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WSO Hall of Fame: Hedge Fund Forum The Wall Street Oasis Hedge Fund Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the hedge fund industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. If ...
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Cowell and LeeHey has anyone heard of this fund in hong kong called Cowell and Lee? I'm looking to move out to Asia and apparently they're an event-driven fund focusing on credit. Any feedback would be great, thanks!...
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Math or Engineering Undergrad for a Quant?Hey everyone, Trying to decide where to apply for undergrad right now. I really like STEM (especially math and chem), so that's why I was reading up a bit about quant jobs on Wall Street. Obviously I know it's pretty unlikely to land a quant job right out of undergrad, but I'd like some advice & ...
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Point72 SA 2018 HirevueAnyone else get this/done this? Looks interesting, imo kind of a strangely worded essay question though....
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Machine Learning Quant, Citadel vs GS, offer adviceHello everyone, I received two offers, one as a Machine Learning Quant at Citadel Securities focusing mainly on options, and one as a synthetic products quant at Goldman Sachs S&T. Goldman Sachs made it clear that it would be a role focusing a lot on machine learning. I am really interested by Machi...
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MBA v/s MFE(MSCF)Hi, I'm 24 yrs old, IIT graduate from India with 3.5 GPA.Currently(~8 months) working in a sell-side firm(GS/MS/JP), with prior 1.5 yrs experience in Fortune 500 firm Risk Mgmt/Analytics firm. Need to decide if I should be focussing on MBA or MFE programs. My aim is to get into hedge funds, trading ...
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What background do most hedge fund managers have?What do you guys think the most common background is among most hedge fund managers? (i.e started as traders, analyst, quants etc.)...
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Should I Read Academic Research On Finance?This week, a prominent American Economist famed for his work in Behavioral Finance, Richard Thaler, took home the Nobel prize in Economic Sciences. As I found myself reading these headlines in the news I found some pride in being able to say I was already familiar with his work and the work of his c...
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Parnassus Investments Research Analyst InternshipI have an interview with Parnassus Investments for their summer research analyst role. It seems like a great hedge fund based out in SF, focused on ESG factors. Can anyone provide color on its recruiting process or what it's like to work there?...
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Developing Macro and VBA skillsI was not sure in which Forum would be best to present my question, but I figured a trader or data analyst at a fund could potentially have insight. Trying to develop my Macro and VBA skills, has anyone utilized an online program or self-study that they could recommend? ...
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tax on your bonushi, just curious if there's any best practice to optimize the tax structure of your bonus? What's the preferred / optimal spilt between cash bonus and carry? ...
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Company Interview: Point72 - Point72 Full Time AnalystNothing really unexpected. Was asked for one stock pitch. After that, I was asked to describe one industry I was interested in, except finance and technology. I was was required to answer why I was interested in investments in Mandarin or Korean. I believe it's a typical video interview for investme...
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Company Interview: HBK Capital Management - Quant Research1. What is the Rank in linear algebra? What is the rank nullity theorem? 2. From the newspaper, we know the probability of more than one meteor strike in the next century is 10%, what is the probability that you get a strike new year? 3. What is the regularization, LASSO and Ridge regression? 4. Wh...
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Company Interview: Man Group - Internwhat's the angle of the clock at 3:15? A car travels a distance of 60 miles at an average speed of 30 mph. How fast would the car have to travel the same 60 mile distance home to average 60 mph over the entire trip? Pitch me a stock? How large is the hedge fund industry? One of the interviews was a...
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CFA & Hedge Fund RecruitingI currently work in trading and am on track to finish all 3 CFA exams by age 23 (won't have enough work experience for charter). Will that set me apart in hedge fund recruiting?...
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Citadel Assessement testHello everyone, I'm just wondering if anyone has any relevant information about Citadel Assessement test - quantitative researcher intern ? thank you...
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For case studies, better to build on top of sell side model or build my own model from scratch?Hey guys, interviewing at a HF and I have a take home case study on a stock which I have the weekend to do. As part of my deliverable, I have to include a model. I was wondering what your thoughts are on 1) using a detailed sell side model, deleting certain non-essential parts and tweaking the assu...
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Would you recommend your younger self a career in hedge fund? I'm genuinely motivated and passionate about a career as a hedge fund manager. I'm sure there are others here too, aspirants as well as those who made it already, with that sort of passion. I'm sure most of you who made it will agree that its not only about the money, if that were the only motivat...
