Susquehanna International Group Research Analyst interview questions & guide 2026

The following questions are representative of the concepts and problems you will encounter throughout our recruiting process. These questions are drawn from real interview experiences across our global offices and are designed to test your analytical framework, quantitative intuition, and market awareness, rather than simple rote memorization.

Probability & Combinatorics

These questions evaluate your fundamental mathematical ability, quick calculation skills, and comfort with risk and expected value.

• A bag contains 3 red balls and 7 blue balls. If you draw two balls without replacement, what is the probability that they are of different colors?
• Calculate the expected value and variance of a game where you roll a fair six-sided die and receive the dollar amount of the roll, but can choose to reroll once.

To succeed in our rigorous interview process, you must prepare systematically across several distinct dimensions. We do not expect you to have a perfect background in advanced finance, but we do require exceptional logical clarity and a passion for problem-solving.

Quantitative Intuition – You must be highly comfortable with mental math, probability, combinatorics, and expected value. Practice solving fast-paced math puzzles and probability distributions under time constraints, focusing on accuracy and speed.

Market Curiosity – We want to see that you actively follow global markets and possess a genuine interest in investing. Develop a deep understanding of at least two or three industries, and prepare a structured, catalyst-driven stock pitch.

Communication Under Pressure – Our interviewers will challenge your assumptions and stress-test your logic. You must be able to articulate your thought process clearly, receive feedback on the fly, and adjust your models or hypotheses systematically.

Decision-Making Frameworks – Familiarize yourself with basic game theory, options theory, and decision-making under uncertainty. Be ready to explain how you make decisions when you do not have complete information.

The hiring process for the Research Analyst position at Susquehanna International Group is highly structured, quantitative, and designed to evaluate your analytical capabilities at every stage. We move quickly, but we maintain an exceptionally high standard for precision and logical consistency.

The process typically begins with an Online Assessment (OA) focused heavily on probability, combinatorics, and logic puzzles. This is followed by a preliminary phone screen with HR or a member of our research team, which includes both behavioral questions and real-time quantitative problem-solving. If you pass these initial stages, you will progress to a structured case study or a written data exercise, followed by multiple rounds of technical interviews, culminating in a rigorous Superday.

Throughout this journey, our goal is to understand how you think, how you handle pressure, and how you adapt to new information. We value transparency and directness, and our interviewers will actively engage with you to test the limits of your analytical frameworks.

The timeline shown above represents the typical progression for a candidate from application to final decision. While the exact duration can vary based on location and hiring needs, the sequence of evaluations remains consistent to ensure a fair and comprehensive assessment. Candidates should use this timeline to pace their preparation, ensuring they are fully ready for the intensive quantitative and case study rounds that follow the initial screens.

Probability, Statistics & Combinatorics

At SIG, probability is the language we use to understand the world. You will face rigorous testing on your mathematical intuition and your ability to calculate risk and reward on the fly. We want to see that you can break down complex, multi-variable problems into structured probabilistic models.

Be ready to go over:

• Combinatorics and Permutations – Calculating outcomes for card hands, coin flips, dice rolls, and arrangements under specific constraints.
• Expected Value and Variance – Determining the fair value of complex games, financial contracts, and multi-stage decisions.
• Bayes' Theorem – Updating probabilities systematically as new information or data points become available.
• Advanced concepts (less common) – Optimization theory, linear regressions, and basic calculus-based probability distributions.

Example questions or scenarios:

• "A dealer offers you a game with a 100-sided die. You win the dollar amount of the roll, but you can pay $2 to roll again up to two times. What is the fair price to play this game?"
• "If you have a coin that lands on heads with probability $p$, what is the expected number of flips required to get three heads in a row?"

Market Making & Game Theory

We frequently use market-making simulations and game theory scenarios to evaluate how you price risk and interact with competitors. These exercises test your ability to maintain logical consistency, manage asymmetric information, and make rapid decisions under uncertainty.

Be ready to go over:

• Bid-Ask Spreads – Setting a buy and sell price for a given contract or event while protecting yourself from adverse selection.
• Asymmetric Information – Adjusting your pricing model when trading against an opponent who may have superior data or faster execution.
• Risk Management – Understanding how to size your positions and manage your exposure when market conditions shift.
• Advanced concepts (less common) – Game-theoretic equilibria, Nash equilibrium applications, and sequential decision trees.

Example questions or scenarios:

• "Make a market on the number of home runs hit in the Major League Baseball season this year. Give me a bid, an ask, and explain your spread based on your level of uncertainty."
• "You are playing a game where you can bid on an asset of unknown value between $0 and $100. If your bid is accepted, the asset is worth 1.5 times your bid to you. How much do you bid?"

Equity Research, Stock Pitches & Case Studies

Our research analysts must be able to translate fundamental corporate analysis into highly structured investment ideas. You will be evaluated on your ability to dissect financial statements, identify key market catalysts, and construct a compelling investment thesis.

Be ready to go over:

• Catalyst Analysis – Identifying specific corporate, regulatory, or macroeconomic events that will reprice an asset.
• Financial Modeling & Statement Analysis – Pulling key metrics from 10-Ks and 10-Qs to evaluate corporate health, debt structures, and cash flows.
• Second-Order Thinking – Anticipating how a primary market event will impact adjacent industries, suppliers, or competitors.
• Advanced concepts (less common) – Options-implied valuations, capital structure arbitrage, and complex corporate restructurings.

