Help choosing between mediocre offers
Wrote yesterday briefly but I'm a junior going to a non-target in mass, trying to decide between different offers. Ultimate goal is to work at a long/short value fund as an analyst.
BB recruiting was relatively fruitless, we do have some reps in certain banks but didn't even get an interview for most of them. I'm currently working part-time at our school's endowment, relatively certain I could work there over the summer as well. Pretty much read shareholder letters of people I consider to be some of the best HF managers out there, which is awesome but hardly any analytical work.
Just got an offer from a non-BB bank for PWM, but the pay is shit and I doubt it will cover my living expenses in NY. People have been pretty skeptical of a non-BB PWM breaking into IB, so this seems like a definite no. Also have an offer from a NY-based HF analytics firm, where I'll be doing FoF analysis but not really obtaining a skill set relevant to equity research...but the pay is very good.
Interviewed with a top Boston mutual fund for research internship the other day, but feel like I bombed it and not too hopeful about moving onto next round.
What's the best thing to do right now? I know Boston boutique IBs are still recruiting and filling in analyst spots, should I continue to cold-call and see what happens? Given what I have now what would be the best choice to make?
I am relatively long-term oriented, ie willing to grind it out, take the CFA and GMAT eventually, get an MBA later etc.
I interviewed with a HF analytics firm awhile back. It wasn't for me, but I can say this...
The upside to the job is that you get to learn about the different strategies of the funds that you analyze. And in the process you become very well acquainted with the many different HF strategies. If you want to get into a long/short value fund this may be a good stepping stone. There will be opportunities to network as well since you will be meeting various fund managers through your work.
Also, the HF analytics business is very lucrative from what I have seen. If the pay is very good, there's probably a reason why. You may even want to stay if the pay is good and the job is satisfying.
OP do you mean you worked in HF analytics or just interviewed? agreed on all points about the on-the-job experience (echoes much of what I heard from my interviewer) but still don't think skillset learned in analytics would transfer to buy-side research role... is there really an exit opp here? what would you think in terms of exit opps vs working in endowment?
No, I did not work there. I'd say given your current situation without any offers from a fund, the HF analytics job is a pretty close second. It is a FO job, although not exactly the one you are looking for. You can leverage your experience there to make the move if you play your cards right. I say take it without a doubt.
PM'd you OP.
FOF hands down
Atleast with the FOF you will understand the strategies behind fund managers. Also gives you a good idea where the smart money is moving their cash.
What are the exit opps though? Obviously won't be doing any valuation or investment research on the job, would IBs or AMs still consider me as long as I teach myself the modeling skills and take CFA? Also isn't there some distinction between an endowment and a FoF?
Well the first thing I recommend you do is actually figure out what you want to do. IB and AM firms are two completely different things. Can't really help you exit opps if I don't even know what your goal is. This is like one of my friends asking for advice and he tells me he wants to be a trader and PE analyst. facepalm
Since your aiming for a value fund, I am assuming equities? I would then do some research on which job will give you more exposure to the equity markets. I believe the HF job is your best bet and honestly its not that bad of a job, seems better than what most people would get.
Autem delectus est voluptatem iste totam. Quaerat nesciunt ea qui repellat assumenda aspernatur laborum.
Nemo possimus voluptatum sint voluptas libero. Tenetur asperiores neque omnis.
Occaecati ut quidem consequatur illo eligendi. Dicta aut numquam nulla laborum earum repellat aut.
Possimus consequatur perferendis tempora perferendis dolorum tempora. Aut distinctio porro corporis quam repellendus fugit. Et in ipsam vero soluta omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...