2 years at tier 1 investment banking in NY (Think GS TMT, JPM M&A, Evercore M&A etc..) Now at tier 1 Hedge Fund in NY (Think Citadel, Mill, P72, DK, Silverpoint, Anchorage, Renaissance etc) Non-target ~3.0+ GPA (I don't like sharing personal stories but as a brief background story...my mother passed away freshman year who was single mother, and I had to support my younger brother financially by working full time while going to school) Have not taken the GMAT but I will try to get 740+ Expecting good letters of rec from previous employers EC geared towards my background (first generation
09 Sep 2021
Hi WSO Members, I'm currently a restructuring banker and I received an offer to join a PE w 10-15B in AUM in the US. Our deal experience somewhat overlapped, and after 14 interviews, case study, etc., I got the offer. They even pushed me for references from my current firm. The references were great, as I've always been top bucket and very kind/helpful to everyone. The fund rescinded the offer just 1h after I made what I thought was a miniscule disclosure to an HR rep I never spoke to before (technically a disability, I made it b.c I require a 1h a week accommodation). It was tough to get this
22 Aug 2021
Hi all, I just started my second year in banking and got reached out to by a recruiter for an post-banking opportunity at a long hedge fund for an immediate start. I've never heard of the fund and they have a minimal website. However, they manage $2 to $5 Bn out of an investment team of ~5 people (this includes the cofounders). Team # seems small but they manage a lot of money… Is this typical? They've been around for decades too. Tempted to take the opportunity as I feel I'd learn more than I've learned in banking (especially working so closely with founders) but am worried about limited
16 Sep 2021
Background - Attended a top non-ivy undergrad with a degree in mathematics and economics. Prior to leaving for a multi-strat hedge fund (think Bluecrest, Millennium, Balasny, etc.), I was a macro derivatives trader on the sellside. The vast majority of my daily work was focused on idea generation, backtesting and quantifying risk/reward on prop positions with the rest 20% market marking related. Given my current role on the buyside, my product scope includes futures, bonds, CDX index swaps, CDX index swaptions, IRS, Swaptions, ED$ options and more exotic derivatives as well. The objective is
06 May 2021
Hi all, Currently a second year IB analyst at a BB in Australia, seeking to move to a London L/S HF (preferably SM) in 2023. Looking to politely tap the WSO UK HF community for guidance on some questions I have: I have 18-24 months before I want to start my HF role. To maximise my HF candidacy during this interim period, am I better off:(a) staying in IB (getting solid modelling exp atm) and making the move when I'm an associate;(b) moving to PE this year; or(c) running at an Aussie HF seat this year (likely no familiarity at London HFs); How much will the lack of a London network impact my
25 Aug 2021
Hello fellow monkeys. Recently, I decided to give up on buyside recruiting and stay on as an Associate in IB. I realized I simply didn't want it enough and just ran out of energy to dedicate to the search. I've also frankly enjoyed my time in IB a lot and look forward to continuing my path here. A big shoutout and thank you to everyone on WSO that gave me advice and helped me throughout the process. Feel free to AMA. A few months ago, I said I would drop the technicals I got throughout my process, so I am keeping this promise. I've gathered a bunch from myself and fellow friendly analysts
11 Feb 2021
I'm in cal BC right now and I was wondering we all hear about how much top hedge fund managers make but we never hear about how much their rainmakers bring in. Saw a comment that said Grant wonders ( Viking ) brought in 30mn in a year and the Pershing square guy who thought of the CDS trade made 20mn. Jesse Cohn ( Elliot) is selling his NY penthouse for 39mn so that probably put his nw at maybe 100mn? I'm really curious plus I don't care if it's a SM or MM fund
12 May 2021
I'm an engineer trading prop using algorithms I built. I'm currently the top trader using these algorithms, and looking to sell them to a hedge fund to move on to my real life passions. But, I do not know where to start. Has anyone sold algorithms to a HF here or purchased algorithms for a HF? Should I just knock on HF doors? Do HFs search for outside algorithms? Any advice would be appreciated. The algos: +57% YTD, Max DD 6% FX based, built on 14yrs of data WF on 6 yrs, live performance 2yrs. Fully automated. I know versions of this questions have been asked before I'm ready for negative
15 May 2021
I realize that it's hard to make it to the buy side as an mba associate but am wondering if anyone on here has made the jump. Some background - I am a first year associate in a BB FIG group. My goal is to get into a HF or family office. I am open to MM or SM funds. To those who have made this jump - How did you go about recruiting? Did you cold email or go through HHs? Would it help if I'm willing to take a pay cut to get my foot in the door? I'd love any advice you're willing to share.
