“Working at Jane Street is exciting and challenging. They trade in incredibly competitive, fast-paced environments. Employees are provided feedback on successes and failures in quick and tangible manner. This allows for constant evaluation and improvement of their strategies and performance. Good culture, resources, learning opportunities.
However, sometimes inflated egos make effective communication difficult, which is only exacerbated by the need to work long hours in a competitive environment. Jane Street goes to great lengths to ensure that its staff is at least familiar with OCaml and functional programming in general. The Company is also famous for competitive salaries. Further, company employees often have expenses, ranging from food to transport, covered by Jane Street.
“Jane Street is known for being one of the largest ETF liquidity providers in the world. They trade over $6.5 billion ETFs on a daily basis. The firm preserves strong relationships with the main ETF providers, and consider themselves specialists in ETF structure and mechanics.”
“401(k) with a generous matching program (100% of up to 6%), which starts immediately and is vested. Health/Dental/Vision is completely paid for with only small copays. Office caters breakfast and lunch, and you can also order food from a restaurant on the company dime. The vacation starts at 15 days per year and grows to 20 days after a few years. Have access to a tax-free commuting and health account.”
“What makes this industry different is the way people interact with each other, everyone’s kind of on the same starting point, everybody works together to solve problems. There is no hierarchy at Jane Street. ”
“Traders are organized into teams of varying sizes (referred to as “trading desks”), organized primarily by the type of security traded. During peak trading hours, the desks are central to the excitement of the trading floor; once the buzz has subsided, they’re a place for mentorship and open discussion. People of all experience levels, from the newest campus hire to the most seasoned trader, work together on the trading floor.
Traders must be prepared every day to attack a varied set of problems. Most divide their time between closely monitoring our trading systems in real-time, manually entering trades into the market, developing new trading strategies via data-intensive quantitative research, and improving the infrastructure that enables us to analyze the markets and our trading data.
To meet these requirements, traders must not only be capable of improvising quick solutions under time pressure, but also develop aptitude in a wide array of skills including statistical analysis and programming.
Traders will eventually gain the market experience that enables them to have good trading judgment and recognize subtle opportunities.
Briefly, just like other firms, Jane Street has lots of pros and cons. But Jane Street's workplace is different from any other firm, this firm has an environment where people are very passionate about what they do, and so the result is you are sitting amongst people that you can learn from constantly. It's a challenging atmosphere where you can do your best, they say no matter how good you are, it can always be done better, so they work to be their best selves. There are new challenges every day, you learn how to take very large problems and think about them, how to take something very complicated and break it down to small issues.
They have an emphasis on learning, whether that's playing poker together or going to hear the many elite speakers brought in for better-than-TED talks. However, sometimes inflated egos make effective communication difficult, which is only exacerbated by the need to work long hours in a competitive environment. It’s exciting to work with super-sharp people working on challenging problems in a creative, cooperative, successful environment.
Their interview process is arduous because they are very selective in choosing a high quality and collaborative team, So the culture is a perfect fit for those who get in. After all, it’s a great deal of experience, you are going to learn from it and help others too.
The majority of employees that I've met at the company have a pretty good respect for the authority of the CEO and generally feel that the CEO is down to earth.
Ideal candidates need to be:
- Excellent quantitatively, with a strong understanding of probability and statistics.
- Effective communicators in cohesive team settings.
- Motivated, competitive, and eager to learn and teach.
- Excited to engage in spontaneous and investigative debate on trading strategy and risk.
Also, we need you to have a solid working knowledge of core computer science concepts, including:
- Basic algorithms and data structures, including hashing, binary search, sorting, breadth/depth-first search, hash tables, binary trees and heaps.
- Abstraction layers like functions, objects, and modules.
- Techniques for estimating CPU and memory costs, including Big-O notation.
- Recursion and exhaustive case analysis.
Overall the interview process is pretty standard, although we aren't really growing too quickly so there are a limited amount of open positions available. My interview started off with a phone interview to test my background and get a feel of my ability to interact on phone, then it's followed up by an in person interview with an hr manager.
“Jane Street, although it's a financial company, is a lot more relaxed than many of the other companies that I've worked for. Overall I would definitely say the work atmosphere is positive, and calm, but with a professional undertone that keeps us grounded in business success.
