Merrill Software Engineer Interview Guide

The 60-second brief

A Software Engineer at Merrill plays a pivotal role in bridging the gap between complex financial strategies and seamless digital execution. You are not just writing code; you are building the engine that powers wealth management for millions of clients globally. At Merrill, technology is the backbone of our ability to provide personalized financial advice, manage massive datasets securely, and maintain the trust that the Merrill brand has cultivated for over a century. The impact of this position is substantial. You will contribute to products that handle high-stakes transactions, sophisticated portfolio modeling, and real-time market data analysis. Whether you are working on the Merrill Edge platform or internal advisor tools, your work directly influences the financial well-being of our users.

This guide is scoped to a Software Engineer candidate at Merrill.

Focus areas

• API Development
• System/Software Architecture
• Python

The Merrill interview process

Merrill candidates report 3 rounds over 3-5 weeks. The stages below are what candidates describe, not a published process.

Technical Screen

Initial evaluation of coding skills, often involving a take-home challenge like building a functional API.

What to demonstrate

• Initial evaluation of coding skills, often involving a take-home challenge like building a functional API
• Depth in API Development

How to prepare

• Answer aloud and timed: Describe the difference between a list and a dictionary in terms of time complexity for common operations.
• Answer aloud and timed: How do you handle database transactions to ensure ACID compliance?

Intensive Technical Rounds

In-depth technical interviews that may include whiteboard sessions or portfolio reviews.

What to demonstrate

• In-depth technical interviews that may include whiteboard sessions or portfolio reviews
• Depth in API Development

How to prepare

• Answer aloud and timed: Explain the concept of dependency injection and why it is useful in large-scale applications.
• Answer aloud and timed: Walk through the process of designing a secure API for retrieving client portfolio data.

Cultural and Leadership Assessment

Evaluation of behavioral fit and leadership qualities, focusing on teamwork and conflict resolution.

What to demonstrate

• Evaluation of behavioral fit and leadership qualities
• Focusing on teamwork and conflict resolution

How to prepare

• Answer aloud and timed: What are the most important factors to consider when performing a code review?
• Answer aloud and timed: Why do you want to work at Merrill instead of a traditional tech company?

Where candidates lose points

Understand the Business

Take the time to learn the basics of wealth management. Knowing the difference between an IRA and a brokerage account, or understanding basic market mechanics, will make your answers much more impactful.

Portfolio Presentation

If you are asked to present a portfolio or past project, focus on the "why." Explain the business problem you were solving and the technical trade-offs you made along the way.

Follow Up Professionally

Given the size of the organization, things can occasionally move slowly. A polite follow-up email to your recruiter every week or two is appropriate and shows your continued interest.

Be prepared for strict deadlines if an offer is extended

Historically, some candidates have reported short windows for decision-making. Have your compensation expectations and questions ready in advance.

Questions & practice

Describe the difference between a list and a dictionary in terms of time complexity for common operations.

Medium · Technical & Domain Questions

Approach

1. Restate the input: its shape, its size, and what is guaranteed about it.
2. Name the brute-force solution and its complexity before improving on it.
3. Choose the data structure from the access pattern, not from familiarity.
4. State the target complexity and say which constraint rules the naive version out.

Follow-up

• How does this change if the input no longer fits in memory?
• What is the worst case, and how likely is it on real data?

Merge partitioned event streams into one ordered feed with bounded lateness

Hard · k-way merge · watermarks · out-of-order streams

The read-model service consumes 64 log partitions carrying about 4,000 events per second in total. Each partition is ordered within itself, but partitions drift by up to 30 seconds, and the activity feed must present a tenant's events in occurred_at order. Produce the merge. State its complexity, the buffer it requires in events and in bytes, what happens when one partition is idle, and what you do with an event that arrives after you have already emitted its position. Payloads average 1 KB.

Approach

1. Merge with a min-heap over the 64 partition heads keyed on (occurred_at, event_id): O(log P) per event and O(n log P) overall. The tie-break on event_id is what makes the output deterministic when two partitions carry the same millisecond, which matters because the feed is paginated and a non-deterministic order reorders pages under the reader.
2. Emitting the heap head is only correct once every partition has produced everything up to that timestamp, so the emit condition is a watermark: the minimum across partitions of the highest occurred_at seen, less the allowed lateness. Events are held until the watermark passes them, which is what turns individually ordered streams into a jointly ordered one.
3. Size the buffer from the lateness rather than guessing: 4,000 events per second times 30 seconds is 120,000 buffered events, and at 1 KB each about 120 MB of heap. That number is the real price of the ordering guarantee and belongs in front of whoever asked for it.
4. Handle the idle partition explicitly, because it fails the feed rather than corrupting it: a partition with no traffic never advances its own maximum, so the watermark freezes and output stops entirely. Either every partition emits a periodic idle marker carrying the broker's current time, or the watermark falls back to wall clock for a partition silent beyond a threshold.

