The hiring process is composed of one phone interview. Some of the questions asked were about company's stock price on that day, greatest weaknesses, three greatest strengths, when has networking payed off and three reasons why ICAP would be a good place for a summer internship. Then some people are called for the second round at ICAP's office in Jersey City. There a group of 10 people is first given a test in a form of couple of market updates (videos with news, index prices and FX). Every news update is followed by three questions about a specific topic that was covered (percentage increases and converting currencies). It is 60 seconds per question while main indices and FX rates are presented on the screen. This test is followed by another test that is made of 40 questions in 40 minutes. All of the questions are calculating percentage changes, or calculating whole parts based on data of percentages, and converting currencies. Questions in both tests are not difficult, but the time is a constraint (some questions demand more time than others). Second part of the second round is an analysis of a company that is followed by a presentation in front of ICAP employees and recruiters. Groups of 3-4 are formed and then given a case of a brokerage company. A group is then supposed to analyze the financials and give its opinion on whether that company would be a good fit for ICAP. After the 3-5 minute presentation, ICAP employees ask questions about financial measures used, feasibility and valuation (estimated stock price). Less than half of the group is then sent home, depending on the test results and the presentation, and the rest is left to wait for the panel interview (same employees that listened to the presentation), final stage of the hiring process. Questions asked during the panel interview are mostly behavioral.