vocabulary of the graduate scheme world: DCF, comps, LBO, league tables, deal flow. Generic "analysed data" reads as not-yet-in-the-industry; the right terms read as ready.
Tight, structured layout
One page max. Reverse-chronological. Three to five bullets per role. No long paragraphs, no dense blocks. The skim test decides the read.
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The application
How Old Mission Capital hires
2 stages, real interview questions, the criteria that decide it, and the moves that separate offers from rejections.
The process, stage by stage
- 1
1. Online Application
See the timeline belowFormat: CV and cover letter submission via the firm's applicant tracking system.
- 2
2. Online Assessments & Coding Tests
See the timeline belowFormat: Timed numerical/logical reasoning tests or rigorous coding assessments via platforms like HackerRank.
What Old Mission Capital asks at each round
Questions candidates report
- How do you maintain concentration during repetitive, high-frequency tasks over many hours?
- You hold an ETF basket consisting of three stocks with weights 50%, 30%, and 20%, trading at prices $40, $25, and $110. What is the basket value?
- What is the probability of getting at least one six in four rolls of a fair die?
- If you flip a biased coin with probability $p$ of heads until you get consecutive heads, what is the expected number of flips?
- You are losing money on every trade you make today. Why are you keeping your quotes active?
- Your model says one thing, but your trading intuition says the opposite. Which do you trust?
- If I force you to widen your spread by ten times, what happens to your volume and P&L?
- Describe a situation where your initial assumption about a problem was proven wrong. How did you react?
- How do you handle sustained periods of high mental fatigue during repetitive tasks?
- Describe a time you failed to meet a target or deadline. What did you learn?
- How do you prioritise tasks when everything is marked as high priority?
- Describe a situation where you noticed an error in a peer's work. How did you address it?
- What is the most difficult feedback you have ever received, and how did you act on it?
- Describe a time you worked under severe time constraints. How did you maintain accuracy?
- How do you manage your emotions when trades or technical deployments go wrong?
- What motivates you to perform at your best when working independently?
- What is the probability of drawing two aces consecutively from a standard 52-card deck without replacement?
- You hold an ETF basket with weights 40%, 40%, and 20% trading at prices 50, 30, and 100. What is the basket value?
- How do hash tables handle collisions, and what is the worst-case time complexity for lookups?
- What is adverse selection, and how do market makers adjust their quotes to mitigate it?
- If you flip a biased coin with probability $p$ of heads, what is the expected number of flips until you see two consecutive heads?
- How do you hedge an ETF portfolio when underlying markets are closed?
- What is the difference between multi-threading and multi-processing in Python, and how does the GIL affect performance?
- How does a market maker manage inventory risk when accumulating a large directional position?
- What causes an ETF to trade at a persistent discount during periods of market stress?
The edge: what separates offers from rejections
Specific moves most applicants skip. None of them need talent, only preparation.
- 01CV walkthrough memorised: Delivered a crisp, two-minute summary of past projects without filler words or hesitation.
- 02Anchor stories drilled cold: Prepared three to four flexible behavioural examples using the STAR method that adapt to multiple competency prompts.
- 03Specific Old Mission references: Spoke fluently about ETF creation units, fund plumbing, and the firm's independent structure.
- 04Mental math fluency: Executed multi-decimal weighted basket calculations in under ten seconds with zero errors.
- 05Collaborative problem solving: Treated the interviewer as a partner during complex probability puzzles, verbalising assumptions clearly.
- 06Grace under pressure: Remained calm and composed when intentionally pressured or given contradictory prompts.
- 07Insightful final questions: Asked sharp, technically grounded questions about liquidity provision, exchange fee dynamics, or technological scaling.
- 08Thank-you note discipline: Maintained prompt, professional communication with recruiting coordinators without crossing into excessive persistence.
- 09Practising mental math daily: Using apps or custom scripts to build instantaneous recall of multiplication tables, squares up to 30, and fraction-to-decimal conversions.
- 10Time-budgeting ruthlessly: Allocating a strict maximum time per question and moving on instantly if stuck.
Prep, stage by stage
Drill each Old Mission Capital round
Dedicated pages for the rounds Old Mission Capital runs. Practise each one on Intervyo.
Deeper intel
Inside Old Mission Capital
The deals, the positioning vs peers, the day-to-day, and what has shifted at Old Mission Capital in the last year. Everything you need for the "why this firm?" answer.
Recent deals and mandates
How Old Mission Capital compares with peers
Compared to traditional investment banks, Old Mission offers significantly higher compensation potential, faster career progression, and a total absence of corporate red tape. Compared to mega-tier quantitative shops like Citadel Securities or Jane Street, Old Mission maintains a slightly smaller, more tightly knit footprint while offering comparable intellectual rigor and technical challenges.
A day in the life of a first-year analyst
- Through the dayA first-year quantitative trader arrives on the trading floor well before market open to review overnight market movements, check risk parameters, and calibrate models. During market hours, the day involves monitoring live execution flows, adjusting quotes, and communicating with engineers to optimize performance. Post-market hours are spent running backtests, analyzing execution data, and collaborating on strategy improvements.
What has changed at Old Mission Capital
- Recent strategic shifts center on scaling the London office to capture growing European market volumes, continuous upgrades to proprietary low-latency trading infrastructure, and refining automated execution algorithms to adapt to shifting macroeconomic conditions.
