FIRST ROUND · 50 MINUTES
Derivatives Structurer
Twenty-one questions on taking a payoff apart, and on what the pieces leave out.
21 questions in 50 minutes. The clock does not stop.
No hints, no worked examples, no indication of difficulty.
You are never told whether an answer was right — not after a question, not at the halfway mark.
A good answer sometimes draws a follow-up, exactly as it would in the room.
You may leave a question blank and move on. Blank scores the same as wrong, and costs less time.
No pricer. Every number here comes out of a decomposition, a parity relationship or a rule of thumb you should already carry.
Everything — scores, mistakes, the correct answers, and what to study — arrives in the debrief.
Once you press this the clock runs for 50 minutes without stopping.