Best path from Infra PE in Asia to HF in London or US (MBA in US?LBS MiF?)
Hi Monkeys/folks,
Have been anxious about my career path for a while and would really appreciate if any advice/thoughts from the forum.
I'm currently doing infra investment (previous 2yr in BB IBD in a niche group with M&A/HKIPO experience; now mostly renewable energy related in a well-known name shop) in Asia and am looking to move to HF or LO in London or US (think probably can only do L/S fundamental or event driven in my case?)
I have tried to look for HF opps in Asia for a while but chances are quite limited and the market is really bad now. Plus it is relatively more difficult to move from PE to HF in Asia.
My concern is:
1) I'm currently still senior investment analyst (4yr FT experience) because of the bad market and no junior in my team get promoted last year (not sure if my title will influence anything?)
2) Infra is not exactly traditional PE and not sure if it would be harder to get into HF
3) TBH female is not preferred in Asia HF
Because of the above reasons, I'm thinking of taking an MBA in US or UK. I know US may have more opportunities and MBA is more of an American thing but consider the increasingly difficult level to get H1B after MBA, I'm thinking of London as well (visa is way easier). And if London, to make the best use of time and my savings, would LBS MiF be a better choice?
Would like to know your thoughts and sharings and what would you do if in my shoes. Many many thanks!
Depends on specific type of hedge fund, but it doesn’t seem to be a great strategy for L/S broadly.
Thx! do you mean directly from my current infra to HF is not common? How about lever on an MBA? Would that help? I also consider LO
More like I don’t known any HF’s which hire grad students
You can break in through networking. Have a few pitches prepared ideally on companies in different sectors. Definitely include something to renewables / power/ natural resources, but also some tmt or consumer names to demonstrate your ability to cover differnt sectors. As a starting point, identify 10 / 12 companies in different sectors, know em inside out, and then when you network, you can have more intelligent discussions with professionals
Thanks a lot wsomembersince09! this is very helpful!
Going to talk more specifically to the UK, although most of this probably applies to the UK as well.
PE infra to L/S HF is not a well trodden path (I’ve certainly not met anyone though take that with a pinch of salt) and especially so if you’re from a different market with lower familiarity of the market. Bear in mind that most teams in these shops are very lean, so if you were in the shoes of the fund/PM you would probably opt for a more plug and play type candidate who you don’t need to fully coach up. This is not only hard for people transitioning from private to public markets, but doubly so when said individual is from a different market.
Like you identified, a graduate course will help, but likely does mean you will need to go back to banking initially if you want to have the most buy side options. I think some banks (BofA comes to mind) offer direct entry into associate after a graduate degree, which you can target. Alternatively, my guess is your best bet would be to shoot for the larger AMs who have slightly larger teams that are willing to take a punt on you.
Thank you so much!!! Yes very agree. Understand most HF are quite lean and UK has less HF/LO program specially designed for MBA/MiF candidate. If I want to directly move to public investment, large AM/LO are best bet and I do need to prepare plan B to start from IBD asso (or Equity research since I'm pretty sure I want to develop in public market in the long term now?).
Do you mind sharing more thoughts on US or UK choices?
US definitely has more opportunities and easier for MBA to transit into IM/HF yet current visa is becoming super difficult and geopolitical risk is really high. Competition is also intense with many M7 MBA candidates from IBD/PE background as well. And I need another year to apply which will waste some time and has uncertainty.
UK again may not have that many opportunity but visa policy is way better than that in the US and there should be less MBA competition as well. I have already got LBS offer so can start this year. Think England economy is getting better as well (likely to cut rates soon this year?) But I'm not sure how likely can IBD asso/ER asso/PE transit to HF/LO in London if I dont speak a second european luanguage...
(Really appreciate your sharing in advance!!!!)
Yea sure - I think there’s this general consensus that Europe/London is easier to get into than the US, which away from the visa issue feels a bit reductionist to me.
I hope this doesn’t sound like I’m “defending” the European market (I’m actually not from Europe/UK myself either), but the hiring market, especially at the junior end, is just structurally different. The problem with Europe is that people just don’t put as much weight on your post graduate degree. The market being smaller also means that there statically isn’t as much hiring for the buy side shops. Your large MF PE or SM HF just won’t hire more than 2-3 people per year at most, and it’ll be more on an ad hoc and needs basis. Combine that with kids staying in school longer, so coming into the industry older, with fewer “good” buy side seats, means people tend to stay put for longer. So there isn’t a direct pipeline for MBA/MiF to buyside, because funds are flushed with choices for junior talent from banking.
Against that backdrop and because of the MBA, US employers (including even the US offices of the funds/bank I work/worked for) are just more familiar with hiring people who are from different backgrounds as long as they’ve done an MBA. The MBA becomes the great equaliser, which is great because it means people like yourself get a shot at going into finance mid career but also for the employer as they get a steady stream of talent to replenish their work force on top of just the most junior college graduates. Yes it’s super competitive as there are tons and tons of MBAs also gunning for the same position, but don’t underestimate the competitiveness in London. It may be a touch less competitive but a smaller market where an MBA won’t necessarily be viewed as an advantage bar a few places that have that hiring pipeline. With that being said, I would say that banks in particular are more open to mid career switches from other high finance roles (consultants, big 4, even law) because they view talent as talent, and don’t view the MBA as a necessity to make that switch.
All that is to say, I think cracking both markets are going to be very difficult but there’s a chance that an LBS MFin just won’t open as many doors for you in London as a HWS might initially in the US. You’ll probably get a first look for the US by most banks but you might not in the UK. If I were you, and depending on which school you get into, I’d probably try my luck in the US first but also apply direct to the UK or try to lateral if you score a position. I’ve seen us move guys from the US offices to London for visa reasons all the time.
Is recruiting for MM HF in HK with your background also difficult? What would you say has been the challenge? Simply lack of hc or the sector coverage?
Illo nulla expedita consequuntur a. Consequatur est eos officiis facilis tempora quia maiores. Illo sit rerum atque repellat corrupti explicabo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...