Most Helpful

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 1min..it 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. 

 

Maiores quas accusamus odio culpa minima rerum. Eum tempore atque dolores doloremque et perferendis. Voluptas rem sed sunt tempora numquam. Ab corrupti ex qui. A odit placeat nisi vel.

Career Advancement Opportunities

June 2024 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • Citadel Investment Group 96.8%
  • Magnetar Capital 95.8%
  • AQR Capital Management 94.7%

Overall Employee Satisfaction

June 2024 Hedge Fund

  • Magnetar Capital 98.9%
  • D.E. Shaw 97.8%
  • Blackstone Group 96.8%
  • Two Sigma Investments 95.7%
  • Citadel Investment Group 94.6%

Professional Growth Opportunities

June 2024 Hedge Fund

  • AQR Capital Management 99.0%
  • Point72 97.9%
  • D.E. Shaw 96.9%
  • Magnetar Capital 95.8%
  • Citadel Investment Group 94.8%

Total Avg Compensation

June 2024 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (23) $474
  • Director/MD (12) $423
  • NA (6) $322
  • 3rd+ Year Associate (25) $287
  • Manager (4) $282
  • Engineer/Quant (71) $274
  • 2nd Year Associate (30) $251
  • 1st Year Associate (73) $190
  • Analysts (228) $179
  • Intern/Summer Associate (23) $131
  • Junior Trader (5) $102
  • Intern/Summer Analyst (253) $90
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
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
kanon's picture
kanon
98.9
6
GameTheory's picture
GameTheory
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
bolo up's picture
bolo up
98.8
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...”