I started at a HF as a junior analyst about 5 months ago, straight out of undergrad. I've learned a ton, been given a lot of responsibility, actually been given pretty large sectors to cover, made more good calls than bad, lots of pats on the back with the occasional grilling because of a major fck up, sat on the receiving end of the soft dollar flow...you know, all the good stuff that comes with the buyside. Not to mention the "better" life style (12-14h/weekday, with 1-2 Saturdays per month).
Given all this, I just don't see myself doing this in the long-term. Don't get me wrong, the buyside is great (see reasons mentioned above), but I'd rather be closer to the actual assets I invest in, and not just buying/selling peices of paper. Hence, my goal of getting into IB, and in the long-run, PE/VC.
I'm looking to make jump before I hit the 1-year mark just so I don't get pigeonholed into a "HF guy".
Anyone seen this happen before? Would IBs have any major reasons/reservations not to hire someone from an HF?
I'm sort of in a similar situation. Only difference is I have some IB experience but I'm not willing to go back to IB just to break into PE/VC.
What kind of fin. modeling experience do you have ? Do you have IB internship experience ? That will probably determine your chances more than anything else.
The other problem obviously is the limited number of positions out there and the surplus of laid-off IB analysts/associates applying for them.
I'm not trying to discourage you but 5 months in, with no IB training, its going to be a long shot.
No discouragement dude...not like I am unemployed. Plus I dont mind waiting another year before I make the jump.
I model on the job, not as extensively as an IB or ER dude, but I do a bit.
As for IB work, but Ive tried to mold my resume to show some of the similarities: valuation models, lots of comp sheets, and the occasional pitchbook/marketing material for the launch of our new fund.
What you mentioned is excatly the problem Im running into. I landed a few interviews but ultimately got beat out by laid off ex-bankers.
I guess your situation can both be a blessing and a curse. Some people might not pigeonhole you since you only have 5 months of HF experience under your belt, others will hold the lack of experience against you and interpret the career switch as a sign that you're not focused.
Your best bet is to do what you're doing, mold your resume to be as IB-friendly as possible obviously. Look at Monster, Doostang, Glocap, Mercury Partners..all the usual suspects.
Also, after a year or so, don't hesitate to apply to some PE/VC jobs, you might have a small chance of landing an interview, but there is a chance.
Thanks again. I'll see how it goes and give the occasional update if anyone is interested.
BTW, whats your situation like? If you dont want to say publicly, Im open for PMs.
HF-> IBD (Originally Posted: 03/13/2010)
I have an offer at at HF and an boutique IBD for the upcoming summer. Both have pretty good deal flows that will keep me busy.
I'll be applying to BB IBD next year for next summer. Which one will help me more in recruiting?
Pros of HF: 1. Opens doors for future HF internships 2. I can start my own fund in school
Pros of IBD: 1. More transferrable skill set
So is HF->IBD CONSIDERABLY HARDER than IBD->IBD?
IBD
Hedge Fund Operations to IBD? (Originally Posted: 02/28/2014)
Good Afternoon all I receive a called yesterday from a recruiter from a Midsize bank for an interview as a hedge fund operations associate position, I set up an interview with the recruiter for Monday, now my question is "if" I get offered the position can the experience and skills from this position be use when Applying to their IBD? some of the responsibilities include financial modeling and portfolio valuation ?
That experience won't be relevant as its MO/BO and you will find the move extremely difficult. You'd be better served with FO experience elsewhere if you're trying to get into their IBD. PM me if you have any more questions.
WSO Sacrilege: Hedge fund to IB (Originally Posted: 03/31/2013)
Dear All,
I think i want to leave my HF analyst role and move into IB. I know this is quite odd for the vast majority of people on this site, but hear me out.
I've worked at a fairly small (90M AUM with a solid performance history) hedge fund in London for the past year. The focus is on stock picking and value investing, and I concentrate on US midcaps. I have developed a strong grasp of accounting, special situations, value investing, and the markets in general. I was at a top UK university (not oxbridge), studied unrelated humanities subject, and had internship in WM and a private placement shop. Got the job through good/lucky networking.
However, I don't really enjoy it and I would prefer to transition into a role that is more active and deal focused i.e. IB or PE.
Do I have any other options besides waiting it out for another couple years and transitioning with an MBA? Would I be able to lateral to an IB role (not start from scratch as an analyst 1)? Keep in mind that I barely build DCF/lbo models etc...
Let me know what you think.
Dude, do what makes you happy. No one is going to crucify you for trying something, figuring out you don't like it, and moving on.
Not sacrilegious considering the fund you work at doesn't sound like the type of place IB analysts are gunning for. If you lateral I don't see how you wouldn't start as a first year analyst, and I know people who lateral in and start their analyst stint at a bank at 24 or 25. It can be done, definitely not easy and not a structured path.
You might be able to score a 2nd year analyst role. Look at smaller shops, they're going to be less structured. Also, see if you can use some of your firm's sell side contacts to help you in the door.
