Advance Offers for Hedge Funds
Obviously in on-cycle PE they give offers 18+ months in advance of the actual start date, and it works cuz they have a constant pipeline and needs, but have you ever seen this happen in the hedge fund space where there aren’t immediate start offers? Even in on-cycle recruiting it seems hedge funds only give immediate start offers. Maybe because the need is idiosyncratic and on an as-needed basis, but wondering if anyone’s heard of or had gotten contracts with a delayed start date.
Not really. I've seen it happen when a PM moves to a new firm and is building out a new team and can't start until X date because of his non compete. So, the PM could potentially hire someone informally and then give formal offer once PM starts.
For my first hedge fund job, I accepted in April and kept working until my bonus was paid late summer. But this was 15-20 years ago.
I also agreed to terms with a firm and waited out deferred comp payments from my old employer more recently. Not exactly what you’re getting at though.
So your first HF job seems similar to what happens in PE on-cycle (albeit still much earlier). I'm not sure those kinds of situations pop up often anymore for juniors looking to go to HF but also do their 2 years+ in banking. (To be fair this population subset is probably small, most HF-prone folks are dying to leave it seems).
The second one seems like a senior/PM type thing where the deferral desire/power comes from your end.
Obviously depends a lot on the firm and why they're hiring you. I've waited several months between accepting an offer an starting on multiple occasions. The first was due to the fact that I hadn't graduated yet. Other times have been due to non-compete agreements.
Yeah non-competes obviously aside, but basically no one is really hiring on future medium-term visibility need (like will need someone 6 months+ out and I like X kid so let me take him now), not like the PE folks basically.
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