Depends on type of hedge fund and if by trader you mean the actual traders or are alluding to the people who make the investment decisions rather than just the people that do execution work. 

Oh, and region is important too.

 

Traders don’t typically end up becoming PMs, at least not in Long/Short equity. It’s the research analysts.

 
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FICC traders don't end up in L/S equity. There are different hedge fund strategies out there, I suggest you do some googling. Typically people from S&T either end up as execution traders or run something like a book at trader-ran shops like global macro and systematic hedge funds. If you want to do L/S investing (market neutral/special situation/equities focused investing) you'd typically be a research analyst for a PM until you're awarded your own book.

 

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