https://mergersandinquisitions.com/equity-research-recruiting/
https://mergersandinquisitions.com/asset-management-internship/

I just graduated from a non target school and I really want to work in a hedge fund. I do see that you listed AM and ER is a good way to get in but what would be the best way to get started in AM or ER?

No, I don’t think so, because you already have investing experience.

Thanks Brian, I found this really informative. I graduated from law school (think HYS) and am a junior associate in BigLaw. I have previous experience as an analyst in a long-only family office, and am interesting in moving to a HF. Is it worth taking the CFA in my case?

I think you’ve already answered your own question: think about quant research roles, especially at mutual funds or non-hedge funds that offer better hours. See: https://mergersandinquisitions.com/quant-research-jobs/

My talents are that I can find a solid system that has 3-4 confidence intervals to generate 20% per year. I’ve only got amateur college level mathematic assumptions. I’ve got no desire to invest a number of years into learning the academic mathematics of coding and algorithms beyond what i can figure out with my gut. What would you suggest I do if I can isolate the risk free strategy with decent evidence but do not have the academics to proof the math or automate the code?

I’ve just gotten a mortgage license and am considering ignoring this whole industry all together because I do not have the health to pursue conventional 10-14 hour days. Even an 8 hour day is difficult with my level of frailty. I was attracted to quant fund research because it would reduce the amount of time I had to spend per day dramatically and also increase the amount of cash on hand dramatically.

Thanks for your opinion and experience setting up this forum to share your expertise.
I look forward to your response.
(forgive any errors and omissions if I’ve assumed things incorrectly or only partially correct)

As stated repeatedly on this site over the years, to the point where I’m tired of even typing the words to write about it (https://mergersandinquisitions.com/investment-banking-certification/): no one disputes that the CFA may be helpful for hedge funds.

The questions are: “How helpful?” and “How much time should you spend on it vs. other tasks, such as networking, practicing coding/math questions for quant funds, or coming up with investment pitches for fundamental funds?”

And my answer is the same as always: if you have top credentials already, such as a well-known bank, university, high grades, etc., the CFA won’t add much, especially if you recruit for HF roles directly from banking.

It is more helpful in unusual cases where you’re trying to move in from a completely different field outside the finance industry, but that is a low-probability method anyway.

I would take recruiters with a grain of salt because recruiters do not dominate the HF recruiting process or structure in the same way they do for PE. You can accomplish a lot more with active outreach and networking on the HF side.

Though, I have one disagreement. I believe the CFA would be incredibly helpful, at least in London. It demonstrates commitment and strengthens your case if you’re doing other things right e.g. investing/trading on your own. Also, the sheer amount of networking events it offers access to “on the cheap” is invaluable.

That and the amount of jobs/recruiters I notice on sites like efinancial and the likes who always state CFA is ideal or preferable.

We always start with the GAAP numbers and then sometimes make adjustments from there. But it’s really hard to answer this question because it depends on what the adjustments here… if there’s a one-time Goodwill Impairment that only occurred once in the past 10-15 years, sure, you can add that back. But if the company is doing nonsense with metrics like “Community Adjusted EBITDA” (WeWork), you should ignore the adjustments and go with GAAP numbers.