Career Path for 5YR HF Analyst (MM vs SM)
Looking for some career advice from the more experienced guys/gals here. For background, I am a ~5YR Analyst at a single manager L/S equity HF. Typical net long, <200% gross exposure. Fund has been performing well, am well respected by the team, job security seems as good as one could expect in this business, and comp is solid (discretionary, not directly P&L tied). Overall things are going well and feel like I could stay here for a while longer. However, I am starting to feel like my growth prospects from here are more limited - unlikely our strategy can scale to much higher AUM, and unlikely people above me leave.
I don't want to take the job security for granted, but am also debating whether it's worth exploring new opportunities at a smaller firm (more senior role hopefully), or MM. I recognize the MM risk model and market neutral strategy are totally different and would take some time to learn. MM's also seem to be generally higher stress with less job security. Despite the criticisms, MM seems to be the most straightforward path to a PM job.
Is it worth taking a look? Any advice would be appreciated. Would be great to hear from anyone that has both SM/MM experience. Thanks!