Example questions or scenarios:

• "Pitch me a stock. Walk me through the business model, why the current market price is wrong, what the catalyst is to close that gap, and your specific downside risk."
• "A major pharmaceutical company just had a key drug rejected by the FDA. How does this impact their debt covenants, and what are the second-order effects on their primary competitors?"

As a Research Analyst at Susquehanna International Group, your day-to-day work is dynamic, highly analytical, and deeply integrated with our trading operations. You will be responsible for generating actionable investment ideas and providing real-time analytical support to our trading desks.

Your primary responsibilities will include:

• Conducting deep fundamental research on companies, industries, and specific corporate events to identify structural market mispricings.
• Building and maintaining complex financial models, utilizing data from SEC filings, industry databases, and proprietary datasets.
• Translating qualitative real-world events, regulatory changes, and earnings reports into quantitative fair-value estimates for equity and derivative contracts.
• Collaborating closely with traders and quantitative researchers to design, test, and execute event-driven trading strategies.
• Presenting clear, concise investment recommendations and risk assessments directly to senior research analysts and trading desk heads.
• Monitoring ongoing portfolio exposure, tracking industry catalysts, and updating valuation models dynamically as new market data emerges.

We look for candidates who possess an exceptional blend of quantitative talent, financial curiosity, and strong communication skills. While we value prior finance experience, we highly welcome candidates from diverse analytical backgrounds such as mathematics, engineering, physics, and computer science.

Must-Have Skills

• Strong Quantitative Foundation – Exceptional mastery of probability, statistics, combinatorics, and mental mathematics.
• Analytical Problem Solving – Ability to break down ambiguous, unstructured problems into logical, data-driven frameworks.
• Effective Communication – Ability to articulate complex quantitative concepts and investment theses clearly and concisely, both in writing and verbally.
• Market Interest – A demonstrable passion for financial markets, investing, and economic trends.
• Mental Agility – Comfort working in a fast-paced, high-pressure environment where decisions must be made quickly with incomplete information.

Nice-to-Have Skills

• Programming & Data Analysis – Familiarity with Python, R, or SQL for data manipulation and statistical modeling.
• Prior Research Experience – Previous internships or academic work in equity research, investment banking, or quantitative finance.
• Advanced Financial Knowledge – Understanding of options pricing theory, derivatives, and corporate capital structures.

Q: How difficult is the Online Assessment (OA), and how should I prepare for it? A: The OA is highly challenging, primarily due to strict time constraints. It typically consists of 17 to 20 questions to be completed in 60 minutes, focusing heavily on probability, combinatorics, and logic puzzles. To prepare, practice solving intermediate-level probability problems under timed conditions, ensuring you can calculate expected values and permutations quickly without a calculator.

Q: What is the culture like on the research team at SIG? A: Our culture is highly collaborative, flat, and intellectually rigorous. We value meritocracy and open debate over hierarchy. You will work directly with experienced traders and analysts who will challenge your ideas, but also invest heavily in your professional development and training.

Q: Do I need a background in finance or business to apply? A: No. While financial literacy is helpful, SIG is famous for its world-class internal training programs. We care far more about your core raw intelligence, mathematical intuition, and logical reasoning skills. We regularly hire top-tier graduates from STEM fields who have had little to no prior exposure to finance.

Q: How does the case study round work? A: The case study typically involves analyzing a specific company, market event, or financial scenario. You will be given a set of data or a prompt and asked to write a structured analysis or prepare a short presentation. We evaluate your ability to identify key drivers, apply probabilistic thinking, and communicate your conclusions under a deadline.

To stand out in the Susquehanna International Group interview process, you must demonstrate more than just technical competence. You must show that you think like a SIG analyst.

• Embrace Probabilistic Thinking: Never think in binary terms. When discussing stock pitches or market events, express your views in terms of probabilities, ranges of outcomes, and expected values.
• Show Your Work Out Loud: During technical rounds, do not sit in silence while solving a problem. Walk your interviewer through your logic. If you make a mistake, they want to see how you react, self-correct, and accept hints.
• Be Ready for Stress Testing: Our interviewers may adopt a challenging or skeptical tone. This is a deliberate stress test to see if you lose confidence or double down on a flawed premise. Remain calm, logical, and open to adjusting your model when presented with new facts.

• Understand Options and Volatility: Even if you are applying for a fundamental research role, SIG is a global powerhouse in options trading. Having a basic grasp of how options work and how volatility impacts pricing will give you a significant competitive edge.

The Research Analyst position at Susquehanna International Group is an extraordinary opportunity for analytical, quantitative minds to make a direct impact on global financial markets. By combining deep fundamental analysis with cutting-edge probabilistic frameworks, you will solve some of the most complex puzzles in modern finance.

To maximize your chances of success, focus your preparation heavily on probability fundamentals, market-making logic, and structuring a highly defensible stock pitch. Remember that we are looking for logical clarity, intellectual curiosity, and the resilience to perform under pressure.

The compensation data above reflects the competitive package offered to successful candidates. At SIG, we believe in rewarding performance, and our compensation structure is designed to attract and retain the world's top analytical talent. As you prepare, focus on demonstrating how your unique quantitative and research skills will drive value for our trading desks. You can explore additional interview insights, preparation strategies, and community resources directly on Dataford to ensure you are fully prepared to succeed. Good luck with your preparation!