are there opportunities in PE/HF?
Senior at a semi-target looking for a job in the fall. Interning at a large investment firm this summer, doing odd tasks like presentations and analysis but fundamentally no real modeling/investing experience. Am well read on the Journal, Times, etc and can talk intelligently about the economy and investing. Will start a Wall Street Street ibanking modeling course tomorrow.
My first choice is to get into IB but want to cast the net as wide as possible. I'm wondering if there are opportunities in PE/HF for someone who doesn't have any real experience. I've got a few alums who work in HF and PE but I'm wondering whether it's even worth it to contact them.
As with IBD, opportunities are reduced now due to the general economic downturn, but overall they haven't been hit quite as hard... the difference is that PEs/HFs always have a certain amount of assets under management and can therefore always afford to pay people a certain amount (carry, of course, will suffer with no exits) - plus, some of them actually find more investment opportunities in downturns as valuations and valuation expectations and such fall.
That said, the larger PE firms out there have been severely affected by the downturn because of the poor credit markets and such, so going there may not be the best option (in fact it probably isn't even possible without doing banking first).
I would advise anyone with buyside experience already to cast the net as wide as possible in light of what the job market looks like right now - the main problem you'll face, as you said, is the lack of modeling/deal experience.
I've had friends who still managed to get into PE coming out of college with similar experience as you, so it is within reach.
people have told me that quant-traders go to hedge funds. I know it depends on firm strategy but are there opportunities at hedge funds for "general analysts" who look market trends and individual stocks but not necessarily trade on split-second reactions?
And Dosk, you hit the nail on the head about needing IB experience before going to PE. I've looked at a decent number of PE websites and even their analysts come from BB IBD programs. Makes me wonder if it's even worth it to call coming straight from college with no modeling background.
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