(London) End goal is HF - should I do IB first?
Currently a year 1 undergrad at a UK semi-target, and I am currently going through the IB spring week process, but my 'dream' career is to work at a hedge fund. My current thinking is that IB can act as a stable stepping stone to the hedge fund world, and possibly any other options that I may wish to pursue in the future. However, I could certainly see sense in focusing all efforts on pursuing a hedge fund job out of undergrad, seeing as that is my end goal. My only concern with taking the latter route would be that, although I have great interest in HF, I haven't done even an internship and so it may be silly to throw all my eggs into one basket by pursuing a role that I haven't had much tangeable experience in (and so may not love as much as i think). Sorry for a bit of a ramble, but any advice would be great!
Have an offer from one of the big L/S shops in london to join out of school.
if you’re committed to learn how to properly pitch a stock, learn what moves stocks, how earnings revisions work etc its definitely doable tbh. But I wouldn’t just target this since the skillset overlaps a lot with sellsider ER and IB from a technicals POV. Work on modelling and stock pitches, read up how the MMHF world works since they have the hiring power in london right now.
Semi-target background might be an issue, most people on my grad scheme and the internships I’ve done at shops have been from like 5/6 schools. That being said it’s pretty meritocratic and people from other schools have interviewed so it’s not a big hindrance.
also, pick a strategy. Saying you want to work in HF doesn’t mean much. Quant? L/S? Macro? Etc
congrats on a ft offer!
i would say i am committed and am willing to put in the extra effort to get such a role, but i assume that is one of many things that are basically a prerequisite.
vis a vis going to a semi target, can i safely assume that your uni won't matter once you get to the interview stage, and that uni kind of acts as a filter but not much beyond that.
thanks
Yeah look I’d say HF recruiting is very different to IB out of school, and your best bet is to speak to people that have done it. I’d go on LinkedIn and look for incoming analyst or summer analyst etc at Point72, Millennium, Citadel and try to find people that have joined the equity grad programs (such as myself).
There are material things you can do to (almost) guarantee an offer because it makes you sound much more polished in interviews and that you actually “get” stocks, or at least the approach to looking at them that most people just don’t have because they’re focussed on IB recruiting. In my personal experience it’s helped me stand out in every HF process I’ve been in, even when intakes are very low.
But you gotta put the time in to speak to people and start building that skillset up, but at least personally the payoff to doing so is bigger than in IB recruiting.
Re school: yeah I’d basically say that. Point72’s SA is very small in terms of intake but has taken people from semi targets before. Millennium’s grad program runs through a headhunter that will reach out to penultimate year students doing their summer internships at reputable banks/shops, regardless of their university.
Basically just citadel’s CAP that I can imagine school being a barrier.
Thanks for sharing! May I ask do you think it is doable for a candidate from ESSEC, without internship experiences at those prestigious banks/PEs, but could 100% committed to stock pitch and everything about the public market to recruit directly for L/S MMHF? Many thanks again!
Without XP recruiting for the full time opportunities will be next to impossible
Join a student investment fund ie. Blackelm Equity, Sora Capital, Griffin Investment Fund. Much easier when you are at a target and they have their own versions ie. Oxford Alpha Fund
Read as much as you can.
Get a spring week first? Sure it might be your dream to work at a HF, but if you its going to be hard to even get a look in at IB if you don't have any "tangeable" (lol) experience or any credentials.
Also why are you at a semi-target? (bad a-levels / didn't know targets where a thing / eccentric subjects)...
Honestly outside of Oxford Alpha fund (dubious in of itself), these student funds add v little value for a HF applicant. No one takes them seriously
Sure there are tons of them and they mostly suck and are used for students to embellish CVs. But they teach good skills and shows that students have some level of interest. Was speaking more from a developmental side rather than for recruiting
noted. thanks.
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