Questions to ask HF before accepting offer

I always find it's important to ask questions before accepting an offer, that determine if you should or shouldn't accept the offer.

How your bonus would be structured and how you should view expectations around a number would absolutely fit into this 'must know bucket.' I would try to get as much color on this as possible as that is a big part of why you would take the offer. You could ask how much you should expect if the fund is up x% OR if your ideas really hit home, etc...but this should 100% be flushed out. You want to make sure you understand the incentive structure.  You don't want to take an offer, have the fund up a large amt and not get paid out at all and regret joining. It happens all the time. Just be very polite when you ask for color on this.  

Other perks and PA trading may not fit into this 'must know bucket,' really depends on how you view them. I don't think it would be an issue if you ask, just not sure it matters.  

LOL people that have a shot at having equity in the fund don't really ask about are you going to cover my $500 gym membership.

For Christ's sake, make sure you get the right bonus structure which would cover 1,000 gym memberships. Forest for the trees.

Be sure to ask if lunch is catered as well.

I generally agree with the other posters here and what is valuable to ask about, conditioned on speaking with a CIO/PM type person. I will offer that if you're speaking with someone from HR, asking about low-level benefits is fine, as that's what they are there to answer. In fact, I would be surprised if you didn't receive a list of benefits as part of an offer package.

I doubt that your fund will cover gym membership. Things like lunch/dinner being covered and car service home (when not working remotely) are more likely, although I don't know if smaller funds offer them. Those are roughly equivalent to $25k pretax, which is not immaterial for a first-year HF role. But again, I can't emphasize enough that HR is who you should ask about that, not an investor at the firm.

EDIT: I also want to echo the sentiment that focusing too much on the benefits is short-sighted and a bad use of time. MMPM nails it; you want to make sure you are at a fund where you can learn a lot, compound your knowledge, and hopefully have a shot at real upside.

Do you offer Fiji water? If i like smart over Fiji can we get some? If its a good q1 could we see some Voss in q2?

Omg do not ask about PA trading from your PM/CIO. 

Generally - do junior analyst in the HF space get comp structured as a % of P&L? I was told it is 'discretionary' but want to make sure I'm not getting fucked here. 

Following

All these questions are what you ask HR AFTER you get a written offer that will lay out all of this in the first place. Then you can go back and ask clarification questions about smaller benefits and compensation structure. If you're coming in straight off the rack, don't get pushy about compensation. If you're coming from IBD, they already know that you're up on comp package structure that includes base and variable such as performance bonus and potential for equity stakes. Don't be afraid you're leaving too much, if any, on the table. You're coming from IBD; they know you know how the game is played and would call them on any chicanery if they tried it.