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12-Week Quant Interview Study Plan: Probability, Mental Math & Step-by-Step Solutions
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The Independent Journal of Quantitative Finance, Engineering & Careers • Est. 2026
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Quantitative Trading
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Quantitative Finance
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Questions
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Card Counting
Fermi Estimation
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Sequences
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Instructions
Each round you see a few playing cards — some face-up, some face-down. Card values: 2–10 are the pip, J = 11, Q = 12, K = 13, A = 14.
The market maker quotes a Bid X at Ask Y on the
sum
of all card values.
Buy at the ask if you think the true sum is higher. Sell at the bid if you think it's lower. Pass if neither side is worth taking.
All cards then flip face-up and you settle. Long: qty × (true sum − ask). Short: qty × (bid − true sum).
60 seconds per decision — running out the clock counts as a Pass.
EV captured / available at the end tells you whether you traded the right side; the rest is just card-flip variance.