Overview
Belvedere Trading is a proprietary trading firm headquartered in downtown Chicago. Its traders are market makers in commodities, interest rates, ETFs and equity index options.
It dates its start to March 2002, when it began making markets in the SPX pit on the floor of the Chicago Board Options Exchange. It now has close to 300 people and lists four locations: Chicago, Boulder, New York and Singapore.
Programmes
As of 5 Nov 2026, Belvedere's job board lists four 2027 early-career roles, all on site in Chicago.
Quantitative Trading Intern, Summer 2027
Ten weeks in Chicago from June 2027, fully in person. You rotate between the trading desks and work with developers and strategists on research to improve the trading systems.
You need to graduate in December 2027 or spring 2028. You also need some programming training, or a shown ability to learn languages such as C++, C# and Python. Market knowledge is a plus and is not required.
Quantitative Trading Intern, Winter Quarter 2027
Runs from 4 Jan to 12 Mar 2027, fully in person in Chicago, with the same December 2027 or spring 2028 graduation window as the summer role. A winter offer is for the winter programme only: you cannot transfer or defer it to a summer internship.
Quantitative Trader, Entry Level 2027
The full-time trader role is for students graduating between December 2026 and spring 2027, who join in late summer after graduating.
Belvedere's careers page still lists Junior Trader and Junior Quantitative Trading Analyst programmes. Those are older titles: the 2027 postings say Quantitative Trader.
Quantitative Researcher, Entry Level 2027
This role asks for a master's or PhD in a quantitative field plus 2+ years of quantitative research experience in trading or a related field. It is not an undergraduate role.
Software engineering
Software engineers on the full-time programme rotate across technology teams to work on different parts of the software. As of 5 Nov 2026, Belvedere had no 2027 software engineering internship or new-graduate posting live.
Who can apply
Belvedere's FAQ welcomes internship applications from every class year, grad students included, except graduating seniors. They apply to Quantitative Trader, Entry Level 2027 instead. Both 2027 intern postings set the graduation window above, so check yours against it.
Only students who intern the summer before their final year can be considered for a full-time return offer.
The Summer 2027 intern posting lists sponsorship as available. The FAQ says sponsorship depends on the position and is listed on each posting, and that Belvedere typically sponsors Software Engineer and Quantitative Research roles. Check the posting you apply to.
Application
First-round interviews usually begin in late August and final rounds in September.
Campus job boards link to each role, but the application itself goes through Belvedere's careers page.
Belvedere prefers you apply to one position, so choose carefully. Once you interview, it cannot change an offer's position, title, location or internship dates.
Resume review
Resume review does not screen on school, major or GPA. If you have the hard skills to pass the online assessment, Belvedere is interested, and it encourages students at every university to apply.
It does look for interest in markets, shown through clubs you belong to or competitions you have entered, so put those on your resume. Check formatting and grammar too: Belvedere reads them as attention to detail.
Meeting Belvedere
Belvedere's September 2026 posting for an early-career trading recruiter sends that recruiter to collegiate trading competitions, poker tournaments and industry networking events, and calls them a primary sourcing channel for quant trading talent.
The same posting has the recruiter presenting the internships on campus visits and at virtual open houses. Belvedere also suggests working with your career services office to organise a trek to its Chicago office.
Online assessment
Belvedere matches the online assessment to the skills each role needs:
- Quantitative Trader roles: a probability and logic test.
- Developer roles: a coding challenge on fundamental tech concepts.
For developers, Belvedere's September 2026 posting for a technology recruiter says the role should judge real problem-solving and coding ability over output that leans heavily on AI tools. Write your coding challenge yourself.
Interviews
Pass the assessment and you get one virtual interview, with both technical and behavioural questions.
Belvedere's September 2026 posting for a trading recruiter gives quantitative reasoning, probability and market intuition as examples of what its trading desks need, and has the recruiter turn them into candidate evaluation criteria.
