Hedge Fund Internship- ADVICE NEEDED
I am (potentially) being offered a position at a hedge fund for an off cycle role for just under a year. It is a new fund but its performance is good and despite being small it has a good reputation and has managed to attract some good talent from other funds. Its founder worked at top tier MM funds and it is backed by other top tier funds.
Everything seems perfect as my career goal is to work in a hedge fund. I have ONE concern that is quite big however:
the salary being offered is only enough to cover my rent, and I will be required to additionally pay tuition (despite taking a year out of college, which is stupid but unavoidable). What should I do? Obviously as a relatively successful new fund they will have the capacity to pay more but I can't really demand more and I don't want to create any animosity between myself and the founder who I have been liaising with.
Should I explain my situation (only covers rent but will likely need to cover tuition additionally) and ask whether a performance-based bonus is available?
Any advice is welcome! I am ready to forego this opportunity, but it could very honestly be life changing and I would hate to have to give it up based on salary (I mean it is literally a hedge fund, they make money...)
I'm a little confused. Even smaller funds should be able to pay enough to cover basic expenses? You will be doing work for them for almost a year.
That's what I thought. But they offered only enough to pay rent (quite literally nothing else) so I can't accept it as I won't be able to afford anything else like food.
How do I ask without just saying "pay me more"? Do I just reject?
I have no experience with anything in life but I think your only option is to explain your situation. It’s not like ur asking for them to fund ur lavish lifestyle you literally just need some more money to be educated and feed urself which is usually the norm so I’m sure they’ll understand if they actually want you on the team.
There’s no point just rejecting the offer without atleast trying to ask if working at a hedge fund is your dream.
And if they do offer a performance based bonus are u willing to risk being able to get that in order to pay for ur education cause that is the real gamble especially considering the current climate?
Thanks, I've responded to him with that.
I won't accept if they cannot increase the base but offer a bonus because I don't want to risk walking away w no return offer AND in debt lol
Managed to attract good talent, but is trying to low-ball an intern?
The fuck?
£1000 (~$1300) per month...
Yeah that's a big red flag... i mean, how small is the shop? I've had offers to intern with funds in London and I've never been offered anything as low as that, granted they were large firms.
I'd seriously weigh up how useful the internship is, a random hedge fund in London won't carry a ton of weight when applying to FT or internships. Obviously, its better than nothing, though.
are u working full time - as in like 35+ hrs a week
if so they have to pay u minimum wage at least which is like 2x what ur getting rn
Don't take it - a fund that cannot pay people well will keep leaking good PMs/analysts to the top 4 pod shops.
He probably wants to be one of the leaks though
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