MM HF internship offer, but wants to eventually transition to AM
I've recently been offered a summer internship at an Multi-manager HF(Citadel, Pt72, Millenium), which I need to accept or decline by next week. It seems interesting, but I feel like my own investing style is probably more long-term(1 year+), and was wondering how long -only mutual funds or longer-term L/S HFs would look at an applicant who has interned/worked at once of these places.
I could always decline the offer and continuing recruiting for AMs, but considering the limited spots available for AM internships out of undergrad, as well as the fact that I need to reply by next week, declining seems a little too risky for my tastes.
Was wondering if you guys might have any opinions on this.
In this environment you should just take it and recruit LO for full time.
It's also hard to know what your "investing style" this early on since you haven't yet worked at either type of HF yet. You have a great opportunity right now to get in the door of one of these places and potentially land in an extremely competitive seat if you do well. If it turns out you like the MM style, you are now years ahead of your banking peers who will be hoping even to get an interview a few years down the road. If you don't like it, you now have some advantages in recruiting for long-onlies, including 1.) you've proven to be a competitive applicant (assuming you get the return offer) and 2.) you can now say with a little more confidence what "investing style" you are looking for after pointing to your L/S summer.
I also agree with the above poster that you should not risk turning it down as you may end up with nothing.
This is great advice.
OP here. Thanks, that makes sense!
Take the role and recruit full time. Definitely doable and having that name on your resume will not hurt. Was in a similar position and did this.
Hey, dude, know that it's a necro,but mind PMing me about this? Am basically in. Same situation as OP
OP here. Do you think I could take the MM internship offer, and recruit for some long-only AM internship and then renege if I get aforementioned internship? Wondering how that would be perceived, esp. if it is only an internship.
I wouldn't do this, just because it's a small world and you'd be surprised who knows who. Start networking March/April/May, and then touch base part-way throughout your internship. Use your experience at the MM to help understand why you want to do LO AM.
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