People with No return from MMHF Summer - Where did they end up
For folks who did summers for L/S Equity at the Big 4 pod shops, where did people end up if no return offer? Would imagine the MMHFs have a number of folks who did not end up getting the return each year, especially C/P, but LinkedIn search did not yield any meaning results. Would appreciate any insight on this. Thanks!
Based on the most helpful WSO content, individuals who do not receive return offers from MMHFs (Middle Market Hedge Funds) after a summer internship often face a challenging but not insurmountable situation. Here are some common paths they take:
Re-recruiting for Other Hedge Funds or Asset Management Firms: Many candidates double down on networking and technical preparation to secure roles at other hedge funds, asset management firms, or even smaller boutique shops. Persistence and leveraging connections are key.
Pivoting to Investment Banking or Private Equity: Some individuals transition to investment banking or private equity roles, especially if they have strong technical skills and can demonstrate their value in these areas.
Exploring Corporate Finance or Strategy Roles: A number of candidates move into corporate finance, strategy, or FP&A roles at large corporations, which can still provide valuable experience and a potential pathway back into the buy-side later.
Pursuing Further Education or Certifications: Some opt to strengthen their profiles by pursuing an MBA or certifications like the CFA, which can help them re-enter the industry at a higher level.
Joining Startups or Alternative Investment Firms: A few take the opportunity to explore roles in startups, fintech, or alternative investment firms, which can offer unique experiences and skill-building opportunities.
Networking and Cold Outreach: As highlighted in WSO threads, cold emailing, reaching out to alumni, and attending industry events can sometimes lead to unexpected opportunities.
The key takeaway from WSO discussions is that while not receiving a return offer can be disheartening, it is not the end of the road. Many have successfully pivoted and found rewarding opportunities by staying proactive and resilient.
Sources: Reflections on Year 1 at Booth, Q&A Summer intern at EB that did not get a return offer, 8 Tips for Your Big 4 Interview, https://www.wallstreetoasis.com/forum/investment-banking/is-a-big-4-internship-a-complete-joke?customgpt=1, My Journey to an offer
Didn't get a return from from one of C/M/P, ended up getting full time at one of C/M/P
Have seen people go into IB, consulting, PE analyst programs, credit HF one time too.
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