Follow-up

• The lateness budget is raised to five minutes. What is the new buffer, and what besides memory changes?
• The consumer restarts. Where does it resume from, and what does the feed look like for the first 30 seconds?

Canonicalise a request body into a stable idempotency fingerprint

Medium · parsing · canonicalisation · hashing

idempotency_key.request_fingerprint is a SHA-256 over the method, path and canonicalised body, and a retry whose fingerprint differs must be rejected with 422 rather than served the stored response. Write the canonicaliser. Bodies are JSON up to 256 KB nested at most 32 levels; clients vary key order, whitespace and unicode escaping, and some send 64-bit ids as JSON numbers. Produce a deterministic byte string such that semantically identical bodies match and any semantic difference does not. State your complexity and name two normalisations you refuse to perform.

Approach

1. Parse once into a tree, then re-serialise under fixed rules: object keys sorted, array order preserved, one escaping convention, no insignificant whitespace. Parsing is O(n) and sorting keys is O(k log k) per object, so O(n log n) overall with O(depth) stack, and the 32-level cap is enforced during parsing because hostile nesting is how a canonicaliser becomes a stack overflow.
2. Sort keys by their UTF-8 bytes and say why the obvious implementation is wrong in some runtimes: a default string comparison that orders by UTF-16 code units places surrogate pairs, meaning code points from U+10000 up, below U+E000 to U+FFFF, which is not UTF-8 byte order, so two services written in different languages disagree on the same document.
3. Do not re-encode numbers through a double. IEEE-754 binary64 represents integers exactly only up to 2^53, so normalising a 19-digit id through a float changes it, and 1 against 1.0 cannot be reconciled without deciding whether they are the same value. Preserve the literal token, and require ids as strings at the API boundary if you want them comparable.
4. Reject duplicate keys rather than picking one. JSON permits them and parsers disagree, most keeping the last, so any choice you make ties the fingerprint to a parser detail that the code handling the request does not necessarily share.

Follow-up

• A client sends the same logical request with an extra field your API ignores. Same key, different fingerprint, so you return 422. Is that the right answer?
• Where does the fingerprint get computed relative to request decompression and the body-size limit?

Find version gaps and relay lag with window functions

Medium · window functions · event tables · frame semantics

outbox_event holds event_id, aggregate_type, aggregate_id, aggregate_version, event_type, payload, status ('pending','published','dead'), attempts, created_at, published_at. A projection is missing rows and you must decide whether the relay skipped events or the consumer dropped them. Write three queries over the last seven days: one listing every aggregate_id whose published aggregate_version sequence has a hole, one giving per-day counts with a running total, and one returning the newest published event per aggregate. For each, say where the window function is evaluated relative to WHERE and LIMIT. PostgreSQL 16.

Approach

1. Gaps: compute lead(aggregate_version) OVER (PARTITION BY aggregate_id ORDER BY aggregate_version) in a subquery, then filter next_version <> aggregate_version + 1 in the outer query. Window functions are evaluated after WHERE, GROUP BY and HAVING and before the outer ORDER BY and LIMIT, so the predicate cannot sit in the same WHERE clause and PostgreSQL 16 has no QUALIFY.
2. Say what the seven-day filter does to the answer: it truncates every partition, so the first row per aggregate has no predecessor inside the window and a hole spanning the boundary is invisible. Widen the window, or join to resource.version as the authority for the true maximum.
3. Running total: SELECT date_trunc('day', created_at) AS d, count() AS n, sum(count()) OVER (ORDER BY date_trunc('day', created_at) ROWS UNBOUNDED PRECEDING). An aggregate inside a window call is legal because grouping runs before windowing. The grouping key is unique per row here so ROWS and RANGE agree, but write the frame anyway — over ungrouped rows with tied timestamps the default RANGE frame pulls in every peer row and the total jumps.
4. Newest per aggregate: DISTINCT ON (aggregate_id) ... ORDER BY aggregate_id, aggregate_version DESC is the cheap PostgreSQL-only form when an index matches that order; row_number() OVER (PARTITION BY aggregate_id ORDER BY aggregate_version DESC) = 1 is the portable form and needs a subquery for the same evaluation-order reason as the gap query.

