I've been speaking with a PM at a pretty big hedge fund (~25b AUM) and he just gave me an offer to intern there this summer. I was not expecting this, and he gave me a 3 week deadline to get back to him. The internship will involve me reporting directly to him and it sounds like a standard SA position.
Only problem is, I have interviews with several BBs coming up (GS, JPM, MS among them), so I will not even have the chance to see if any other offers materialize down the road...
My end goal is to work at a HF, but I feel like I would have a better chance at landing an FT offer at one of the BBs.. but I don't even have an SA offer at one of them yet.... What would you guys do?
Call HR and tell them you have an offer from a well known hedge fund then ask whether they could accelerate the process for you. You should get interviews and feedback pretty fast.
What year are you? Is this the summer before your senior year or junior year?
It will be the summer before my senior year
I'd ask the PM if there's a chance of a full time offer. If he says yes, then definitely take the hedge fund offer. If he says no, I'd still be inclined toward the hedge fund offer, but would consider the possibility of passing/trying to do recruiting on an accelerated basis.
I agree that asking HR to accelerate the process is your best option.
If they are unwilling to do so, I would try to understand what the chances are of getting a return offer to this hedge fund. I have had a number of friends intern at funds that were clear they wouldn't be getting return offers, and they have gone on to get other HF jobs during full-time recruiting. I've also seen some who had to go back to IBD because they couldn't get into another HF. It's riskier but you have the potential upside of skipping banking and getting an extra 2 years of experience investing. Going to a BB is obviously a much safer path.
Personally I would take the risk and do the HF internship since you can always recruit for IBD during the fall. Having a big HF on your resume definitely helps when applying to banks.
Terrible advice, all around. If you want to work for a hedge fund someday, why would you turn down an opportunity to intern directly for the founder of a large firm? Even if you're just getting coffee, you'll be learning a lot. The fund manages $25bn and likely has relationships with every bank you'd consider interviewing with full time if this isn't a potential return situation. Take the damn offer.
There is a "chance" but this is in no way a formal internship program, so he said I should not expect a full time offer. That being said, he did mention that the possibility of landing an offer does exist, but I will really have to wow the other PMs. Not sure what his wow-factor expectations are.
Just to be clear, the PM I am connected with is not the founder of the firm. He is a PM nonetheless, so his role is obviously still pretty important within the fund. I am leaning this way though.. seems like a pretty tough offer to pass of if it is my end goal in the first place.
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