Quant Masters -> Fundamental Equities (US) - Possible?

For context, I'm at a decently ranked MS program (MFE-adjacent, but a bit more flexibility for TradFi). Ideally want to do something quantamental or fundamental - would've loved something like the CitSec Fundamental Analyst Internship, but already got a rejection. Looking to ideally do a summer internship in a similar role, since my program includes a summer, but can't seem to find firms with similar programs.

I found a few quantamental, but most were only recruiting from specific schools (like Seldon's internship for Yale), so I wanted to see if anyone had recs for finding & landing roles with really any firms (really any size as long as they pay decently) given my position. I'm also applying to some general Quant and ER roles to diversify, but really want to try for fundamental/quantamental buy-side strats [though advice to land any adjacent role would also be appreciated]

Happy to clarify further, and looking forward to the (hopefully) non-braindead help.

3 Comments
 

Breaking into fundamental or quantamental buy-side roles from a Quant Masters program is definitely possible, but it requires a strategic approach. Based on the most helpful WSO content, here’s what you should focus on:

1. Targeting the Right Firms

  • Quantamental Hedge Funds: Firms like Two Sigma, Citadel, AQR, and Renaissance Technologies often have roles that blend quantitative and fundamental strategies. While some of these firms lean heavily on quant, they do have teams or roles that focus on fundamental analysis with a quant edge.
  • Smaller Hedge Funds: Don’t overlook smaller or boutique hedge funds. They may not have structured programs but could offer internships if you network effectively.
  • Equity Research (ER): While not buy-side, ER roles at sell-side firms can be a stepping stone to fundamental buy-side roles. Many analysts transition to hedge funds after gaining experience.

2. Networking

  • Alumni Networks: Leverage your school’s alumni network, especially those in buy-side roles. Reach out for informational interviews and advice.
  • Cold Outreach: Use LinkedIn or email to connect with professionals at target firms. Keep your messages concise and tailored to their background.
  • Conferences and Events: Attend industry events or webinars where you can meet professionals in the field.

3. Application Strategy

  • Diversify Applications: Apply to a mix of quant, ER, and fundamental roles. Even if a role isn’t your ideal, it can provide valuable experience and a pathway to your target position.
  • Tailored Applications: Customize your resume and cover letter for each role, highlighting relevant skills like financial modeling, coding, and data analysis.

4. Skill Development

  • Stock Pitch Preparation: As highlighted in WSO threads, knowing 2-3 stocks in detail (management, margins, drivers, etc.) is crucial for fundamental roles. Be ready to present a buy, hold, or sell recommendation.
  • Modeling Skills: While not always tested in interviews, strong modeling skills will help you stand out during internships.
  • Coding and Data Analysis: For quantamental roles, proficiency in Python, R, or similar tools is often essential.

5. Internship Search Tips

  • Broaden Your Search: Look for internships at local hedge funds, wealth management firms, or even startups. These roles can provide relevant experience and help you build your resume.
  • Be Persistent: Rejections are part of the process. Keep applying and refining your approach.

6. Alternative Paths

  • If you’re struggling to land a buy-side role, consider starting in sell-side ER or a quant role at a bank. These positions can provide a strong foundation and open doors to buy-side opportunities later.

By combining targeted applications, networking, and skill development, you can position yourself for success in fundamental or quantamental roles. Keep grinding, and don’t hesitate to pivot if needed—many paths lead to the buy-side!

Sources: Best internships for Quant Trading?, How to be a Millionaire Trader, Freshmen: What to do during your freshman year summer, Q&A: 3rd Year Hedge Fund Analyst, Non-Target Recruiting Guide Part I: Resume and Networking

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
Most Helpful

Some of the asset management firms have "quant equity research" which might fit the bill. Macro funds also do a lot of mixed stuff. But most "quantamental" funds tend to pick top people from fundamental and quant funds and mix them together, or are large funds in the trad space (like Marshall Wace) pushing into the more quantitative space. If you're looking purely for quantamental, it might be best to look for quant roles first, then stay for a year or 2 before looking for something new. If you want to do fundamental, there are some funds(P72, Millennium, etc.) that recruit grads from BS to MS, but most will want to take people with past experience. 

 

Sunt dolorem necessitatibus consectetur sed. Ut quaerat ea eaque et dolore inventore labore aperiam. Perspiciatis molestias sint delectus aliquam nobis est consequatur.

Voluptatum vero voluptatum voluptatum qui ut. Ut et est dolor ipsum voluptatibus odio omnis. Expedita in voluptates voluptate praesentium assumenda. Commodi dolores possimus aut aut voluptas omnis. Voluptas quia deleniti quas autem et eos id. Eos nostrum neque provident sunt architecto rerum eos occaecati.

Praesentium voluptatum nesciunt magni accusamus ipsum. Voluptatem totam id magni molestias mollitia aliquam.

Quos iusto exercitationem consequatur nemo saepe. Consectetur enim debitis sequi. Facere illo sequi voluptas et repellat.

Career Advancement Opportunities

June 2026 Hedge Fund

  • Point72 99.0%
  • D.E. Shaw 98.1%
  • Citadel Investment Group 97.1%
  • AQR Capital Management 96.2%
  • Magnetar Capital 95.2%

Overall Employee Satisfaction

June 2026 Hedge Fund

  • Magnetar Capital 99.0%
  • Millennium Partners 98.1%
  • D.E. Shaw 97.1%
  • Blackstone Group 96.1%
  • Citadel Investment Group 95.1%

Professional Growth Opportunities

June 2026 Hedge Fund

  • AQR Capital Management 99.1%
  • Point72 98.1%
  • D.E. Shaw 97.2%
  • Citadel Investment Group 96.2%
  • Magnetar Capital 95.3%

Total Avg Compensation

June 2026 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (27) $464
  • Director/MD (12) $423
  • NA (9) $320
  • Engineer/Quant (86) $288
  • 3rd+ Year Associate (26) $284
  • Manager (4) $282
  • 2nd Year Associate (32) $253
  • 1st Year Associate (76) $192
  • Analysts (240) $181
  • Intern/Summer Associate (28) $146
  • Junior Trader (5) $102
  • Intern/Summer Analyst (282) $96
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
CompBanker's picture
CompBanker
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”