HF/Trading Career Path

Intern in AM - FI

Hey all,

I'm currently a undergrad with internship experience in AM and VC looking to eventually end up at a HF or prop trading firm. I was wondering what the typical career path looked like for someone trying to enter the HF space. Iv'e seen some start at IB, then jump over to buy-side, and others who start in ER or AM and eventually make the switch. Was hoping for any advice or stories of your own career paths! obviously there's no one correct path, but any insight would help!

Comments (11)

Jan 16, 2020

Usually start in ER for two years and then transition to HF but make sure it's the right fit for you. Read the MM HF thread on here it's a good one. If you start out at a HF out of undergrad unless it's a top dog like Point72 you won't make the big bucks.

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  • Analyst 3+ in HF - EquityHedge
Jan 17, 2020

fyi pt72 is not a top dog.

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Jan 17, 2020

In terms of pay it is regardless of recent performance they were able to raise $5B so they're still doing something right.

  • Prospect in IB-M&A
Jan 17, 2020

How is p72 not a top dog?

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Jan 17, 2020

for equity Long/Short funds...Equity research or IB are typical paths
For macro or commodity funds (FX/Interest rates/Credit/Energy/Metals) its either S&T or Research

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Most Helpful
  • Analyst 1 in IB - Gen
Jan 17, 2020

Fundamental fund paths:

  1. new grad research position at a big fund (very, very few and far between)
  2. 2+2 (IB+PE)
  3. IB, for distressed debt: RX
  4. sellside ER, AM equities
  5. top tier MD and/or PhD for life sciences/healthcare coverage, top tier JD/MBA for distressed debt

Macro/tactical trading/FICC fund paths:

  1. top macro S&T desks (rates, fx, delta 1, commods etc)
  2. sellside macro or econ research, central bank/civil service econ depts
  3. PhD in econ

Quant/systematic fund paths:

  1. new grad quant research positions
  2. PhD in something quant (math, CS, stats, finance, econ, physics etc), post-doc in the same field, quant research role at an AM/prop shop/algo desk at a bank
  3. top tier MFE/MQF/MMF/MCF etc

Quant trading paths:

  1. new grad quant trading position
  2. algo/systematic/electronic market making desks at banks
  3. top tier MFE/MQF/MMF/MCF etc
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Jan 18, 2020

Lol, can someone tell the mod to put this as a sticker post or sth? This info would solve 70% of the new posts here. Very accurate information.


Jan 18, 2020

What type of Hedge Funds do you see succeeding in the future?

Jan 18, 2020
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