Risk/Reward of Entering HF industry for analysts?
Curious what the board's position is on the following: I have said all my careerr that Analysts/Juniors are short the same put as founders/PMs but at a fraction of the premium.
1) non-competes and other soft terms have gotten worse for analysts over the past 15 years.
2) employers have made non-solicit terms for PMs stronger to avoid entire teams being lifted which primarily imposed soft costs on analysts. This is especially problematic as PM / investment team turnover has increased.
3) overall industry comp has come down, which has reduced all analyst comp generally.
Take Melvin for example - the people who are hurt most are young analysts who haven't had duration to save / build skills and learn sufficiently. Obviously in this case, Melvin may remain a going concern, but in cases with bigger impairment or going under, the cost is borne primary by them.
So the question is, how attractive is the risk/reward ofindustry as an analyst today? How do those of you who recently joined the industry think of it?