Capula Investment Management

Applications are screened on a rolling basis. The two technical gates sit before any conversation with the desk, so candidates committing to this loop are scheduling a Python challenge and a quant interview around term-time workload weeks before they hear from a trader.

Capula runs two named campus tracks, both anchored in the Trading and Research function:

• Trading and Research Summer Internship: ten weeks, June to August, opening with an Intern Orientation Week at the London headquarters; placements then run across London, New York, Hong Kong, Singapore and Tokyo. Eligibility is students due to graduate in 2027 or 2028 with a Bachelor's, Master's or PhD in economics, finance or a quantitative discipline.
• Capula Analyst Programme (CAP): a two-year graduate rotation across the same five offices, structured around trading-desk rotations, classroom lectures and research projects, with successful participants placed in a full-time trading-desk role at the end. Summer interns automatically become candidates; direct applications are reviewed on a rolling basis.

The two tracks form a single funnel: the summer internship is also the primary entry point to the graduate programme. A candidate applying to the internship is, in effect, applying to a two-year-plus career trajectory that begins with the ten-week placement.

The five intern locations – London, New York, Hong Kong, Singapore and Tokyo – each operate under distinct visa regimes. The sponsorship line being explicit on the posting removes a gate that closes many comparable internships at a similar tier to non-domestic candidates, though the practical mechanics depend on the office a candidate is matched into.

The firm's strategy mix is unusual: alongside absolute return, enhanced fixed-income and macro mandates, it runs a crisis-alpha programme – long-volatility positioning designed to deliver positive returns in significant market stress – distinct from peers' core macro books. The summer-to-CAP funnel is structured around trading-desk rotations across five international offices, and the firm describes more than 26 years of individual-trader track record across the 1998, 2008 and 2020 crises. For an applicant choosing among London-headquartered fixed-income and macro shops, the prioritisation call sits more on whether the crisis-alpha specialism and rotational path match how they want their early career shaped than on absolute firm scale.