HF Recruiting Process - How to Proceed
Hi guys,
I’m an equity derivatives researcher at a top BB (MS/GS/JPM), with 3 YOE. In late January I interviewed for a macro analyst role at a top Macro HF, and was told they would follow up the following week. After two weeks, I followed up with my recruiter, and after discussing with HR/BD, they were told feedback was very positive and they shared my resume with the PM.
I followed up again and was told that they should have an answer for me by last Friday - and then on Friday, they once again asked for more time. How should I proceed here? Am I reaching out too often?
At this point it has been more than a month since the first round, and I was expecting feedback within the next week. Part of the reason I am so eager to push is that it seems the HF market is slow, and all other applications/opportunities have so far led nowhere.
Based on the most helpful WSO content, here's how you can approach this situation effectively:
Understand the Delay: Delays in hedge fund recruiting are not uncommon. As seen in similar cases, decision meetings can be pushed due to internal factors like hiring freezes, team discussions, or prioritization of other candidates. This doesn't necessarily mean you're out of the running.
Strategic Follow-Ups:
Leverage Your Recruiter: If you're working with a recruiter, let them handle the communication with the firm. They often have better insight into the process and can advocate on your behalf without risking overcommunication.
Prepare for Other Opportunities: While waiting, continue applying and networking. The hedge fund market can be slow, as you've noted, but persistence is key. Use this time to refine your pitch, update your resume, and prepare for potential interviews.
Set a Personal Deadline: If the process drags on too long without clear communication, it’s okay to set a personal deadline. For instance, if you don’t hear back within the next two weeks, you might decide to deprioritize this opportunity and focus on others.
Stay Positive and Professional: Even if this opportunity doesn’t work out, maintaining a good relationship with the firm and recruiter can open doors in the future. Hedge fund recruiting is a small world, and professionalism goes a long way.
Remember, patience and persistence are crucial in the HF recruiting process. Good luck!
Sources: Unemployed and living in parents' basement, losing hope, Global macro recruiting - a primer, How to get out of “questions” mode during a networking call, Point72 Interview Nightmare, Q&A: 3rd Year Hedge Fund Analyst
If they are interested, they usually move quick
This is a sign the PM is not sure whether he wants to expand the team. Especially since you’re pretty junior so you’re going to be expected to help him with his process. This is a bad situation to walk into. If you do indeed get hired you’re walking into a situation where the first bout of nervous PnL causes him to consider cutting you. This is more common than you think.
It sounds like he interviewed with biz dev. If biz dev then passed resume to the PM... well, look at what's gone on in the markets in the past month, everything is upside down and most PMs are focused on managing risk first and foremost. Recruiting takes a back seat.
You need to relax and wait for things to maybe settle down so PM can revisit. But in this environment, bugging them on a weekly basis isn't going to help.
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