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I've now interned at 3 long only funds with sizeable AUM and I'm wondering if this will help me in any way to land a role in IBD. I want to end up at a hedge fund most likely, but I want to start in iBD.
FYI I'm in 2nd year of undergrad (3 year total) in London.
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Based on the most helpful WSO content, experience at long-only funds can provide valuable exposure to financial analysis, investment strategies, and market dynamics, which are relevant skills for investment banking. However, transitioning directly from long-only funds to IBD may not be the most traditional or straightforward path. Investment banking roles typically favor candidates with internships or experience in areas like investment banking, private equity, or equity research, as these roles are more aligned with the transactional and deal-oriented nature of IBD.
If your ultimate goal is to work at a hedge fund, starting in IBD is a strong move, as many elite hedge funds prefer candidates with 2+2 experience (two years in investment banking followed by two years in private equity). To maximize your chances of landing an IBD role, consider supplementing your long-only fund experience with internships in investment banking or related fields. Networking and leveraging your current experience to highlight transferable skills will also be crucial.
Sources: Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond, Citi, Lazard, Jefferies, Fidelity, Morgan Stanley, Day in the Life: Hedge Fund Associate - Investment Banking Background, Intern Burnout, Considering Full-Time, Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond
As opposed to what? Of course it will help
Yeah but I'm just worried that compared to someone with IBD experience I won't stand a chance. What area should I focus on if my CV has long only fund experience? I guess long only funds, but where else? The goal is to be at a hedge fund like I said, but I figure I can't go wrong starting in IBD, but realistically, to maximise my chance of getting an offer, what division should I focus on? What area should I apply for internships and FT roles in?
Ideally you should apply for an M&A product group or the coverage group of your choice at an EB/BB. You have financial modeling experience and exposure to public companies / public filings, etc from your internships which is what you ultimately need.
Also, equity research isn’t a bad starting spot if your goal is hedge funds. So many HF bros come out of equity research.
The only benefit IBD gives you for HFs is industry experience and financial modeling. ER and AM give you financial modeling + you already have a universe of companies you’re covering and it’s all public co’s.
Consider going for hedge funds directly out of undergrad if possible.
Thanks man - much appreciated
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