For those recruiting, how has it been?
I've been actively recruiting for another HF seat (specifically aimed at SMs) and it's been quite tough. Only a few opportunities have come across and I'm not interested in working at a pod, which is what most HH have reached out about.
I have been told the quality of resumes at the SMs (and LOs) that I have been introduced to are extremely competitive and given there is only 1 seat opening, so a lot of it comes down to a numbers game.
Curious to hear anyone else's thoughts - regardless of style.
I'm seeing a decent amount of jobs becoming available but have also heard that the field is incredibly competitive. I was just passed on by a tier 2 LO which sort of caught me by surprise because I figured I would be a strong applicant and felt like my first round went OK, probably speaks to the caliber of talent out there. Nothing else to report, I've thrown resumes at a few other things but still early in my hunt. I guess this is what happens when you build an extremely narrow skill set and pursue a career in a structurally declining industry where some of the smartest people in the world compete for a shrinking amount of seats. The super-smart people should go cure cancer and let the sort-of-smart people like me change money around.
Man, that last sentence is spot on. I consider myself kind of a moron too it’s ok.
I think it's been slower in 2024 at this point in there what it has been over the past several years.
I don't follow the hiring market closely. However, a lot of SM HFs that I know are just getting above their HWMs now so, if they can continue to make progress, I imagine that hiring should open up a bit more later.
Any updates?
seems to be pretty slow. usually i have way more recruiters reaching out to me about things. seems like even the multi manager hiring has slowed. i'd expect this will change soon (at least in my sector) as im sure there are teams struggling or about to get blown out. but yeah, has been slower than past few years and hearing way less from recruiters generally.
Not sure how it has been the last few years, but it seems fucking competitive right now wrt the number and quality of candidates looking
It seems pretty quiet from my perspective. The recruiter inbounds I got like a year ago or so have gone away. I know everyone says the pods are always hiring but I don’t know if that’s the case right now, even non-big 4. That being said, this could be a me problem.
Did you interview at these shops last year?
Yes, I interviewed with one significantly more than others. It wasn’t the right sector fit though. The others at least I was interacting with the BD teams at the big 4 pods and headhunters for other roles but I have silence now.
Same here. Crossed 2 yr mark at BB. Had one or two rounds with MMs, then nothing. Recruiters have been silent. That said might team is not II ranked--feel like I see II ranked associates being placed okay.
That sounds pretty bad. Has it been like that just recently or has it been like that all year? I’m guessing since we’re in vacation season recruiting has probably slowed down for a bit, and should pick up as we get into Q4 and into the new year as teams get turned over.
I would expect 2 year mark at a BB to get plenty of looks, troubling for me if that’s not the case anymore.
Yeah, I have a pretty generalist coverage so that might be part of it, but honestly few people from my class have gone to the buyside (I can only think of two) since I started? And yeah this time of year is dead, but I can count on one hand the number of opportunities I had over the last year and the ones I could actually go deep were a low tier LO and a ~$100m AUM SM lol, that's it.
Update: had 3 first rounds the week after labor day, went to a 4 hr case study for one--but still haven't heard back and likely fell short.
Until June of this year, it was decently active for me, although not as much as a few years ago. Since then, it's been dead silent from all HHs (and HHs telling me from funds themselves), even on processes where I've made it far / had initial rounds.
Are you getting ghosted in the processes you are/have been through?
There's been a few I've done this year where the PM either left midway through the process or the firm just discontinued its hiring plans.
Similar experience on my end.
I got ghosted a couple times by some major funds and was told that they had just decided to halt the processes for the time period. Pretty shitty on their part to do it after doing a few rounds. I've been through the final round at a couple of places and didn't get an offer; I'm just about to wrap one up and hope to get an offer.
Just hit 1 YOE in a trading/quant role post undergrad and sounds like that’s a different background but have had a fair number of opportunities come my way, 2 of the big 4, both in quite mature pods (+10yr record) and then also some other great prop trading shops but looking to go to mm space instead. Curious if anyone else has that background/has made the switch from prop to mm hf
been reaching out to hh and have been getting quite a number of solid leads. might just be because of my profile though
Least subtle flex of all time
Mostly large pods or SMs?
Are you lateraling from public markets?
Recently accepted an offer at a large SM. Opportunities are out there, you just need to have the right background and be smart enough.
Congratulations! Were you coming from a bank/PE or lateraling from another single manager?
IB
What HHs we’re reaching out to you?
What HHs we’re reaching out to you?
I expect things should pick up over the next few months in MM land
Have had no problems getting traction from large SMs. But I’m lateraling from a large SM myself. 4YOE - moving from credit/event to l/s.
I've had a few final rounds in the past couple of months, but no offer yet. One I just screwed up and moved on; there was a last-minute personal connect pop up for a process I was told I'd have an offer at (and the offer went to the personal connect); another process had me move past the case study with excellent feedback and "meet the team" final round only to be ghosted after thinking I'd be close to an offer. I'm hoping my luck turns at some point. It's brutal and depressing not to see anything after putting in so much effort for these processes. Been searching for quite a while now as well.
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