15 Aug 2021
Hi everyone, I currently work at one of the tiger cub spin offs (D1 Capital/Anomaly Capital) and was wondering if I could get career advice from anyone of the older audience on here. I was able to join one of these funds at the ground floor. I'm currently an analyst and have a clear path forward towards being a PM. I recognize how lucky I've been in my career, but I also recognize that I'm not necessarily happy either. I don't like having to live in New York, the work itself is boring at this point, and the thought of doing this another 15 years just doesn't excite me. I recently received an
27 May 2021
Hello, I have 2 internship interviews. The first one at GS in ER in London and the second one in Sales on the Equity Derivatives desk at JP Morgan (Paris). I can also apply to M&A offers but i doubt my ability to get such a good brandname. I have already done an internship in Equity Research. My mid/long term goal is to join a L/S HF but also to like my job enough to not burn out. The criterias to choose my next internship are: 1) Exits opps 2) Earnings potential 3) Lifestyle What would you choose in order to optimize my chances to get recruited by a HF ? Is GIR that terrible from what we can
20 Aug 2021
I'm going to be a junior this fall (in a Canadian high school) and I want to know how to go about becoming an investment banker. I've read through a couple other forums and they've all recommended just having fun and getting into a target school. The problem is that having fun is what got me here: currently I am not nearly competitive enough to get into a target school. I have a couple of questions for you finance professionals: 1. When did you decide you were going to start concentrating on your career/focusing on getting in a good school 2. Is there anything I can do right now that will help
19 Jul 2021
I'm a nontraditional student newly out of active duty military. I've been admitted to a few good schools. Though, my school choice will ultimately depend on the job opportunities post-undergrad. My school choices are Yale, UChicago, and Dartmouth. Dartmouth and UChicago have a large focus on the financial district more so than Yale. Though I cannot disregard Yale's network opportunity through name power alone. Chicago is a financial hub for hedge funds so it makes sense to attend UChicago. At the end of the day, if three students graduated with the same extracurricular activities, GPA, and
17 May 2021
Does anyone actually invest in alternatives such as PE, HF, or VC? If so, how? Once you meet the accredited investor definition, which many of us do either through licenses or income, what platform, advisors, or services do you use to gain this access? I recently saw Vanguard was partnering with HarbourVest to "democratize" access to PE. However, turns out you need a minimum of $5mm on Vanguard for this access. I'm wondering if some advisors or wealth management services allow accredited investors to write a $10k check, then pool money from many individuals to then offer more institutional
21 Jul 2021
I've been accepted to the above schools. Some of the discussions have a consensus that Yale through connection opportunities outweigh the other schools for HF/VC opportunities out of undergrad even though UChicago and Dartmouth have a large finance placement. Brown has a large consulting placement but not in HF as UChicago or Dartmouth. I've even heard Dartmouth is heavy in IB(which is not what I want to do even if it's the conventional route to HF). I'm having difficulty deciding which school to attend. More consideration: Yale did not offer very good financial aid. Dartmouth 100% aid
20 May 2021
I started my career at a small quant firm, and have spent a couple years in a PE-ish role. I'm looking to move to a public market buy-side role. 5 - 10 years down the road I'd love to start my own shop, or at the very least be running my own book somewhere. I just started actively recruiting and am talking to a couple smaller managers, as well as a couple larger name shops. By single PM shops, I generally mean places I'd be the first analyst, all with good performance, all assets in the 200 - 500 range, and PMs with really impressive backgrounds. By larger shops I generally mean operationally
04 May 2021
Do you guys think this is generally a bad idea? Currently working @ Platform (millennium, citadel, p72, schonfeld type) Payout is ok, and I dont mind taking stress + working long hours, but I dont see much forward here - I dont find much learning opportunities. The opportunity is there, but I need to dig things out by myself without help from any colleague/teammate due to the culture of the firm. I hear prop shops are more collaborative and there are more learning opportunities (and I am aware that there is no payout here; more of shared p&l). Do you think moving from HF to prop shop is a bad
21 Jun 2021
I'm curious to learn more about the exit opportunities that one could expect as a sell-side ER analyst/associate for a middle market firm (Jefferies/Truist/Blair/Cowen/Stifel/Piper). Specifically, I am wondering what quality of placements these firms get with hedge funds or asset managers. So far, I've spoken with a few associates on the Street and I've been told that hedge funds care more about the individual's skills and knowledge of investing or analyst group rather than the name brand recognition of working for say, a bulge bracket. The general belief that I've heard is that IB and PE