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Starting a small hedge fundNew user, co-founder of a 2-person small Asset Management firm utilizing a trading algorithm for long-short equity. Looking for advice on networking, fundraising, partnerships, etc. Newly relocated to NYC....
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Company Review: Two Sigma Investments - GoodNot sure yet; haven't started. Have heard very quaint things from recruitment, but not sure if employees felt that way.. Very hush about things, and not sure if the work is at all meaningful; no lunch but that's not a big deal...
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DRW Analyst? Hi, so I recently received a Quantitative Trading Analyst full-time offer from DRW. Because I'm not as familiar with trading compensation, can I ask what is the career progression of this role? The compensation was 110k base with 20k bonus - I was a little surprised since a lot of normal software ro...
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Physics Major For Hedge Fund JobI really enjoy physics but also have a passion for investing. Is it a bad idea to major in physics and minor in finance? Even if my GPA was a 3.2? Also, I am not looking for a quant role. Would hedge funds also care at all for looking at track record in the stock market over 4 years?...
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From Top AM to L/S Equity HF?I'm a 1st year (primarily Sales-) Analyst at a top AM (in terms of AuM and prestige) looking to move into a L/S equity HF within 1-2 years. I've got some exposure to corporate finance through internships but still feel I'd lack behind individuals with IB experience in terms of company-level modeling...
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Hedge Fund Intern PayCurrently talking with a small $200-300M L/S fund about an internship and the fund wasn't looking for an intern until I reached out. Fund manager basically asked me what I was expecting in terms of compensation, and I'm not super sure what market rate would be. $20-25 an hour? Or would this be too m...
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Getting out of prop- macroCurious on responses. 10 years experience trading everything, but mostly yield curve. Also direction rates, snp, oil, gasoline, individual equities in personal account. I pretty much failed at interviews coming out of school along with having a resume with limits (engineering 3.4, top-20 school...
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Bridgewater, the world's largest hedge fund, is possibly a fraud [according to Jim Grant]Keep in mind, James Grant is a highly respected financial writer, and Columbia alumnus. He predicted the collapse of Lehman, and correctly forecasted many other calamities. I had a similar "gut feeling" about Bridgewater, the details of which I will not elaborate on. Suffice to say, if you follo...
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Company Interview: Point72 - Academy Summer AnalystThe hardest part of the interview was arguably an investing case study, that was a bit of a mix of a traditional banking case and a consulting one. Initially, I was given limited information about 2 companies, basically just their projected EV/EBITDA for the next few years and was asked to make a de...
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Tontine Asset ManagementWould love to hear people in the industry's thoughts about Tontine (Jeffrey Gendell). I was contacted by a HH about an opening there and was wondering if it was something worth pursuing as I look to make the jump from IB to HF. Obviously was killing it for a while and then got crushed in 08/09 but i...
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Best Industries to Specialize InAm interested in learning the community's thoughts on what are some of the best industries to start off in for equity investing at a hedge fund? Is it advantageous to start in cyclicals (e.g. chemicals) vs growth (e.g. tech)? What about highly specialized industries (e.g. O&G or insurance)?...
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New Case Webinars in WSO Hedge Fund Prep PackOver the last 12 months, we have made a big effort to improve our hedge fund interview prep package by bringing to you relevant webinars with interview advice and actual investment pitch walk-throughs...I think for those of you that don't watch the webinars, it would be helpful to give you a brief s...
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Company Interview: Bridgewater - Investment Analyst Intern InterviewThe whole process was very difficult. Like one guy would go, I believe corporation should be allowed to donate to political campaigns, because it is a legal person. Interviewer would ask me, how do you respond to that? Do you agree? When I answer, he would follow up and ask clarifying questions. It ...
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Akuna capital phone interviewHi, I’m a sophomore in college. I was moved on to the 4th round phone interview stage for a trading internship at akuna capital today. Has anybody over here guven a phone interview with them? Just want to get an idea of the type of questions they ask. Thanks...
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Company Interview: BlueMountain Capital Management - BlueMountain Capital ManagementIf we flip a coin 100 times, what is the probability of getting even number of heads? There are an unknown amount of people on a bus. After the first stop, three-quarters of them get off and 7 get on. This happens again a two more stops. After this process, what is the minimum amount of possible p...
