Silver BananaTopicReplies
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Learn Programming or CFA for Macro Fund?Was wondering for someone who is looking to move to a Macro fund, what is more useful way to spend their time to make themselves a more viable candidate--- learn how to program (python, C++ etc) , or start taking the CFA exams? Is the CFA useful for global macro or a waste of time? Coming from S&T ...
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Point72 - Interview - Generalist"Tell me about the intersection between research and markets, what excites you about it" I had three minutes to prepare and I could barely put up a logical answer to this question. I tried to think of something other than equity research and investment opportunities and seeking alpha all that kind o...
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Jane Street Capital - Review - Prop TradingPretty good company, extremely smart people. and I enjoyed spending time with them. Trading is always the way I loved in this company. Training program and also the real life experience in trading real money. Discuss potential edges with senior traders...
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Worldquant - Interview - N/AWhat is the probability of getting sum < K , where K is the sum of 3 coin tosses {head = 1 and tail = 0 } attempts ? Consider that there is a deck of cards where on one face there is the serial value of the card and on the other side is its actual face value like , and so on. Now you plot these ...
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PJT Park Hill Group Hedge Fund Distribution InterviewHi guys, I have a first round interview coming up in the coming days and was wondering if somebody could give me some advice on what to expect. I'm currently employed in a small merchant bank and had a 6mo internship at a PE fund. I don't have too much background on HFs but I understand what they a...
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What's a good math formula to see whether the price of a stock will go up or down using its financial ratios?The stock market is pretty complicated. What is a good math formula using the companies financials statements to determine whether its stock price will go up or down in the short or long term?...
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McKinsey and Co - Review - Investment Managementpay is good. bonus is good. free snacks, people are nice, good office, good computer monitors, flexible.. not too much growth, business is going downhill, too much turnover, too many contractors, technology is too slow....
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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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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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Point72 - Interview - GeneralistNothing 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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HBK Capital Management - Interview - Fixed Income1. 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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Man Group - Interview - Equity Hedgewhat'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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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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Two Sigma Investments - Review - N/ANot 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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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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Point72 - Interview - InvestmentsThe 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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Bridgewater - Interview - GeneralistThe 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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Blue Mountain Capital - Interview - Portfolio 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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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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Point72 - Interview - Quantitative ResearchDescribe 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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Wedbush - Review - Asset ManagementLifestyle 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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Point72 - Interview - N/AThe 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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Squarepoint Capital - Interview - Quantitative ResearchThe 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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Squarepoint Capital - Interview - Quantitative ResearchThe 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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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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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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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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Bridgewater - Interview - InvestmentsThese 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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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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Squarepoint Capital - Interview - TradingThe 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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Citadel Investment Group - Interview - Oil and GasIf 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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AQR Capital Management - Review - Othervery 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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Bridgewater - Review - N/AGood 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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Jane Street Capital - Interview - Equity Hedge1. 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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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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Fortress Investment Group - Review - OtherGenerally 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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Officially Out of the HF BusinessMight as well make it official and say I have left the HF business to pursue other interests on good terms and performance numbers. We all go through a period of self-reflection (usually annually around bonus season) and after several cycles I've decided now was a good time for me to exit. I'm not g...
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D.E. Shaw - Review - GeneralistGreat pay and you learn a lot in just a few weeks about finance, days would go from very boring to crazy in just a few minutes.. Very stressful since I was commuting about two hours a day to the city and back, the training program needs to be made better....
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Akuna Capital LLC - Interview - Quantitative ResearchA strange question with a polygon and it described some wierd formula, and asked for a general coding to handle an input of polygon size n and calculate said feature. I had no idea. Other questions were not so bad, only other trickier one was calculating standard deviation of a set but the test case...
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Jane Street Capital - Interview - Prop TradingRoll a die. what is the expected number of times for all 6 different results to have occurred. You are on the orgin on x axis. Every step you move by one on x axis at random. If you reach 10 or -1, the game is over. What is the probability the game ends with you reaching 10? What if you are more li...
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High Frequency Execution Trader roleI got an offer from a multi-asset high frequency hedge fund as an execution trader, I understood that I would work closely with quants and try to understand and improve algos, but I'm not sure where the position could bring me in the future. any insights or advices?? thanks vm!...
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Citadel Investment Group - Interview - TradingThe first question consisted of a rather simple time series question with expected value and variance. Given that the stock makes x% return on a given day, how much is the cumulative return over a year? Question is pretty simple, though doing it all in your head can be a bit stressful/challenging T...
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Emerging Hedge Fund Manager List?Anyone know where I could find a list of emerging hedge fund managers in the US? Working on a case study in the space....
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Bridgewater - Review - Asset ManagementGreat pay, great people, and good career development and benefits especially at for young professionals. Can eb political and if uou don't buy into the culture then the chances are that you won't stick around for very long...

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