Has hiring fallen off a cliff?
Earlier this year, even with a lack of experience on paper, I had a handful of interviews and firms reached out to me quite frequently. For the past 2-3 months it’s been dead silent. I have been applying to a few listings on LinkedIn and have not received a single response. Some of my friends think that the last few months of the year are just too busy for firms to hire, but clearly new positions pop up on LinkedIn from time to time. My sector is getting crushed right now, so maybe there is less hiring, but then again, I do see jobs pop up on LinkedIn.
Any insight on if this may be a seasonal thing, or if it’s something I’m doing wrong would be super helpful.
It’s a tough time right now. Even the pods are slowing down
But what exactly is stopping pods? If they’re risk neutral, shouldn’t it not matter too much what the market is doing?
Not true. Crazy demand for analyst and PM talent.
only because the pods made so much money this year they had to return cash to clients
All anecdotal, but multiple friends in HFs across fundamental L/S equity, quant macro, and credit have said they're pausing hiring when I've asked. My boss had his BSchool reunion earlier this year and shared that his HF friends said hiring freezes would be coming end of '23/early '24 unless the market environment materially improved. Recruiters also seem to be reaching out significantly less than they were in 1H this year.
Funds shutting down, some have major redemptions, only pods keep hiring. Massive hiring freeze in Asia and Europe.
Any insight into credit HFs specifically?
Credit is pretty active. Know that Diameter and Monarch are looking for analysts. HPS special sits hiring as well (more so private investing than HF but might be interesting still).
Wouldn’t touch Monarch with a 10 foot stick
I’ve been pinged about some of the opps mentioned here but convos definitely fizzled out post Thanksgiving. Should we expect more openings in late Q1 after people collect their bonuses? Credit will only get more active in FY23 so I’m assuming firms will want to fill spots quickly
I’ve got pinged for DE Shaw, Hein Park, Brigade in past month or so. Silverpoint has been staffing up its restructuring / distressed team for what seems like forever. MSD and Bracebridge appear to have live postings.
I moved at the beginning of the year so haven’t been getting pings from the usual suspects (Odyssey, RJ, DSP, Search1) so likely more are out there.
Do you know which recruiters are covering MSD/Bracebridge?
Who is HH for the non-linkedin ones you mentioned (DE Shaw, Hein Park, etc)?
Are you hopping on the phone with people?
On the REPE side I know of a few firms that had signalled there were looking to add new team members sideline those plans for the moment until they see where the land lies in 2023.
There are definitely firms out there hiring however, personally I've seen firms hire through referrals and networks entirely rather than purely from job postings. In times like this where on the surface it looks like it's slowed down it's definitely worth leveraging your network and connections to try and get a foot in the door.
Wish you the best of luck bud, always pays to remember getting a job in itself is a full time job as well!
Any insights into activist funds?
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