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Urgent: Junior HF Investment Analyst phone interview in 45 minutesLong story short: - Gonna talk to a recruiter - Most likely a boutique, but you never know - Currently working in transactions in big-4-ish audit Thanks ...
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Arena Investors ReputationDan Zwirn, formerly head of DB Zwirn, created a new hedge fund called Arena Investors. Does anyone know these guys? What is their reputation? Will Zwirn be able to rebuild a billion dollar fund in light of what happened?...
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BB market maker rates trader to hedge fund*i posted this on the trading forum..but just in case this is the better location - i am pasting here* I'm currently a rates market maker / prop trader at one of the large BB shops. For a few reasons, I'm considering one of the following 3 options 1) moving to a full prop shop (like First New York...
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Man Group Graduate Progamme trainingHello I have an upcoming interview for the Graduate Progamme. Does anyone know what to expect during the interview process and what the actual rotations consists of? Sounds very general to me. Thanks ! Here is the job description: Graduate Trainee Programme: Man Group plc is launching its new g...
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Hedge Funds that offer internships/grad programmes without previous experienceI am studying at the MSc in International Finance at HEC Paris at the moment. I have done a 6-month internship at Mediobanca (Financial Resources Management - Group Treasury) and am willing to join a hedge fund. I am mainly interested in macro discretionary investing strategies, but I am open to dif...
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How important is choice of undergrad college for investment & finance careers? Let's say I want to wind up working at a hedge fund of some sort. Is the 'normal' route for me to go to an Ivy league school major in engineering, work in consulting for a while, get an IVY MBA and then ease into that world? Or is that not how it works? Is it mainly about other things. Is there a t...
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Best books from managers?I know the new Dalio book came out, but not sure if I want to read it because feel it'll be so immersed in his philosophy and radical transparency talk. But are there other books from managers that are a good read?...
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Company Interview: Point72 - Point72Describe a scenario in which you had to analyze a data set. How did you go about it and which specific methods did you use? Then the rest were standard behavioral questions. Overall, considering the quantitative focus of the role I was surprised by the lack of quantitative questions asked by them. ...
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Networking Out of SchoolIn school at your University it was generally easy to network as the university would often bring someone in to network with. Now, out of school how is everyone networking with asset managers? Outside of going to these crazy expensive conferences (such as Sohn, or whatever) what are you doing? Pleas...
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Part time internship at secured middle market lender?I submitted an app a couple of days ago and the VP at the firm reached out for a phone interview. I'm not sure how far this is in the recruiting timeline, but I'm just kind of wondering what to expect from the interview, debt questions, etc? I did an IB summer analyst in China last year, which was n...
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Point72 Academy Superday?Has anyone been through or heard of what Point72 Academy's superday is like? I haven't been tested on too many technical finance questions so far, which is weird for a finance position. I am wondering if the superday will also be very non technical....
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DRW electronic options market making desk-----------------------------------------------------------------------------------------------------...
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What is a Hedgefund?Hi Community, Let's break down hedgefunds for a minute. I am aware, for the most part, the role they serve for society. However, I would like to ask a few questions to some experienced people who are in the industry. 1) what is the main role of a hedge fund firm. Day to day activities? 2) what are...
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Company Review: Wedbush - This company and its management are a joke!!!Lifestyle and work life balance. I'm the master of my own universe with the ability to look for ideas wherever they may be.. People and culture suck. Not the most intelligent and it feels like I'm constantly teaching best practices across all functional units. Benefits are horrible. Pay is well belo...
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Company Interview: Point72 - AnalystThe preliminary phone screen with the recruiter was all behavioral with no curve balls, so that was no problem. The onsite interviews were very conversational. But make sure you can demonstrate not only your passion for the markets and the job, but also be able to show off your intangibles because t...
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Looking for: 1-pager stock pitch template by Tiger Clubs HFHi everyone, I'm looking for this. Does anyone have a sample 1-pager by Tiger Club or any other good templates for 1-pager? Please reply with a link to the doc. Thanks!...
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Should I continue with my Finance and Economics double major?I'm posting this on the Hedge Fund forum because my goal is to be a global macro portfolio manager at a HF, feel free to move it somewhere more appropriate if need be. I'll try to make this short. I just started my junior year and I'm currently doing a double major in Finance and Economics. When I...