Follow-up

• Relay failover redelivers events. Does a duplicate break the gap query, and how would you detect one from this table alone?
• Turn the gap check into a continuous monitor rather than a query someone runs after an incident. What does it watch?

Hold a per-tenant active cap against concurrent creates

Hard · write skew · isolation levels · constraints

A tenant on the standard plan may hold at most 50 resources with status='active'. The create handler runs SELECT count(*) FROM resource WHERE tenant_id = $1 AND status = 'active', compares to 50, then inserts. Two creates arrive 3 ms apart on different instances and the tenant lands at 51. Name the anomaly, say whether PostgreSQL 16 READ COMMITTED or REPEATABLE READ prevents it and why, then give an implementation that holds the cap at READ COMMITTED with the exact statements. Finally, say what changes when the cap is 'at most one running export per tenant' on job_run.

Approach

1. Name it: write skew. The two transactions read an overlapping set and write disjoint rows, so there is no row-level conflict for the engine to detect and each commit is individually legal.
2. Rule out the levels precisely. READ COMMITTED takes a fresh snapshot per statement and takes no lock on the counted rows, so both see 49. PostgreSQL's REPEATABLE READ is snapshot isolation: it removes non-repeatable reads and phantoms within the snapshot but still admits write skew, because the anomaly is not a re-read of a changed row, it is a read of a set that a concurrent transaction invalidates. Only SERIALIZABLE closes it, by tracking the read dependency and aborting one transaction with SQLSTATE 40001 — a guarantee that exists only if the application re-runs the whole transaction from the read.
3. Convert the set predicate into a single-row conflict: keep tenant.active_resource_count and run UPDATE tenant SET active_resource_count = active_resource_count + 1 WHERE tenant_id = $1 AND active_resource_count < 50 in the same transaction as the INSERT. Zero affected rows is the cap, returned as 409. The row lock serialises the decision at any isolation level, and contention is bounded to one tenant's row — which is also the fair-scheduling unit, unlike a global counter that would convoy every tenant behind one row.
4. State the cost you just took on: a counter is a second source of truth that can drift, so every path that changes status must adjust it inside the same transaction, and a periodic reconciliation has to exist, with resource_revision as the authority for what the count should have been.

Follow-up

• A resource moves from archived back to active. Which statements change, and what breaks if the counter update and the status change land in different transactions?
• The cap becomes plan-dependent and a plan can change mid-month. Where does the number 50 live, and who reads it?

Explain the concept of dependency injection and why it is useful in large-scale applications.

Medium · Technical & Domain Questions

Approach

1. Clarify what is being asked and what a complete answer contains.
2. State your assumptions explicitly before working the problem.
3. Say what you would check first and why it is the highest-information step.
4. Work from the requirement backwards to the design.

Follow-up

• What assumption would you test first?
• How would you know your answer was wrong?

Walk through the process of designing a secure API for retrieving client portfolio data.

Medium · Technical & Domain Questions

Approach

1. Say who the caller is and what they do when the call fails halfway.
2. Define the identity of a request so a retry cannot double-apply it.
3. Separate accepted, pending, failed and confirmed; they are different facts.
4. Design the error taxonomy before the success shape; callers branch on it.

Follow-up

• What happens if the caller retries after a timeout?
• How does a client discover it is on an old version of this contract?

Listing latency scales with page size, not with filters

Easy · n+1 · latency · query batching

The tenant listing endpoint reads resource filtered by tenant_id and status, ordered by updated_at DESC, and returns each row plus the owner's display name from app_user and the actor of that resource's latest resource_revision. p99 is 55 ms at 10 rows per page and 1.4 s at 200. Database telemetry shows 401 statements per request, each under 1 ms, and nothing in the slow-query log. Diagnose the cause and give the fix, stating the statement count per request and the p99 you expect afterwards.

