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Based on the most helpful WSO content, interviews at top LO (Long-Only) funds typically follow a structured process. Here's what you can expect:
Behavioral Questions: These are standard and focus on your background, strengths, weaknesses, and fit for the firm. Be prepared to answer questions like "Why this firm?" or "Why asset management?"
Stock Pitches: A significant portion of the interview will revolve around your ability to pitch stocks. Have at least two long ideas and one short idea ready, especially if you're interviewing for a Long/Short (L/S) role. Make sure your pitches are concise, well-researched, and tailored to the firm's investment philosophy.
Technical Questions: While stock pitches dominate, technical questions can include:
Case Studies: Some firms may assign take-home case studies where you're expected to analyze a company, build a model, and present your findings. This tests your analytical skills and ability to communicate investment ideas effectively.
Fit and Passion: LO funds often emphasize passion for investing. Demonstrating genuine interest in stocks and the markets is crucial. Be ready to discuss your personal portfolio or investment ideas outside your sector.
Generalist Expectations: For generalist roles, you may be asked to pitch stocks outside your sector. This tests your versatility and ability to adapt.
Preparation tips: - Practice stock pitches and get feedback. - Research the firm's investment philosophy and tailor your answers accordingly. - Keep your answers short, focused, and relevant.
For more insights, check out this thread: https://www.wallstreetoasis.com/forum/hedge-fund/advice-on-hf-recruitin…</a">Advice on HF Recruiting.
Sources: What are hedge funds interviews like?, Post-MBA Recruiting At Top Asset Managers / LOs, https://www.wallstreetoasis.com/forum/hedge-fund/advice-on-hf-recruiting?customgpt=1, Post-MBA Recruiting At Top Asset Managers / LOs, Advice on HF Recruiting
Some firms lean more heavily on case type questions. Something like “how would you value this asset” and going from revenue down through the bottom line or how would you estimate revenue for X company in Y industry. Otherwise just stock pitch and behaviorals. I’ve gotten the “tell me about a time you’ve failed” and “what investment books have you read” questions a fair amount.
At the analyst level you’re unlikely to get technicals. Case study, stock pitches, and gauging personality fit are the main parts of the interview process. If you don’t know technicals you’ll probably do a shitty job on the case so that is why they don’t need to quiz you on them.
By cases, do you mean modeling tests?
I was told for final rounds, you have interviews with different PMs. I just find it odd that they won't ask technical questions. What traits do they usually look for?
No, cases usually are them giving you a stock and having you come back with a thesis or recommendation.
Some funds do modeling tests though I think that's more a HF thing than LOs.
Final rounds with PMs usually involve gauging your interest in investing, having you pitch stocks you've looked at, stuff like that.
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