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Whitney Tilson Shuts Down His FundIt's always puzzled me how this guy could claim 'guru' status while posting bad to mediocre returns in his fund. Well, it appears he couldn't sustain it: https://www.cnbc.com/2017/09/28/whitney-tilson-is-shutting-down-his-hedge-fund-report.html Good reminder to all: "don't talk about it be about i...
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Equity Long thesis - looking for feedback?Looking for feedback on a long thesis, on a mid cap financial, I have to try and shore up my analysis skills. Happy to PM it to anyone who requests it, or if I(hopefully) get a lot of people asking, I'll just post it here outright. Thanks in advance....
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Experience in HF value investingHi Folks, I have an experience into investment banking with BAML and I aspire to be a value investor. It would be great if someone could share their experience in HF value investing role. Also any tips, guidance for the career path etc. Thanks...
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Company Interview: Squarepoint Capital - Quantitative Researcher InternThe difficult interview question is asking me to price a barrier put option with barrier level 110 and strike price 110, spot price is 100. I didn't have any prior knowledge on pricing a barrier option. The interviewer asked me to do it by replication. The second difficult interview question is as...
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Company Interview: Squarepoint Capital - Quantitative Researcher InternThe difficult interview question is asking me to price a barrier put option with barrier level 110 and strike price 110, spot price is 100. I didn't have any prior knowledge on pricing a barrier option. The interviewer asked me to do it by replication. The second difficult interview question is as...
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Compensation of one-man Quant in a OTC Hedge fundI'm the only quant in a hedge fund trading OTC products. I provide analysis, tools and insights to the trader, who has over 10 years of practical experience, and makes the trade partially relying on my analyses. I'm a quant having a PhD from a top school with experience in both Silicon Valley and ...
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Anatomy of the 10-KStill jet-lagged by 8 hours from a day and a half in London, I haven't slept for a good 48 hours and remembered I owe WSO my process for dissecting a 10-k in the usual form. Before I get right into it, keep in mind every business is different and that will dictate the way you should read their spec...
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Hedge Fund: Research Analyst vs. Portfolio ManagerSlow morning for me, so I decided to share my thoughts concerning the differences between a research analyst and portfolio manager. Think you have what it takes to be a portfolio manager? Every aspiring buy-side analyst I know eventually wants to become a portfolio manager at some point. However, ...
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Hedge Fund ManagersThis may not be the place to ask this question but does anyone in this forum personally know any hedge fund managers? In particular ones who manager over 10 billion dollars.. I have many opportunities Forgive me if this is an inappropriate place to ask...
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Got a final round for an internship at a tech-based fund, worth accepting offer if graduating in 2 months with no other offers?Hey WSO. I'm currently a senior at a state school in the Bay Area and set to graduate in December. I've been hunting for some post-grad jobs with no luck so far. However, I did apply to a Bay Area-based L/S equity fund with a focus on tech through my school's career portal. Lo and behold, I passed t...
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A college sophomore don't know what to do to set up a quant career.Hello WSO, Sorry for my English grammar. Not a native speaker. This is my first post I ever made on WSO and I am excited to talk to you guys! I have been interested in hedge fund since elementary school (I once saw the foreign exchange rate fluctuating at a bank that made me wonder why don't peopl...
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Distressed debt analysis moyerDoes anyone happen to have a pdf they'd be willing to share? Checked out the other posts but none of the links worked for me. Thanks...
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How many stocks?Hi Guys, Those of you who work at HFs , how many stocks do you cover ? I mean how many stocks do you actively maintain models on, follow during earnings etc and know the story pretty well ? I am looking to make a switch from the sell-side to a HF, and I want to understand how the workload changes ...
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From Moodys Financial Data Analyst to hedge fundHave anyone ever seen someone move from financial data analyst at Moodys to a fund? This isn't the Associate analyst position. I think it is sort of a back office. I was wondering what is the exit opps for a FDA at Moodys, and if it is a good job to take. How much weight does the name Moodys hold ...
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Part-time Investment Analyst at start-up hedge fund: offered PT position - any opinions on offer?Hi guys: I was offered a part-time position (up until the firm moves it's office from country X to Y) as an investment analyst at a start-up hedge fund in my city. The position's experience requirement is 0-1 year of professional work experience with BA in finance. The fund manager is well-known ...
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Company Interview: Bridgewater - Business AnalystThese were generally easy and can be answered with guidance from the Principles: 1. How do you define success? 2. What would you do if someone did not agree with you? 3. What was the hardest thing you have ever had to do? The hardest question was when one of my interviewers asked me to criticize h...