In February 2023, a Belvedere Quant R&D manager gave this advice to data science and quant candidates:
- Options market making is very mathematical. Be good and quick at basic probability and statistics.
- Quant trading analysts at Belvedere often make quick back-of-the-envelope estimates.
- Have a clear answer to why you want to work in trading. Interest in options and financial research makes you a stronger candidate, and basic option pricing theory helps.
- Belvedere makes markets in options, so do not tell your interviewer which stocks you would buy or short.
- For data science and quant research roles, brush up on time-series analysis and forecasting models. Belvedere works with financial datasets, and most financial data is time series.
What Belvedere looks for
Belvedere names teamwork, coachability and an entrepreneurial spirit as the soft skills that serve you best. It also wants people who pick up concepts quickly, so anything that shows your interviewer you learn fast helps.
The summer posting wants people who speak confidently and concisely when the stakes are high, and quantitative problem-solvers with strong data analysis skills. AI fluency is on its list too: using AI tools well while keeping your own judgement.
Super Day
The in-depth discussion covers your skills and experience, so be ready to talk through anything on your resume in detail.
You meet several members of the team. If you go in person to the Chicago office, you also attend a reception.
Training at BTU
Belvedere Trading University (BTU) is the training programme every new intern and full-time hire joins. The summer posting says BTU teaches you what you need once you join, and asks you to learn what you can about trading before then.
BTU courses include Core Theory, an introduction to market making and trading practice, and Mock Trading, a simulated trading environment guided by experienced traders.
Entry-level Quantitative Trader training covers option valuation, game theory, hedging, portfolio analysis and simulated trading games. Belvedere's rotational programme moves its traders across equity index, interest rate and commodity products.
Trading roles and some engineering roles need the SIE and Series 57 licences. Belvedere gives you study materials and dedicated time during onboarding to pass them.
How to prepare
- Drill basic probability against a clock before the timed probability and logic test.
- Logic is on the trader test too, so do timed logic sets as well as probability.
- Get fast at rough arithmetic in your head. In February 2023 a Belvedere manager said its quant trading analysts often make back-of-the-envelope calculations.
- Learn basic option pricing and get quick at basic probability and statistics before your interviews. A Belvedere manager advised both in February 2023 and said options market making is very mathematical.
- Practise quoting a two-sided price and moving it after each fill, and say your reasoning out loud as you go.
Practise:Probability practiceFree reasoning testsMental math trainerDice Market MakingPremium
FAQ
Does Belvedere Trading have a graduate programme?
Yes. The full-time Quantitative Trader, Entry Level 2027 role is for students graduating between December 2026 and spring 2027, who join in late summer after graduating and go through BTU training. The Quantitative Researcher, Entry Level 2027 role asks for a master's or PhD and 2+ years of quantitative research experience.
What is the Belvedere Trading online assessment?
A timed test you take at home after a resume review, matched to the role. Quantitative Trader applicants get a probability and logic test, and developers get a coding challenge on fundamental tech concepts.
How many interview rounds does Belvedere Trading have?
Two after the online assessment: a virtual first round with one team member, then a half-day Super Day in Chicago or on Zoom.
Where are the Belvedere Trading internships?
Chicago, fully in person. The summer internship is ten weeks from June 2027, and the winter quarter internship runs from 4 Jan to 12 Mar 2027.
What maths does Belvedere Trading test?
Probability and logic in the trader assessment. Belvedere's September 2026 trading recruiter posting gives quantitative reasoning, probability and market intuition as examples of what the desks need. In February 2023 a Belvedere manager said to be quick at basic probability and statistics, and that the firm's quant trading analysts often make back-of-the-envelope estimates.
Does Belvedere Trading sponsor international students?
It depends on the role. The Summer 2027 Quantitative Trading Intern posting lists sponsorship as available. The careers FAQ says each posting states its sponsorship terms and that Belvedere typically sponsors Software Engineer and Quantitative Research roles.