LO and HF internships
Could anyone share some light on how difficult it is to recruit for LO and HF internships/full-time jobs for a MBA level candidate? I am specifically talking about equities, and targeting the top Tier 1 LOs and SM HFs.
What's the reputation for the top LOs and SM HFs on a firm by firm basis? How many interns do they usually hire per year? Which one is the hardest to get into? Thanks
Based on the most helpful WSO content, here's what you need to know:
Recruiting Difficulty for LO and HF Internships/Full-Time Roles (MBA Level):
Reputation and Firm-Specific Insights:
Interview Process:
Hardest to Get Into:
Tips for Success:
For more detailed insights, you can explore the WSO thread on post-MBA recruiting at top LOs here: https://www.wallstreetoasis.com/forum/school/post-mba-recruiting-at-top…</a">Post-MBA Recruiting At Top Asset Managers / LOs.
Sources: Post-MBA Recruiting At Top Asset Managers / LOs, MBA Tier List for Investment Banking, List of HFs that recruit from undergrad (FT and interns), Post-MBA Recruiting At Top Asset Managers / LOs, How I got my job in a Hedge Fund after graduation
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Depends on the MBA school. Some Tiger cubs like Viking like recruiting for Stanford. I've also seen Columbia MBAs at some decent LOs.
for LOs, it is very difficult and competitive:
Fidelity, Cap Group, T Rowe, Dodge & Cox, Wellington, PIMCO (fixed income) - generally the most sought after. Hire 2-3 interns total each usually from a mix of H/S/W/CBS/Booth
Other smaller/more boutique firms like MFS, First Eagle, Artisan Partners, Alger, Hotchkis & Wiley, Pzena, Invesco, Royce usually hire a couple across the schools as well. Lots of other boutiques that are legit too.
Generally a role at any of these firms is a great seat so cast a wide net and don’t target just the “top” because chances are you won’t land one.
Damn, sounds much harder than investment banking recruiting...
It is much less of a sure thing even if you do all the stuff. Also way less structured recruiting process vs IB.
How is Harris Associates?
Very good, sorry should have added them. They/Bill Nygren are well-respected especially in the value community.
Apply for prop trading firms, they actually teach you the skillset of how to bet and manage risk, which is what you actually need to know if you want to eventually become a PM. I see so many analysts and researchers spend years becoming great at building great theses, but are terrible about portfolio optimization and bet sizing when they finally get a PM seat.
And the best part about prop trading recruiting is that you don’t have to do all of this bullshit networking like you would if you were recruiting for IB. It’s all merit based, so you’re assessed on your actual quant skills and not your ass kissing ability.
So firms like JS etc.? Do they hire MBA-track folks for QT roles? I was good at math and probability back in college but went into Product and VC so have lost touch but feel like I could pick it back up
not for QT but they have equity analyst/fundamental analyst roles which are markets facing (some shops even let them have a small book)
ull likely be second class to traders and qrs but very smart people around u, interesting work + very good comp
at least based on london, not many SM HFs offer internships. generally need to do networking to find anything, but even then relatively scarce
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