Just a quick background - did ibanking as an analyst, did a stint for a year in equity research as an associate before my boss left for a different path and and I just recently joined a new team at a different bank (been there 2 months and been kicking ass and they love my work, etc.)
At the time, I was concurrently interviewing for other spots and one was a HF opp that I didn't think I had a shot at and ended up taking longer than I thought it would. Instead of flat out rejecting to continue the process, I didn't think shots were strong so I did case study, etc. and now tomorrow I'm going to sit with the entire team for lunch - for what could possibly be an offer.
Thoughts on leaving a position early to pursue a HF career - especially in these markets? The fund has AUM under $250mn and while the money is locked down and the fund has consistently performed above the market over the past 5-6 years -
The downturn in economy that could lead to layoffs, the risk of further downtown causing returns to diminish, and the small size of the fund regardless of the diversified risk - makes me a bit hesistant. Oh and burning another bridge at a firm after just leaving my last.
Thoughts? Current group is awesome - but worried since not the top group on the street could lose exit opps down the line. Pluses to HF now include: buyside experience, more pay and ultimately going where I want. Is waiting 2 years worth it? Any insight would be good?
if hf is what you want to do in the long term, jump now.
it's easier to go from hf to hf (assuming you have good exp) than from ibanking to hf imo...
as you mentioned, the fund has performed well consistently so it must have done something right to survive the 2008-9 blow.
Agree with this. Also, your prior work experience gives you a safety net if the hedge fund falls through.
It comes down to what you want to do long-term. If it's working for a HF, go to the HF
Ask for a breakdown of investor base to see how diversified they are. Ask for their latest one pager, including the recent sell-off.
I would go for it, though depends on your personal situation and your tolerance for risk.
If you already did your analyst stint (I'm assuming that means 2 years at a BB or something comparable), then I don't think you'll be taking too big a risk to jump to the HF
Personally, I think it's as simple as deciding whether doing your 2 years in ER will lead you to a better HF? I'd personally stay in ER where you are well liked and everything is going well. There will certainly be other opportunities, and with the market like it is right now, uncertainty looms as you mentioned.
You know you're in a great spot which will eventually lead to a better spot. I don't see why you would take the risk at this point. The only reason to leave is if you think this is a golden opportunity that you may never see again. I feel as though that's unlikely.
Thanks for the thoughts guys. Much appreciated. I agree with both sides as I think I'm so "golden" in this current job and my boss has been on the street +10years I may could find a better stint at a large shop - but I could also jump right in and get investment experience and a bigger jump in pay.
Hopefully if I did stay in this job, I wouldn't get crazy lazy after being comfortable. You can only take so many hour lunch breaks with your team before it becomes almost a requirement. hah Thanks again!
If you like everything about the fund (strategy, team, comp package, relative job security) then I don't see what would hold you up.
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