Small hedge fund vs. BB PWM?

I am a sophomore at a semi-target and was recently extended an offer with a small hedge fund in NYC, but I also have a interview with a BB PWM coming up. I was wondering if I should even bother with the PWM interview. I'm aiming for BB SA next summer and was wondering if the hedge fund internship would look better. The BB PWM is at headquarters and I've read somewhere on WSO that I might be able to then network with the bankers, but the tasks for the job don't seem quite as substantial as the hedge fund. With the hf, I will definitely be interacting with the more senior people such as the CEO of the fund and will have networking opportunities. So which of these seems like the better deal? BB, but crappy PWM or small hedge fund that won't be as recognizable?

Comments (17)

Feb 21, 2008 - 4:52pm
omega, what's your opinion? Comment below:

Consider how much they are offering to pay you, as you are more likely to be doing real work if they are paying a reasonable rate. A lot of people I know got internships at small HF/PE firms that paid very little and involved doing very little work.

Assuming that HF pays the appropriate rate, I would go with that. If not, BB PWM should be a worthwhile networking opportunity.

  • 1
Feb 21, 2008 - 5:42pm
CitySophisticate, what's your opinion? Comment below:

Hedge fund job responsibilities include: - creating marketing presentations using Word and PowerPoint - maintaining client and investor records - conducting in-depth research on hedge fund managers and fund of funds - performing statistical analysis for clients - writing legal and due diligence documents - other administrative and marketing support tasks

VS.

PWM:organizing financial seminars for clients in Manhattan, do stock and fixed-income research for financial advisors, and administrative duties for large client accounts held at the firm.

Neither internship pays so that's not a factor...anymore advice?

 

  • 1
Best Response
Feb 21, 2008 - 9:40pm
yawster, what's your opinion? Comment below:

You would accept the HF 7 days as week and twice on Sundays. PWM SUCKS on resumes, even if they're from a BB. PWM are one of the most common sophomore internships and they will not set you apart. Take the HF, try to learn as much as possible and don't look back.

Who cares about pay, I would work for a HF for free over a PWM that paid. Be long-term greedy! :).

The only real plus I could see from working PWM would be maybe networking yourself into an early SA interview with the BB. Even that though is not very likely.

  • 2
Feb 21, 2008 - 9:50pm
fafa, what's your opinion? Comment below:

i wouldnt pay that much attention to the pay. id pay more attention to the description of your responsibilities. i can think of scenarios where kids worked at HFs, did a lot of significant stuff and were not paid "appropriately."

Feb 22, 2008 - 3:58pm
aachimp, what's your opinion? Comment below:

does the HF you are referring to have any name recognition? if someone saw your work at the HF on your resume, would they be impressed? if not, go with the BB.

May 31, 2013 - 12:49am
potash, what's your opinion? Comment below:

BB PWM or no-name HF (Originally Posted: 07/16/2007)

which rising junior internship do u think would set someone up better for a summer analyst IB position: BB PWM (think MS, GS, etc..) or a small HF internship?

May 31, 2013 - 12:50am
NoTears, what's your opinion? Comment below:

As a rising junior, take the BB PWM internship as it will give you a strong brand on your resume. There are thousands of hedge funds, many of which fail each year; many of which are no-names. Take the PWM.

May 31, 2013 - 12:53am
TheKing, what's your opinion? Comment below:
potash:
which rising junior internship do u think would set someone up better for a summer analyst IB position: BB PWM (think MS, GS, etc..) or a small HF internship?

How small is the Hedge Fund? What are the assets under management? How many people work there? What strategy(ies) do they implement?

May 31, 2013 - 12:54am
ThoughtMan, what's your opinion? Comment below:

If the hedge fund is a billion plus assets under management, I would take that, and make a note of its size. I think some will agree thats a good threshold for a hedge fund to be considered reputable.

However, since you state that its small...I'd take the BB PWM.

May 31, 2013 - 12:55am
potash, what's your opinion? Comment below:

the name of the hedge fund is paragon capital lp (http://paragonlp.com). im not exactly sure of its size, but the manager seems to have established experience in banking and hedge funds.

say i had already worked in BB PWM and i was trying to decide between doing the same thing again or the HF. then would your decision be different?

May 31, 2013 - 12:56am
Hoover1, what's your opinion? Comment below:

I'd totally take the hedge fund. I don't think the name on your resume is going to be nearly as important as what you did during your internship, especially given that PWM is kind of a second-tier job and that you've already done it. At a small fund, you're going to have a lot more of an opportunity to stand out and be involved in the investment process, and more likely to impress someone who will be willing to give you a good recommendation for your next job. Sure, small funds are risky, but even if the fund blows up next week week it's not as though your life is going to be ruined (it'll definitely give you something interesting to talk about during interviews!)

May 31, 2013 - 12:57am
BabyBeluga, what's your opinion? Comment below:

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