Have you been fired at a HF
Have you been or know someone that got fired at an HF, say for not performing good enough? If you/they were, what did you do next?
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I am on the quant side and I have seen that happen a few times. Some found another quant roles, others decided to change fields and move to tech.
damn, why were they fired? Because they did a poor job accumulating good returns?
Being fired at a hedge fund isn’t as surprising as it is in IB (at the junior levels). In IB many employees work 2 yrs then go to PE or business school, so in a way there is an “up or out” (if you don’t go A2A you leave) that just has a natural “cut point”.
At a HF you aren’t on some program that has a predetermined “cut” point. So if you underperform for a year or two you will get fired. There is a lot of competition, the pay is high, and a lot of people trying to break in. So if you don’t perform (whether that is PnL, work well with the PM, are quick and accurate in your work, etc) there isn’t a good reason to pay large amounts for that.
But generally it happens through low bonuses and people wanting to leave.
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