BB LevFin to HF

Transitioning from Leveraged Finance (LevFin) at a top bulge bracket (BB) like Goldman Sachs (GS) or Morgan Stanley (MS) to a hedge fund (HF) focusing on long/short (L/S) equity is a significant career move that requires strategic planning and networking. Here's a structured approach based on insights from the WSO community:

1. Leverage Your Current Experience: Highlight the skills and experiences you've gained in LevFin that are transferable to L/S equity. This includes deep financial analysis, understanding of capital structures, and experience with high-stress, fast-paced environments. Your ability to assess creditworthiness can be a unique advantage in equity analysis, where understanding the downside risk is crucial.

2. Network Extensively: Networking is key in the finance industry. Utilize your current contacts within GS/MS and expand your network to include professionals working in L/S equity HFs. Attend industry events, join finance-related forums like WSO, and consider reaching out to alumni from your university working in the desired field. Informational interviews can be incredibly valuable to gain insights and advice.

3. Educate Yourself: If your experience in LevFin hasn't given you enough exposure to equity markets, consider taking courses or certifications that could bolster your knowledge. Understanding the nuances of equity research, valuation techniques specific to equities (like DCF and comparables), and getting familiar with public market dynamics can be beneficial.

4. Consider a Stepping Stone Role: If a direct transition seems challenging, consider roles that could serve as a bridge. For instance, moving to a credit hedge fund or a distressed debt fund could be a more natural transition, allowing you to leverage your LevFin background while gradually shifting towards more equity-focused roles.

5. Prepare Your Pitch: Be ready to articulate why you want to move from LevFin to L/S equity and why you believe you would be successful in this new role. Focus on your passion for equities, your analytical skills, and your willingness to learn and adapt.

6. Update Your Resume and LinkedIn: Tailor your resume and LinkedIn profile to highlight the most relevant experiences and skills for a career in L/S equity. Use quantifiable achievements to demonstrate your impact in previous roles.

7. Practice for Interviews: Be prepared for both technical and behavioral interviews. For technical, brush up on equity valuation, financial modeling, and market analysis. For behavioral, be ready to discuss your career transition, your interest in equities, and how your background has prepared you for this new challenge.

Remember, persistence and patience are key. Transitioning careers takes time, and it's important to stay motivated throughout the process. Engaging with the WSO community for advice and support can also provide valuable insights and opportunities.

Sources: Leveraged Finance – 2017 Update, https://www.wallstreetoasis.com/forum/investment-banking/equity-research-to-investment-banking-levfin?customgpt=1, Leveraged Finance – 2017 Update, LevFin WLB-focused Exits and Other Questions, How does LT investing work?