HF internships? + Jobs out of undergrad?

Ah, the elusive hedge fund internship – it's like spotting a rare monkey in the wild! But fear not, I've got some bananas... I mean, tips for you.

First off, hedge fund internships are indeed a bit of a hidden treasure. They're not as commonly advertised as other finance internships, and here's why:

• Limited Slots: Hedge funds are typically smaller operations compared to big banks, so they have fewer spots available. It's not uncommon for a fund to hire just a handful of interns, if any at all.
• Networking Over Job Boards: Many hedge fund opportunities are not listed on job boards. Instead, they're filled through networking or internal referrals. So, your best bet is to start rubbing elbows with industry professionals.
• Start Early: If you're aiming for a hedge fund internship, start searching as soon as possible, even as early as the summer after your freshman year.

Now, let's talk about landing a full-time gig at a hedge fund straight out of undergrad:

• It's Tough, But Possible: Hedge funds typically look for candidates with some experience, often preferring those with a stint in investment banking or equity research. However, it's not unheard of for a superstar undergrad to make the cut.
• Show Your Skills: If you can demonstrate an ability to generate profitable investment ideas, your undergrad status becomes less of an issue. So, focus on crafting compelling investment pitches – one long and one short.
• Prep for Interviews: Hedge fund interviews may not be super technical, but you'll need to be sharp on market knowledge and have a few behavioral stories up your sleeve. And if you're coming from investment banking, be ready to discuss your deal experience.

For someone in your shoes, here's a game plan:

1. Network, Network, Network: This is key. Use alumni databases, LinkedIn, and any connections you might have. Cold emailing can be effective, but remember to be courteous and professional.
2. Craft a Killer Resume: Tailor your resume and cover letter for each application, showing genuine interest and knowledge about the fund you're applying to.
3. Learn the Ropes: Dive into books, old presentations from the Value Investing Congress, and resources like Seeking Alpha and Manual of Ideas to beef up your investing knowledge.

Remember, it's a competitive jungle out there, but with the right preparation and a bit of tenacity, you can swing from the vines right into a hedge fund internship or job. Keep grinding, and best of luck!

Sources: Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond, Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond, Going from a non-target with low GPA to landing a hedge fund Internship, How to get a Hedge Fund Internship