Landing HF Summer Analyst Interviews
Hi all,
I’m currently a rising sophomore at a Canadian school (equal. to a non-target in the states) hoping to land a SA28 role at one of the few HF shops with structured undergrad programs (P72 Academy, CAP, etc.).
Since structured undergrad HF recruiting information is far less standardized than traditional IB/PE, I’m looking for advice on how to optimize the next few months to put myself in the best position possible. Most of my recruiting knowledge comes from the standard IB timeline, so please bear with me if some of this sounds naive.
I have a few specific questions for those who have gone through the process or are currently on the buy-side:
1. Landing the Initial Interview & Networking
- How heavy is the non-target resume filter for these undergrad programs?
- How critical is networking for securing the initial interview compared to IB? I've read online that Point72 sends an initial test/questionnaire to almost all applicants, and performance on that benchmark determines if you move forward. How accurate is that for the current cycle?
- If I were to network, I've heard that they flag all emails that containing an attachment (i.e. resumes) because of compliance issues, is that true?
2. Preparation
- I spend a lot of my spare time reading up on stocks and building pitches, but my personal investment philosophy leans toward long-term value. Given that platforms/pod shops trade primarily on a quarter-to-quarter basis focused on near-term catalysts, how should I adapt my pitch style?
- How should I go about valuation when looking for near term catalysts? Should I still build out a 5-10 year DCF or do I slap on a target P/E multiple on the projected EPS?
I understand that CAP is most likely out of the question, but I have seen a few Canadians land P72. Was also wondering what other HFs I should have on my radar. Any insights would be greatly appreciated!
To position yourself for a hedge fund (HF) summer analyst role, especially as a rising sophomore from a non-target school, here’s what you need to know based on the most helpful WSO content:
1. Landing the Initial Interview & Networking
Non-Target Resume Filter: Hedge funds, especially structured undergrad programs like Point72 Academy, tend to favor candidates from top-tier schools. However, this doesn’t mean it’s impossible for non-targets. Networking and referrals can significantly improve your chances of bypassing the resume filter. A strong pitch or unique skill set can also help you stand out.
Networking Importance: Networking is critical, even more so than in IB. Hedge funds rely heavily on word-of-mouth and referrals. Building relationships with professionals in the industry can lead to direct introductions or referrals, which are often the most effective way to secure interviews. Focus on making a strong impression and demonstrating your passion for investing.
Point72 Test/Questionnaire: It’s accurate that Point72 uses an initial test or questionnaire to screen candidates. This means that even if you’re from a non-target, performing well on this benchmark can help you move forward in the process.
Compliance and Networking Emails: It’s true that some firms, including Point72, may flag emails with attachments like resumes due to compliance issues. Instead, focus on crafting a compelling email that highlights your interest and asks for advice or an informational interview. Once you’ve built rapport, you can share your resume if requested.
2. Preparation
Adapting Your Pitch Style: Since pod shops like Point72 focus on short-term catalysts, you’ll need to adjust your pitch to align with their investment philosophy. While long-term value investing is a great foundation, your pitch should emphasize near-term drivers of stock performance, such as earnings surprises, industry trends, or macroeconomic events.
Valuation Approach: For near-term catalyst-driven pitches:
Other Hedge Funds to Target: Beyond Point72 and CAP, consider other funds with structured programs or those known to hire undergrads. Examples include Citadel, Millennium, and smaller funds with a history of hiring non-target candidates. Networking with alumni or professionals at these firms can help you identify opportunities.
3. Additional Tips
Networking Strategy:
Resume and Story: Tailor your resume to highlight any relevant experience, such as personal investing, stock pitches, or internships. Be prepared to articulate your passion for investing and why you’re interested in hedge funds specifically.
Practice Stock Pitches: Develop a few polished stock pitches that demonstrate your ability to think critically and identify actionable investment ideas. Practice presenting these pitches in a conversational manner.
By focusing on networking, refining your pitch style, and targeting the right funds, you can significantly improve your chances of landing a summer analyst role at a hedge fund. Good luck!
Sources: Networking into a Hedge Fund? It's Unstructured., Advice on HF Recruiting, Networking into a Hedge Fund? It's Unstructured., Finishing 1st Year as HF Analyst - Ask Anything
most of the canadians i've seen at shops like p72 are usually from ivey or waterloo wouldnt bet on landing a spot there if you dont go to one of those
p72 stopped sponsoring canadians this year
“My personal investment philosophy leans toward long-term value”
You’re 20 years old bro why are you parading yourself around as if you are even close to having your own investing style? Please touch grass and take this 200% less seriously
How is it that I'm parading? I've simply stated how I approach investing, a style that I think is different than how pods trade, and I'm asking for advice on bridging that gap if any. I have an approach to investing, albeit one that is still in infancy and has a very long way to go, but what about that does not qualify as an investment philosophy? You have this weird superiority complex about yourself where apparently, if you're not a tenured PM, you can't have an approach to investing.
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