Approach

1. Read the counters before forming a theory. 401 statements for 200 rows is one driver query plus two per row, and sub-millisecond execution with an empty slow-query log rules out a bad plan. The time is round trips, which is why it is invisible in every per-query metric and scales with rows returned rather than with filter selectivity.
2. Name the two per-row statements from their normalised text: a single-row app_user lookup by user_id, and a resource_revision lookup by resource_id ordered by version DESC LIMIT 1. Confirm by dropping those two response fields and watching the statement count fall to one. That locates the calls in the serialisation layer, not the repository.
3. Check that the arithmetic accounts for the whole gap. Measure one round trip to the replica in isolation; 400 trips at roughly 3 ms of network plus 0.2 ms of execution is about 1.3 s on top of a 55 ms baseline, which matches. If the multiplication had fallen short, the N+1 would only be part of the story and you would keep looking.
4. Batch both lookups. Collect owner_user_ids and resource_ids from the driver query, then issue WHERE tenant_id = $1 AND user_id = ANY($2) for the users, and PostgreSQL's SELECT DISTINCT ON (resource_id) ... WHERE resource_id = ANY($2) ORDER BY resource_id, version DESC for the latest revision, which the UNIQUE (resource_id, version) index serves directly. On an engine without DISTINCT ON, use a lateral join or a row_number window. Three statements per request at any page size.

Follow-up

• The page size is capped at 200 today. What breaks first if it is raised to 2,000, and is it still this bug?
• How do you stop the next N+1 from reaching production, given that no individual query is slow and the endpoint's tests pass?

Suggested practice checklist

Built from the rounds and topics Merrill candidates report.

Day 1 — Map the Merrill loop

• Write out the reported sequence: Technical Screen, Intensive Technical Rounds, Cultural and Leadership Assessment.
• For each round, write one sentence on what it is judging, from the description above, and mark the one you are least ready for.

Deliverable: A one-page map of the 3 reported rounds, with the weakest marked.

Day 2 — Work API Development

• Spend the session on API Development, which Merrill candidates report being tested on.
• Write one worked example in API Development and time yourself on it.

Deliverable: One timed worked example in API Development.

Day 3 — Work System/Software Architecture

• Spend the session on System/Software Architecture, which Merrill candidates report being tested on.
• Write one worked example in System/Software Architecture and time yourself on it.

Deliverable: One timed worked example in System/Software Architecture.

Day 4 — Work Python

• Spend the session on Python, which Merrill candidates report being tested on.
• Write one worked example in Python and time yourself on it.

Deliverable: One timed worked example in Python.

Day 5 — Answer out loud: Technical & Domain Questions

• Answer aloud, timed: Describe the difference between a list and a dictionary in terms of time complexity for common operations.
• Answer aloud, timed: How do you handle database transactions to ensure ACID compliance?

Deliverable: Spoken answers to 2 reported Technical & Domain Questions question(s), under time.

Day 6 — Answer out loud: Behavioral & Leadership

• Answer aloud, timed: Why do you want to work at Merrill instead of a traditional tech company?
• Answer aloud, timed: Give an example of a time you had to work under a very tight deadline. How did you prioritize your tasks?

Deliverable: Spoken answers to 2 reported Behavioral & Leadership question(s), under time.

Day 7 — Dry run for Merrill

• Run one full mock under time, then write down the two questions you most want to ask your interviewers.

Deliverable: A completed timed mock and two questions to ask.

Behavioural preparation

Behavioural rounds judge the decision you made and what it cost.

How do you handle database transactions to ensure ACID compliance?

Medium · Technical & Domain Questions

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?

What are the most important factors to consider when performing a code review?

Medium · Technical & Domain Questions

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?

Why do you want to work at Merrill instead of a traditional tech company?

Medium · Behavioral & Leadership

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?

Give an example of a time you had to work under a very tight deadline. How did you prioritize your tasks?

Medium · Behavioral & Leadership

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?

Tell me about a time you disagreed with a manager’s technical decision. How did you handle it?

Medium · Behavioral & Leadership

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?

How do you stay updated with the latest trends in software engineering and finance?

Medium · Behavioral & Leadership

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?

Describe a project where you took the lead. What was the outcome?

Medium · Behavioral & Leadership

Approach

1. Pick a story where you made the decision, not one where you watched it.
2. State the situation in two sentences and spend the rest on the reasoning.
3. Give the blast radius: what could have broken, and what you measured.
4. Name the disagreement and how you resolved it with evidence.

Follow-up

• What would you do differently if you ran that again?
• How did you know your change caused the improvement?