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MIFID impact on HF research resources/capabilities?We've heard about the likely impact of unbundling commissions on sell-side research (consolidation within each industry vertical, boutiques getting squeezed), but I've been curious for some time on how the various types of hedge funds (multi-manager platforms with higher position turnover, smaller A...
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Graduate Level Roles MBA vs Masters/PhD in STEMHi, I am curious to know those coming out of MBA vs Masters/PHd in STEM programs what kind of roles you are getting. Taking a look at some job boards such as the Bloomberg (job board) or LinkedIn - I see a heavy tilt towards funds looking for quantitative analysts/traders/PMs etc. With many investor...
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Company Interview: Squarepoint Capital - Quantitative ResearcherThe interviewer kept asking a lot of details on my resume, focusing on a project during my recent internship. Seemingly he/she was going to dig out the body from the grave, and tried to figure out every detail of my project. Also the interviewer challenged a lot of details of the project but I was j...
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Hedge fund case studyDoes anyone have a sample hedge fund case study? Would love to see what is considered a good model and stock pitch/memo built within a few hours given just the Ks, Qs and the usual public stuff. Thank you!!!...
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Company Interview: Citadel Investment Group - CitadelIf you are given a universe of 500 stocks of S&P 500 with one month to go, how would you win a trading competition? First place gets $1000 and everyone else gets nothing. Follow up question: what other factors/signals would you consider selecting these stocks? Do you use implied/realized/predicted v...
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Company Review: AQR Capital Management - AQR Internship Reviewvery academic culture, intelligent and well known finance academics, free food/limos, regular academic seminars to continue improving employee education. don't listen to suggestions of people below senior management, some people are assholes and difficult to fire...
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Future for Financials in HawaiiWatsup chimps, monkeys, gorillas all the above: Really admire this community of monkeys trying to get a hold of their financial career. starting to get my foot through the door eating my first couple of bananas here at Merrill. My mind is a bit all over the place as I took a different route than mos...
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Company Review: Bridgewater - Good place to startGood benefits, smart people and a challenging environment on a daily basis. Overall good for people new to the field. . Bad upward mobility, non core departments can be deathly political and creativity many times is stifled. ...
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Advice needed: Offers from Top Performing HF in Hong Kong vs Reputable AM (Fido/Capital/Wellington)Dear WSO, I currently have two offers and I would like some advice on which one I should pick as I've heard logical arguments for both sides. Goal is to eventually work in a HF but willing to stay in AM if pay is good enough for a very comfortable lifestyle. Background: Completed internships at a ...
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Company Interview: Jane Street Capital - Intern1. On-site had case study that was very unorthodox. Involved discussion as a group on various different companies, and is very difficult, if not impossible to prepare for. Besides that, had two in person rounds with members of the team. Both were very vanilla and was what you would expect for a pr...
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best college major for non traditional student willing to do an mba in futureI am 27 yrs old and dropped out of college after sophomore year due to financial trouble, since I have been working and now I am Financially secure now. I am making 6 figures proprietary day trading. I am restarting my career, I have returned to my state school Oklahoma, which would be a suitable ma...
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How long does it take you to initiate on a name/generate a thesis?Interested to hear responses. Does it typically take a few days, week, months for you to generate a typical investment thesis on a new name? So the process of initially screening (or being assigned a company) all the way through building a model/forecast and pitching/writing up/coming up with your...
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[JOB IN VIETNAM] PROJECT FINANCE EXPERT FOR OIL AND GAS PROJECT Hi guys! My name is Esmeralda. Now I'm taking in charge of Project Finance Expert for our client - the largest oil refinery project in VietNam. I really want to find a person who matches the following requirements: 1) Bachelor degree or higher in the Accounting, Finance or Economics or equivalent ...
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Company Review: Fortress Investment Group - Job reviewGenerally decently happy. Smart people with good experience and good track record. Get broad exposure. People not overly friendly. Long hours. Communication can be lacking. People get fired all the time....
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Am I overqualified for a Fund Accounting position?Recent econ graduate. No finance experience or internships. CFA Level 2 candidate. Is targeting a job in Fund Accounting a bad idea? Ideally, I would like to be an analyst within an investment management firm, but it is obviously very competitive. End goal portfolio manager. I have been networking ...

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