Recently, I've been looking for an entry-level (0-3 YOE) role in the fixed-income or rates trading space and just haven't seen anything. While I understand the hiring landscape has changed drastically compared to this time last year, I am curious to know where all the jobs are. Is turnover limited in the HF space this year due to economic uncertainty? And if this is the case, why would it be that PWM's are hiring & HF are not?
Also, is it possible these HF seats have not been turned over yet due to bonus payouts?
Thanks in advance.
Ah, the elusive hunt for hedge fund roles, quite the jungle to navigate! Based on the most helpful WSO content, here's what you might consider:
Turnover in Hedge Funds: It's true that economic uncertainty can lead to reduced turnover in hedge fund roles. When markets are volatile, funds may prefer to retain experienced staff who understand their strategies and can navigate the choppy waters.
Private Wealth Management (PWM) vs. Hedge Funds (HF): PWM firms might be hiring more actively because their business model is less sensitive to market fluctuations. They manage wealth for clients across market cycles, whereas hedge funds might be more performance-driven and cautious about expanding during uncertain times.
Bonus Payouts: You've hit the nail on the head! Bonus season in the hedge fund world can indeed affect job turnover. Many professionals in the industry wait to receive their annual bonuses before jumping ship. This typically happens in the first quarter, so you might see more movement and job openings post-bonus payouts.
Keep your eyes peeled and your network active. Sometimes the best opportunities swing from the trees when you least expect them. And remember, patience is just as important as persistence in the financial jungle!
Sources: Non-Investment Roles at HF, Q&A: HF Analyst @ $5bn+ Fund - Breaking In and Transition to Risk-Taking Role, ER Career Paths, Where did HF managers start their career?
Where are you looking? Are you currently in rates S&T and looking via recruiters? That’s the only way you’d find these types of positions (aside from maybe the new grad programs at Brevan or Bluecrest).
LinkedIn. And no, I’m currently trading ag products at a CTA. Been making markets for the last 2 years. I’ve reached out to recruiters in the past but haven’t had luck because “my client is looking for someone with more experience in rates/fixed income”. For that reason I thought my best shot would be to apply through LinkedIn and then network my way in by cold emailing the hiring managers. I know this method works and I know I’m qualified because I’ve landed multiple roles in august last year (only issue was I had to turn them down due to an injury where I had to rehab for 3-months and they needed an immediate hire). I just don’t see the open roles today to apply too.
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