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I can add some light here. It depends on the mandate of the hedge fund you're applying for and the strategy. For us, we're a L/S US Equities fund focusing on Technology and Retail...yes, we got hit pretty hard this year and I'm not pleased with the results, so save your comments. 

We typically do 4 rounds of interviews: 

Round 1 - We ask you behavioral questions. very simple most people pass this round. 

Round 2 - We get a lot more technical. "How do you get from TEV to Equity Value?", "If I buy a bike for $100, what happens to the 3 financial statements" , "pitch me a stock."

Round 3 - We give you a take-home case study. We give you 4 days to complete it and produce a write-up / model (majority of candidates either forfeit or fail here). 

Round 4 - If you made it this far, you basically have the job and this is where we negotiate your salary etc. 

This is a fairly standard structure. Some funds take it too far *Cough Point72* and have a ridiculous amount of rounds. We did this in the beginning but it was completely counter productive. 

You're definitely going to be asked to produce a stock-pitch of some sort. Some funds want a 30min pitch, some others want all depends.

hope this helps. 


It's doable for everyone, which increases competition, which means at the end you have to present a killer case. Not as easy as it sounds. Try doing that to TCI then hit me up if you get the offer. 


No, we don't. But I know a lot of funds that typically do. 

We don't because, we prefer candidates who already know how to do the job. This means we spend less time / money training and they can be effective immediately. Undergrad candidates require too much resources and are typically less loyal to the company (exiting in 2-3 yrs, this is considered long). 

The guys that we hire have either a MBA or CFA, worked in the industry for 5+ yrs and have excellent recommendations from their previous employers and are extremely passionate about equities. 


At a large credit focused HF.  

I can't think of the last person we hired on the analyst team that didn't already have a buyside seat (PE, illiquid credit, other HFs) in the past 5+ years.  We are open to interviewing restructuring / M&A IBD analysts but haven't actually converted one to hiring, I assume partially due to case study quality (easier to do a case if you already have kind of done that job before especially in time constraints).   

Our process isn't a ton different than the L/S US Equities process above though we have one more behavioral step prior to case study that we sometimes waive. 


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