Jan 30, 2023Jan 30, 2023
WSO Virtual Bootcamps See all
Career Advancement Opportunities
March 2023 Hedge Fund
- Point72 98.9%
- D.E. Shaw 97.9%
- AQR Capital Management 96.8%
- Magnetar Capital 95.8%
- Two Sigma Investments 94.7%
Overall Employee Satisfaction
March 2023 Hedge Fund
- Magnetar Capital 98.9%
- D.E. Shaw 97.8%
- Blackstone Group 96.8%
- Millennium Partners 95.7%
- Citadel Investment Group 94.6%
Professional Growth Opportunities
March 2023 Hedge Fund
- D.E. Shaw 99.0%
- Point72 97.9%
- AQR Capital Management 96.9%
- Magnetar Capital 95.8%
- Citadel Investment Group 94.8%
Total Avg Compensation
March 2023 Hedge Fund
- Portfolio Manager (9) $1,648
- Vice President (22) $464
- Director/MD (11) $434
- NA (5) $306
- Manager (4) $282
- 3rd+ Year Associate (23) $275
- Engineer/Quant (66) $274
- 2nd Year Associate (29) $251
- 1st Year Associate (72) $191
- Analysts (218) $177
- Intern/Summer Associate (20) $130
- Junior Trader (5) $102
- Intern/Summer Analyst (241) $85
Career Resources
Leaderboard See all
| 1 |  | 99.2 |
| 2 |  | 99.0 |
| 3 |  | 99.0 |
| 4 | | 99.0 |
| 5 | | 99.0 |
| 6 | | 98.9 |
| 7 | | 98.9 |
| 8 | | 98.9 |
| 9 |  | 98.9 |
| 10 | | 98.9 |
Comments (7)
I assume you are asking for case study write ups / responses. Like my "case" for one interview was just "look at nordstrom JWN, write up 1-4 pages of investment analysis on why it is a buy, short, or neutral, and provide a model on how you would value the business" - that was all they said. I did this like 4 years ago, it was crap, but I still got the job somehow. Its so bad that I don't want to share here though lol.
It would be helpful if we could all share our investment write ups / pitches here for previous HF interview cases. Would be willing to pay as well to see previous examples for those who completed cases and converted them to actual offers at top HFs.
Yea honestly even if they didn't get the job. I just want to see a few case study prompts too. So I can start to practice and know what to expect. So if anyone has any they are willing to share. Please reach out
Definitely. Sometimes it's just as helpful to see what not to do. Not to mention the good smattering of flavor showing what works for different types of firms and locales/cultures so you have an idea of how to tailor your thesis and better hone in on your target goal.
We would typically give somone a specific name to look at (usually something that whoever is running the case study interview already owns or knows well) and ask for a brief (~2 page) write-up of whether they think it's a long or a short on an initial look. We would also ask for a (rough) model, and as part of the write-up we ask for a plan of what they would do to try and prove out their thesis with further research (e.g. would they do channel checks? what kind of analysis / modelling would they do if they had more time?) We normally give people around a week to do this.
What we are really looking for is people that can identify what the key debates / issues are on a stock and have a stab at arguing that the market is wrong on one of these, with an idea of how they would prove this given more time. A lot of people fail at this and send us 2 pages on why x y z is a high quality company we should buy without reference to what they think the market is getting wrong.
Having done maybe 20-30 of these case rounds with candidates over the years, I've only ever had 2 people argue something is a short - so that's a good way to stand out from the pack.
Thank you so much! Great insight
I've written a detailed case study guide already, mainly written for those interviewing for fundamental equity positions, can check out here (case study guide). It's been a long time, but have gone through case study interviews at multi-managers, single managers, and distressed shops back in the day and have been on the other side as well interviewing candidates for junior positions. Most places just ask to look into a name and ask to give your thoughts on it, no other instructions really.
Most interviewers are looking to see if the candidate can come up with a differentiated view and can back it up with hard data/logic. I also like when candidates can show how good they are in Excel by providing and walking through in detail a full three-statement model that is nicely formatted, with revenue drivers and assumptions that make sense (go through MD&A/investor presentations, transcripts, etc.). Also what weeds most candidates out is when we ask hard questions, they try to BS and act like they know what they are talking about, when they should just be honest and say they don't know but will get back to you on that. Honesty is very important in interviews, for me at least.
I've also seen, especially with those with in IB, is that they spend too much time on the model and not enough time understanding the business, the different revenue segments and how it generates $$. Also you need to be able to articulate and understand both the bull and the bear case, understand where consensus expectations are at, and what the general sentiment is on a name, especially at the larger multi-managers since they invest short term over a ~6 month time horizon (so sentiment matters more than valuation/fundamentals).
Vel voluptatem sed ut voluptas sit. Repudiandae quod ratione qui sed dolorem rerum. Doloribus rerum assumenda accusantium iste et aut est. Et mollitia et corporis molestiae quaerat. Eaque voluptatibus eos ut rerum excepturi enim.
Consectetur ut et ut ullam amet quia aspernatur. Atque magnam harum quia omnis et eum sint. Autem ab dolorem id aspernatur quia rerum.
Et expedita facere consequatur et ullam quia mollitia. Ipsam minima id consectetur nesciunt eveniet. Est aut magni voluptatibus incidunt. Reiciendis quis quibusdam sapiente est saepe. Enim labore totam accusantium hic ea voluptas. Aut dolorem asperiores deleniti voluptas eveniet voluptatem.
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...