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Using K.A.T.E.® for Assessment and Evaluation

Problem

IMC Trading was looking for a solution to efficiently assess and evaluate technical candidates as part of an innovative programming competition. The competition required potential candidates to implement quantitative finance strategies. The objective was to be able to evaluate participants based on coding ability, mathematical aptitude and creativity. Unfortunately, manually reviewing code to ensure correctness, assessing code performance and also providing suitable technical infrastructure for students is a huge time-waster and complex.

Requirements

IMC required an innovative talent acquisition and assessment strategy to:

  • Ensure candidates can easily run tests and see the results of their code implementation
  • Provide candidates with instant feedback to create the best possible student experience
  • Remove technical challenges such as version and installation problems with Python
  • Monitor activity and capture information about each candidates technical skills
  • Identify top talents, in real-time, based on their coding skills for targeted relationship management

Solution

K.A.T.E.® provided the solution to this problem by making the whole process of submitting and testing solutions smooth and robust. As a result, K.A.T.E.® enabled the students to iterate frequently in their development and also provide IMC with full details of the student activity and engagement.

Using K.A.T.E.® IMC launched a Quantitative Finance challenge allowing candidates to experience training their own option pricing models on real-world data. IMC used K.A.T.E.® to inject custom challenges and evaluation metrics relevant to the trading undertaken at IMC, to assess each candidates coding skills according to the specific job requirements. Then K.A.T.E.® was utilised during IMC’s programming competition to manage the influx of candidate code submissions.

Outcomes

“Every student team used K.A.T.E. to develop their pricing model. I think K.A.T.E. made the whole process of submitting and testing solutions very smooth. Previously, we had struggled to help all the teams but now they could figure a lot of things out themselves, immediately. The vast majority of groups had a working implementation in the end and this was to a large part due to K.A.T.E.,” said Heiko Schäfer, Equity Options Quantitative Analyst, IMC.

K.A.T.E. offers a monitoring dashboard to rank users in real-time, allowing for better candidate prospecting on the day.

“The K.A.T.E. dashboard was useful for us. We were able to keep an eye on the general progress of all the teams. Using the dashboard, we could also look into the code submissions directly to spot talented students,” said Heiko Schäfer. “We have been running workshops for students for 3 years now. Culmination is a coding competition to implement a simple numerical option pricing model in Python. This year we used K.A.T.E. for the first time and the result was very positive: we saw more teams finish with a working model than in the years before.”

“The instant feedback from K.A.T.E. enabled the students to iterate more frequently in their development. It was also noticeable that K.A.T.E. helped the less computer savvy of the students a lot,” said Heiko Schäfer. “Technical problems with Python versions and installations did not impeded the competition as development with K.A.T.E. does not depend on locally running Python. Overall K.A.T.E. helped significantly to make our coding workshop a big success.”