There are lots of comments on how ER sets you up better for MM and IB (PE optional) would be better for SM. Would someone with both be well-positioned for all of the above or would it be perceived as indecision and too much time on SS? Any difference in outcomes between IB to ER to HF vs ER to IB to HF?
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I’m also curious on ER to IB to HF
Define well positioned.
Neither ER or IB actually sets you up or trains you up to do “well” in either style. I’ll caveat this saying ER is usually aligned closer with MM hiring demands, given you’re already looking at stocks and building industry knowledge, as well as learning what pods (who are the brunt of BB clients now) want. That’s still a far cry from positioning you to materially outperform your IB counterparts in MM world after a year or so though.
It’s generally more about optics, if you want to keep all hedge fund doors open, I’d say do IB on its own. No need to do additional ER.
I think you mostly covered it but I guess it would fall under the optics in the sense that investment banking is often preferred as previous experience for HF positions.
I’m currently in ER now and feel that it directly translates to the role more. Therefore, my line of thinking is that a background with the role/work of ER and optics of IB would theoretically be ideal for a HF role.
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