Hedge Fund Connections
My best friends father manages a $5B hedge fund. I'd obviously love to work there after undergrad. I go to a non-target and have some PWM experience at a top BB and some credit analyst experience at a top commercial bank. Unfortunatly he doesnt take interns, (ive asked him a billion times), b/c there are only about 16 people working for the fund and there wont be much for an intern to do.
I was just wondering what some of you guys think I should do to be able to "get his attention" and secure a full time job with him after graduation. Obviously the best thing to do is prob get an SA in IBD next summer, but im not banking on that since im from a non-target with an ok gpa. I'll be a junior in the fall so I have some time to do more internships and stuff. Im thinking about studying for and taking CFA level 1, hopefully that'll give me some cred. with him.
Take/Pass your CAIA.
Look, when Jim[For an easier name than best friend father], refuses you, he's blatantly lying. He thinks you lack the credentials and will be a nuisance.
When you're around your best friend, what are you doing? Smoking pot? Playing Xbox? He obviously does not hold you in high-regard, that or your best friend is shit-talking you.
Get a high GPA. Approach it like a serious matter. Tell your friend to put in a good word, not you putting in a good word for yourself. Get your best friend (thats what best friends are for) to tell you r Dad about how well you're doing in school.
People are often too quick to assume when they have an connection, that God would forge the links themselves.
I know this mite sound stupid for all those ppl who have been on this website for a much longer time, but what exactly is PWM?
PWM - Private Wealth Management.
Basically, after you've mowed his lawn, walk his dog, you ask the millionaire if you can handle his $$. Banks take that money and tries to make him a good return.
It's not prestigious because at the end of the day, its only one guy. Whereas in mutual funds that are managing the pensions of others .. well, we're talking about billions of dollars there.
PWM is under Asset Management.
thirdallnighter - thanks for your great advice, you were dead on with the smoking pot, playing xbox comment haha (gotta play that fifa).
I got a 3.8 gpa last semester so im turning things around, hopefully he'll take notice to that.
Apparently only 40% of the people who take the CFA pass, is that the same case with the CAIA or is the CAIA an easier test. Also, what credentials do you need to take the CAIA i.e. being in final year of study at the university, etc.
50% pass. 76% pass the first level, 67% pass the second level. First Level X Second, etc. So it may be easier ... but those who take the CAIA, judging from the materials they quiz on are older and smarter than the CFA takers.
However, I think its also rather important you realize the results of the CFA are not immediate. Placing all your eggs in one basket, especially senior year, would be risky. By the time you realized if you passed the CFA Level 1, you will have already missed most recruiting deadlines. At that point, if Jim caught you smoking weed again .. well, unlikely all will go through. (Watch out also most banks test.)
I've been curious if we can take it while undergraduate myself, I already sent CAIA an email and awaiting their response.
My computer is not working so I can't write much more.
Just common sense in approaching him. Nagging him about something won't do you any good. Prove to him you're better than some of his candidates.
If Jim is the top at the hedge fund, remember, he can do whatever the hell he wants. If he honestly wants to pull you in, Jim just gives you the heads up. Theres no such thing as an official intern program at most hedge funds. They just pull the kids in and that's that.
CAIA - what the fuck is this? Is this valuable or are hedgies rejecting the CFA all the sudden?
the name of the designation speaks for itself... chartered alternative investment analyst...
cfa skills are less relevant at some firms
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