Top Global Macro HF or MM IB for SA
Hi guys- I have been following the site since the fall, but wanted to wait to post a thread until I actually got offers. Quick background- I am from a non-target, but strong LAC school. I am studying abroad in Italy for 3 months starting in mid-February until May. I have two offers so far, one from a top HF (similar to Moore, Tudor, etc) and one from a solid MM IB (since I leave for abroad before their super day they allowed me to do an accelerated interview process). I am also interviewing at other similar MM’s (like Jefferies, Cowen, Stifel) whose superdays, IF I get invited back, would be right before I leave. I was wondering what you guys thought would be the better option for SA. Obviously interning at the HF would look great on a resume, but I am almost 100% sure I will not get a full time offer if I intern there. Especially considering I am from a non-target, would it be safer/wiser to take the IB offer that would possibly translate into a full time offer? Thanks in advance, and please go easy on me as I’m new to all of this.
Do you want to work at a
Do you want to work at a hedge fund full-time? Or, do you want to work in investment banking? This should be enough to answer your question.
"There are three ways to make a living in this business: be first, be smarter, or cheat."
Sandhurst: Do you want to
Do you want to work at a hedge fund full-time? Or, do you want to work in investment banking? This should be enough to answer your question.
He said that the hedge fund prob won't give a return offer though.
The HF - not even comparable.
The HF - not even comparable. If it's something like Tudor, Moore, I'd take it over Goldman.
Thanks for the input guys. I
Thanks for the input guys. I would ultimately like to work in either PE or HF. I would be completely fine with doing two or three years in IB first, and then hope to move over. I think the issue, and question I have, is whether it'd be worth to intern at the HF knowing that I won't get a full-time offer, and then having to go through the full-time IB recruiting process from a non-target school, which will be difficult.
Be realistic - given that you
Be realistic - given that you have a non-target background, and the fact that the HF will not give you a return offer, you may be better off doing the IB gig, killing it, landing a return offer, and then weighing your options from there.
Internships don't guarantee a second look during full time recruiting (if you're doing resume drops, etc.), especially considering that most people get their gigs through networking.
Personally, I feel that as a non-target, you need to be a little more risk-averse compared with your target competitors; you're really in a tougher situation than they are. I'm not saying you can't do it, or that it can't be done, but as you said, it's going to be much harder.
Super Nintendo, Sega Genesis - when I was dead broke man I couldn't picture this
Agree with other posters.
Agree with other posters. Take MM IB, that's a good platform for going to HF or PE in future; esp since HF isn't giving FT offers.
"History doesn't repeat itself, but it does rhyme."
Newspeak: Sandhurst: Do you
Do you want to work at a hedge fund full-time? Or, do you want to work in investment banking? This should be enough to answer your question.
He said that the hedge fund prob won't give a return offer though.
I saw that.
I believe strongly that, in the long run, if you follow your interests things will pan out. If you want to run money, why not learn more about running money? I can sympathize with getting a job being a huge concern - it is - but at a certain point you have to jump at an opportunity to follow a passion. You can't control when those opportunities presents themselves.
"There are three ways to make a living in this business: be first, be smarter, or cheat."
Sandhurst: I believe strongly
I believe strongly that, in the long run, if you follow your interests things will pan out. If you want to run money, why not learn more about running money? I can sympathize with getting a job being a huge concern - it is - but at a certain point you have to jump at an opportunity to follow a passion. You can't control when those opportunities presents themselves.
This.
Turbo leverage for capital explosion -- BD Capital
My WSO Blog
The HF internship has a very
The HF internship has a very different risk and payoff profile. It is the bolder choice, but I would take it in a heartbeat. Even if there is no offer at the end, if you work your ass off, there will be guys there who will want to help you. It really comes down to what you are shooting for.
slowdive: The HF internship
The HF internship has a very different risk and payoff profile. It is the bolder choice, but I would take it in a heartbeat. Even if there is no offer at the end, if you work your ass off, there will be guys there who will want to help you. It really comes down to what you are shooting for.
That plus I've seen tons of people who've interned at these HFs, and even if they don't get FT offers from the same places, they go into the best divisions at BBs beyond doubt - prop trading desks, derivatives trading, private equity / merchant banking etc. These divisions I would argue are objectively better opportunities than IBD.
bump. Thanks guys, you've
bump. Thanks guys, you've been a big help. Any other advice would be appreciated, as I need to make a decision by Friday. I believe I am going to take the HF internship, for two main reasons: 1. If I bust my ass this summer, down the road this internship could be a big help if I try to move over to a HF. 2. I think I will be able to at least get FT interviews at most IBs with this internship under my belt. One other question for you guys- do you think when FT recruiting happens, interviewers will give me a hard time for taking a HF internship over a banking internship during my junior year? Thanks again!
amann219: bump. Thanks guys,
bump. Thanks guys, you've been a big help. Any other advice would be appreciated, as I need to make a decision by Friday. I believe I am going to take the HF internship, for two main reasons: 1. If I bust my ass this summer, down the road this internship could be a big help if I try to move over to a HF. 2. I think I will be able to at least get FT interviews at most IBs with this internship under my belt. One other question for you guys- do you think when FT recruiting happens, interviewers will give me a hard time for taking a HF internship over a banking internship during my junior year? Thanks again!
I like the cut of your jib - this is a strong, bold decision.
But as much as I don't want to spill the wind from your sails, I think that it might be prudent to temper your optimism with respect to your future ability to secure banking interviews. Nobody can predict the job market as a whole; the best anyone can know is their odds relative to the competitive pool. Keep in mind that the full time banking analyst pool doesn't have a lot of slack, and a large portion of it is to accommodate lateral moves, from one bank where an individual summered to another for full time.
That said - if you want to run money, it's a no brainer. Go learn about it first-hand. The contacts alone (assuming you're intelligent and a fundamentally "good" person) will be worth it.
"There are three ways to make a living in this business: be first, be smarter, or cheat."