05 May 2021
Mod Note (Andy): Q&A/Interview Tuesdays! Email me ([email protected]) if you'd like to do a Q&A or interview for WSO My background is working in a high yield/distressed trading desk as a research analyst and trader, before making the move to a credit hedge fund within one of the major PE firms. The guys on the public side of the wall are a different breed than the private-side banking guys, who I think have a pretty high level of representation on this board relative to fund guys. A little rougher on the edges, and probably a little more intense in general. Hopefully I can shed some
11 Sep 2020
Hi all, I have an interview at Susquehanna International Group for the buy side equity research position - does anyone know a) what the interviews are like/how different they are from the sell side role/how much math/probability stuff they ask in the interviews and b) what is the mandate/risk parameters/strategy for their equities team? the job description indicates that you're basically a desk analyst working with traders to find profitable ideas/insights on mostly event-driven stuff - are they long/short? would it be like a merger arb pod at a platform? SIG is mostly known for their options
27 Sep 2021
Feel free to ask me anything. I will be on starting at 1pm to answer questions for a couple hours, then will check the post periodically over the next week for new questions. Thanks, -Keith. Bio: Keith R. Weiner is the President of Suvretta Capital Management, a $1bn global long short fund. Prior to joining Suvretta, Mr. Weiner was an Executive Director, Senior Investment Officer, and Investment Specialist at UBS Alternative Investment Solutions for ten years where he served on the Global Investment Committee. Alternative Investment Solutions is the primary fund of hedge funds provider within
14 Sep 2020
Note: I don't want to hear that I made a mistake going to law school lol. I'm comfortable with my decision and I have no interest in working in high finance in a technical capacity, but I do have an interest in working in high finance in a legal capacity. Making this thread because I see a lot of lawyers working in Hedge Funds as Counsel and there seems to be a lack of information on how to break into these jobs. Questions for Hedge Fund Lawyer (Specifically those that work for hedge funds or are doing secondment at a hedge fund) Is there a pathway to work for a hedge fund without firm
11 Jan 2021
There's blood in the streets right now; obviously, we all know about Melvin and their >30% losses, but P72 just came out with their 10-15% loss, and Maplelane also down 30%. I expect to see the other funds coming out with their numbers, but based on these L/S spreads, I don't expect them to be great either. There's gotta be teams/funds that start to get cut soon. Does anyone hear any rumors? How's everyone doing?
27 Jan 2021
WSO Monkeys. Intro on my background: - Non-target school, Finance major 3.6 GPA. - Interned at Wealth Management/Insurance Shop (hated it) - Interned at Family Office PE shop specializing in Dental M&A Rollup model (Buy-Side Stage) - Interned at PE/Corporate Dev M&A Buy Side in Services/Document Processing Industry, sourced transactions all summer, closed on a 3MM biz. I was the lead transaction sourcer -- worked directly with MD. - FT Tech M&A Fin Analyst at Boutique Advisory shop LMM. Covered 10 to 15 deals on a rolling basis. Left after a year, right before bonus season, didn't care I
23 Jun 2021
What is a typical salary range and bonus for a Business Development/IR Associate at a hedge fund located in the Greenwich/Stamford area. Approx. $15bn AUM if that makes a difference. I have a final round interview and was told that comp will be discussed during one of the interviews. Just want to make sure I have a ballpark range in my head going into it (can't find any information on glassdoor or anywhere else)
21 Jul 2021
Hi all, Having a bit of an identity crisis and hoping the good people of the forum can help me out. I'm a 2nd year analyst at a multi-manager L/S equity HF that I joined out of undergrad. For background, I went to a target school, had a solid GPA/major, and took the job because I thought it would be the most interesting path into finance. I do like my current role quite a bit, and so maybe this is "grass is always greener" thinking, but my main worry is that by doing MM HF so early I've closed off other pathways for my career. I've found myself a bit more frustrated by some of the short
11 Mar 2021
I just started working for a top hedge fund (think Point 72, Citadel, Millennium, Balyasny) in London. This is with little experience (c1 years in Equity Research / IBD) I am currently making a financial plan and I was hoping that some of the more experienced HF people could provide their thoughts on the compensation numbers I am assuming in my calculations. Please note that I am aware that bonus depends on performance, PMs etc - these are just average / rough estimates as I have to use some sort of numbers to plan. Do these numbers (in £) look reasonable? Should they be adjusted up / down?
08 Feb 2021
I am an undergrad at a lower Ivy. The pool of competition over the years has gotten fiercer and the opportunities for HF have gotten smaller. With the pool getting that much bigger, how much would a CFA® stand out for HF?
