Bridgewater Associates vs. Chicago Prop Firm
I'm a young guy in interviews for an entry-level trading position with these two firms, and they seem completely different.
Bridgewater is offering a pure execution role, a high base salary, and a massive name that may be somewhat toxic. I think I'd enjoy the culture, but I could be wrong. I have more of a network in New York, but might be tempted by the commute to live out in CT.
The prop firm offers a much lower base salary, a smaller/less-well-known but still reputable name, possibly higher risk of getting axed for not making money, but probably more opportunity for advancement, more responsibility, and the chance to eventually develop my own strategies and earn a bigger bonus from them. Chicago is significantly cheaper, but I know very few people there, and no one in finance.
Things are going well in the interview processes for both of them, and I am trying to establish an order of preference here. If I only get one in the end, I will obviously take that one, but I want to figure out the better place to start for me personally.
Goals-wise, I'm not sure if I want to stay in trading "forever", try to transition to more of a hedge fund strategist/portfolio management role, or try to transition to something very different later down the line, but I do think I'd enjoy trading very much.
Man, I would not even think about this and just GRAB Bridgewater Associates. My personal opinion. In addition, I think people have more exit opps from a hedge fund rather than a prop trading firm. I read millions of times that if someone screws up in prop trading, that person's life essentially screwed. However, yeah if you succeed at prop trading, you can make tons of money right away.
I am not sure but I doubt good exit opps could come from a purely execution role either (even if it is at a large firm), compared to a prop position? What am I missing here
I believe exit opps from HFs, in general, are better than prop trading. Everyone says that; however, as you mentioned exit opps are not great either.
There are many different roles you can have at a hedge fund. Exit opps from an analyst / portfolio management role in a hedge fund are fantastic. These are the roles most people talk about on this site.
From execution trading? Not so much.
Stop posting nonsense.
LOL...got em!
Bear in mind that in an execution role at a hedge fund, you're probably not on track to move into research or become a PM. I'm not sure if that's something you're concerned about, but it's something to be aware of.
Bridgewater has a reputation of being a tough place to work. That said, I know nice people who've survived there for longer than a year.
Ray Dahlio is a bit of a kook. (Most rich people are kooks to be fair.)
Hedge funds have layoffs, too. I'd argue that while there are more layoffs at prop shops, the market covariance on layoffs is the same at a firm like Bridgewater as it is at a Jump or a DRW. So either way you're still getting laid off during the toughest times to get laid off.
I think Bridgewater wins here, but it's an 18 month hit and run. Get an MFin or MBA after you quit and go into a research role.
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