Fancy yourself as the king of coding or the emperor of software engineering? One firm pits programmers against one another to identify top talent.

It's a novel way to unearth IT geniuses, or develop software for very little money (you can win between $25 and $300). Topcoder challenges programmers to prove their worth – whether it be through algorithms, software architecture or bug testing. It has 150,000 people on its books and tests skills around Java, C# and C++.

The grading system plays to techies’ egos and helps identify talent, reckons Rob Hughes, Topcoder president and chief operating officer. “They enjoy competing to show off their skills and abilities,” he says.

What’s more, you often don’t know if you have a duff developer until they’re already through the door, he says.

“Recruiting software developers is more magic than science. A good programmer is much more productive than the merely average but to uncover which of the two an individual really is, you have to make the commitment to bring them on staff, get them involved in the project and see how they make out.”

A top ranked profile on Topcoder isn't likely to make a big difference to your chances of landing an investment banking job, but it might get you an interview.

Simon Walker, director of recruiters Project Partners, says in the current environment it might add a bit of polish to your CV, but banks will test you anyway: "UBS, Credit Suisse, Barclays Capital and most of the top-tier banks are well known for testing and ranking candidates based on their C#, C++ or Java skills when they come in for an interview. So, while having something like this on your CV might give you an edge, you're going to have to verify it once you're at the interview stage."

Chris Pickles, head of investment banking and global markets at BT Radianz – a firm that services the IT needs of financial services firms – says getting to the top in banking programming is more about proving your business knowledge, and convincing banks you can give them a cutting edge in the future, than demonstrating expert programming skills.

“If you’re going to be the crème de la crème, you have to understand how to work together with the bank to develop winning technology going forward,” he says.