Hedge Fund Hour Expectations
Looking to join a MM HF (think Citadel/BAM/Point72/MLP) at a sub-PM level. What should I expect hours to be?
I currently work between 60-100 depending on if I'm on a live deal or not (PE).
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Curious too.
It is highly unlikely you get a sub-PM role with trading discretion straight from PE.
Secondly, people with direct P&L responsibility/trading discretion just don't think about the hours. They are so passionate and hooked into the game, they just do it, and the day just flies by you.
Above poster kind of right but if you want magnitude of hours. It could range anywhere from 35 to 80 a week. I mean if I’m reading broker research over the weekend out of interest- is that considered work? Idk. Once you’re in a risk taking role, I’ve found I have huge autonomy with managing my hours. If I want to go for a 3 hour lunch mid-day with a buddy, that’s totally fine. But I always have a pulse on my names no matter where or when.
At a MM - I was in a super sweaty IB group and then worked at a more “lifestyle-friendly” MM PE shop where I was happy if I was leaving at 8. HF folks who did ER or non IB/PE don’t really get the hours question because it’s never been something for most of them to worry about.
Short answer is that it’s been closer to 50-60 hour weeks with spikes to 70+ but more skewed to weeks with less than 50 and I’m there more than most (can’t change a tiger’s stripes).
Longer answer is that most people I know are in between 7-8 and out between 5-6 (maybe a little earlier on Fridays). Maybe read for an hour when you get home too. During earnings, throw on an hour or two per day. I prob do 3-4 hours of work a weekend, sometimes just reading, sometimes light modeling, etc.
Overall, much more sustainable day to day but market stress is real. Not sure you can really prepare for that so just expect it to hit and figure out a way to cope with it.
you work less hours than in IB but your mind is on work mode 24/7
Varies. At my first single manager I did 8-7, at a multi manager I did 7:30-5 and at my current SM I do 8-4
Do you mind sharing why you decided to move from MM to SM again?
Curious if my thoughts are correct but I assume being at a good (fit especially) SM is always preferential over a MM longterm as there should be more job security, better WLB and better company culture. At least it seems MM is just there for people to get a good track record to jump ship to either a prestigious fund or start your own.
Not necessarily. I've had a reasonably long career at MMs as an analyst then PM and feel zero desire to join a SM.
I would turn your question around- If you don't think you can take the heat and stress of being marked to market daily, are you sure you're cut out for public markets? Maybe you should be doing PE? Just a thought.
Everybody wants to go to heaven, but nobody wants to die.
It's not really about not being able to take the "stress". I enjoy the markets and would love to fast paced environment but I see most MM PMs as people that grind for a couple of years and either get cut or they transfer, which makes it all very transactional. I personally want to work with a PM for 5+ years and prove myself through my work and in exchange have my PM's trust allowing for more easy of mind and flexibility. I think in MMs with PMs changing, pod hopping and all of that it's a very stressful environment from a workplace perspective.
How old are u and how much do u make?
No.
24/7 mentally
7a-5 or 6p physically
How much "physical" weekend work is there? Is it rather easy or hard for you to take a day off for say a long weekend with friends?
Would appreciate any input thank you.
Also interested
Not that much if at all. But depends on fund of course. Can speak to my SM role - very little weekend work. Maybe 10% of weekends there will be something to do. Usually during earnings as you're tidying up your model and finishing up your note or doing some additional analysis that the PM wants to see on Monday. Or sometimes something crazy happens to a stock. Like Netflix going down 40% and there's a mad rush to understand whether this is a buy or a short and maybe what the implications are on Disney, etc. So it's rare for me. Weekends are usually time to recover and have your fun. Hard work during the week. You might need to answer a few questions or catch up on some readings during the weekend here are there.
Long weekends in my experience too are kind of a mini vacation - ppl try to take advantage of the long weekends that happen and plan getaways with family and friends.
Caveat here is that I'm sure this varies a ton by fund and by firm and by individual. I've got some colleagues who work on weekends, but feels like its more that they want to.
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