Pay & culture
Working at Old Mission Capital
What they pay
Graduate
Not published by the firm
Internship
Paid. Rate not published by the firm
Perks
| Firm | Comp | Hours / week | Exit options |
|---|
What working at Old Mission Capital is like
- The culture is intensely meritocratic, transparent, and collaborative. Hours can be long during periods of high market volatility, but flexibility exists during quieter market phases. Performance reviews are continuous and direct, rewarding objective results rather than office politics.
Where Old Mission Capital analysts go next
FAQ
Old Mission Capital application questions
PROCESS AUDIT - which stages does Old Mission Capital actually run?
Old Mission Capital does not rely on pre-recorded, one-way video interviews through HireVue for its graduate pipelines. Instead, candidate evaluations typically move directly from technical screening tests or resume reviews to live video or in-person technical and behavioral discussions. Candidate reports across electronic trading forums confirm an absence of automated asynchronous video assessments. Old Mission Capital utilises external quantitative and cognitive aptitude assessments depending on the role, alongside distinct technical coding evaluations. For engineering roles, candidates complete coding tests administered via platforms like HackerRank or Codility. For quantitative trading and analyst paths, numerical and logical reasoning tests are administered via third-party testing vendors before live interview stages. Old Mission Capital does not run traditional UK-style group assessment centres featuring group exercises or case study presentations. Candidate interview loops follow a structured series of back-to-back technical and fit interviews conducted one-on-one with traders, engineers, or senior leadership, rather than mass cohort assessment days. Old Mission Capital runs an intensive live interview process consisting typically of 3 to 5 rounds. These include initial HR screenings, technical deep dives with quantitative traders or software engineers, and final-round i
How hard is it to get into Old Mission Capital?
Extremely selective; acceptance rates for graduate trading and engineering roles mirror elite quantitative funds.
What grades do I need?
A 2:1 or First Class degree in a quantitative or technical discipline from a top-tier university is strongly preferred.
Does Old Mission sponsor visas?
Yes, the firm regularly sponsors visas for exceptional global talent joining its London and Chicago offices.
Can I reapply if rejected?
Candidates are generally required to wait a cooling-off period of 12 months before reapplying.
How should I schedule my live interview if I am studying at a UK university?
Coordinate directly with the recruiter. They generally offer flexible slots across UK working hours to accommodate academic timetables.
What technical setup is required for video interviews?
A reliable high-speed broadband connection, a functional webcam, a quiet room with a neutral background, and a clean code editor or digital whiteboard link ready if requested.
What is the expected dress code for video interviews?
Business casual or standard professional attire. A collared shirt or smart jumper is appropriate.
Where should I focus my eye-line during video calls?
Look directly into the camera lens when speaking to simulate direct eye contact with the interviewer.
What should I do if I am asked a question I do not know?
Do not guess wildly or bluff. State your immediate assumptions clearly, explain your initial reasoning, and talk through how you would approach breaking down the problem from first principles.
Are calculators permitted during mental math and probability sections?
No. Calculators are strictly prohibited. All arithmetic must be performed mentally or via rough notes on paper.
How long after the live interview should I expect to hear back?
Candidate reports suggest feedback is typically communicated within one to two weeks.
Should I use pen and paper during video technical rounds?
Yes. Having blank paper and a pen ready to jot down probability states, equations, or basket weight totals is essential.
How should I prepare my questions for the end of the interview?
Prepare specific questions regarding ETF market structure, risk management workflows, or technological scaling rather than general HR queries.
What is the best way to practice mental arithmetic for this process?
Use dedicated quantitative drill platforms to practice rapid multi-decimal addition, multiplication, and percentage calculations daily under strict time constraints.
What are the technical requirements?
A stable broadband internet connection, a modern web browser (Google Chrome or Firefox), and a clean desk space with blank paper and pens.
Can I use a physical calculator?
Candidate reports suggest handheld calculators are generally unnecessary for the rapid arithmetic section and may violate proctoring rules, so rely on mental math and on-screen tools where permitted.
Is a webcam required?
Some remote sessions utilize automated proctoring, requiring webcam and microphone access during the test.
What is the retake policy?
Candidates who fail are typically required to wait a full 6 to 12 months before reapplying to the firm.
How are timezone differences handled?
Deadlines are specified in local time (typically BST/GMT for London applicants), but ensure you check the exact timestamp on your invitation link.
What should I do if my browser crashes?
Immediately reopen the link using the original invitation email and contact graduate recruitment support if the session locks.
Are extensions granted for technical issues?
Extensions are rarely granted unless verifiable system-wide platform outages occur.
Does the test adapt in real time?
Candidate reports suggest the assessment uses a fixed-form linear structure rather than Computerized Adaptive Testing (CAT).
Should I guess if I do not know the answer?
If there is no negative marking, always input a best guess rather than leaving a field blank.
Can I pause the assessment once started?
No, all sections are timed continuously from the moment you click begin.
Who should I contact if the invitation link is broken?
Reach out directly to the recruitment coordinator listed in your initial application confirmation email.
Is disability or neurodivergence accommodation available?
Yes, formal adjustments can be requested by contacting recruitment prior to opening the assessment link.
If you are rejected
What to do next
Review where you stumbled in the technical or screening rounds, brush up on coding or mathematical foundations, and target adjacent quantitative trading firms, market makers, or tech-driven financial institutions that recruit on rolling timelines later in the cycle.
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Intervyo is not affiliated with or endorsed by Old Mission Capital. Process details are sourced from past applicants, the firm's published guidance and our own research; verify timings on the firm's official careers site before applying. Last updated 12 August 2026.
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