Things to look for in offer out of UG

I’m an undergrad interning at a single manager, where I will potentially be returning full time. I like the place, but would have other options, so I don’t have to just take whatever I’m given if it’s unreasonable. Is there anything I should look out for in a contract (non compete terms, etc)? I have no point of reference for what market terms are or whether any of this even matters in the first place.
And maybe more importantly, what further questions should I be asking about the fund/LP base/PM’s vision/etc before committing to a place?

197 WSO Academy Hedge Fund Session Reviews: 4.78/5

Class of '29 Sep 2026 Cohort

5.00/5

Hedge Fund LinkedIn Review

“My meeting with Kevin Lee was super helpful and went well beyond what I originally expected. We met to discuss my LinkedIn profile, but the conversation also covered the hedge fund space and how I’m thinking about my career as a whole. I really appreciated being able to talk about both how I present myself professionally and the broader direction I want to take. As someone interested in hedge funds but also exploring other paths in finance, it was helpful to have a conversation that connected my profile to my actual interests and goals. Kevin gave me a lot to think about, and I left feeling clearer about my next steps. Overall, I really appreciated his time and willingness to go beyond the original purpose of our meeting.”

Class of '26 Sep 2026 Cohort

4.56/5

Hedge Fund Mock Interview

“He was very responsive and prepared for the meeting. He actually read the JD, resume, and looked up linkedin which sometimes other mentors doesn't actually go over those to prepare things beforehand. I appreciate his direct comments I think it saved time and actually helped me to know exactly where to improve. I also appreciated him admitting if he doesn't know about specific HF strategy. Only thing I'd suggest for him is probably sending actionable key takeaways after the meeting because other mentors did and that was very helpful. ”

See All 11,242 WSO Academy Reviews

2 Comments

WSO Monkey Bot

O

2y

Based on the most helpful WSO content, here are some key points to consider when evaluating an offer and questions to ask about the fund:

Key Points to Consider in an Offer:

Non-Compete Terms:
- Understand the duration and geographic scope of any non-compete clauses.
- Assess how restrictive these terms are and how they might impact your future career opportunities.
Compensation and Benefits:
- Ensure the compensation package is competitive and includes bonuses, benefits, and any other perks.
- Clarify the structure of performance bonuses and how they are calculated.
Career Progression:
- Inquire about the potential for career advancement within the firm.
- Understand the timeline and criteria for promotions.
Work-Life Balance:
- Gauge the expected working hours and the firm's culture regarding work-life balance.
- Consider how this aligns with your personal preferences and long-term career goals.

Questions to Ask About the Fund:

Fundraising and Investor Base:
- Ask about the current state of fundraising and the types of LPs (Limited Partners) involved.
- Understand the stability and commitment of the investor base.
PM’s Vision and Strategy:
- Inquire about the Portfolio Manager’s (PM) long-term vision for the fund.
- Understand the investment strategy and how it aligns with your interests and expertise.
Team Dynamics and Culture:
- Ask about the team structure and the dynamics within the firm.
- Understand the firm’s culture and how it supports professional development and collaboration.
Track Record and Performance:
- Request information on the fund’s historical performance and track record.
- Understand the key drivers of past performance and any challenges faced.
Future Growth Plans:
- Inquire about the firm’s plans for growth and expansion.
- Understand how these plans might impact your role and opportunities within the firm.

Additional Considerations:

References and Reputation:
- Seek out references or speak with current/former employees to get a sense of the firm’s reputation.
- Understand how the firm is perceived in the industry.
Legal and Compliance:
- Ensure that the firm has strong legal and compliance frameworks in place.
- Understand any regulatory challenges the firm might be facing.

By addressing these points and asking these questions, you can make a more informed decision about whether to accept the offer and commit to the firm.

Sources: Q&A: BlueWing Part 2: Endowments, Foundations, & Asset Allocators, How to raise a fund - what I know, and what I'm clueless about, Joining Start Up Hedge Fund - What to Expect, 20 Most Frequently Asked Questions - London Edition, Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad

Reply

Quote

Report

Other

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

HF

Incoming Analyst in HF - EquityHedge

2y

Enim numquam illum voluptates et dolorem ea est. Tempora quidem est impedit qui recusandae. Rerum deserunt unde aut ut sunt deleniti non. Autem atque nihil eveniet eos aspernatur. Consequatur aut voluptates rerum tenetur in et.