Choosing between public equities investing internship vs quant research internship for hedge fund recruiting
I’m currently deciding between two internship offers and would really appreciate advice.
Offer 1 is at a very large sovereign wealth fund on the active equities/public markets side. The role seems more directly tied to investing and I think it would help develop investor judgment, market intuition, and experience thinking about public equities in a real portfolio context.
Offer 2 is at a very large asset manager as a quantitative researcher within a multi-asset portfolio construction team. This role seems more technical and would likely give me stronger quantitative skills such as signal research, backtesting, statistical modeling, and systematic portfolio construction.
My longer-term goal is to recruit for a hedge fund role, ideally something quantamental in L/S equity, macro, or a similarly markets-focused seat.
My dilemma is that the asset manager role probably has somewhat stronger brand recognition, while the sovereign wealth fund role feels more directly aligned with discretionary investing. On the other hand, I’m wondering whether the quant research skill set could actually be more differentiated and valuable for hedge fund recruiting, especially given how data-driven many funds are becoming.
For those familiar with hedge fund recruiting, which background would set me up better:
- the more directly investing-oriented public equities role, or
- the more quantitative research / portfolio construction role?
Would especially appreciate perspectives from people who have seen recruiting into quantamental, L/S, or macro seats.
Based on the most helpful WSO content, here's how you can think about your decision:
Public Equities Investing Internship (Sovereign Wealth Fund):
Quantitative Research Internship (Asset Manager):
Key Considerations for Hedge Fund Recruiting:
Recommendation:
Ultimately, both roles have strong merits, and your decision should align with the type of hedge fund role you envision for your future. Good luck!
Sources: Going from a non-target with low GPA to landing a hedge fund Internship, How to be a Millionaire Trader, Q&A: HF out of undergrad, ~5 years later, A Response to "Which desk is best?" Type Questions... Please Read Before Posting, https://www.wallstreetoasis.com/forums/qa-hf-out-of-undergrad?customgpt=1
[to everyone outsourcing their future to a public vote: Please, please STOP doing that]
The answer to your question is NOBODY KNOWS because life is random and works in mysterious ways. The fact that we plan may give us the illusion of control but in reality life and careers evolve in ways we mostly don't expect.
With regards to your situation, I'd say that the answer is within you. What does your gut tell you? How did you feel talking to the people at the two insitutions? Which environment do you think is more suitable for you at the moment? Which place do you think will support your development as a professional and help you fulfill your goals? At which place do you think you will have a greater opportunity to convert to a full time job?
Focus on the things you control. Good luck.
Dicta libero facilis sint dolores eius. Et dolorem iure ipsa laborum officia temporibus eius. Fugiat nostrum impedit nihil. Ducimus cumque cumque nemo nisi. Magnam aliquam ab quae dignissimos.
Ullam et aliquid sed rerum ab ea. Vel animi maiores aut harum hic. Ut fugiat placeat id aperiam nobis atque eveniet suscipit.
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...