Macro HF analysts
Interning in S&T on macro desks this summer. Is it possible to get an offer from a hedge fund (macro team) after just 1 summer in S&T? Before I thought it was unrealistic but I’ve seen quite a few people at my university go from a summer in S&T at a standard bank to DE Shaw, Brevan etc. Any thoughts?
Based on the most helpful WSO content, transitioning from a summer internship in S&T to a full-time position at a macro hedge fund is indeed challenging but not impossible. Here are a few insights and steps that might enhance your chances:
Impress During Your Internship: Make sure you stand out during your S&T internship by demonstrating deep understanding of macroeconomic variables, market trends, and financial instruments. Your performance, especially in tasks directly related to macro trading strategies, can significantly influence your recommendations and referrals.
Networking: Leverage networking within the bank and externally. Connect with professionals working in macro hedge funds and express your interest. Sometimes, opportunities come through connections made during networking events, alumni gatherings, or even LinkedIn outreach.
Skill Development: Hedge funds, particularly in the macro space, look for candidates with a strong grasp of quantitative and analytical skills. Enhance your skills in financial modeling, programming (Python, R), and data analysis.
Understand the Hedge Fund Landscape: Gain a thorough understanding of how macro hedge funds operate compared to traditional S&T roles. This knowledge will not only help during interviews but also align your mindset with the hedge fund’s strategic goals.
Follow Successful Examples: As you mentioned, observe and connect with university alumni who have successfully made this transition. Learn about their path, the challenges they faced, and the strategies they employed.
While it's less common to jump directly from a summer S&T internship to a full-time role at a macro hedge fund, with the right strategies and a bit of luck, it's achievable. Focus on building a strong narrative around why you are a good fit for a macro hedge fund role.
Sources: Global Macro Hedge Fund is Paradise, How to be a Millionaire Trader, Q&A: Crypto Hedge Fund Trader, Advice for summer and return offer rate?, 5 Steps To Becoming A Rockstar Freshman (Undergrad Advice)
If you have strong quant skills it’s very possible. If not, it’s a shot in the dark.
Possible, but in general I wouldn’t recommend it.
Buyside generally doesn’t offer much training or stability, even at larger firms with structured training programs. HFs just aren’t really built for that and it’s basically sink-or-swim right from the beginning. It’s pretty much impossible to pick up the same level of depth of product experience that sitting on a sell-side desk will give you because you’re immersed in it all day long.
Usually it’s better to develop 2-6 years of experience (and savings) before making the jump.
Possible with more hedge fund opening graduate opportunities; but for your own benefit, start with a bank trading desk and take advantage of the learning environment there; your curiosity will determine if you eventually end up at HF or becomes a pickle at a bank
If all the best macro traders go to macro hedge funds rather than stay at investment banks (due to incentives), then surely macro funds will provide just as good a learning environment as you’re surrounded by a higher quality of macro traders? Any thoughts on this?
The real answer is that you will be tasked with helping your boss make money. There’s no incentive to invest time in your development. The expectation is that you perform on the task you were hired for and put in the extra time yourself and be proactive in learning. But don’t confuse this with a lack of support. People around you will help you learn as long as you put in the work. So essentially a passive person expecting to be fed will not succeed in this environment.
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