HF offer questions

Currently a banking analyst at a ibank and evaluating a few opportunities both at PE shops and HFs. Have never really thought about HFs before this recruiting cycle and have read some of the threads in this forum, which have been very helpful (Pink Monkey, Black Hat, etc). Would appreciate some additional feedback on a few questions below.

1. As a pre-MBA HF analyst, what goes into evaluating securities (common, preferred, junior/senior debt, converts, etc.) outside of financial modeling and macro/industry research? Is the diligence process nearly as robust as it would be on the private equity side? Do HF analysts conduct physical site visits, talk to mgmt, suppliers, etc.?

2. If one joins a HF out of banking, what is the expectation for when an analyst is expected to pitch their own investment ideas at committee? This will depend on the fund, but hoping for more clarity.

3. From a skill-set perspective, how big of a delta is there between evaluating private / illiquid credit and scooping up liquid credit in the secondary market? There's a big difference between looking at public equities and looking at equity of private companies - assuming it's the same for credit.

4. How difficult is it to switch strategies? If you join a L/S equity fund, is it tough to go evaluate debt (and vice versa)? I'm sure that's fairly nuanced since it may be easier to go from covering distressed credit to post-reorg equities than going from event-driven debt to macro.

5. How variable is comp at a HF? At a large PE shop, there's generally understanding of what pre-MBA comp should be. What about at a $1B+ HF? Again, this is dependent on fund and performance but in general is there such thing as "Street comp" for a HF?

Thanks all, appreciate the feedback