HF Summer Internship-->IB (Originally Posted: 01/14/2008)
Hi,
Just received an offer from a pretty big HF (Citadel, Fortress, SAC, Bwater) in a trading/investment internship role. Got rejected (no interviews!) from all of the BB's. Just wanted your advice on whether it's difficult to transfer to I-Banking FT from a HF role (to Goldman, MS,...). The reason I'm more interested in banking is because I would like some transactional/general experience (specifically M&A) rather than strictly adhering to the philosophy of a HF.
Thanks alot for your time.
Well it would certainly add credibility to your cv. But as to experience it would depend on what type of HF it is and what they ask you to do... Anyhow, you should definitely take it unless you get a PE offer ( which perhaps is more relevant to IB)
Btw, Congratulations on the offer...! It must not have been easy to secure it. :)
you want the HF over BB. and this guy above is wrong about PE, at least in the current climate. Any of those firms are good for long term placement. think about staying and not about IBD.
Thanks alot, I'm really happy about the offer (and realize I'm really lucky!). I'm not sure which group I'll be working in exactly. Hoping to get more involved in the event driven-distressed space. Either way, I guess it just depends on your willingness to learn about the industry. Whether you are doing distressed at a HF or M&A at a bank, it's probably possible to learn a ton.
wow you got rejected with a 800 GMAT ?
From Hedge Fund to Investment Bank (Originally Posted: 03/18/2013)
Has anyone ever heard of a Hedge Fund taking it's assets and using them to convert to an invest bank. Has that ever happened before, is it even possible?
Anything is possible if you try hard and beleive in yourself. The better question than "can they?" is "why would they want to?". You'd have to deal with getting consent from all the investors, talent issues, infrastructure, etc.
True, but I figure in the long run they would end up holding a lot more money in their books as an IB.
Didn't Citadel create a broker/dealer arm? I think it's had pretty mixed success and some parts have been shutdown. This question is not practical for all but the largest multi-strat funds.
Agreed, same goes for PE, if' you've got money, and the inclination to tell people what to do with it you probably could open an ibank arm, but frankly I'm moer interested in this ice cream idea now.
Citadel did try to create an investment bank. Ken Griffin wanted to challenge Goldman and the biggest investment banks. The whole experiment didn't last long. They ran through at least a couple Head/Director of Investment Banking Division in 2-3 years before they shut the experiment down and sold off the pieces. With that said, my general feeling is that if Citadel couldn't pull it off it will probably be quite difficult to do. They are huge and would have had the assets to challenge the big boys. The only thing that wouldn't make Citadel an ideal place to try this is that Ken Griffin is a notoriously brutal boss and from what I have read the Heads of Investment Banking he hired eventually just wanted to leave due to difference of opinion on how the division should be run.
While we are on the topic, has anyone ever heard of a hedge fund taking its assets and converting them to open an ice cream shop?
Start in HF, Move to IB? (Originally Posted: 08/17/2012)
Forgive my ignorance just this just happened to cross my mind.
I know it is extremely common to start the traditional 2yr analyst route in IB than either become Associate or move into buy-side (PE/VC/HF). How common is it to go the other way around and is there any disadvantage when doing so?
Extremely hard to get in at a good HF before doing a 2 year stint on the sell side first. For most, the only reason to go to the sell side, is to leverage that experience to move to the buy side. I'm assuming that you're asking this because CF -> IBD is super hard to do?
More of a curiosity question than anything else.
Why would you want to? If you're at a good HF, why on earth would you go to IB? Buyside strongside.
agree with other posters, very hard to do HF to IB - better to do the other way around. Plus, when you have gotten used to the good life on the buy-side, why would you ever go back?
Hedge Fund Operations for IBD? (Originally Posted: 03/27/2009)
Background: -upcoming SA at BB -plan on pursuing the analyst program
Opportunity: Intern in ops at a hedge fund. Hedge fund presents kind of a unique situation, in that it's not very big but run by some pretty prolific guys in the industry.
Question: The position is likely to be unpaid. I can either continue to intern (paid) at a boutique investment bank and work at the hedge fund as well OR just stick with the boutique investment bank. My question really comes to whether the ops position will provide a meaningful experience. I interned in pwm before where I mostly just filed, answered the phone, scanned stuff, random errands, and thought it was a complete waste of time. I don't really want to work at the hedge fund if that's the case, since I could make much better use of my time. That being said, the guys at the fund are well connected and I may be able to learn some relevant / useful info about how hedge funds operate and the various strategies, while I expand my network.
Thoughts? Anybody work in hedge fund ops before?
What do you want to do? Hedge fund ops has nothing to do with IBD. Do you have other goal?
It's not going to really help for IBD. Do it if learning about HFs is your goal, not if IBD is your goal
Odit ratione consequatur voluptatem accusamus consectetur eum. Saepe fugiat quia voluptatem qui. Nisi architecto optio et et temporibus et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Laudantium dolores aut est soluta voluptas rem velit. Ad maiores fugit sed. Eaque delectus est praesentium accusantium enim. Dignissimos quam sed cupiditate et totam magni molestias. Sit quia aperiam in nihil excepturi omnis minus. Inventore et dignissimos beatae.
Dolorem commodi voluptatem ad similique rerum quia. Illo quo at repellendus voluptatem facere natus nihil. Consequatur est aut dignissimos sunt unde aut quo. Est corrupti non omnis atque dolorum.