A key part of the working environment at Jane Street (and for any other company for that matter) is the people that are working there. I consider myself really lucky to be a part of a group of smart and dedicated team that doesn't take itself too seriously. These are the type of people who you want to be friends with, inside and outside the office.
Another key aspect that makes the work environment so positive is a leadership team that really knows how to support you personally as well as professionally. I actually have a great relationship with my managers, which is something I didn't really know could exist in the finance industry before working here.
Lastly, the main reason I feel like the work environment is positive is because of the type of work that we're doing. If this were a day trading company, the work lends itself to a much more intense experience. ETF's are secure and have a much slower cycle, so naturally it makes it a relaxed company in finance to work for in New York.”
Jane Street is a quantitative trading firm that focuses mainly on technology and collaborative problem-solving. It operates 24 hours a day all over the world, trading lots of financial products including ETFs, Equities, Futures, Commodities, Options, Bonds, Currencies. Jane Street has offices based in New York, London, Hong Kong, Amsterdam. The firm has three main business initiatives; Global Market Making, Tech at the Center, Institutional Services.
Jane Street Capital is known for its most laborious interview process. They have a filtered screening process to choose a high quality and cohesive team. Jane Street work to establish a fun, challenging and rewarding place to work. Their first priority is people, not brand recognition, that's their key to success.
ETHICS AND HONESTY
It’s a critical issue that interactions at Jane Street, and interactions between their people and others, are conducted honestly and openly. That’s why no one at Jane Street is forced to say an opinion they don't believe in or asked to support a certain position. Jane Street take pride that its trading is done in a manner that doesn’t impose hidden costs or risks on counterparties or the market.
What makes the structure at Jane Street different is that there's no hierarchy, they strive to make its hierarchy flat. Everybody who works there is treated as partners. Jane Street runs for the benefit of the firm as a whole, not just a small group.
Jane Street is known for its flexible, humble mindset. Being humble opens the door to question their assumptions and to renew their views based on new arguments. They are open-minded about their mistakes and they try to admit when they are wrong.
Jane Street Capital is a notoriously prestigious firm with a difficult interview process. The first round is composed of mental math and probabilities problems, and here’s an example for it:
“Mental Arithmetic Questions like 1 million - 101, 342, 54 percent of 110 etc.”
In general, we can speed up calculations using Vedic Mathematics or other simple tricks. For instance, 342= 302+ 2·30·4 + 42 = 900 + 240 + 16 = 900 + 256 = 1156.
“Why do you think you are a good fit for this job?”
This question is a great opportunity because it opens for you the way to show the interviewer what you know about the role you are applying for in Jane Street company. So, it’s better to take the time before the interview to carefully research Jane Street company, its climate, and its mission. Be precise about what makes you a good fit for this job, and mention traits of the company and position that attract you the most. For example, you could say that you're excited to be a part of a company that strives for excellence, as this is a key part of Jane Street's company culture. When the interviewer asks you, “why should we hire you? “what they really mean is, “what makes you the best fit for this position?” your answer to this question should be concise “sales pitch “that explains what you have to offer to the employer.
For example, I am eager to learn and open to new experiences and challenges. Remember, the employers are looking to hire workers to solve a certain problem, whether it’s building a brand, increasing sales, probability or trading. Your aim when you are making your pitch is to show them that you are the best to solve this problem. For example, talk about your skills in mathematics or previous trading experience if you have. Try to be your best self in the interview because the better you convince them, the better your chances of landing the job.
“Why do you want to leave your current job?”
One of the main questions the interviewer is going to ask you is “Why do you want to leave your current job?", So you should be prepared to answer this question. The key to winning the interviewer attention is to focus on why are you a perfect fit for this job rather than talking about the past –and any negative experience- because lots of people focus on the past and the problems they had in their previous job, and it didn't reflect well on them. Take the high road instead.
For example, my previous job focuses on individual achievements, but I am looking forward to working in a collaborative environment. I do my best work when I am in a team.
Jane Street was co-founded by Tim Reynolds and three others. Jane Street's website claims the firm was founded in 2000. Jane Street’s team is now over 650 strong, and its trading volumes have hit the roof as they’ve refined their understanding of how to value trade, and hedge complex securities. The company earns an average of $100 to $500 million (USD) per year.