1.5yrs of IBD + 1yr of ER for HF recruiting?
Hey everyone, I spent 18 months as an analyst at a strong BB in NYC (healthcare coverage/M&A). I was also able to get 2-3 deals under my belt. Unfortunately my time ended with a RIF/layoff recently. I’ve now received an offer to join a different BBs equity research team (healthcare focused again).
My eventual goal is to go work at a hedge fund (can be MM/SM/family office). Obviously I’ve tried applying for hedge fund positrons but haven’t really gotten traction. For what it’s worth also, I have no interest in PE.
I don’t want to be unemployed for too long, as it’s been 2.5 months. My question is, do you guys think my background will be appropriate enough a year from now, if I decide to recruit for an investment role at a HF? I’ve seen a few posts about how IBD is better than ER for HF recruiting, but am curious if my unique background would suffice.
Appreciate any insights here, there’s no wrong answers. Thank you!
MMHF either is fine. Some PMs will have a slight preference for IBD, others for sell-side ER. Doesn't matter.
SMHF it can be quite tricky from ER
Is there a specific reason why SMHF would be tricky from ER?
Depends on the SM, but typically the cubs and adjacently perceived funds take IB backgrounds.
Something about the "PE approach to public markets" desires an individual who can make pretty slides vs someone that's actually been covering/contributing to names in coverage.
If you cover healthcare, SM is still possible, I've seen people covering this sector work at some Tiger cubs directly from ER.
If you cover specifically biotech sure. Haven’t seen a SM take someone covering managed care.
Yes it’s biotech
Then yea you have a chance at MM and SM. Better than any biotech IBD person by a mile.
If the goal was biotech investing then don’t understand why you went into an IB role. But if you’re in an ER biotech seat you’ll have a fair shake at things. Goodluck.
Not sure why I ended up doing IBD either, just followed the recruiting train and was complacent. Appreciate the advice!
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