MM HF v EB M&A/RX SA Decision
Hi everyone!
Currently with SA offers from a MM HF (Citadel/Millennium/P72), EB M&A/RX (EVR/Laz/PJT) and still recruiting with a few buyside shops.
Always wanted to do IB, PE then take a SM HF but this is all for SA, hence rethinking if I should just take whatever then recruit again for FT.
Genuinely unsure, never thought I'd get the MM HF option at all but certain I want begin in banking.
Business school is a must, and applying to 2+2 programmes - any comments on what might be preferred?
Thanking any help in advance.
"Always wanted to do IB, PE then take a SM HF"
"certain I want begin in banking"
Seems like a no brainer, no?
How would recruiting into IBD after a HF stint be?
The HF experience may give an edge for BS applications as well, especially if OP recruits to Banking, given most profiles purely have IB
Take the HF, if your end goal is buyside then why delay it? What group is HF for?
End goal is buyside, but ideally a SM HF or PE. Not a fan of MM HFs, and not entirely sure on the PE v HF debate - purely like investing atm.
Reasons for IB is purely to learn/network, explore for a few years before settling into investing. BB ideally, but didn't recieve any offers
If those are MM HFs then what do you consider to be MF HFs?
OP here, MM is referring to multimanager HFs eg Citadel/P72 etc.
MM, in the context of Hedge Funds, mean Multi Manager not Middle Market
lmao
Take the banking offer, have friends who went to MM HF straight out of uni who said they'd do banking for the optionality. Not saying it's a bad gig, but for your path, banking is probs the best bet
Don’t be an idiot… EB plz.
i'm sure your opinion went a long way for OP
Curious, why IB over the HF > IB route? Is it difficult to recruit after a summer there?
If anything, thought it'd be easier
Single manager hedge funds tend to prefer IBD/PE people due to investment philosophy being very different to what the MMs do.
it’s a generalisation though and depends on the strategy of the SM.
Surely a SA at Citadel/P72/MLP would mean FT IB isn't hard for OP?
Recruiting full time IB is almost impossible in the current environment. I would strongly recommend the EB path given your stated desired optionality
Unless you are positive you want to do MM HF, go IB. Investing in a pod shop is a specific skill set, and there's a ton of variability of what kind of team you end up on as well as what learning opportunities are available to you. Also, not all programs are built the same. The Millennium one is newer and less built out than the P72 Academy for example. Not entirely sure what the program for UG hires at Citadel looks like tbh.
IB will give you more optionality, and those are great groups that you are looking at. I wouldn't necessarily say it's easier to land a top SM HF from IB (because it's never easy), but there is a culture clash of investment styles between SM HFs and MM HFs. You also mentioned B-School, and there are a ton more IB/PE folks at B-School than there are people from HFs. Some of that is self selection, but the route is less paved from HF to a top program.
Would be horrible mistake to take the HF. 100% IB regardless of your end goal
Stupid take
I don't think it'd be too hard to go from HF -> IB but the other way around could be tough. Don't know too much about HFs though.
Agreed. If anything a SA from P72/Citadel/MLP would put you in a rock solid place for IB recruitment, top group wouldn't be hard
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