Interviewing with Special Situations Team at Multi-Strat Hedge Fund. How Should I Frame My Narrative?
Have an interview with a special situations team at a multi-strategy hedge fund for a junior analyst role. I’m trying to think about how to frame my background in a way that best aligns with what they’re looking for in an analyst.
About me:
- Background in econ + math
- Internship in PE (search fund)
- Equity research via school club
I’ve also done a lot of independent projects on the side, mostly around pricing inefficiencies, arbitrage, and using alternative data to find edge. Nothing at scale, but enough to deepen how I think about signals, and execution. I’m not a quant, but I definitely think in frameworks and try to approach trades with structure and repeatability in mind.
I’ve heard this firm does a fair bit of systematic trading across the platform, but I guess this team is more event-driven?
For a role like this should I emphasize my fundamental + PE background or should I highlight the more signal-driven, alpha-mindset?
And how accurate is it to say that special situations roles at discretionary hedge funds offer a faster pace, shorter timelines, and a tighter feedback loop compared to PE? That’s the angle I was planning to take when explaining why I’m making the switch — I’m looking for a more dynamic environment where you’re constantly generating ideas, taking views, and seeing results in real time. But I’m not sure if that really reflects how this specific type of team operates.
You’re currently in school…please don’t characterize your current situation as “making a switch from PE.” It’s a cringe way of looking at it after only one internship at a search fund no less. Everything is new to you at this point. You don’t need some incredible hook to get people’s attention.
Got it — so the better move is probably to just own that I’m still early, not act like I have it all figured out, and focus on showing I’m curious, hardworking, and ready to learn. Just treat the role as a chance to build reps, and get exposure to the industry. Or… should I still try to show I have a stronger point of view on why this team specifically?
Before you hit like 5 YOE and near VP-level (for IB/PE) or analyst (for HF) experience, this is how you should market yourself always
How can you use chat GPT to reply to a comment on wso
Ya would chill out about it being a switch. Special sits is generally longer duration trades than pod style investing so if anything it aligns more with PE. Because there are by nature much less sits at any time, you’ve got to be high conviction and in size. That only comes from deep research and “PE style due diligence”.
But you have nothing to frame other than you’ve done some stuff that could be relevant but never in any real capacity. Just exhibit that you’re a smart, hard working kid and speak to what you’ve learning in internships, clubs, etc. You need to feel out what exactly they’re looking for and tailor your responses to that - talking about being quantimental is probably not that, but the data analytics probably has relevance.
Super helpful, really appreciate it. The only reason I’ve been overthinking this is because they asked me in the first round why I’m not trying to stay in PE, and I didn’t have a great answer on the spot. So I’ve been trying to really figure out what makes this team different from PE and how to speak to that distinction.
Ahh. Idk maybe just say that special sits in public securities means you don’t have to deal with the bs of deal structuring. You might lose some pricing arb but you have certainty of close.
"I've only done one internship at a search fund, wouldn't characterize my current job search as a 'why not stay in PE,' more so looking to see what is out there and if something else fits the shoe better"
I wouldn’t worry about it, special sits tend not to take bots so ull be dinged pretty quick
Alright buddy you wanna at least give a couple tips? Don’t have a ton of people to run this stuff by, so appreciate the callout, just trying to figure out the best way to play it without botching everything.
Definitivamente deberías inclinarte por tu mentalidad orientada a señales y generación de alfa, especialmente si puedes vincularla con situaciones especiales donde identificar ineficiencias y estructurar operaciones es clave. Menciona tu background en economía y matemáticas como base para tu enfoque analítico, y usa tu experiencia en PE como evidencia de que entiendes fundamentos y valoraciones, pero enfócate en cómo combinas ese conocimiento con una forma estructurada y diferenciada de pensar en trades. Mostrar que puedes generar ideas propias, con lógica repetible y orientada a eventos, va a resonar bien con ese tipo de equipo.
+1 - Would actually google translate this post if you can't read spanish. Good advice, especially the last line since you need to show you have the potential to generate ideas quickly and effectively.
To be clear, you won't be expected to do that at the onset, but showing them that's something you're dedicated to mastering makes you more coachable.
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Crazy how no one realizes this is Spanish ChatGPT lmao. AI is actually going to be the end of us all
Also would you happen to have any insight on what they'd ask me other than talking through my experiences and motivations? Like classic HF questions if there are any. I assume they wouldn't ask me to walk them through an LBO or what happens to the statements when depreciation goes up by $10 right?
Who knows? Expect the worst and hope for the best. I’m far removed from internship/entry level recruiting so not sure. Know IB technicals, RX technicals to cover your bases but be prepared to talk about a few topical situations and answer any questions that probe your understanding of a business and what matters to evaluate a business. I still get the latter in mid level interviews and they’re pretty insightful as to who will fit in or knows how to talk about/focus on things the right way
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