Continue Interviewing for HF or Take LO AM Return?
I'm a rising senior that completed my SA in a research role at a top LO AM (think Fidelity/Wellington/Capital/TRowe/PIMCO). I received a return offer and am ecstatic - I really enjoyed the summer and my firm and made some great friends and connections while also learning a fuck ton. As someone whose ultimate goal is to become a PM, my exposure was second to none. I'll probably get kicked out in 5 years since upward promotion is def tough, so I'm planning on getting an MBA, and given my background (target, high GPA) and firm, I should have a decent shot at M7. Comp is solid and location is good for me (not NYC/SF but that's more ideal for me).
However, I have also completed several interviews for a top multi-strat HF, and they (according to the headhunter that referred me) think very highly of me so far. Pay would be decently higher, work would probably be more interesting, and I think it would be good for my personal development to go somewhere completely new, where I know no one, and challenge myself to be the best I can be instead of feeling a bit complacent (I can afford to take risks earlier on in life). This is the only opportunity I'd consider over my return offer, since I don't have that long to make a decision (and would rather accept my return soon so it doesn't look like I'm recruiting too heavily).
Obviously a very good problem to have, but any thoughts?
do u actually want advice or are you trolling? why would you put BLK in there but write an otherwise legitimate post
lol
it's not BLK, I just put that there as a placeholder
I see you replaced it with PIMCO. Those guys are fixed income lol. Use D&C instead
There is almost no HF I would take over Well/Fido/Capital besides a very top tier SM (TCI/Lone Pine type). Unless it’s TRowe in Baltimore and you want to build a network in a big city after college (legit concern) not sure why worth holding out?
Abdiel…
No
If you haven't already, you should let the HF know about your exploding return offer and see if they can move the process forward for you. If they hem and haw, then take the LO offer and try the HF route again in 2-3 years.
this
A pod shop over LO AM? Have you lost your mind?
Echoing what some of the users said above: if you have the LO AM offer, take it. I don't understand how you got the role given you don't seem to appreciate it for what it is.
The work will not be more interesting in an MM HF, and I'd wager that your comp over the next 5 years is also likely to be (significantly) lower in MM. Recruiters are great at telling you what some guy made in 2019, but that's not the experience for everyone.
This has been covered many times before and it might be a troll post, but I’ll bite. All of the other commenters have given some useful insights.
Based on what you wrote:
This all sounds great to me. It sounds like you have ‘grass is greener’ syndrome. You are in the first 100m of a marathon with respect to your career. You have barely had any time in a research role and it sounds like you still have a lot more to learn. While you might have PM ambitions, you still have a long way to go and plenty of time to get there. Just remember that a PM title at a pod can be very different from a LO PM.
If you are getting a lot of interest from pods now with barely any experience, you can imagine that this will likely only become greater as you develop and progress in your career outside of the pods (assuming you are actually half decent and continue on an upward trajectory).
You should not think about compensation in the short term but rather the totality of your career. While the pods might offer more right now, you should consider this against the stability of your career at a LO and your lifetime earnings (don’t beat yourself up about comp right now). I definitely think you can consider the pods later should you want to revisit them as you’re still early in your career, but given you still have a lot of scope for growth and development at the LO AM, it feels like a no brainer.
Would you still recommend going with the LO AM over an IB role at EB
DM me
Going to go a little against the grain here. Top LO AM is obviously a great seat but if you're truly passionate about public markets, working in a multi Strat HF could be better development-wise because you take on a lot more PnL responsibility much earlier. Upside is much higher much faster in a HF vs LO. Should also consider your investing style (do you like LT/trading).
Another consideration is which multi-strat you're interviewing with. A certain fund named after the turn of the century is a lot less forgiving than a few of the others. If you're recruiting into one of the training programs for P72/Citadel (academy/CAP), I'd argue that it might potentially worth it to take them over the LO role. From friends who have done pod programs and top LO UG programs, the pod programs were definitely more intense and better.
If you're REALLY uncertain and don't know what you want- take the LO role. Pod shops will always be hiring. But be aware that it could be quite hard to acclimatise to pod-style investing once you work in a LO. Know people that successfully moved over to pod shops but struggle, and when you're hired as an experienced hire, you're really expected to hit the ground running.
Really no wrong choice here, gratz and good luck!
Been at both and this is the right answer
DM me. been at both LO and HF
do you mind just sharing your thoughts here?
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