Large Multi-Manager HF Interview

Recently one of our contributors interviewed with one of the largest and most prestigious hedge funds in the world.  The Multi-Manager’s PM has built a reputation for cut-throat investment hurdles and one of the most rigorous interview processes on the street.  Recruiters say that placing candidates within 3 months is usually considered quick and successful.  This fund is known to have 3-4 month recruitment programs.   Street of Walls members have been through that program from start to finish and will tell you how it works.

The Hedge Fund has anywhere from 70-80 portfolio managers at any given time requiring a constant need for analysts.

The Hedge Fund’s Recruitment Steps:

  1. A Headhunter will place you in a 60-75 minute first round interview process.  First round will consist of a 30 minute modeling test followed by 30-45 minute interview with Human Resources
  2. 30 Minute Modeling Test consists of a fairly simple standalone model.  The modeling test was built to confuse bankers, some will find this easy and other difficult.  We have taken this into account for the Hedge Fund Interview Packet.
  3. Next you will spend 30-45 minutes meeting with a member of HR.  This is not ordinary HR – most of these employees have spent time in Investment Banking and as Hedge Fund analysts.  They are very smart and you should be prepared for all types of technical questions.  Street of Walls will address these technical and behavioral questions in the Interview Packet.
  4. You will hear back fairly shortly if you are invited back for second rounds.  Second rounds will typically be 1-3 weeks after your first round interview.  This round consists of a 1 hour interview with a Portfolio Manager who is looking for a junior analyst.  They are looking for the right “fit” as well as somebody interested in the market and willing to work hard.
  5. If second round goes well HR will reach out to you and ask for you to do a Case Study.  These are typically equity long/short case studies.  The fund gives you 10 days to complete and always uses the same case study template.
  6. Third step will consist of a Calipers Test.  The test is not timed and takes about 1 hour to complete.  The best advice I can give is don’t lie because the test can count the amount of variations in your answers. The assessment is an in-dept personality test designed to match personality traits.
  7. The next step is meeting with your Portfolio Manager against and possibly the director of research.  At this stage it will mostly be behavioral as you have already proven yourself as a qualified candidate.
  8. Final step before offer consists of a 2-4 week vetting process.  The fund has their own internal background check team and will call every living person you have every met to vet you.