I'm a 2nd year PE associate starting to get invites to interview with hedge funds. So far I'm only considering L/S SM. What kind of questions will I be asked in interviews? What does the interview process typically look like?
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They can ask you whatever the hell they want.
No firm has the same process. This is not a factory like IB and PE.
I interviewed at Glenview for the L/S investing team.
Very very focused on market data points and open-ended technical questions, like, what would the beta be for Company A with xyz characteristics vs. Company B with abc attributes.
They made me fill out a two page sheet of just market based questions.
How would you screen for new investment opportunities in 2024? How would you determine entry and exit points?
Ultimately, they are very smart people that want to see how you truly “think”. It’s hard to prepare for it, but the one factor that is controllable is knowing market conditions and having a view on market forces.
They didn’t ask me IB or PE type of questions. Hope it helps and good luck.
Extremely helpful. Thank you.
Any chance you interviewed anywhere else similar?
Yes. Coatue and Monarch, which are tech focused LS and distressed debt focused funds, respectively.
Coatue was industry focused. I did a lot of deal work in tech and software. Questions were around me sector knowledge.
Ultimately, hedge funds aren’t for me. I don’t think I’m smart enough.
Yes, you make more $ than PE, but it’s less stable than PE imo - you’re at the mercy of funds’ performance and your own P&L a bit, which can move vastly week over week; exacerbated by LP redemptions that can happen at almost anytime.
I just find that to be too stressful to manage LT and decided to stay in PE.
Can I pm you
Sure
Bump - interested in moving to a hedge fund after PE but don't really know where to start. I don't know a lot of hedge fund terminology and wanted to see if there's a set of resources out there that people recommend to get ready for interviews
Following
Following up here to see if you found any resources
Your interviewer won't expect you to know all the public market nuance given your background. Just listen to every podcast with a SM and MM you can to pick up on it. Fundamental Edge is a good place to start for more pod style.
They will almost certainly ask you something you would never expect. I was being asked about options pricing models, bond math, stats theory questions, etc. in my interviews for an equities pod role. It's to see if you can think critically and figure it out vs. having things memorized in advance.
Not a great answer but the way to be prepared is to just know enough to be able to figure things out on the fly and be aware of current affairs in the market - especially whatever your interviewer focuses on.
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