24 May 2021
I have a final round interview at a hedge fund in Connecticut, headcount is approximately 30 and they have $12bn AUM. I have no idea what to expect or what is market compensation because I can't find any Glassdoor data. The role is for a business development and investor relations associate. I was told I would be discussing compensation with the founder of the fund so I'm curious what I should be expecting going into that conversation.
26 Jul 2021
I have an offer from a top asset manager (Blackrock/Fidelity/Wellington) for a fixed income research associate role. I initially wanted to go into equity research although prioritized ending up on the buyside over staying in equities. I do find fixed income just as if not more interesting than equities, although am concerned that FI research might leave me with limited opportunities if I want to leave AM, especially since the role deals primarily with investment grade debt. Will it be far more difficult to exit to a HF coming from FI research as opposed to ER? Also, what funds or strategies
25 May 2021
Hi all, freshman at Semi-Target. Studying Econ, sports team (Swim, all american), finance clubs, 3.8 GPA ,etc. Got a small HF internship lined up for this summer via a connection/networking. More importantly, looking to find a significant internship for next summer and am wondering where I should be looking. I'm always one to plan ahead, looking/hoping/working towards a career in Elite Boutique or BB IB. Looking to start thinking about soph. internships. No diversity appeal to firms here. Straight white guy. What are the best sophomore internships I can get to set myself up for success a year
10 Feb 2021
Was wondering if any of you could provide insight into them? Culture, promotion, performance recently, etc… I've been able to gather some info from talking to people in the city but it's mostly hearsay. Thanks in advance!
26 Sep 2021
WSO crowd - hoping to weigh other people's perspectives here. Likely have an incoming offer at a MM PE shop growing quickly and that is probably on the more attractive end of hours/opportunities (very interesting investments). Although this could be a cool opportunity, I was pretty dead set on HFs when I started this process. Know the HF process tends to be more drawn out and on an as-needed basis, but need to weigh options at this stage. Are HF opportunities relatively not available to AN2 bankers? Are HFs looking for people with PE experience more than people fresh out of a bank (whether at
24 Sep 2021
Have an upcoming case study with a MM this month and was wondering if anyone has any updated views on approaching the case study. Likely will be 4 hours in length and similar to ones discussed on prior topics with ~2 years of transcripts, 10-q/k's, etc. Is fine-tuning the model essential? I can confidently build a model within the 4 hours but plugging in the historical cash flows for the year is definitely a time killer. For instance, would skipping the quarters and just filling in the annuals for the CF up until the last few quarters make sense if I could spend more time thinking about
02 Mar 2021
Got invitation for unformal chats with multiple MFs and UMMs. Should I treat these like interviews?!? Mod Note: here are some more PE recruiting related discussions: https://www.wallstreetoasis.com/forums/oncycle-is… https://www.wallstreetoasis.com/forums/heard-on-c… https://www.wallstreetoasis.com/forums/2022-on-cy… https://www.wallstreetoasis.com/forums/list-of-on… https://www.wallstreetoasis.com/forums/on-cycle-b…
10 Sep 2021
Lets say you are at the beginning of your career, just out of college and have an offer from a VC firm (Investment Analyst position) from which you would go on to do more VC later on an Asset Management firm (Equity Analyst position) from which you would aim to move on to a boutique L/S hedgefund. Which one would you choose and why?
16 Apr 2021
How hard do you think it is to start a hedge fund? I think there are a lot to consider: raising capital, legal, career...etc With survivorship bias in mind, if you look at successful hedge fund managers, many of them do not have too long experience at either buy side or sell side. I personally think 20 years of trading experience at GS is not so useful to beat especially current market, rather I think young talented person with flexibility, physical strength and hunger can do better. How should a young person start and run a hedge fund sucessfully?
09 Aug 2021
Fellow monkeys: do you know the compensation at Hedge Funds in London? If you could provide info you know with certainty about: - fund name - level (analyst, PM, ... - with years of previous experience) - compensation (fixed + average bonus) that would be helpful - specifically for LONDON/EU! I met one guy from distressed HF in London (3.5B AUM) which recruits from undergrad, whose 1st year compensation is about £150,000/160,000 (including bonus). Share your info, I guess many are interested!
28 Oct 2020
Hey guys, I'm a second year analyst in IB coverage - interviewing with a few different MM's for TMT seats. Was hoping to get some color on others experience transitioning from banking to a MM fund. - What was the biggest challenge for you early on? - What were the first couple months like in terms of your ramp up? - Anything you wish you did before joining a fund out of banking? - What did your PM expect from you when you first started? How do these expectations / responsibilities change over time? - What does your day to day look like now vs. when you first started? - Any big mistakes you
08 Feb 2021
Hi everyone! I recently googled how many employees Point72 has and was a bit startled: they have $22b AUM and 1,500 employees (of course, not all of them are HF analysts). However, I remembered that Wellington Management, a traditional investment management firm with $1 trillion, has 2,200 employees. Of course, the premises and the clienteles of the two are very different and Wellington's AUM is much less actively managed. But how come that 1,500 employees at Point72 manage 2.2% of what the 2,200 employees at Wellington manage AND, on average, probably get paid much more. Is there anything
23 Jun 2021
Hello, I was recently admitted to the Huntsman Program but it will probably result in my taking out around 200k in student loans. I was wondering if this amount of loans for undergrad worth it? I've heard opposing opinions, and want to see if I'm going to make the right choice. Currently I am interested in taking a concentration in finance, healthcare management, or business analytics at the Wharton school. I'm not sure if I should go to graduate school and get my MBA, but I'm interested in careers in investment baking and hedge funds as well. I'm not sure what I specifically want to go into
07 Jan 2021
I'm a late 20s analyst in systematic strategies (risk premia, alternative beta) at a fund in NYC. I'm considering moving to Chicago due to the increased affordability and viability of raising a family in the city proper. However, I'm concerned about the breadth of opportunities in Chicago and whether the city's hedge fund industry is growing or shrinking. Outside of Magnetar, Balyasny, and Citadel (whose NYC headcount keeps growing more than Chicago's), I don't know of any other non-prop shop firms in the city with quant funds. I understand that nowhere will have the number of opportunities as
20 Aug 2020
I want some understanding regarding ownership of IPs in a pod structure. If I bring "x" systematic strategies when I join an HF and develop "y" while working there would x be treated differently than y while leaving the fund? When a PM joins another MM how it works on the IP side? I want some general understanding and know it will depend a lot on how a contract is written. If someone is not a senior PM then is it easy to negotiate on IP before joining an HF?
20 Dec 2020
2 years at tier 1 investment banking in NY (Think GS TMT, MS M&A, Evercore, Moelis, PJT) Now at tier 1 Hedge Fund in NY on the investing side (Think Citadel, Mill, P72, DK, Silverpoint, Anchorage, Renaissance etc) Non-target ~3.0+ GPA (I don't like sharing personal stories but as a brief background story...my mother passed away freshman year who was single mother, and I had to support my younger brother financially by working full time while going to school) Have not taken the GMAT but I will try to get 740+ Expecting good letters of rec from previous employers EC geared towards my background
08 Sep 2021
Keeping up with the news is (of course) a huge part of the work being done as an analyst or associate, but how often is that just listening in and taking notes on an earnings call? They present essential information but I wonder about the difference in getting that information updated in models and consolidated immediately in real time vs. a few hours or days later based on research reports. How often do you listen to earnings calls and what exactly are you listening for? What desk you sit on and role would be helpful.
24 Oct 2020
A career in the hedge fund industry is one of the most desirable careers in finance. Money is undoubtedly the greatest attraction to careers with hedge funds, with analysts making $150k and then some. Portfolio managers often make north of seven figures, which is why eventually running a fund is considered the optimal career trajectory for so many. Hedge Fund Lifestyle and Wages The job rests significantly on individual performance, a simultaneously appealing and frightening facet of hedge funds. Hedge fund employees work an average of 50-70 hours a week, far less than their investment banking
05 Apr 2018
Hi everyone, Currently, an Analyst a ~$5-6Bn fund that may start recruiting for other opportunities and was wondering if people would be willing to share what their firm's WFH / remote work policy is now post-COVID? Given that the Boomers have finally realized that you don't need to be in shitty Midtown Manhattan to work and do well as long as you have a good internet connection, and mgmt, conf, and sell-side meetings will likely now have some permanent virtual element to them, I was wondering if any notable funds have provided more flexible location policies for investment professionals
06 Sep 2020
I spent ~5 yrs on the sell side getting my own coverage in a financial services niche. Moved over to the buyside over 5 years ago to help build out an equity platform in a primarily credit shop (with a nuts and bolts operating business). The idea being to leverage our operational and business expertise to invest in businesses that are tangential to what we do. Because equities aren't the primary product we invest in, my experience is likely a bit different than a lot of other hedge fund professionals. We are opportunistic with investments with no defined portfolio size. We have a more
17 Sep 2019
I'm considering accepting a higher level back office operations role at a small hedge fund (~2B AUM) and am curious how firms generally structure their bonuses for roles that don't directly impact fund performance. Is the bonus tied to your performance through some kind of rubric or tied to fund performance? If so, what might be a reasonable expectation for bonus as a % of whatever bonus I'm eligible for? I've also heard of guaranteed bonuses but am not sure how common those might be.
27 Jun 2021